SOURCE: Excel Maritime

March 17, 2008 16:05 ET

Excel Maritime Reports Results for the Fourth Quarter and Twelve Month Period Ended December 31, 2007 and Declares Quarterly Dividend of $0.20

ATHENS, GREECE--(Marketwire - March 17, 2008) - Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the fourth quarter and year ended December 31, 2007.

Fourth Quarter 2007 Highlights

--  $34.1 million of Net income or $1.71 per share based on 20,003,703
    weighted average shares (diluted) for the quarter on revenue of $60.9
    million.
--  $43.4 million of EBITDA. Please refer to a subsequent section of this
    Press Release for a reconciliation of EBITDA to Net Income.
--  An average of 16.4 vessels were operated earning a blended average
    time charter equivalent rate (TCE) of $38,539 per day. Please refer to a
    subsequent section of this Press Release for a calculation of our TCE.
--  Declared a quarterly dividend of $0.20 per share for the fourth
    quarter 2007.
    

Twelve Months 2007 Highlights

--  $84.9 million of Net income or $4.25 per share based on 19,965,676
    weighted average shares (diluted) for the year on revenue of $177.5
    million.
--  $124.6 million of EBITDA. Please refer to a subsequent section of this
    Press Release for a reconciliation of EBITDA to Net Income.
--  An average of 16.5 vessels were operated earning a blended average
    time charter equivalent rate (TCE) of $28,944 per day. Please refer to a
    subsequent section of this Press Release for a calculation of our TCE.
--  Initiated a quarterly dividend payout policy of $0.20 per share.
    Declared dividends for each quarter of 2007 aggregating $0.80 per share,
    out of which $0.60 per share were paid during 2007.
    

Corporate Developments

Quintana Maritime Acquisition

In January 2008, Excel Maritime jointly announced with Quintana Maritime Limited that it has agreed to acquire Quintana pursuant to a definitive merger agreement whereby Quintana would become a wholly owned subsidiary of Excel. The completion of the merger is subject to a number of conditions, including approval of the merger agreement by Quintana's shareholders and a financing condition. Quintana's shareholders are expected to vote to authorize and approve the merger agreement on April 14, 2008. Excel has entered into a commitment letter with a group of arrangers, dated December 27, 2007, led by Nordea Bank Finland PLC, London Branch with respect to a senior secured credit facility under which Excel may borrow up to $1.4 billion, a portion of which would be used to pay for some or all of the cash portion of the merger consideration. Excel expects to complete the merger in April 2008.

Pursuant to the merger agreement, each share of outstanding Quintana common stock will be exchanged for a combination of $13.00 in cash and 0.4048 Excel Class A common shares, subject to the adjustments discussed below. In the event the average closing price of Excel Class A common shares during the fifteen trading days immediately preceding the closing date of the merger exceeds $45.00 per share, the 0.4084 exchange ratio will be adjusted downward to equal the quotient of $18.38 divided by the average closing price of Excel Class A common shares for the fifteen trading days immediately preceding the closing date of the merger. In all cases, the amount of the Class A common shares to be delivered per share of Quintana common stock will be reduced to reflect any cash dividends paid by Quintana prior to the closing date of the merger, including the $0.31 per share cash dividend paid by Quintana on March 7, 2008.

The merger would create a combined company that would operate a fleet of 47 vessels with a total carrying capacity of 3.7 million DWT. The size of the fleet is expected to increase to 48 vessels with a total carrying capacity of 3.9 million DWT after the addition of a Capesize vessel which is expected to be delivered in the fourth quarter of 2008. In addition, Excel will also acquire Quintana's interests in seven joint venture ship-owning companies, which have each contracted to purchase a Capesize vessel. Quintana owns a 50% interest in six of these joint venture companies and a 42.8% in the other. The seven new vessels are expected to be delivered during 2010 and will have a total carrying capacity of approximately 1.3 million DWT.

Oceanaut, Inc.

