SOURCE: Excel Maritime

May 19, 2008 08:38 ET

Excel Maritime Reports Record First Quarter 2008 Results and Declares Dividend of $0.20 per Share

ATHENS, GREECE--(Marketwire - May 19, 2008) - 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 its operating and financial results for the first quarter ended March 31, 2008.

First Quarter and Year to Date Highlights:

--  On April 15, 2008, the Company successfully completed the acquisition
    of Quintana Maritime Limited, creating a combined company that operates a
    fleet of 47 vessels with a total carrying capacity of approximately 3.7
    million DWT and an average age of approximately 8.5 years. The first
    quarter 2008 results do not include those of Quintana, as the acquisition
    was completed as of April 15, 2008.
--  Revenues from operations increased by approximately 94% to $69.8
    million from $36.0 million in the first quarter of 2007;
--  Net income increased by approximately 213% to $38.5 million or $1.93
    per diluted share, compared to $12.3 million or $0.61 per diluted share in
    the first quarter of 2007;
--  EBITDA was approximately $51.9 million compared to $22.5 million in
    the first quarter of 2007, an increase of approximately 131%;
--  An average of 18 vessels were operated earning a blended average time
    charter equivalent, net rate of $41,754 per day;
--  The Company declared a quarterly dividend of $0.20 per share for the
    first quarter 2008 payable on June 16th to shareholders on record as of
    June 2nd.
    

Completion of the Quintana Maritime Acquisition:

On April 15, 2008, the Company completed the acquisition of Quintana Maritime Limited for approximately $1.5 billion in cash and stock. Under the terms of the merger agreement, each issued and outstanding share of Quintana's common stock received $13.00 in cash and 0.3979 Excel Class A common shares. Following the completion of the acquisition, Quintana was delisted and its shares no longer trade. The current number of shares of Excel, issued and outstanding, after the acquisition, is 43,389,880 Class A shares and 135,326 Class B shares.

The merger has created one of the largest dry bulk shipping companies in the industry and we now operate the largest dry bulk fleet by DWT listed in the United States. The combined company has an operating fleet of 47 vessels with a total carrying capacity of approximately 3.7 million DWT. Excel's fleet is one of the most modern and diversified in the industry. With the addition of the Quintana fleet, the average age of our fleet was further reduced to approximately 8.5 years, which is significantly below the industry average.

The first quarter 2008 results do not include those of Quintana, as the acquisition was completed as of April 15, 2008.

First Quarter 2008 Results:

Revenues from operations for the first quarter of 2008 amounted to $69.8 million as compared to $36.0 million for the same period in 2007, an increase of 94%. Net income for the first quarter 2008 was $38.5 million, or $1.93 per diluted share compared to $12.3 million or $0.61 per diluted share for the same quarter in 2007, an increase of approximately 213%.

EBITDA for the first quarter of 2008 was $51.9 million compared to $22.5 million for the first quarter of 2007, an increase of approximately 131%. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 18 vessels were operated during the first quarter of 2008 earning a blended average time charter equivalent rate of $41,754 per day, compared to an average of 17 vessels operated during the first quarter of 2007 earning a blended average time charter equivalent rate of $22,485 per day.

Stamatis Molaris, President and Chief Executive Officer of Excel, stated, "The first quarter 2008 results are underpinned by the strong dry bulk market conditions experienced during the second half of 2007, as a significant part of the fleet was deployed on shorter period charters or in the spot market. We believe that Excel's significant operating leverage, with the merger of Quintana's fleet, will continue to benefit its results in the current strong rate environment."

Time Charter Coverage:

The combined fleet charter coverage, after the acquisition of Quintana's fleet, for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately 75%, 60% and 52% respectively. As a result, the projected net revenues under fixed time charters for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately $188 million, $299 million and $241 million respectively.

The 2001-built, 165,500 DWT Capesize, Kirmar, has been recently fixed for three years at approximately $100,000 net per day. The charter is to commence in the middle of May, 2008 to ETA of Dubai.

The 1997-built, 73,000 DWT Panamax, King Coal, has been recently fixed for three years at approximately $54,000 net per day. The charter is due to commence in the middle of June, 2008 to ArcelorMittal.

