SOURCE: Excel Maritime

Excel Maritime

May 02, 2011 16:05 ET

Excel Maritime Reports Results for the First Quarter Ended March 31, 2011

ATHENS, GREECE--(Marketwire - May 2, 2011) - Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an 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, 2011.

First Quarter Highlights:

                                            Three-Months ended
                                                 March 31,
                                         -------------------------
                                             2010         2011
                                         -------------------------
                                          (amounts in millions of
                                          U.S Dollars, except per
                                         share data and daily TCE)
                                         -------------------------
Voyage Revenues                          $      104.2 $      97.3
Net Income (Loss)                        $       67.3 $      (1.0)
Adjusted Net Income                      $        8.9 $       0.5
Earnings (losses) per Share-Diluted      $       0.82 $     (0.01)
Adjusted Earnings per Share-Diluted      $       0.11 $      0.01
Adjusted EBITDA                          $       62.0 $      48.0
Time Charter Equivalent (TCE) per day    $     24,451 $    19,642

A reconciliation of the non-GAAP measures discussed above is included in a later section of this release.

Management Commentary:

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "Against a volatile and events driven environment, Excel reports a cash flow generative quarter. We believe that our disciplined investment approach combined with our competitive cost base managed to contain the impact of the softer market conditions in the dry bulk sector during the 1st quarter of this year. We continue to generate strong operating cash flows which allowed the uninterrupted reduction of our indebtedness. We continuously monitor the dry bulk market and remain optimistic for the medium and long term outlook of the markets in which we operate."

First Quarter 2011 Results:

Excel reported voyage revenues for the first quarter of 2011 amounting to $97.3 million as compared to $104.2 million for the same period in 2010, a decrease of approximately 6.6%.

Adjusted EBITDA for the first quarter of 2011 was $48.0 million compared to $62.0 million for the first quarter of 2010, a decrease of approximately 22.6%.

Net loss for the quarter amounted to $1.0 million or $0.01 per weighted average diluted share compared to a net profit of $67.3 million or $0.82 per weighted average diluted share in the first quarter of 2010.

The first quarter 2011 results include a non-cash unrealized gain on derivative financial instruments of $6.3 million compared to a non-cash unrealized gain on derivative financial instruments of $0.4 million in the corresponding period in 2010.

Included in the above net results is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to a net loss of $9.0 million ($0.11 per weighted average diluted share) and a net gain of $58.0 million ($0.71 per weighted average diluted share) for the first quarter of 2011 and 2010, respectively.

In addition, the first quarter 2011 results include a non cash gain in connection with the sale of M/V Marybelle amounting to $1.3 million.

Adjusted net income, excluding all the above items, for the first quarter of 2011 would have amounted to $0.5 million or $0.01 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the first quarter of 2010 of $8.9 million or $0.11 per weighted average diluted share.

Included in the above adjusted net income is also the amortization of stock based compensation expense of $1.3 million ($0.02 per weighted average diluted share) and $0.7 million ($0.01 per weighted average diluted share), for the quarter ended March 31, 2011 and 2010, respectively.

An average of 48.3 and 47.0 vessels were operated during the first quarter of 2011 and 2010, respectively, earning a blended average time charter equivalent rate of $19,642 and $24,451 per day, respectively.

A reconciliation of adjusted EBITDA to Net Income and adjusted net income to net income and a calculation of the TCE is provided in a later section of this press release.

Vessels' Fixtures and Developments

On March 9, 2011, the M/V First Endeavour (69,111 dwt, 1994) was fixed under a time charter for a period of 9 months up to maximum March 31, 2012 at a daily rate of $17,500.

On March 31, 2011, the M/V Iron Bill (82,187 dwt, 2006) was fixed under a time charter for a period of 12-14 months at a daily rate linked to the Baltic Panamax index (BPI) with a guaranteed minimum rate (floor) of $14,500 per day.

On April 23, 2011, the M/V Renuar (70,155 dwt, 1993) which had been hijacked since December 2010, was released. The 24 Filipino crew are in good health and will be reunited with their families as soon as possible.

Time Charter Coverage

As of today, we have secured under contracted employment 92% and 64% of our available days of our Capesize vessels and Kamsarmax/Panamax vessels respectively, for the year ending December 31, 2011 while our secured contracted employment for the whole fleet is 65% for the same period.

Conference Call Details:

Tomorrow May 3, 2011 at 10:30 A.M. EDT, the Company's management will host a conference call to discuss these 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" to the operator.

