-- Net income of $9.3 million or $0.47 per share calculated on 19,949,644
shares outstanding for the period on revenue from operations of $35.2
million.
-- EBITDA was $20.2 million. Please refer to a subsequent section of this
Press Release for a reconciliation of EBITDA to Net Income.
-- An average of 17 vessels were operated earning a blended average time
charter equivalent rate of $20, 849 per day.
-- Secured period employment for two vessels, the M/V Rodon and the M/V
Happy Day, for periods between 20 and 25 months at daily rates between
$24,000 and $ 25,500.
Fiscal Year 2006 highlights:
-- Net income of $31.1 million or $1.56 per share calculated on
19,947,411 shares outstanding for the period on revenues from operations of
$124.1 million.
-- EBITDA was $74.2 million. Please refer to a subsequent section of this
Press Release for a reconciliation of EBITDA to Net Income.
-- An average of 17 vessels were operated earning a blended average time
charter equivalent rate of $19,197 per day.
CEO Christopher Georgakis commented: "We are pleased to have delivered a
strong operational performance for the fourth quarter and the full year
2006. We were able to capitalize on the strong shipping markets especially
in the second half of 2006 and secure long term employment for several of
our vessels at strong rates to first class charterers, which we believe
will enhance our earnings in 2007.
"We continue with the implementation of our balanced fleet deployment
strategy by seeking period charters for our vessels especially during
market upsides, thereby enhancing the stability and predictability of our
earnings for the longer term, while at the same time operating a portion of
our fleet in the spot market, thereby taking advantage of market
developments. In this context, we are pleased to report that at present we
have secured under medium and long-term charters 75% of our fleet operating
days for the first quarter of 2007 and 50% for the full year of 2007.
"We believe that our strong balance sheet, with its significant liquidity
and low leverage, will allow us to seek opportunities as they may arise in
the sales and purchase market to further expand and modernize our fleet and
take advantage of the positive fundamentals of the drybulk sector.
"We are also pleased that the successful launching of Oceanaut, of which
Excel is the sponsor and a shareholder, is expected to provide us with
additional and significant growth opportunities and is expected to further
enhance shareholder value without diluting our current shareholder base."
Fourth Quarter 2006 Results:
Total revenues for the fourth quarter 2006 amounted to $35.2 million as
compared to $35.7 million for the same period in 2005. Net income for the
fourth quarter 2006 amounted to $9.3 million versus $13.8 million for the
same period in 2005.
Earnings per share basic and diluted for the fourth quarter 2006,
calculated on 19,949,644 shares outstanding, were $0.47 compared to $0.69
in the fourth quarter of 2005. The average number of shares outstanding in
the fourth quarter of 2005 was 19,929,264.
The results of the fourth quarter 2005 included a gain of $2.5 million or
$0.12 per share from the sale of "Almar I," a Capesize bulk carrier of
107,140 dwt built in 1979 which was sold in December, 2005.
The results of the fourth quarter 2006 include increased amortization and
depreciation charges of $0.9 million or $0.04 per share. Also, the fourth
quarter 2006 results include increased G&A expense charges of $1.0 million
or $0.05 per share due to 2006 incentive compensation grants to some of our
officers.
EBITDA for the fourth quarter 2006 was $20.2 million compared to $24.1
million during the fourth quarter 2005. Please refer to a subsequent
section of this Press Release for a reconciliation of EBITDA to Net Income.
An average of 17 vessels were operated during the fourth quarter 2006
earning a blended average time charter equivalent rate of $20,849 per day,
compared to an average of 17.7 vessels operated during the fourth quarter
2005 earning a blended average time charter equivalent rate of $19,992 per
day.
Full-Year 2006 Results:
For the full-year ended December 31, 2006, total revenues were $124.1
million, compared to the $118.6 million earned during the same period of
2005. Net income for the full-year ended December 31, 2006, amounted to
$31.1 million versus $67.8 million for the same period in 2005.
Earnings per share basic and diluted for the full-year ended December 31,
2006, calculated on 19,947,411 shares outstanding, were $1.56 compared to
$3.64 during the same period in 2005, calculated on 18,599,876 shares
outstanding for the same period 2005.