Stamatis Molaris, President and Chief Executive Officer of Excel, stated, "Post-merger, Excel's combined fleet will be deployed in a more balanced employment approach. We will take advantage of the current strong rate environment to expand our charter coverage for 2009 and beyond to secure consistent cash flows and ongoing profitability to our shareholders, but at the same time we will always leave a part of our fleet to operate under short-term period charters or in the spot market."

Dividend Guidance:

The Board of Directors has declared a dividend of $0.20 per share, payable on June 16, 2008 to all shareholders of record as of June 2, 2008. Inclusive of this dividend, Excel Maritime has declared an aggregate dividend of $1.00 per share since May 2007. The dividend payment of $0.20 per share is consistent with the guidance provided by the Board of Directors. The Board retains the authority to alter the dividend policy at its discretion.

Mr. Molaris commented, "We are very pleased with our Board's decision to continue paying distributions to shareholders, while at the same time the Company has been growing its fleet. Our Board is fully committed to increase shareholders value and it will carefully review its dividend policy when the integration of Excel and Quintana has been completed."

Conference Call details:

Today, Monday, May 19, 2008 and at 10:00 a.m. EDT, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Excel Maritime."

In case of any problems with the above numbers, please dial 1 866 223 0615 (US Toll Free Dial In), 0800 694 1503 (UK Toll Free Dial In) or +44 (0)1452 586 513 (Standard International Dial In). Please Quote "Excel Maritime."

A telephonic replay of the conference call will be available until May 26, 2008 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#

Slides and audio webcast:

There will also be a live, and then archived, webcast of the conference call, available through Excel Maritime Carriers' website (www.excelmaritime.com). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

- Financial and Other Financial Data Follow -

                EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
         FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND MARCH 31, 2007
      (In thousands of U.S. Dollars, except for share and per share data)


                                            First Quarter   First Quarter
                                                 2008            2007
                                              Unaudited       Unaudited
                                            --------------  --------------

REVENUES
  Voyage Revenues                                   69,524          35,865
  Revenue from managing related party
   vessels                                             233             161
                                            --------------  --------------
         Revenue from Operations                    69,757          36,026
                                            --------------  --------------

EXPENSES
  Voyage expenses                                    4,168           2,478
  Commission to a related party                        868             446
  Vessel operating expenses                          9,047           8,294
  Depreciation expense                               7,992           7,118
  Amortization for drydocking and special
   survey                                            1,497             687
  General and administrative expenses                3,905           2,418
                                            --------------  --------------
                                                    27,477          21,441
                                            --------------  --------------

                                            --------------  --------------
  Income from operations                            42,280          14,585
                                            --------------  --------------

OTHER INCOME (EXPENSES):

  Interest and finance costs                        (6,351)         (3,514)
  Interest Income                                    2,639           1,161
  Other, net                                           (72)            (22)
                                            --------------  --------------
    Total other income (expenses), net              (3,784)         (2,375)
                                            --------------  --------------

                                            ==============  ==============
Net Income from Operations                          38,496          12,210
                                            --------------  --------------

US Source Income Taxes                                 245              56

                                            --------------  --------------
Net Income, after taxes and before minority
 interest                                           38,251          12,154

Minority interest                                        -               2

Income from Investment in affiliate                    229             109

                                            --------------  --------------
Net income                                          38,480          12,265
                                            --------------  --------------

Earnings per common share, basic            $         1.93  $         0.61
Weighted average number of shares basic         19,955,190      19,949,644
Earnings per common share, diluted          $         1.93  $         0.61
Weighted average number of shares diluted       19,962,656      19,959,257
                                            --------------  --------------



             EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS
    AT March 31, 2008 (UNAUDITED) AND DECEMBER 31, 2007 (UNAUDITED)
  (In thousands of U.S. Dollars, except for share and per share data)


                                                  March 31,   December 31,
                                                     2008         2007
                                                  Unaudited    Unaudited
                                                ------------  ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                            278,327       243,672
Restricted cash                                        4,252         3,175
Accounts receivable                                    2,898         1,506
Other current assets                                   4,396         4,381
                                                ------------  ------------
Total Current Assets                                 289,873       252,734
                                                ------------  ------------

FIXED ASSETS:
Vessels, net                                         519,252       527,164
Office furniture & equipments, net                     1,414         1,466
                                                ------------  ------------
Total fixed assets                                   520,666       528,630
                                                ------------  ------------