In February 2008, Oceanaut announced that it has mutually agreed with companies associated with members of the Restis family to terminate the definitive agreements pursuant to which Oceanaut would have purchased nine dry bulk carriers for an aggregate purchase price of $700 million and issued shares of its common stock in exchange for an aggregate investment of $82.5 million by companies associated with members of the Restis family. The management of Oceanaut is currently pursuing other business combination opportunities.

Management Change

In February 2008, Excel announced that it appointed Mr. Gabriel Panayotides, Excel's Chairman, as acting Chief Executive Officer pending the consummation of its proposed acquisition of Quintana, after which Mr. Stamatis Molaris, the current Chief Executive Officer and President of Quintana, will be appointed Chief Executive Officer of Excel.

Recent Fleet Developments

In December 2007, the Company announced that it took delivery of the M/V July M, a 2005 built, 55,567 dwt vessel and the M/V Mairouli, a 2005 built, 53,206 dwt vessel, two Supramax bulk carriers the Company had agreed to acquire in July 2007 for $63 million each. These deliveries expanded Excel's fleet to 18 vessels with an aggregate carrying capacity of 1,074,022 dwt and lowered its average age to approximately 14.0 years.

Excel has currently secured under medium and long-term time charters 61% of its fleet operating days for the full year 2008 51% and 15% for the full year 2009.

Convertible Senior Notes Offering

In October 2007, Excel issued $150,000,000 aggregate principle amount of convertible Senior Notes due 2027.

Chairman and Acting CEO Gabriel Panayotides commented: "We are pleased to report that our fourth quarter 2007 results were the strongest operational and financial results Excel has achieved.

"We believe this is a direct result of our proactive fleet deployment strategy according to which we seek to secure the majority of our vessels under long term time charters, enhancing our operating cash flow visibility, while at the same time also maintaining exposure to the spot market with the remainder of our fleet, which allows us to take advantage of continued strength in the shipping market. During the fourth quarter we also took delivery of two Supramax vessels, acquired in the second quarter 2007. We have also declared a quarterly dividend of $0.20 per share for the fourth quarter, for an aggregate of $0.80 dividends per share for the year.

"Our overall objective over the past few years has been the disciplined approach of expanding our asset base. The recent announcement of the potential Quintana acquisition signifies an important step towards achieving our goal of becoming one of the world's premier full service dry bulk shipping companies, with a diverse and modern asset base from Handymax to Capesize vessels. The proposed merger would increase our flexibility and our ability to service our customers' needs. In addition, we believe that the combination of the two entities will create one of the most experienced management teams in dry bulk sector."

Fourth Quarter 2007 Results

Total revenues for the fourth quarter 2007 amounted to $60.9 million as compared to $35.2 million for the same period in 2006. Net income for the fourth quarter 2007 amounted to $34.1 million versus $9.3 million for the same period in 2006.

Earnings per share for the fourth quarter 2007, calculated based on 20,003,703 weighted average shares (diluted) were $1.71 compared to $0.47 in the fourth quarter of 2006. The average number of shares outstanding in the fourth quarter of 2006 was 19,949,644.

Fourth quarter 2007 figures include unrealized losses of $0.2 million or $0.01 per share while the fourth quarter 2006 figures include unrealized gains of $0.2 million or $0.01 per share both due to the existence of interest rate swaps that do not qualify as hedge accounting.

EBITDA for the fourth quarter 2007 was $43.4 million compared to $20.2 million during the fourth quarter 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 16.4 vessels were operated during the fourth quarter 2007 earning a blended average time charter equivalent rate of $38,539 per day, compared to an average of 17 vessels operated during the fourth quarter 2006 earning a blended average time charter equivalent rate of $20,849 per day. Please refer to a subsequent section of this Press Release for a calculation of our TCE.

Twelve Month 2007 Results

Total revenues for the year ended December 31, 2007 amounted to $177.5 million as compared to $124.1 million for the same period in 2006. Net income for the twelve months ended December 31, 2007 amounted to $84.9 million versus $31.1 million for the same period in 2006.