A telephonic replay of the conference call will be available until May 11, 2011 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's 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 Statements and Other Financial Data Follow -


               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
               FOR THE QUARTER ENDED MARCH 31, 2010 AND 2011
    (In thousands of U.S. Dollars, except for share and per share data)

                                                      First Quarter
                                                    2010          2011
                                                ------------  ------------
REVENUES:
Voyage revenues                                 $    104,245  $     97,278
Time Charter fair value amortization                  67,842           836
Revenue from managing related party vessels              105            17
                                                ------------  ------------
Revenue from operations                              172,192        98,131
                                                ------------  ------------

EXPENSES:
  Voyage expenses                                      6,050        13,120
  Charter hire expense                                 8,096         8,096
  Charter hire amortization                            9,849         9,849
  Commissions to related parties                         734         1,073
  Vessel operating expenses                           21,085        21,029
  Depreciation expense                                30,401        31,714
  Dry-docking and special survey cost                  3,520         1,146
  General and administrative expenses                  6,924         6,419
                                                ------------  ------------
                                                      86,659        92,446
                                                ------------  ------------

  Gain on sale of vessel                                   -         1,274

  Income from operations                              85,533         6,959
                                                ------------  ------------

OTHER INCOME (EXPENSES):
  Interest and finance costs                         (10,770)       (7,587)
  Interest income                                        352           421
  Gains (losses) on derivative financial
   instruments                                        (7,321)          277
  Foreign exchange gains (losses)                         79          (159)
  Other, net                                            (304)         (410)
                                                ------------  ------------
  Total other income (expenses), net                 (17,964)       (7,458)
                                                ------------  ------------

Net income (loss) before taxes and loss assumed
 (income earned) by non controlling interest          67,569          (499)
                                                ------------  ------------

US Source Income taxes                                  (286)         (252)
                                                ------------  ------------
Net income (loss)                                     67,283          (751)
                                                ------------  ------------
Loss assumed (income earned) by non-controlling
 interest                                                 13          (273)
                                                ------------  ------------
Net income (loss) attributable to Excel
 Maritime Carriers Ltd.                         $     67,296  $     (1,024)
                                                ============  ============

Earnings (losses) per common  share, basic      $       0.85  $      (0.01)
                                                ============  ============
Weighted average number of shares, basic          78,967,525    83,641,408
                                                ============  ============
Earnings (losses) per common share, diluted     $       0.82  $      (0.01)
                                                ============  ============
Weighted average number of shares, diluted        81,623,273    83,641,408
                                                ============  ============




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
            AT DECEMBER 31, 2010 AND MARCH 31, 2011 (UNAUDITED)
                      (In thousands of U.S. Dollars)


                                                December 31,    March 31,
ASSETS                                              2010          2011
                                                ------------  ------------
CURRENT ASSETS:
  Cash and cash equivalents                     $     65,917  $     79,456
  Restricted cash                                      6,721         7,712
  Accounts receivable                                  7,961         4,473
  Other current assets                                16,602        16,054
                                                ------------  ------------
  Total current assets                                97,201       107,695
                                                ------------  ------------

FIXED ASSETS:
  Vessels, net                                     2,622,631     2,677,265
  Advances for vessels under construction             76,585             -
  Office furniture and equipment, net                  1,147         1,100
                                                ------------  ------------
  Total fixed assets, net                          2,700,363     2,678,365
                                                ------------  ------------

OTHER NON CURRENT ASSETS:
  Time charters acquired, net                        184,366       174,517
  Derivative financial instruments                       923         1,377
  Restricted cash                                     48,967        50,953
                                                ------------  ------------
           Total assets                         $  3,031,820  $  3,012,907
                                                ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current portion of long-term debt, net of
   deferred financing fees                      $    107,369  $    117,385
  Accounts payable                                    11,101        18,845
  Other current liabilities                           32,322        27,273
  Derivative financial instruments                    21,945        22,312
                                                ------------  ------------
     Total current liabilities                       172,737       185,815
                                                ------------  ------------

Long-term debt, net of current portion and net
 of deferred financing fees                        1,046,672     1,020,497
Time charters acquired, net                           18,108        17,272
Derivative financial instruments                      30,155        24,124
                                                ------------  ------------
  Total liabilities                                1,267,672     1,247,708
                                                ------------  ------------
Commitments and contingencies                              -             -
                                                ------------  ------------