The results for the full year 2005 included a gain of $ 26.8 million or
$1.44 per share from the sale of 4 older vessels, the M/V "Almar I," the
M/V "Petalis," the M/V "Lucky Lady" and the M/V "Fighting Lady" and a non
cash charge of $5.0 million or $ 0.27 per share reflecting the effect of
the management termination agreement dated March 2nd 2005, between Excel
Maritime Carriers Ltd and its previous technical manager, Excel Management
Ltd
Full-year 2006 figures include increased amortization and depreciation
charges of $0.9 million or $0.04 per share, mainly due to the company's
decision to make a change in the accounting estimate for the amortization
of dry docking expenses, as well as unrealized losses of $0.8 million or
$0.04 per share due to interest rate swaps entered during the third and
fourth quarters of 2006.
EBITDA for the full-year ended December 31, 2006, was $74.2 million
compared to $101.6 million during the same period 2005. Please refer to the
reconciliation of EBITDA to Net Income below.
An average of 17 vessels were operated during the full-year ended December
31, 2006, earning a blended average time charter equivalent rate of $19,197
per day, compared to an average of 14.4 vessels operated during the
full-year 2005 earning a blended average time charter equivalent rate of
$20,705 per day.
Excel Maritime Sponsors Oceanaut:
On March 6, 2007, Oceanaut, Inc., a newly organized blank check company,
completed its initial public offering of 18,750,000 units at an offering
price of $8.00 per unit. Excel Maritime is the sponsor and a shareholder of
Oceanaut, Inc., which was formed for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition, stock purchase or other
similar business combination, vessels or one or more operating businesses
in the shipping industry. Oceanaut's units are trading on the American
Stock Exchange (AMEX) under the ticker symbol OKN.U.
Prior to the closing of the public offering, Oceanaut consummated a private
placement of 1,125,000 units at $8.00 per unit price and 2,000,000 warrants
at $1.00 per warrant to the Company. Each unit issued in the initial
public offering and the private placement consists of one share of
Oceanaut's common stock and one warrant to purchase one share of common
stock. The initial public offering and the private placement generated
gross proceeds in an aggregate of $161,000,000 to Oceanaut. Following the
initial public offering and the private placement, Excel Maritime owns
approximately 18.9% of the issued and outstanding shares of Oceanaut.
Conference Call and Webcast:
As already announced, tomorrow, Wednesday, March 14, 2007 at 10:00 a.m.
EDT, the company's management will host a conference call to discuss the
results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1-866-819-7111 (from the US), 0800-953-0329
(from the UK) or +44 (0)1452-542-301 (all other callers). Please quote
"Excel Maritime."
In case of any problem with the above numbers, please dial 1-866-869-2352
(from the US), 0800-694-1449 (from the UK) or +44 (0)1452-560-304 (all
other callers). Quote "Excel Maritime."
A telephonic replay of the conference call will be available until March
21, 2007 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the
UK) or +44 1452-550-000 (all other callers). Access Code: 1838801#
Slides and audio webcast:
There will also be a live -- and then archived -- webcast of the conference
call, through the Excel Maritime Carriers website (www.excelmaritime.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
Updated Fleet List:
The following table represents our fleet as of March 13, 2007:
Name Type Dwt Year Built
---------- ---------- ----------
Panamax
Isminaki Panamax 74,577 1998
Angela Star Panamax 73,798 1998
Elinakos Panamax 73,751 1997
Happy Day Panamax 71,694 1997
Powerful Panamax 70,083 1994
First Endeavour Panamax 69,111 1994
Rodon Panamax 73,670 1993
Birthday Panamax 71,504 1993
Renuar Panamax 70,128 1993
Forteza Panamax 69,634 1993
---------- ---------- ----------
Total Panamax 10 717,950
---------- ---------- ----------
Handymax
Emerald Handymax 45,572 1998
Princess I Handymax 38,858 1994
Marybelle Handymax 42,552 1987
Attractive Handymax 41,524 1985
Lady Handymax 41,090 1985
Goldmar Handymax 39,697 1984
Swift Handymax 37,687 1984
---------- ---------- ----------