Earnings per share for the twelve months ended December 31, 2007, calculated based on 19,965,676 weighted average shares (diluted) were $4.25 compared to $1.56 for the same period 2006. The average number of shares outstanding in the twelve months ended December 31, 2006, was 19,947,411.

The full year results include a gain of $6.2 million or $0.31 per share realized from the sale of the M/V "Goldmar" during the year.

The twelve month 2007 figures include unrealized losses of $0.7 million or $0.04 per share while the twelve month 2006 figures include unrealized losses of $0.8 million or $0.04 per share both due to the existence of interest rate swaps that do not qualify as hedge accounting.

The results of the twelve months ended December 31, 2007 include $0.9 million of income or $0.04 per share due to Excel's participation in Oceanaut.

EBITDA for the twelve months ended December 31, 2007 was $124.6 million compared to $74.1 million during the same period 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income.

An average of 16.5 vessels were operated during the twelve months ended December 31, 2007 earning a blended average time charter equivalent rate of $28,944 per day, compared to an average of 17 vessels operated during the same period 2006 earning a blended average time charter equivalent rate of $19,197 per day. Please refer to a subsequent section of this Press Release for a calculation of our TCE.

Quarterly Dividend:

On March 17, 2008, the Board of Directors approved the Company's quarterly dividend of $0.20 per share, payable on April 11, 2008 to shareholders of record as of March 31, 2008.

This is the fourth consecutive quarterly dividend declared since the Company commenced a dividend policy beginning with the first quarter 2007. The Company's policy is to declare any dividend for a quarter concurrently with the announcement of the Company's earnings for that period.

Updated Fleet List:

The following table represents our fleet as of December 31, 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
                           ------------- ------------- -------------

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

                           ------------- ------------- -------------
Handymax
                           ------------- ------------- -------------
Emerald                         Handymax        45,588          1998
                           ------------- ------------- -------------
Princess I                      Handymax        38,858          1994
                           ------------- ------------- -------------
Marybelle                       Handymax        42,552          1987
                           ------------- ------------- -------------
Attractive                      Handymax        41,524          1985
                           ------------- ------------- -------------
Lady                            Handymax        41,090          1985
                           ------------- ------------- -------------
Swift                           Handymax        37,687          1984
                           ------------- ------------- -------------
Total Handymax                         6       247,299
                           ------------- ------------- -------------
Grand Total                           18     1,074,022 Avg. Age:13.9
                           ------------- ------------- -------------



Summary Fleet Data:
                                                   Fourth        Fourth
                                                   Quarter       Quarter
                                                    2007          2006
                                                ------------  ------------
FLEET DATA
                                                ------------  ------------
Average number of vessels (1)                           16.4            17
                                                ------------  ------------
Available days for fleet (2)                           1,459         1,520
                                                ------------  ------------
Calendar days for fleet (3)                            1,510         1,564
                                                ------------  ------------
Fleet utilization (4)                                     97%           97%
                                                ------------  ------------

                                                ------------  ------------
AVERAGE DAILY RESULTS
                                                ------------  ------------
Time charter equivalent (5)                     $     38,539  $     20,849
                                                ------------  ------------
Vessel operating expenses (6)                   $      5,818  $      5,004
                                                ------------  ------------
General and administrative expenses (7)         $      2,797  $      2,534
                                                ------------  ------------
Total vessel operating expenses (8)             $      8,615  $      7,538
                                                ------------  ------------



                                                Year Ended    Year Ended
                                                December 31,  December 31,
                                                    2007          2006
                                                ------------  ------------
FLEET DATA
                                                ------------  ------------
Average number of vessels (1)                           16.5            17
                                                ------------  ------------
Available days for fleet (2)                           5,646         5,934
                                                ------------  ------------
Calendar days for fleet (3)                            6,007         6,205
                                                ------------  ------------
Fleet utilization (4)                                     94%           96%
                                                ------------  ------------