STOCKHOLDERS' EQUITY:
  Preferred stock                                          -             -
  Common stock                                           851           851
  Additional paid-in capital                       1,061,134     1,062,447
  Other Comprehensive Income                             211           700
  Retained earnings                                  691,674       690,650
  Less: Treasury stock                                  (189)         (189)
                                                ------------  ------------
  Excel Maritime Carriers Ltd. Stockholders'
   equity                                          1,753,681     1,754,459
                                                ------------  ------------
  Non-controlling interests                           10,467        10,740
                                                ------------  ------------
  Total Stockholders' Equity                       1,764,148     1,765,199
                                                ------------  ------------
        Total liabilities and stockholders'
         equity                                 $  3,031,820  $  3,012,907
                                                ============  ============




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
               FOR THE QUARTER ENDED MARCH 31, 2010 AND 2011
                      (In thousands of U.S. Dollars)

                                                      First Quarter
                                                    2010          2011
                                                ------------  ------------
Cash Flows from Operating Activities:
  Net income (loss)                             $     67,283  $       (751)
  Adjustments to reconcile net income (loss) to
   net cash provided by operating activities         (24,719)       37,141
  Changes in operating assets and liabilities:
    Operating assets                                   2,681         4,661
    Operating liabilities                              1,634         2,695
                                                ------------  ------------
Net Cash provided by Operating Activities       $     46,879  $     43,746
                                                ------------  ------------

Cash Flows from Investing Activities:
    Advances for vessels under construction          (22,883)      (18,267)
    Additions to office furniture and equipment          (34)          (55)
    Proceeds from sale of vessel                           -         9,880
                                                ------------  ------------
Net cash used in Investing Activities           $    (22,917) $     (8,442)
                                                ------------  ------------

Cash Flows from Financing Activities:
    Increase in restricted cash                      (11,774)       (2,977)
    Proceeds from long-term debt                      18,967        16,100
    Repayment of long-term debt                      (34,484)      (34,879)
    Payment of financing costs                          (340)           (9)
    Issuance of common stock-related party             5,000             -
    Capital contributions from non-controlling
     interest owners                                   1,139             -
                                                ------------  ------------
Net cash used in Financing Activities           $    (21,492) $    (21,765)
                                                ------------  ------------

Net increase in cash and cash equivalents              2,470        13,539
Cash and cash equivalents at beginning of
 period                                              100,098        65,917
                                                ------------  ------------
Cash and cash equivalents at end of the period  $    102,568  $     79,456
                                                ============  ============

SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash paid during the period for:
    Interest payments                           $      8,366  $      4,899





                    Adjusted EBITDA Reconciliation
             (all amounts in thousands of U.S. Dollars)

                                                      First Quarter
                                                    2010          2011
                                                ------------  ------------
Net income (loss)                               $     67,296  $     (1,024)
Interest and finance costs, net (1)                   18,101        13,143
Depreciation                                          30,401        31,714
Dry-dock and special survey cost                       3,520         1,146
Unrealized gain on derivative financial
 instruments                                            (362)       (6,254)
Amortization of T/C fair values (2)                  (57,993)        9,013
Stock based compensation                                 725         1,313
Gain on sale of vessel                                     -        (1,274)
Taxes                                                    286           252
                                                ------------  ------------
Adjusted EBITDA                                 $     61,974  $     48,029
                                                ============  ============

      
(1) Includes derivative financial instruments paid
    and received
(2) Analysis:                                         First Quarter
                                                    2010          2011
                                                ------------  ------------

Non-cash amortization of unfavorable time
 charters in revenue                            $    (67,842) $       (836)
Non-cash amortization of favorable time
 charters in charter hire expense                      9,849         9,849
                                                ------------  ------------
                                                $    (57,993) $      9,013
                                                ============  ============



        Reconciliation of Net Income (loss) to Adjusted Net Income
                (all amounts in thousands of U.S. Dollars)

                                                      First Quarter
                                                    2010          2011
                                                ------------  ------------
Net income (loss)                               $     67,296  $     (1,024)
Unrealized gain on derivative financial
 instruments                                            (362)       (6,254)
Gain on sale of vessel                                     -        (1,274)
Amortization of T/C fair values                      (57,993)        9,013
                                                ------------  ------------
Adjusted net income                             $      8,941  $        461
                                                ============  ============



    Reconciliation of Earnings (losses) per Share (Diluted) to Adjusted
                       Earnings per Share (Diluted)
                      (all amounts in U.S. Dollars)

                                                     First Quarter
                                                2010              2011
                                            ------------      ------------
Earnings (losses) per Share (Diluted)       $       0.82      $      (0.01)
Unrealized gain on derivative financial
 instruments                                           -  (*) $      (0.07)
Gain on sale of vessel                                 -      $      (0.02)
Amortization of T/C fair values             $      (0.71)     $       0.11
                                            ------------      ------------
Adjusted Earnings per Share (Diluted)       $       0.11      $       0.01
                                            ============      ============