Total Handymax 7 286,980
---------- ---------- ----------
Grand Total 17 1,004,930 14.8
---------- ---------- ----------
Summary Fleet Data:
Fourth Fourth
Quarter 2006 Quarter 2005
------------- -------------
FLEET DATA
Average number of vessels (1) 17 17.7
Available days for fleet (2) 1,520 1,574
Calendar days for fleet (3) 1,564 1,630
Fleet utilization (4) 97% 97%
AVERAGE DAILY RESULTS
Time charter equivalent (5) $ 20,849 $ 19,992
Vessel operating expenses (6) $ 5,178 $ 4,625
General and administrative expenses (7) $ 2,360 $ 1,547
Total vessel operating expenses (8) $ 7,538 $ 6,172
------------- -------------
Full-Year Full-Year
Ended Ended
December 31, December 31,
2006 2005
------------- -------------
FLEET DATA
Average number of vessels (1) 17 14.4
Available days for fleet (2) 5,934 5,070
Calendar days for fleet (3) 6,205 5,269
Fleet utilization (4) 96% 96%
AVERAGE DAILY RESULTS
Time charter equivalent (5) $ 19,197 $ 20,705
Vessel operating expenses (6) $ 4,945 $ 4,596
General and administrative expenses (7) $ 1,576 $ 1,237
Total vessel operating expenses (8) $ 6,521 $ 5,833
------------- -------------
(1) Average number of vessels 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.
(2) Available days for fleet are the total calendar days the vessels were
in our possession for the relevant period after subtracting for off hire
days associated with major repairs, drydocks or special or intermediate
surveys.
(3) Calendar days are the total days we possessed the vessels in our fleet
for the relevant period including off hire days associated with major
repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating available days, and is determined by
dividing available days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, 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.
(6) Daily vessel operating expenses, which includes crew costs, provisions,
deck and engine stores, lubricating oil, insurance, maintenance and repairs
is calculated by dividing vessel operating expenses by fleet calendar days
for the relevant time period.
(7) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period.
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant time
period.
Time Charter Equivalent (TCE) Results by Type of Vessel & Employment
Fourth Fourth
Quarter 2006 Quarter 2005
------------ ------------
Capesize spot TCE ($) N/A $ 4,667
Number of available days N/A 66
------------ ------------
Panamax spot TCE ($) N/A $ 17,087
Number of available days N/A 397
------------ ------------
Panamax period TCE ($) $ 23,455 $ 24,731
Number of available days 887 495
------------ ------------
Handymax spot TCE ($) $ 16,973 $ 17,998
Number of available days 448 276
------------ ------------
Handymax period TCE ($) $ 17,933 $ 21,018
Number of available days 184 341
------------ ------------
Total fleet spot TCE ($) $ 16,886 $ 16,318
Number of available days 448 739
------------ ------------
Total fleet period TCE ($) $ 22,506 $ 23,217
Number of available days 1,071 836
------------ ------------
Full-Year Ended Full-Year Ended
December 31, December 31,
2006 2005
--------------- ---------------
Capesize spot TCE ($) N/A $ 26,119
Number of available days N/A 537
--------------- ---------------
Panamax spot TCE ($) $ 17,080 $ 16,475
Number of available days 625 1,130
--------------- ---------------
Panamax period TCE ($) $ 23,074 $ 25,329
Number of available days 2,918 1,203
--------------- ---------------
Handymax spot TCE ($) $ 14,981 $ 17,182
Number of available days 1,676 998
--------------- ---------------
Handymax period TCE ($) 15,104 $ 20,493
Number of available days 715 1,206
--------------- ---------------
Total fleet spot TCE ($) 15,551 $ 18,683
Number of available days 2,301 2,665
--------------- ---------------
Total fleet period TCE ($) $ 21,506 $ 22,908
Number of available days 3,633 2,409
--------------- ---------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
Condensed Statement of Cash Flows
(In thousands of Dollars)
For the For the
Full-Year Ended Full-Year Ended
December 31, 2006 December 31, 2005
(Unaudited) Audited
---------------- ----------------
Cash and cash equivalents, beginning of
year 58,492 64,903
Provided by (Used in):
Operating Activities 58,344 73,639
Investing Activities (662) (417,743)
Financing Activities (29,885) 337,693