OTHER NON CURRENT ASSETS:
Investment in affiliate                               15,917        15,688
Other non current assets                              24,183        15,519
Restricted cash                                       10,748        11,825
                                                ------------  ------------
Total Assets                                         861,387       824,396
                                                ------------  ------------

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
 deferred financing fees                              38,327        39,179
Accounts payable                                       9,344         4,688
Other current liabilities                             13,894        10,067
Financial Instruments                                  4,244         2,056
                                                ------------  ------------
Total Current Liabilities                             65,809        55,990

LONG-TERM DEBT, net of current portion and net
 of deferred financing fees                          361,143       368,585
                                                ------------  ------------
Minority interest                                          -             -
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.01 par value: 5,000,000
 shares authorized, none issued                            -             -
Common Stock, $0.01 par value; 100,000,000 Class
 A shares and 1,000,000 Class B shares
 authorized; 19,893,556 Class A shares and
 135,326 Class B shares issued and outstanding
 at March 31, 2008 and December 31, 2007                 200           200
Additional paid-in capital                           194,020       193,897
Other Comprehensive Loss                                 (65)          (65)
Retained earnings                                    240,469       205,978
Less: Treasury stock (78,650 A Class shares and
 588 B Class shares) at December 31, 2007 and
 March 31, 2008                                         (189)         (189)
                                                ------------  ------------
  Total stockholders' equity                         434,435       399,821
                                                ------------  ------------
  Total Liabilities & Stockholders' Equity           861,387       824,396
                                                ------------  ------------


               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 (UNAUDITED) AND MARCH 31, 2007
                              (UNAUDITED)
                     (In thousands of U.S. Dollars)


                                                  March 31,    March 31,
                                                    2008         2007
                                                 Unaudited     Unaudited

                                                ------------  ------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income for the period                             38,480        12,265
Adjustments to reconcile net income to net cash
 provided by operating activities:
     Depreciation and amortization                     9,740         7,903
     Other non cash expenses                           1,880           214
     Income from Investment in affiliate                (229)         (114)
Changes in operating assets and liabilities:
     Current Assets                                   (1,081)         (196)
     Current Liabilities                               4,599         1,701
     Payments for dry docking & special survey        (3,629)       (1,652)

                                                ------------  ------------
  Net cash from Operating Activities                  49,760        20,121
                                                ------------  ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Contribution to equity method investment              -       (11,000)
     Office furniture & equipments                       (28)         (167)
     Payment for business acquisition costs           (5,941)

                                                ------------  ------------
Net cash used in Investing Activities                 (5,969)      (11,167)
                                                ------------  ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Principal payments of long term debt             (8,381)       (7,808)
     Minority Interest                                     -            (4)
     Payment of financing costs                         (755)            -

                                                ------------  ------------
Net cash used in Financing Activities                 (9,136)       (7,812)
                                                ------------  ------------

Net increase in cash & cash equivalents               34,655         1,142
Cash & cash equivalents at beginning of period       243,672        86,289

                                                ------------  ------------
Cash & cash equivalents at end of the period         278,327        87,431
                                                ============  ============

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the year for:
     Interest payments                                 2,481         3,587
                                                ------------  ------------



                            EBITDA Reconciliation
                       (In thousands of U.S. Dollars)


                                  First Quarter Ended   First Quarter Ended
                                       March 31, 2008        March 31, 2007

Net Income                                     38,480                12,265
Net Interest Expense                            3,712                 2,353
Depreciation                                    7,992                 7,118
Amortization                                    1,497                   687
Taxes                                             245                    56
                                  -------------------   -------------------
EBITDA                                         51,926                22,479
                                  ===================   ===================

Disclosure of Non-GAAP Financial Measures

We consider EBITDA represents net income plus net interest expense, depreciation, amortization and taxes. The Company's management uses EBITDA as a performance measure. The Company believes that EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. EBITDA is not an item recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. The Company's definition of EBITDA may not be the same as that used by other companies in the shipping or other industries.

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.