(*) Effect not significant

Disclosure of Non-GAAP Financial Measures

Adjusted EBITDA represents net income plus net interest expense, depreciation, amortization, and taxes eliminating the effect of deferred stock-based compensation, gains or losses on the sale of vessels, amortization of deferred time charter assets and liabilities and unrealized gains or losses on derivatives, which are significant non-cash items. Following Excel's change in the method of accounting for dry docking and special survey costs, such costs are also included in the adjustments to EBITDA for comparability purposes. Excel's management uses adjusted EBITDA as a performance measure. Excel believes that adjusted EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. Adjusted EBITDA is not a measure 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. Excel's definition of adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.

Adjusted Net Income represents net income plus unrealized gains or losses from our derivative transactions and any gains or losses on sale of vessels, both of which are significant non-cash items and eliminating the effect of deferred time charter assets and liabilities. Adjusted Earnings per Share (diluted) represents Adjusted Net Income divided by the weighted average shares outstanding (diluted).

These measures are "non-GAAP financial measures" and should not be considered substitutes for net income or earnings per share (diluted), respectively, as reported under GAAP. Excel has included an adjusted net income and adjusted earnings per share (diluted) calculation in this period in order to facilitate comparability between Excel's performance in the reported periods and its performance in prior periods.

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 40 vessels and, together with seven Panamax vessels under bareboat charters and one Capesize vessel that operates through a joint venture in which it participates by 71.4%, operates 48 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and four 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.

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 Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

Words such as "will" "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.

Although Excel 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 Excel. 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 changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel 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 Excel'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 for the quarter ended March 31, 2011 compared to the corresponding period in the prior year.

                            Vessel Employment
            (In U.S. Dollars per day, unless otherwise stated)

                                                         First Quarter
                                                        2010       2011
                                                      ---------  ---------
Total calendar days                                       4,230      4,351
Available days under period charter                       2,445      2,343
Available days under spot/short duration charter          1,541      1,887
Utilization                                                94.2%      97.2%
Time charter equivalent per ship per day-period          24,634     24,806
Time charter equivalent per ship per day-spot            24,155     13,226
Time charter equivalent per ship per day-weighted
 average                                                 24,451     19,642
Net daily revenue per ship per day                       23,041     19,095
Vessel operating expenses per ship per day               (4,985)    (4,833)
Net Operating cash flows per ship per day before G&A
 expenses                                                18,056     14,262

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 calendar 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, dry dockings or special or intermediate surveys. Calendar 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 calendar days less the aggregate number of off-hire days associated with major repairs, dry docks or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

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 calendar days for the relevant period.

Time charter equivalent rate ("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. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, 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
 (all amounts in thousands of U.S. Dollars, except for Daily Time Charter
                      Equivalent and available days)

                                                         First Quarter
                                                      --------------------
                                                        2010       2011
                                                      ---------  ---------
Voyage revenues                                       $ 104,245  $  97,278
Voyage expenses and commissions to related parties       (6,784)   (14,193)
                                                      ---------  ---------
Total revenue, net of voyage expenses                 $  97,461  $  83,085
                                                      =========  =========
Total available days                                      3,986      4,230
Daily Time charter equivalent                         $  24,451  $  19,642

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 calendar days for the relevant time period.

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

Expected Amortization Schedule for Fair Valued Time Charters for Next Year
(in USD millions)               2Q'11    3Q'11    4Q'11    1Q'12    Total

Amortization of unfavorable
 time charters (1)             $   0.8  $   0.9  $   0.9  $   0.8  $   3.4
Amortization of favorable time
 charters (2)                  $ (10.1) $ (10.1) $ (10.1) $ (10.0) $ (40.3)


    (1) Adjustment to Revenue from operations i.e. increases revenues
    (2) Adjustment to Charter hire expenses i.e. increases charter hire
        expense




Fleet List as of April 29, 2011:
                                                                  Average
                                 Year    Charter                  Charter
Vessel Name              Dwt     Built    Type     Daily rate    Expiration

