SOURCE: Excel Maritime

Excel Maritime

February 28, 2011 16:05 ET

Excel Maritime Reports Results for the Fourth Quarter and Year Ended December 31, 2010

ATHENS, GREECE--(Marketwire - February 28, 2011) - Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter and Twelve-Month 2010 Highlights:

                                    Three-Months ended      Year ended
                                       December 31,        December 31,
                                    ------------------- ------------------
                                      2009      2010      2009      2010
                                    --------- --------- --------  ---------
                                     (amounts in millions of U.S Dollars,
                                     except per share data and daily TCE)
                                    ---------------------------------------
Voyage Revenues                     $   102.6 $   107.0 $  391.7  $   423.0
Net Income                          $    81.8 $    63.6 $  339.8  $   257.8
Adjusted Net Income (Loss)          $     4.0 $    12.0 $   (8.2) $    33.5
Earnings per Share-Diluted          $    1.00 $    0.76 $   4.85  $    3.10
Adjusted Earnings (losses) per
 Share-Diluted                      $    0.05 $    0.14 $  (0.12) $    0.40
Adjusted EBITDA                     $    62.0 $    61.9 $  231.7  $   246.2
Time Charter Equivalent (TCE) per
 day                                $  22,686 $  22,440 $ 21,932  $  23,421
                                    --------- --------- --------  ---------

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

Management Commentary:

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, "We are pleased to report a profitable set of operating results for the 4th Quarter of 2010, complementing our consistently strong performance throughout 2010. In particular, against a volatile freight environment during the 4th Quarter, we recorded Adjusted EBITDA of $61.9m and Adjusted EPS of $0.14 contributing to full year 2010 Adjusted EBITDA and Adjusted EPS of $246.2m and $0.40 respectively. Throughout the past period we continued to fix our open vessels under time charters reaching a fleet wide time charter coverage of 56% for 2011, which will enable us to increase our cash flow visibility and further lower our breakeven levels. While we expect that deliveries of new vessels in 2011 will cause some volatility in freight rates, we remain cautiously optimistic in the dry bulk market outlook based on emerging markets being the principal drivers of growth. We believe that Excel with its diversified quality asset base and absence of newbuild commitments is well positioned to generate strong cash flows and returns through the investment cycle."

Fourth Quarter 2010 Results:

Excel reported voyage revenues for the fourth quarter of 2010 amounted to $107.0 million as compared to $102.6 million for the same period in 2009, an increase of approximately 4.3%.

Adjusted EBITDA for the fourth quarter of 2010 was $61.9 million compared to $62.0 million for the fourth quarter of 2009, a decrease of approximately 0.2%.

Net profit for the quarter amounted to $63.6 million or $0.76 per weighted average diluted share compared to a net profit of $81.8 million or $1.00 per weighted average diluted share in the fourth quarter of 2009.

The fourth quarter 2010 results include a non-cash unrealized gain on derivative financial instruments of $10.8 million compared to a non-cash unrealized gain on derivative financial instruments of $8.1 million in the corresponding period in 2009.

Included in the above net income is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana Maritime Limited ("Quintana") on April 15, 2008 amounting to a net income of $40.9 million ($0.49 per weighted average diluted share) and $73.4 million ($0.90 per weighted average diluted share) for the fourth quarter of 2010 and 2009, respectively.

In addition, the fourth quarter 2009 results include a non cash loss on disposal of an ownership interest in one of our joint ventures amounting to $3.7 million.

Adjusted net income, excluding all the above items, for the fourth quarter of 2010 would have amounted to $12.0 million or $0.14 per weighted average diluted share compared to an adjusted net income, excluding all the above items, for the fourth quarter of 2009 of $4.0 million or $0.05 per weighted average diluted share.

Included in the above adjusted net income is also the amortization of stock based compensation expense of $2.2 million ($0.03 per weighted average diluted share) and $5.5 million ($0.07 per weighted average diluted share), for the quarter ended December 31, 2010 and 2009, respectively.

An average of 48.0 and 47.0 vessels were operated during the fourth quarter of 2010 and 2009, respectively, earning a blended average time charter equivalent rate of $22,440 and $22,686 per day, respectively.