                                                ------------  ------------
AVERAGE DAILY RESULTS
                                                ------------  ------------
Time charter equivalent (5)                     $     28,944  $     19,197
                                                ------------  ------------
Vessel operating expenses (6)                   $      5,600  $      4,902
                                                ------------  ------------
General and administrative expenses (7)         $      2,156  $      1,619
                                                ------------  ------------
Total vessel operating expenses (8)             $      7,756  $      6,521
                                                ------------  ------------

(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 the Company 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. Time charter equivalent revenue and TCE are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. 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. The following table reflects the calculation of our TCE rate for the fourth quarter of 2007 and 2006 and for the year ended December 31, 2007 and 2006 (amounts in thousands of U.S.Dollars, except for TCE rate, which is expressed in U.S. Dollars, and available days):

                  Time Charter Equivalent Reconciliation

                                                  Fourth        Fourth
                                                  Quarter       Quarter
                                                    2007          2006
                                                ------------- -------------
Voyage Revenues                                 $      60,690 $      35,082
                                                ------------- -------------
minus Voyage Expenses                           $       3,722 $       2,962
                                                ------------- -------------
minus Commission from a Related Party           $         755 $         440
                                                ------------- -------------
Total Revenue, net of voyage expenses           $      56,213 $      31,680
                                                ------------- -------------
Total Available days                                    1,459         1,520
                                                ------------- -------------
Time Charter Equivalent                         $      38,539 $      20,849
                                                ------------- -------------

                                                 Year Ended    Year Ended
                                                 December 31,  December 31,
                                                     2007          2006
                                                ------------  -------------
Voyage Revenues                                 $     176,689 $     123,551
                                                ------------- -------------
minus Voyage Expenses                           $      11,077 $       8,109
                                                ------------- -------------
minus Commission from a Related Party           $       2,204 $       1,536
                                                ------------- -------------
Total Revenue, net of voyage expenses           $     163,408 $     113,906
                                                ------------- -------------
Total Available days                                    5,646         5,934
                                                ------------- -------------
Time Charter Equivalent                         $      28,944 $      19,197
                                                ------------- -------------

(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 the sum of daily vessel operating expenses and daily general and administrative expenses.

   Time Charter Equivalent (TCE) Results by Type of Vessel & Employment

                                              Fourth Quarter Fourth Quarter
                                                    2007           2006
                                              -------------- --------------
Panamax spot TCE ($)                            $   85,394            N/A
Number of available days                               147            N/A
                                              -------------- --------------
Panamax period TCE ($)                          $   31,780     $   23,455
Number of available days                               766            887
                                              -------------- --------------
Handymax spot TCE ($)                           $   35,512     $   16,973
Number of available days                               178            448
                                              -------------- --------------
Handymax period TCE ($)                         $   35,311     $   17,933
Number of available days                               368            184
                                              -------------- --------------
Total fleet spot TCE ($)                        $   58,097     $   16,886
Number of available days                               325            448
                                              -------------- --------------
Total fleet period TCE ($)                      $   32,926     $   22,506
Number of available days                             1,134          1,071
                                              -------------- --------------


                                                Year Ended     Year Ended
                                               December 31,   December 31,
                                                    2007           2006
                                              -------------- --------------
Panamax spot TCE ($)                            $   63,564     $   17,080
Number of available days                               298            625
                                              -------------- --------------
Panamax period TCE ($)                          $   27,112     $   23,074
Number of available days                             3,145          2,918
                                              -------------- --------------
Handymax spot TCE ($)                           $   26,705     $   14,981
Number of available days                             1,148          1,676
                                              -------------- --------------
Handymax period TCE ($)                         $   27,064     $   15,104
Number of available days                             1,055            715
                                              -------------- --------------
Total fleet spot TCE ($)                        $   34,293     $   15,551
Number of available days                             1,445          2,301
                                              -------------- --------------
Total fleet period TCE ($)                      $   27,100     $   21,506
Number of available days                             4,201          3,633
                                              -------------- --------------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                    Condensed Statement of Cash Flows
                      (In thousands of U.S Dollars)