APPENDIX

The following key indicators highlight the Company's financial and operating performance during the first quarter of 2008 compared to the corresponding period in the prior year (in U.S. Dollars per day, unless otherwise stated):

                PANAMAX FLEET       HANDYSIZE FLEET       TOTAL FLEET
              ------------------  ------------------  --------------------
                Three     Three    Three     Three     Three      Three
                Months    Months   Months    Months    Months     Months
                ended     ended    ended     ended     ended      ended
                March     March    March     March     March      March
              31, 2008  31, 2007  31, 2008  31, 2007  31, 2008   31, 2007
              --------  --------  --------  --------  ---------  ---------
Total
 ownership
 days              910       900       728       630      1,638      1,530

Available
 days under
 period
 charter           670       886       293       165        964      1,051

Available
 days under
 spot / short
 duration
 charter           182         -       399       414        581        414

Utilization       93.7%     98.4%     95.1%     91.9%      94.3%      95.8%

Time charter
 equivalent
 per ship per
 day - period   32,473    24,760    37,659    16,164     34,051     23,412

Time charter
 equivalent
 per ship per
 day - spot     74,325         -    45,497    20,132     54,528     20,132

Time charter
 equivalent
 per ship per
 day -
 weighted
 average        41,410    24,760    42,176    19,001     41,754     22,485

Net daily
 revenue per
 ship per day   38,782    24,375    40,105    17,464     39,370     21,530

Vessel
 operating
 expenses per
 ship per day   (6,219)   (5,732)   (4,653)   (4,977)    (5,523)    (5,421)

Net Operating
 Cash Flow
 per ship per
 day before
 general and
 administrative
 expenses       32,563    18,643    35,452    12,487     33,847     16,108
              ========  ========  ========  ========  =========  =========

Glossary of Terms

Average number of vessels -- This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

Total ownership days -- We define these as the total days we owned the vessels in our fleet for the relevant period including off hire days associated with major repairs, drydockings or special or intermediate surveys. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during a period.

Available days -- These are the ownership days less the aggregate number of off-hire days associated with major repairs, drydocks or special or intermediate surveys and the aggregate amount of time spent positioning vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

Available days under spot / short duration charter -- This is defined as available days under spot charters and / or time charters of a duration of less than six months.

Fleet utilization -- This is the percentage of time that our vessels were available for revenue generating days, and is determined by dividing available days by ownership days for the relevant period.

Time charter equivalent per ship per day ("TCE") -- This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

                    Time Charter Equivalent Calculation
                      (In thousands of U.S. Dollars)


                                 First Quarter Ended   First Quarter Ended
                                   March 31, 2008        March 31, 2007
                                 -------------------   -------------------
Voyage Revenues                               69,524                35,865
                                 -------------------   -------------------
Voyage Expenses                               (4,168)               (2,478)
                                 -------------------   -------------------
Commission to a Related Party                   (868)                 (446)
                                 -------------------   -------------------
Total Revenue, net of voyage
 expenses                                     64,488                32,941
                                 -------------------   -------------------
Total Available days                           1,544                 1,465
                                 -------------------   -------------------
Time Charter Equivalent                       41,754                22,485
                                 -------------------   -------------------

Net daily revenue We define this as the daily TCE rate including idle time.

Daily vessel operating expenses This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total ownership days for the relevant time period.

Daily general and administrative expense This is calculated by dividing general and administrative expense by total ownership days for the relevant time period.

Fleet List as of May 19, 2008:

The following table represents our fleet as of May 19, 2008. This table takes into account the fleet from the acquisition of Quintana:


                                                         TC Expiration Date
Name                     Type         Dwt     Year Built   (maximum period)
                       ---------- ----------- ----------- -----------------
Capesize
Lowlands Beilun          Capesize     170,162        1999         June 2010
Iron Miner               Capesize     177,000        2007        April 2012
Kirmar                   Capesize     165,500        2001         June 2011
Iron Beauty              Capesize     165,500        2001         June 2010
                       ---------- ----------- ----------- -----------------
Total Capesize                  4     678,162
                       ---------- ----------- ----------- -----------------