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

Year 2010 Results:

Voyage revenues for the year ended December 31, 2010 amounted to $423.0 million as compared to $391.7 million for the same period in 2009, an increase of approximately 8%.

Adjusted EBITDA for the year was $246.2 million compared to $231.7 million for the respective period of 2009, an increase of approximately 6.3%.

Net profit for the year amounted to $257.8 million or $3.10 per weighted average diluted share compared to a net profit of $339.8 million or $4.85 per weighted average diluted share in the respective period of 2009.

The results for the year ended December 31, 2010 include a non-cash unrealized gain on derivative financial instruments of $1.9 million compared to a non-cash unrealized gain on derivative financial instruments of $27.2 million in the corresponding period in 2009. In addition, the results for the year ended December 31, 2009 include $0.1 million of a non-cash gain on sale of a vessel and $3.7 million relating to the loss on disposal of our ownership interest in one of our joint ventures.

Included in the above net income is also the amortization of favorable and unfavorable time charters that were recorded upon acquiring Quintana on April 15, 2008 amounting to a net income of $222.4 million ($2.68 per weighted average diluted share) and $324.4 million ($4.63 per weighted average diluted share) for the year ended December 31, 2010 and 2009, respectively.

Adjusted net income, excluding all the above items, for the year ended December 31, 2010 would have amounted to $33.5 million or $0.40 per weighted average diluted share compared to an adjusted net loss, excluding all the above items, for the respective period of 2009 of $8.2 million or $0.12 per weighted average diluted share. A reconciliation of adjusted Net income to Net Income is included in a subsequent section of this release.

Included in the above adjusted net income is also the amortization of stock based compensation expense of $9.6 million ($0.12 per weighted average diluted share) and $19.8 million ($0.28 per weighted average diluted share), for the year ended December 31, 2010 and 2009, respectively.

An average of 47.7 and 47.2 vessels were operated during the year ended December 31, 2010 and 2009, respectively, earning a blended average time charter equivalent rate of $23,421 and $21,932 per day, respectively. Please refer to a subsequent section of this press release for a calculation of the TCE.

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

Fourth Quarter 2010 Corporate Developments

New-building Vessel

On October 1, 2010, we paid an amount of $15.6 million to the shipyard constructing the M/V Mairaki, representing the scheduled installment due on the vessel launching. The M/V Mairaki is a Capesize vessel with a carrying capacity of 181,000 dwt and was delivered from the STX Shipyard in South Korea on January 10, 2011 as discussed below.

Cashless exercise of warrants

On November 16, 2010, two holders of our warrants exercised the remaining 4,071,428 warrants on a cashless basis and received an aggregate of 1,813,108 Class A common shares. The number of common shares issued in connection with the cashless exercise was based on the applicable market price of the common shares, which was $6.31. No cash consideration was paid on the exercise of the warrants for these common shares.

Recent Developments

On January 10, 2011, we took delivery of the vessel M/V Mairaki and paid an amount of $17.6 million to the shipyard, representing the delivery installment and other minor delivery costs of $0.2 million. Of this amount $16.1 million was funded from a drawdown under the ship-owning company's credit facility and the remaining amount was financed from the Company's own funds. Upon its delivery, the M/V Mairaki, a Capesize vessel of 181,000 dwt commenced a period charter until February 2016 at a daily rate of $28,000 plus a 50% profit sharing over the base rate based on the monthly average BCI Time Charter Rate, as published daily by the Baltic Exchange in London.

On January 7, 2011, we entered into a Memorandum of Agreement (MOA) to sell the M/V Marybelle, a Handymax vessel of 42,552 dwt built in 1987, for net proceeds of approximately $10.0 million and realized a gain of approximately $1.3 million which will be recognized upon delivery of the vessel to her new owners. The vessel delivery took place on February 10, 2011. Following the sale, an amount of approximately $7.8 million was repaid under our Nordea credit facility.

As of February 2011, Mr. Lefteris Papatrifon has resigned as a director of the Company in order to pursue his own private activities.