                                                 Year Ended
                                                December 31,   Year Ended
                                                    2007      December 31,
                                                 (Unaudited)      2006
                                                ------------  ------------
Cash and cash equivalents, beginning of year          86,289        58,492
                                                ------------  ------------
Provided by (Used in):
                                                ------------  ------------
Operating Activities                                 108,733        58,344
                                                ------------  ------------
Investing Activities                                (123,609)         (662)
                                                ------------  ------------
Financing Activities                                 172,259       (29,885)
                                                ------------  ------------
Net increase  in cash and cash equivalents           157,383        27,797
                                                ------------  ------------
Cash and cash equivalents, end of period             243,672        86,289
                                                ------------  ------------



                        EBITDA Reconciliation (1)
                      (In thousands of U.S Dollars)

                                                   Fourth        Fourth
                                                Quarter Ended Quarter Ended
                                                 December 31,  December 31,
                                                    2007          2006
                                                ------------- -------------
Net Income                                             34,130         9,341
                                                ------------- -------------
plus Net Interest Expense                                 817         2,453
                                                ------------- -------------
Plus Depreciation                                       6,996         7,266
                                                ------------- -------------
Plus Amortization                                       1,299           995
                                                ------------- -------------
Plus Taxes                                                127           113
                                                ------------- -------------
EBITDA                                                 43,369        20,168
                                                ------------- -------------



                        EBITDA Reconciliation (1)
                      (In thousands of U.S Dollars)

                                                 Year Ended    Year Ended
                                                December 31,  December 31,
                                                     2007          2006
                                                ------------- -------------
Net Income                                             84,895        31,106
                                                ------------- -------------
plus Net Interest Expense                               7,490        12,617
                                                ------------- -------------
Plus Depreciation                                      27,864        28,453
                                                ------------- -------------
Plus Amortization                                       3,904         1,547
                                                ------------- -------------
Plus Taxes                                                486           426
                                                ------------- -------------
EBITDA                                                124,639        74,149
                                                ------------- -------------

(1) Excel Maritime considers EBITDA to represent net income plus net interest expense, depreciation,amortization and taxes. The Company's Management uses EBITDA as a performance measure. The Company believes that EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. EBITDA is not an item recognized under U.S. 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 U.S. 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, 2007 AND 2006
   (In thousands of U.S. Dollars, except for share and per share data)



                                                      Fourth      Fourth
                                                      Quarter     Quarter
                                                       2007        2006
                                                    ----------  ----------
REVENUES
  Voyage Revenues                                       60,690      35,082
  Revenue from managing vessels                            226         139
                                                    ----------  ----------
         Revenue from Operations                        60,916      35,221
                                                    ----------  ----------

EXPENSES
  Voyage expenses                                        3,722       2,962
  Voyage expenses - Related party                          755         440
  Vessel operating expenses                              8,786       7,826
  Depreciation expense                                   6,996       7,266
  Amortization for drydocking and special survey         1,299         995
  General and administrative expenses                    4,223       3,964
                                                    ----------  ----------
                                                        25,781      23,453
                                                    ----------  ----------

                                                    ----------  ----------
  Income from operations                                35,135      11,768
                                                    ----------  ----------
OTHER INCOME (EXPENSES):
  Interest and finance costs                            (4,263)     (3,766)
  Interest Income                                        3,446       1,313
  Other, net                                              (121)        145
                                                    ----------  ----------
   Total other income (expenses), net                     (938)     (2,308)
                                                    ----------  ----------

                                                    ==========  ==========
   Net Income from Operations                           34,197       9,460
                                                    ----------  ----------

   US Source Income Taxes                                 (127)       (113)
                                                    ----------  ----------
   Net Income, after taxes and before minority
    interest                                            34,070       9,347

   Minority interest                                         -          (7)

   Income from Investment in affiliate                      60           -

                                                    ----------  ----------
   Net income                                       $   34,130  $    9,340
                                                    ----------  ----------

