SOURCE: Excel Maritime

Excel Maritime

December 20, 2010 16:05 ET

Excel Maritime Enters Into Period Time Charter Agreements for Seven Kamsarmax Vessels

ATHENS, GREECE--(Marketwire - December 20, 2010) - Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has entered into new time charter agreements for seven of its Kamsarmax vessels to first class charterers.

More specifically, the vessels M/V Iron Manolis (2007, 82,269 dwt), M/V Iron Anne (2006, 82,220 dwt), M/V Iron Brooke (2007, 82,594 dwt) and M/V Iron Lindrew (2007, 82,598 dwt), were fixed under separate time charters for a period of 11 to 13 months at a daily rate linked to the Baltic Panamax Index (BPI) with a guaranteed minimum rate (floor).

Additionally, the vessels M/V Iron Kalypso (2006, 82,224 dwt), M/V Iron Fuzeyya (2006, 82,209 dwt), the M/V Ore Hansa (2006, 82,209 dwt), were fixed under separate time charters for a period of 12 to 14 months at a daily rate linked to the Baltic Panamax Index (BPI) with a guaranteed minimum rate (floor).

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "We are pleased to have announced these seven vessel fixtures which significantly increase the visibility of our cash flow generation through a time charter coverage of 45% for 2011. These charters also allow us to monetize 100% of the upside in market rates through the index-linked element, while at the same time always provide profitable rates securing our cash flow break even levels. The above mentioned fixtures are consistent with our balanced fleet deployment strategy and will enable us to capitalise on upwards market movements throughout 2011."

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 41 vessels, among which one Capesize vessel is through a majority joint venture and, together with seven Panamax vessels under bareboat charters, operates a total of 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: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528
    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com