Vessels' Fixtures

During December 2010, the M/V Iron Brooke (82,594 dwt, 2007), M/V Iron Lindrew (82,598 dwt, 2007), M/V Iron Manolis (82,269 dwt, 2007), M/V Iron Anne (82,220 dwt, 2006), M/V Iron Kalypso (82,224 dwt, 2006), M/V Iron Fuzeyya (82,209 dwt, 2006) and M/V Ore Hansa (82,209 dwt, 2006) were fixed under separate time charters for a period of 11-13 months at a daily rate linked to the Baltic Panamax index (BPI) with a guaranteed minimum rate (floor) ranging from $14,500 to $15,000 per day.

In February 2011, the M/V Coal Pride (72,493 dwt, 1999) and the M/V Coal Glory (73,670 dwt, 1995) were fixed under separate time charters for a period of 11-13 months at a daily rate of $16,750.

Time Charter Coverage

As of today, we have secured under contracted employment 92% and 56% of our available days of our Capesize vessels and Kamsarmax/Panamax vessels respectively, for the year ending December 31, 2011 while our secured contracted employment for the whole fleet is 56% for the same period.

Also, we have secured under contracted employment 79% of our available days of our Capesize vessels for the year ending December 31, 2012.

Conference Call Details:

Tomorrow March 1, 2011 at 10:30 A.M EST, the Company's management will host a conference call to discuss these results.

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

A telephonic replay of the conference call will be available until March 8, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#

Slides and Audio Webcast:

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

- Financial Statements and Other Financial Data Follow -



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
       FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2009 AND 2010
    (In thousands of U.S. Dollars, except for share and per share data)



                                                 Three month period ended
                                                       December 31,
                                                    2009          2010
                                                ------------  ------------
REVENUES:
Voyage revenues                                 $    102,634  $    107,001
Time Charter fair value amortization                  83,497        50,959
Revenue from managing related party vessels              106            61
                                                ------------  ------------
Revenue from operations                              186,237       158,021
                                                ------------  ------------

EXPENSES:
    Voyage expenses                                    4,971         8,005
    Charter hire expense                               8,276         8,275
    Charter hire amortization                         10,068        10,069
    Commissions to a related party                       658           957
    Vessel operating expenses                         20,316        22,205
    Depreciation expense                              31,075        31,821
    Dry-docking and special survey cost                1,622         1,723
    General and administrative expenses               12,178         8,336
                                                ------------  ------------
                                                      89,164        91,391
                                                ------------  ------------

    Loss on disposal of JV ownership interest         (3,705)            -

    Income from operations                            93,368        66,630
                                                ------------  ------------

                                                ------------  ------------
OTHER INCOME (EXPENSES):
    Interest and finance costs                       (12,004)       (7,514)
    Interest income                                      286           380
    Gains on derivative financial instruments            107         3,908
    Foreign exchange losses                              (91)           (1)
    Other, net                                           225           715
                                                ------------  ------------
    Total other income (expenses), net               (11,477)       (2,512)
                                                ------------  ------------

Net income before taxes and loss assumed
 (income earned) by non controlling interest          81,891        64,118
                                                ------------  ------------

US Source Income taxes                                  (145)         (114)

                                                ------------  ------------
Net income                                            81,746        64,004
                                                ------------  ------------

Loss assumed (income earned) by non-controlling
 interest                                                 30          (388)

                                                ------------  ------------
Net income attributable to Excel Maritime
 Carriers Ltd.                                  $     81,776  $     63,616
                                                ============  ============

Earnings  per common  share, basic              $       1.05  $       0.78
                                                ============  ============
Weighted average number of shares, basic          77,895,466    82,044,441
                                                ============  ============
Earnings per common share, diluted              $       1.00  $       0.76
                                                ============  ============
Weighted average number of shares, diluted        81,546,216    84,117,892
                                                ============  ============




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
              FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2010
    (In thousands of U.S. Dollars, except for share and per share data)

                                                 Year ended December 31,
                                                    2009          2010
                                                ------------  ------------
REVENUES:
Voyage revenues                                 $    391,746  $    422,966
Time Charter fair value amortization                 364,368       262,305
Revenue from managing related party vessels              488           376
                                                ------------  ------------
Revenue from operations                              756,602       685,647
                                                ------------  ------------