---------------- ----------------
Net increase (decrease) in cash and
cash equivalents 27,797 (6,411)
---------------- ----------------
Cash and cash equivalents, end of
period 86,289 58,492
---------------- ----------------
EBITDA Reconciliation (1)
(In thousands of Dollars)
Fourth Quarter Fourth Quarter
2006 2005
-------------- -------------
Net Income 9,341 13,800
-------------- -------------
plus Net Interest Expense 2,453 3,229
-------------- -------------
Plus Depreciation 7,266 7,084
-------------- -------------
Plus Amortization 995 111
-------------- -------------
Plus Contract Termination Expense - (223)
-------------- -------------
Plus Taxes 113 92
-------------- -------------
EBITDA 20,168 24,093
-------------- -------------
Full-Year Ended Full-Year Ended
December 31, December 31,
2006 2005
-------------- --------------
Net Income 31,106 67,759
-------------- --------------
plus Net Interest Expense 12,617 7,878
-------------- --------------
Plus Depreciation 28,453 20,092
-------------- --------------
Plus Amortization 1,547 622
-------------- --------------
Plus Contract Termination Expense - 4,963
-------------- --------------
Plus Taxes 426 311
-------------- --------------
EBITDA 74,149 101,625
-------------- --------------
(1) Excel Maritime considers EBITDA to represent net income plus net
interest expense and depreciation and amortization. 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.
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006 AND DECEMBER 31, 2005
(In thousands of Dollars, except per share data)
Fourth Fourth
Quarter 2006 Quarter 2005
Unaudited Unaudited
------------ ------------
REVENUES
Voyage Revenues 35,082 35,569
Revenue from managing vessels 140 131
------------ ------------
Revenue from Operations 35,222 35,700
------------ ------------
EXPENSES
Voyage expenses 2,962 3,657
Commission from a Related party 440 443
Vessel operating expenses 8,099 7,539
Depreciation expense 7,266 7,084
Amortization for drydocking and special
survey 995 111
Gain on Vessel’s sale - (2,476)
Contract termination expense-related party - (223)
General and administrative expenses 3,691 2,522
------------ ------------
23,453 18,657
------------ ------------
------------ ------------
Income from operations 11,769 17,043
------------ ------------
OTHER INCOME (EXPENSES):
Interest and finance costs (3,766) (4,005)
Interest Income 1,313 776
Other, net 145 78
------------ ------------
Total other income (expenses), net (2,308) (3,151)
------------ ------------
============ ============
Net Income from Operations 9,461 13,892
------------ ------------
US Source Income Taxes 113 92
------------ ------------
Net Income, after taxes and before minority
interest 9,348 13,800
Minority interest (7) -
------------ ------------
Net income 9,341 13,800
------------ ------------
Earnings per common share, basic & diluted $ 0.47 $ 0.69
Weighted average number of common shares,
basic and diluted 19,949,644 19,929,264
------------ ------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
FOR THE FULL YEAR ENDED DECEMBER 31, 2006 AND DECEMBER 31, 2005
(In thousands of Dollars, except per share data)
Full-Year Full-Year
Ended Ended
December 31, December 31,
2006 2005
Unaudited Audited
------------ ------------
REVENUES
Voyage Revenues 123,551 118,082
Revenue from managing vessels 558 522
------------ ------------
Revenue from Operations 124,109 118,604
------------ ------------
EXPENSES
Voyage expenses 8,109 11,693
Commission from a Related party 1,536 1,412
Vessel operating expenses 30,687 24,215
Depreciation Expense 28,453 20,092
Amortization of drydocking and special survey 1,547 622
Gain on Vessel’s sale -- (26,795)
Contract termination expenses -- 4,963
General and administrative expenses 9,776 6,520
------------ ------------
80,108 42,722
------------ ------------
------------ ------------
Income from operations 44,001 75,882
------------ ------------
OTHER INCOME (EXPENSES):
Interest and finance costs (16,751) (10,259)
Interest Income 4,134 2,381
Other, net 145 66
------------ ------------
Total other income (expenses), net (12,472) (7,812)
------------ ------------
============ ============
Net Income from Operations 31,529 68,070
------------ ------------
------------ ------------
Income Taxes 426 311
------------ ------------
