SOURCE: Excel Maritime

Excel Maritime

September 03, 2010 16:07 ET

Excel Maritime Enters Into a Time Charter Agreement for M/V Powerful

ATHENS, GREECE--(Marketwire - September 3, 2010) -  Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has entered into a time charter agreement for the 1994 built Panamax bulk carrier, M/V Powerful, with a carrying capacity of 70,083 dwt.

The charter is for a minimum period of 11 months to a maximum period of 13 months at the gross daily rate of $25,000 with a first class European charterer.

Babis Mazarakis, Chief Operating Officer of the Company, commented, "We are pleased to have secured this time charter with terms which indicate the improving drybulk market. Our strategy is to employ our vessels under period employment at profitable rates and at the proper time, which enables us to generate stable and visible cash flows. In this context and in line with our balanced chartering strategy, we have secured 65% of our time charter coverage for the remainder of 2010 and 45% for next twelve months."

About Excel Maritime Carriers Ltd

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters and 1 Capesize vessel that operates through a joint venture in which it participates by 71.4%, operates 48 vessels (6 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of over 4.0 million DWT. Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Contact Information

  • Contacts:
    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue - Suite 1536
    New York, NY 10160, USA
    Tel: (212) 661-7566
    Fax: (212) 661-7526
    E-Mail: excelmaritime@capitallink.com
    www.capitallink.com

    Company:
    Pavlos Kanellopoulos
    Chief Financial Officer
    Excel Maritime Carriers Ltd.
    17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: +30-210-62-09-520
    Fax: +30-210-62-09-528

    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com