                                                    ----------  ----------
    Earnings per common share, basic                $     1.71  $     0.47
    Weighted average number of shares basic         19,949,644  19,949,644
    Earnings per common share, diluted              $     1.71  $     0.47
    Weighted average number of shares diluted       20,003,703  19,949,644
                                                    ----------  ----------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF INCOME
            FOR THE YEARS ENDED DECEMBER 31, 2007 (UNAUDITED)
                          AND DECEMBER 31, 2006
   (In thousands of U.S. Dollars, except for share and per share data)


                                               Year Ended     Year Ended
                                              December 31,   December 31,
                                                  2007           2006
                                              -------------  -------------
REVENUES
  Voyage Revenues                                   176,689        123,551
  Revenue from managing vessels                         818            558
                                              -------------  -------------
         Revenue from Operations                    177,507        124,109
                                              -------------  -------------

EXPENSES
  Voyage expenses                                    11,077          8,109
  Voyage expenses - Related party                     2,204          1,536
  Vessel operating expenses                          33,637         30,414
  Depreciation expense                               27,864         28,453
  Amortization for drydocking and special
   survey                                             3,904          1,547
  General and administrative expenses                12,953         10,049
                                              -------------  -------------
                                                     91,639         80,108
                                              -------------  -------------

                                              -------------  -------------
GAIN ON SALE OF VESSELS                               6,194              -
                                              -------------  -------------

                                              -------------  -------------
  Income from operations                             92,062         44,001
                                              -------------  -------------
OTHER INCOME (EXPENSES):

  Interest and finance costs                        (14,975)       (16,751)
  Interest Income                                     7,485          4,134
  Other, net                                            (66)           145
                                              -------------  -------------
   Total other income (expenses), net                (7,556)       (12,472)
                                              -------------  -------------

                                              =============  =============
   Net Income from Operations                        84,506         31,529
                                              -------------  -------------

   US Source Income Taxes                              (486)          (426)
                                              -------------  -------------
   Net Income, after taxes and before
    minority interest                                84,020         31,103

   Minority interest                                      2              3

   Income from Investment in affiliate                  873              -

                                              -------------  -------------
   Net income                                        84,895         31,106
                                              -------------  -------------

                                              -------------  -------------
    Earnings per common share, basic          $        4.26  $        1.56
    Weighted average number of shares basic      19,949,644     19,947,411
    Earnings per common share, diluted        $        4.25  $        1.56
    Weighted average number of shares diluted    19,965,676     19,947,411
                                              -------------  -------------




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
          AT DECEMBER 31, 2007 (UNAUDITED) AND DECEMBER 31, 2006
          (In  thousands of U.S. Dollars, except per share data)


                                               December 31,   December 31,
                                                  2007           2006
                                              -------------  -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                           243,672         86,289
Restricted cash                                       3,175          4,534
Accounts receivable                                   1,506          2,646
Other Current Assets                                  4,380          2,319
                                              -------------  -------------
Total Current Assets                                252,733         95,788
                                              -------------  -------------

FIXED ASSETS:
Vessels, net                                        527,164        437,418
Office furniture & equipments, net                    1,466            983
                                              -------------  -------------
Total fixed assets                                  528,630        438,401
                                              -------------  -------------

OTHER NON CURRENT ASSETS:
Investment in affiliate                              15,688              -
Other Non Current Assets                             15,520          4,696
Restricted cash                                      11,825         10,466
                                              -------------  -------------
Total Assets                                        824,396        549,351
                                              -------------  -------------

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt, net of
 deferred financing fees                             39,179         32,452
Accounts payable                                      4,688          3,344
Other current liabilities                            10,067          7,089
Financial Instruments                                 2,056            834
                                              -------------  -------------
Total Current Liabilities                            55,990         43,719