------------ ------------
Net Income, after taxes and before minority
interest 31,103 67,759
Minority interest 3 --
Net income 31, 106 67,759
Earnings per common share, basic & diluted 1.56 3.64
Weighted average number of common shares,
basic and diluted 19,947,411 18,599,876
------------ ------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2006 (UNAUDITED) AND DECEMBER 31, 2005 (AUDITED)
(In thousands of U.S. Dollars, except per share data)
December 31, December 31,
2006 2005
Unaudited Audited
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 86,289 58,492
Restricted cash 5,471 7,988
Accounts receivable 2,646 2,239
Other current assets 2,317 1,828
------------ ------------
Total Current Assets 96,723 70,547
------------ ------------
FIXED ASSETS:
Vessels', net 437,419 465,668
Office furniture & equipments, net 983 524
------------ ------------
Total fixed assets 438,402 466,192
------------ ------------
OTHER NON CURRENT ASSETS:
Restricted cash 9,529 22,282
Other non current assets 4,697 2,004
------------ ------------
Total Assets 549,351 561,025
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
deferred financing fees 30,440 41,230
Accounts payable 3,178 3,307
Other current liabilities 7,255 6,913
Financial Instruments 834 -
------------ ------------
Total Current Liabilities 41,707 51,450
------------ ------------
LONG-TERM DEBT, net of current portion and net
of deferred financing fees 187,479 221,586
------------ ------------
Minority interest 4 -
STOCKHOLDERS' EQUITY:
Preferred Stock, none issued
Common Stock,:19,595,153 A Class shares issued
and outstanding at December 31, 2005 and
December 31, 2006, 114,946 B Class shares,
issued and outstanding at December 31, 2005 and
135,326 B class shares at December 31, 2006 197 197
Additional paid-in capital 182,410 181,265
Shares to be issued (298,403 A Class shares) 6,853 6,853
Accumulated Other Comprehensive Loss (79)
Due from related party (2,024) (2,024)
Retained earnings 132,993 101,887
320,350 288,178
Less: Treasury stock (78,650 A Class shares and
588 B Class shares) at December 31, 2005 and
December 31, 2006 (189) (189)
------------ ------------
Total stockholders' equity 320, 161 287,989
------------ ------------
Total Liabilities & Stockholders' Equity 549,351 561,025
------------ ------------
EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE FULL YEAR ENDED DECEMBER 31, 2006 AND DECEMBER 31, 2005 (AUDITED)
(In thousands of Dollars)
December 31, December 31,
2006 2005
Unaudited Audited
------------ ------------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income for the period 31,106 67,759
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation & Amortization 30,487 21,240
Gain on sale of vessels -- (26,795)
Other non cash expenses 1,675 5,911
Increase/Decrease in:
Current Assets (898) (87)
Increase/Decrease in:
Current Liabilities 213 7,358
Payments for dry docking & special survey (4,239) (1,747)
a. Net cash from Operating Activities 58,344 73,639
------------ ------------
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Vessel acquisitions and/or improvements - (454,241)
Proceeds from sale of vessels - 37,022
Office furniture & equipments (662) (524)
------------ ------------
b. Net cash from (used in) Investing
Activities (662) (417,743)
------------ ------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Increase in restricted cash 15,270 (27,777)
Proceeds from long-term debt - 282,415
Payment principal of loan (45,384) (31,530)
Minority Interest 4 -
Issuance of common stock, net related
issuance costs 225 116,504
Other - (1,919)
------------ ------------
c. Net cash from (used in) Financing
Activities (29,885) 337,693
------------ ------------
------------ ------------
Net increase(decrease) in cash & cash
equivalents 27,797 (6,411)
Cash & cash equivalents at beginning of
period 58,492 64,903
Cash & cash equivalents at end of the
period 86,289 58,492
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest payments 15,315 8,872
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 17 vessels (ten Panamax
and seven Handymax vessels) with a total carrying capacity of 1,004,930
dwt. 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: Contact: 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 http://www.excelmaritime.com