Kamsarmax
Iron Manolis            Kamsarmax      82,300        2007     December 2010
Iron Brooke             Kamsarmax      82,300        2007     December 2010
Iron Lindrew            Kamsarmax      82,300        2007     December 2010
Coal Hunter             Kamsarmax      82,300        2006     December 2010
Pascha                  Kamsarmax      82,300        2006     December 2010
Coal Gypsy              Kamsarmax      82,300        2006     December 2010
Iron Anne               Kamsarmax      82,000        2006     December 2010
Iron Vassilis           Kamsarmax      82,000        2006     December 2010
Iron Bill               Kamsarmax      82,000        2006     December 2010
Santa Barbara           Kamsarmax      82,266        2006     December 2010
Ore Hansa               Kamsarmax      82,229        2006     December 2010
Iron Kalypso            Kamsarmax      82,204        2006     December 2010
Iron Fuzeyya            Kamsarmax      82,229        2006     December 2010
Iron Bradyn             Kamsarmax      82,769        2005     December 2010
                       ---------- ----------- ----------- -----------------
Total Kamsarmax                14   1,151,497
                       ---------- ----------- ----------- -----------------

Panamax
Grain Harvester           Panamax      76,411        2004     December 2010
Grain Express             Panamax      76,466        2004     December 2010
Iron Knight               Panamax      76,429        2004     December 2010
Coal Pride                Panamax      72,600        1999         June 2010
Iron Man (A)              Panamax      72,861        1997       August 2010
Coal Age (A)              Panamax      72,861        1997     December 2008
Fearless I (A)            Panamax      73,427        1997         July 2008
Barbara (A)               Panamax      73,390        1997         June 2008
Linda Leah (A)            Panamax      73,390        1997      October 2009
King Coal (A)             Panamax      72,873        1997       August 2011
Coal Glory (A)            Panamax      73,670        1995       August 2008
Isminaki                  Panamax      74,577        1998         June 2009
Angela Star               Panamax      73,798        1998     November 2008
Elinakos                  Panamax      73,751        1997     November 2009
Rodon                     Panamax      73,670        1993     November 2008
Happy Day                 Panamax      71,694        1997     December 2008
Birthday                  Panamax      71,504        1993          May 2008
Renuar                    Panamax      70,128        1993     February 2009
Powerful                  Panamax      70,083        1994         July 2009
Forteza                   Panamax      69,634        1993       August 2009
First Endeavour           Panamax      69,111        1994      October 2009
                       ---------- ----------- ----------- -----------------
Total Panamax                  21   1,532,328
                       ---------- ----------- ----------- -----------------

Supramax
July M                   Supramax      55,567        2005          May 2008
Mairouli                 Supramax      53,206        2005         June 2008
                       ---------- ----------- ----------- -----------------
Total Supramax                  2     108,773
                       ---------- ----------- ----------- -----------------



                                                         TC Expiration Date
                    Type         Dwt       Year Built     (maximum period)
Handymax
Emerald             Handymax      45,588           1998           July 2008
Marybelle           Handymax      42,552           1987           July 2008
Attractive          Handymax      41,524           1985            May 2008
Lady                Handymax      41,090           1985           June 2008
Princess I          Handymax      38,858           1994           July 2009
Swift               Handymax      37,687           1984           June 2008
                  ----------  ----------  -------------  ------------------
Total Handymax             6     247,299
                  ----------  ----------  -------------  ------------------
                                            8.5 Years
GRAND TOTAL               47   3,718,059  (Average Age)
                  ----------  ----------  -------------  ------------------



                                                             Delivery Range
Fleet To Be Delivered                 Type           Dwt          (B)
Sandra                              Capesize       180,000    December 2008
Christine (C)                       Capesize       180,000         May 2010
Hope (D)                            Capesize       181,000    November 2010
Lillie (D)                          Capesize       181,000    December 2010
Fritz (D)                           Capesize       180,000         May 2010
Benthe (D)                          Capesize       180,000        June 2010
Gayle Frances (D)                   Capesize       180,000        July 2010
Iron Lena (D)                       Capesize       180,000      August 2010
                               ------------- ------------- ----------------
Total Fleet To Be Delivered                8     1,442,000
                               ------------- ------------- ----------------

(A) These vessels were sold in 2007 and leased back on a bareboat charter
    through July 2015.
(B) The delivery dates shown in this column are estimates based on the
    delivery dates set forth in the relevant shipbuilding contracts or
    resale agreements. There can be no assurances that the vessels will be
    delivered timely or at all.
(C) Excel holds a 42.8% interest in the joint venture that will own the
    vessel.
(D) Excel holds a 50% interest in the joint ventures that will own these
    vessels.

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:
    Elefterios Papatrifon
    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: info@excelmaritime.com
    www.excelmaritime.com