LONG-TERM DEBT, net of current portion and
 net of deferred financing fees                     368,586        185,467
                                              -------------  -------------
Minority interest                                         -              4
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.1 par value: 5,000,000
 shares authorized, none issued                           -              -
Common Stock, $0.01 par value; 100,000,000
 Class A shares and 1,000,000 Class B shares
 authorized; 19,595,153 Class A shares and
 135,326 Class B shares, issued and
 outstanding at December 31, 2006; 19,893,556
 Class A and 135,326 Class B shares, issued
 and outstanding at December 31, 2007                   200            197
Additional paid-in capital                          193,897        182,410
Shares to be issued                                       -          6,853
Accumulated Other Comprehensive Loss                    (66)           (79)
Due from related party                                    -         (2,024)
Retained earnings                                   205,978        132,993
Less: Treasury stock (78,650 A Class shares
 and 588 B Class shares) at December 31, 2006
 and December 31, 2007                                 (189)          (189)
                                              -------------  -------------
   Total stockholders' equity                       399,820        320,161
                                              -------------  -------------
   Total Liabilities & Stockholders' Equity         824,396        549,351
                                              -------------  -------------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
  FOR THE YEARS ENDED DECEMBER 31, 2007 (UNAUDITED) AND DECEMBER 31, 2006
                     (In thousands of U.S. Dollars)


                                                 December 31,  December 31,
                                                     2007       2006
                                                ------------  ------------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
  Net income for the period, after taxes              84,895        31,106
  Adjustments to reconcile net income to net
   cash provided by operating activities
  Depreciation & Amortization                         32,279        30,487
  Gain on sale of vessels                             (6,194)            -
  Other non cash expenses                              1,561         1,675
  Income from Investment in affiliate                   (873)            -
Increase/Decrease in:
  Current Assets                                        (423)       (1,153)
Increase/Decrease in:
  Current Liabilities                                  4,322           468
  Payments for dry docking & special survey           (6,834)       (4,239)
                                                ============  ============
  a. Net cash from Operating Activities              108,733        58,344
                                                ------------  ------------

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
 Additions to vessel cost                           (126,068)            -
  Proceeds from sale of vessels                       15,740             -
  Investment                                         (11,004)            -
 Payment of Business acquisition cost                 (1,522)            -
  Office furniture & equipments                         (755)         (662)
                                                ============  ============
  b.Net cash from (used in) Investing
   Activities                                       (123,609)         (662)
                                                ------------  ------------

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
  Proceeds from long-term debt                       225,600             -
  Payment principal of loan                          (35,876)      (45,384)
  Payments from a related party                        2,024             -
  Minority Interest                                       (2)            4
  Issuance of common stock, net of related
   issuance costs                                          -           225
  Dividend paid                                      (11,910)            -
  Payment of financing costs                          (7,577)            -
  Increase in restricted cash                              -        15,270
                                                ============  ============
  c.Net cash from (used in) Financing
   Activities                                        172,259       (29,885)
                                                ------------  ------------

  Net increase (decrease) in cash & cash
   equivalents                                       157,383        27,797
  Cash & cash equivalents at beginning of
   period                                             86,289        58,492
  Cash & cash equivalents at end of the period       243,672        86,289

  SUPPLEMENTAL CASH FLOW INFORMATION:
  Interest payments                                   14,489        14,224
  US Source Income Taxes                                 489           748

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 18 vessels (ten Panamax, two Supramax and six Handymax vessels) with a total carrying capacity of approximately 1,074,022 dwt. The Company was incorporated under the laws of Liberia in 1988. Excel Class A common shares have traded September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol "EXM" and prior to that date, traded on the American Stock Exchange (AMEX) since 1998. For more information about the Company, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including the proposed acquisition of Quintana Maritime Limited.and expected vessel acquisitions. 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, Quintana's ability to obtain shareholder approval of its proposed acquisition by the Company, the Company's ability to obtain financing for the proposed acquisition of Quintana, 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

  • 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:
    Lefteris Papatrifon
    Chief Financial Officer
    Excel Maritime Carriers Ltd.
    c/o 17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528

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