SOURCE: Excel Maritime

March 13, 2007 16:05 ET

Excel Maritime Reports Results for the Fourth Quarter and for the Full-Year 2006

ATHENS, GREECE -- (MARKET WIRE) -- March 13, 2007 -- Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the fourth quarter and for the full year ended December 31, 2006.

Fourth Quarter 2006 highlights:

--  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