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: Lefteris Papatrifon Chief Financial Officer Excel Maritime Carriers Ltd. c/o 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
Excel Maritime Increases Quarterly Minimum Dividend Guidance by 100% to $0.40 per Share
| Source: Excel Maritime
ATHENS, GREECE--(Marketwire - June 30, 2008) - 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
the Board of Directors has increased the Company's minimum annualized
dividend guidance to $1.60 and has set the 2008 minimum annualized dividend
guidance to $1.20. This guidance would result in a minimum quarterly
dividend of $0.40 per common share beginning with the dividend declared for
the second quarter of 2008.
Mr. Molaris stated, "We are very pleased with our Board's decision to
double distributions to our shareholders. We believe that its decision is
a solid proof of our Company's strong financial condition, after the merger
with Quintana, and it is underpinned with solid growth potential together
with secured long term cash flows. We anticipate that returns to our
shareholders will be further enhanced over time."
The Board retains the discretion to declare quarterly dividends that
deviate from the quarterly dividend guidance, taking into consideration
legal restrictions, such as those under Liberian law; covenants and other
restrictions under the Company's revolving credit facility and any future
debt instruments; and changing market conditions.
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. After the acquisition of Quintana, Excel owns a fleet of 40
vessels and, together with 7 Panamax vessels under bareboat charters,
operates 47 vessels (4 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 6
Handymax vessels) with a total carrying capacity of approximately 3.7
million DWT. Excel 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 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,
the Company's planned acquisition of Quintana 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 the ability to satisfy the closing conditions of the
acquisition, 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.