SOURCE: Excel Maritime

August 16, 2007 08:30 ET

Excel Maritime Enters Into Two-Year Time Charter Agreement for the M/V First Endeavour at $45,000 per Day

ATHENS, GREECE--(Marketwire - August 16, 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 First Endeavour for a period of 23 to 25 months at US $45,000 per day to a first class charterer. The vessel will be delivered into charter on or about August 25th, 2007.

M/V First Endeavour is a Panamax dry bulk carrier of 69,111 dwt, built in 1994 in Japan, which the company acquired and took delivery of in May 2005.

CEO Christopher Georgakis commented, "We continue to consistently implement our balanced fleet deployment strategy and to take advantage of robust freight rates by securing profitable long term employment for our vessels at opportune times. In this context, we are pleased to report that we entered M/V First Endeavour into a two-year charter with a first class charterer at the daily rate of $45,000, the highest fixed time charter rate in our fleet currently.

"Following this charter agreement, 60% of our fleet operating days for the second half of 2007 and 46% for the full year 2008 are currently fixed under short and long term time charters. This strategy enables us to lock in strong rates and cash flows for the longer term, while with the remainder of our fleet we continue to take advantage of spot market developments as they occur.

"I would also like to remind you that in the fourth quarter 2007 we expect to take delivery of the two Supramaxes we recently agreed to acquire, thereby adding fleet capacity at a period of high customer demand and strong freight rates."

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

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