Mairaki(1)             181,000    2011   Period     $28,000        Feb 2016
Christine(1)(2)        180,000    2010   Period     $25,000        Aug 2015
Sandra(1)              180,274    2008   Period     $26,500        Feb 2016
Iron Miner             177,931    2007   Period     $41,355        Feb 2012
Kirmar                 164,218    2001   Period  $49,000 (net)     May 2013
Iron Beauty            164,218    2001    Spot
Lowlands Beilun(3)     170,162    1999   Period     $28,000       Sept 2015
Total Capesize       1,217,803
Iron Manolis(4)         82,269    2007   Period  $14,500 (floor)   Dec 2011
Iron Brooke(4)          82,594    2007   Period  $14,500 (floor)   Dec 2011
Iron Lindrew(4)         82,598    2007   Period  $14,500 (floor)   Dec 2011
Coal Hunter             82,298    2006    Spot
Pascha                  82,574    2006   Period     $24,000        Nov 2011
Coal Gypsy              82,221    2006   Period     $24,000        Nov 2011
Iron Anne(4)            82,220    2006   Period  $14,500 (floor)   Dec 2011
Iron Vassilis           82,257    2006    Spot
Iron Bill(4)            82,187    2006   Period  $14,500 (floor)   Jun 2012
Santa Barbara           82,266    2006    Spot
Ore Hansa(4)            82,209    2006   Period  $15,000 (floor)   Feb 2012
Iron Kalypso(4)         82,224    2006   Period  $15,000 (floor)   Feb 2012
Iron Fuzeyya(4)         82,209    2006   Period  $15,000 (floor)   Jan 2012
Iron Bradyn             82,769    2005    Spot
Total Kamsarmax      1,152,895
Grain Harvester         76,417    2004    Spot
Grain Express           76,466    2004   Period     $24,000        Dec 2011
Iron Knight             76,429    2004    Spot
Coal Pride              72,493    1999   Period     $16,750        Apr 2012
Isminaki                74,577    1998    Spot
Angela Star             73,798    1998    Spot
Elinakos                73,751    1997    Spot
Happy Day               71,694    1997    Spot
Iron Man(5)             72,861    1997    Spot
Coal Age(5)             72,824    1997    Spot
Fearless I(5)           73,427    1997   Period     $24,650        Oct 2011
Barbara(5)              73,307    1997    Spot
Linda Leah(5)           73,317    1997    Spot
King Coal(5)            72,873    1997   Period     $56,000        Jul 2011
Coal Glory(5)           73,670    1995   Period     $16,750        Apr 2012
Powerful                70,083    1994   Period     $25,000        Aug 2011
First Endeavour         69,111    1994   Period     $17,500        Mar 2012
Rodon                   73,656    1993    Spot
Birthday                71,504    1993    Spot
Renuar                  70,155    1993   Period     $22,500        May 2011
Fortezza                69,634    1993   Period     $27,000        Jul 2011
Total Panamax        1,532,047
July M                  55,567    2005    Spot
Mairouli                53,206    2005    Spot
Total Supramax         108,773
Emerald                 45,588    1998    Spot
Princess I              38,858    1994    Spot
Attractive              41,524    1985    Spot
Lady                    41,090    1985    Spot
Total Handymax         167,060
Total Fleet          4,178,578
Average age                     10.2 Yrs


(1) The charter has a 50% profit sharing over the indicated base daily time
    charter rate based on the monthly AV4 BCI Time Charter Rate, which is
    the Baltic Capesize Index Average of four specific time charter routes
    as published daily by the Baltic Exchange in London.

(2) The Company holds a 71.4% ownership interest in the joint venture that
    owns the vessel.

(3) The charter has a 50% profit sharing over the base rate based on the
    monthly average BCI Time Charter Rate, as published daily by the Baltic
    Exchange in London.

(4) Charter rate based on the average of the AV4 BPI rates, as published by
    the Baltic Exchange for the preceding 15 days prior to hire payment
    with a guaranteed minimum rate (floor) ranging from $14,500 to $15,000
    per day.

(5) These vessels were sold in 2007 and leased back on a bareboat charter
    through July 2015.



                                                          Original
                                                          scheduled
New-building contracts (A)       Type              Dwt    delivery
--------------------------  ------------- ------------- -------------
Fritz (B)                      Capesize        180,000   May 2010
Benthe (B)                     Capesize        180,000   June 2010
Gayle Frances (B)              Capesize        180,000   July 2010
Iron Lena (B)                  Capesize        180,000   August 2010


(A) No refund guarantee has been received for these newbuildings and
    Excel does not believe that the respective new building contracts
    will materialize. As of April 29, 2011, all the vessels are delayed in
    delivery and they may never be delivered at all.

(B) Excel holds a 50% interest in the joint ventures that will own these
    vessels.

For further details on the fleet and their employment please refer to our website at 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: +30-210-62-09-520
    Fax: +30-210-62-09-528

    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com