SOURCE: Excel Maritime

September 19, 2007 08:30 ET

Excel Maritime Enters Into Two-Year Time Charter Agreement for M/V Elinakos at $58,000 per Day

ATHENS, GREECE--(Marketwire - September 19, 2007) - Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has chartered M/V Elinakos for a period of minimum 23 up to maximum 25 months at US $58,000 per day to a first class charterer.

M/V Elinakos is a Panamax dry bulk carrier of 73,751 dwt, built in 1997 in Japan, which the company acquired and took delivery of in May 2005.

CEO Christopher Georgakis commented, "Within the context of our fleet deployment strategy of securing long term charters for our vessels while taking advantage of strong market conditions, we are pleased to announce that we entered M/V Elinakos into a profitable two-year time charter agreement with a first class charterer. Following this charter agreement, 65% of our fleet operating days for the second half of 2007 and 52% for the full year 2008 are currently fixed under short and long term time charters. This strategy enables us to lock in strong and visible cash flows, while at the same time being able to benefit from the continued market strength."

Fleet Deployment (as of the date of this Press Release):


                                         Charter
Vessel           Year           Deploy- Commence- Charter  Expected Charter
 Name       DWT  Built   Type    ment     ment     Period Redelivery Hire
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    24-26
Isminaki   74,577 1998  Panamax Period  4/24/2007   months  May-09 $ 32,000
           ------ ---- -------- ------ ---------- -------- ------- --------
Angela                                              24-26
 Star      73,798 1998  Panamax Period 10/27/2006   months  Nov-08 $ 26,500
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    23-25
Powerful   70,083 1994  Panamax Period  7/07/2007   months  Jul-09 $ 39,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    23-25
Elinakos   73,751 1997  Panamax Period  7/29/2006   months  Oct-09 $ 58,000
           ------ ---- -------- ------ ---------- -------- ------- --------
First                                               23-25
 Endeavour 69,111 1994  Panamax Period  8/25/2007   months Sept-09 $ 45,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    23-25
Happy Day  71,694 1997  Panamax Period 12/11/2006   months  Dec-08 $ 25,500
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    22-24
Renuar     70,128 1993  Panamax Period  1/26/2007   months  Jan-09 $ 26,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    22-24
Princess I 38,858 1994 Handymax Period  7/20/2007   months  Jun-09 $ 30,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    21-23
Rodon      73,670 1993  Panamax Period 11/27/2006   months  Aug-08 $ 24,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                    12-14
Fortezza   69,634 1993  Panamax Period  8/30/2006   months  Sep-07 $ 28,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                Short                 6-8
Marybelle  42,552 1987 Handymax Period  1/20/2007   months  Sep-07 $ 25,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                Short                 6-8
Lady       41,090 1985 Handymax Period  4/27/2007   months  Dec-07 $ 29,000
           ------ ---- -------- ------ ---------- -------- ------- --------
                                                      5-7
Emerald    45,588 1998 Handymax Period  8/20/2007   months  Feb-08 $ 42,900
           ------ ---- -------- ------ ---------- -------- ------- --------

Vessel           Year
 Name       DWT  Built   Type   Deployment
           ------ ---- -------- -----------
Birthday   71,504 1993 Panamax    Spot
           ------ ---- -------- -----------
Attractive 41,524 1985 Handymax   Spot
           ------ ---- -------- ----------
Swift      37,687 1984 Handymax   Spot
           ------ ---- -------- -----------

Additional Vessels to be delivered in Q4 2007

July M     55,567 2005 Supramax
           ------ ---- --------
Mairouli   53,206 2005 Supramax
           ------ ---- --------

About Excel Maritime Carriers Ltd.

The Company 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. The Company's current fleet consists of 16 vessels (ten Panamax and six Handymax vessels) with a total carrying capacity of 965,249 dwt. In addition, the company has agreed to acquire two Supramax vessels, expected to be delivered to the Company within the fourth quarter 2007. Upon delivery of these vessels the Company will have a fleet of 18 vessels (ten Panamax, two Supramax and six Handymax vessels) with a total carrying capacity of 1,074,022 deadweight tons. The Company was incorporated in 1988 and its common stock had been listed on the American Stock Exchange (AMEX) since 1998. As of September 15, 2005 Excel Maritime is listed on the New York Stock Exchange (NYSE), trading under the symbol EXM. For more information about the Company, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information


  • 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: nbornozis@capitallink.com
    www.capitallink.com

    Company:
    Christopher Georgakis
    Chief Executive 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: info@excelmaritime.com
    www.excelmaritime.com