EXPENSES:
    Voyage expenses                                   19,317        27,563
    Charter hire expense                              32,832        32,831
    Charter hire amortization                         39,952        39,945
    Commissions to a related party                     2,260         3,188
    Vessel operating expenses                         83,197        86,700
    Depreciation expense                             123,411       125,283
    Dry-docking and special survey cost               11,379        11,243
    General and administrative expenses               42,995        35,748
                                                ------------  ------------
                                                     355,343       362,501
                                                ------------  ------------

    Gain on sale of vessel                                61             -
    Loss on disposal of JV ownership interest         (3,705)            -

    Income from operations                           397,615       323,146
                                                ------------  ------------

OTHER INCOME (EXPENSES):
    Interest and finance costs                       (57,096)      (37,893)
    Interest income                                      809         1,436
    Losses on derivative financial instruments        (1,126)      (27,290)
    Foreign exchange losses                             (322)          (44)
    Other, net                                           408           243
                                                ------------  ------------
    Total other income (expenses), net               (57,327)      (63,548)
                                                ------------  ------------

Net income before taxes and loss assumed
 (income earned) by non controlling interest         340,288       259,598
                                                ------------  ------------

US Source Income taxes                                  (660)         (772)

                                                ------------  ------------
Net income                                           339,628       258,826
                                                ------------  ------------

Loss assumed (income earned) by non-controlling
 interest                                                154          (997)

                                                ------------  ------------
Net income attributable to Excel Maritime
 Carriers Ltd.                                  $    339,782  $    257,829
                                                ============  ============

Earnings  per common  share, basic              $       5.03  $       3.20
                                                ============  ============
Weighted average number of shares, basic          67,565,178    80,629,221
                                                ============  ============
Earnings per common share, diluted              $       4.85  $       3.10
                                                ============  ============
Weighted average number of shares, diluted        69,999,760    83,102,923
                                                ============  ============




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
                AT DECEMBER 31, 2009 AND 2010 (UNAUDITED)
                      (In thousands of U.S. Dollars)

                                                December 31,    December
ASSETS                                              2009        31, 2010
                                                ------------  ------------

CURRENT ASSETS:
  Cash and cash equivalents                     $    100,098  $     65,917
  Restricted cash                                     34,426         6,721
  Accounts receivable                                  3,784         7,961
  Other current assets                                 9,792        16,602
                                                ------------  ------------
  Total current assets                               148,100        97,201
                                                ------------  ------------

FIXED ASSETS:
  Vessels, net                                     2,660,163     2,622,631
  Advances for vessels under construction             71,184        76,585
  Office furniture and equipment, net                  1,450         1,147
                                                ------------  ------------
  Total fixed assets, net                          2,732,797     2,700,363
                                                ------------  ------------

OTHER NON CURRENT ASSETS:
  Time charters acquired, net                        224,311       184,366
  Derivative financial instruments                         -           923
  Restricted cash                                     24,974        48,967

                                                ------------  ------------
        Total assets                            $  3,130,182  $  3,031,820
                                                ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Current portion of long-term debt, net of
   deferred financing fees                      $    134,681  $    107,369
  Accounts payable                                     5,349        11,101
  Other current liabilities                           47,801        32,322
  Derivative financial instruments                    29,343        21,945
                                                ------------  ------------
    Total current liabilities                        217,174       172,737
                                                ------------  ------------

Long-term debt, net of current portion and net
 of deferred financing fees                        1,121,765     1,046,672
Time charters acquired, net                          280,413        18,108
Derivative financial instruments                      24,558        30,155

                                                ------------  ------------
    Total liabilities                              1,643,910     1,267,672
                                                ------------  ------------

Commitments and contingencies                              -             -
                                                ------------  ------------

STOCKHOLDERS' EQUITY:
  Preferred stock                                          -             -
  Common stock                                           799           851
  Additional paid-in capital                       1,046,606     1,061,134
  Other Comprehensive Income (loss)                      (85)          211
  Retained earnings                                  433,845       691,674
  Less: Treasury stock                                  (189)         (189)
                                                ------------  ------------
  Excel Maritime Carriers Ltd. Stockholders'
   equity                                          1,480,976     1,753,681
                                                ------------  ------------
  Non-controlling interests                            5,296        10,467
                                                ------------  ------------
  Total Stockholders' Equity                       1,486,272     1,764,148

                                                ------------  ------------
        Total liabilities and stockholders'
         equity                                 $  3,130,182  $  3,031,820
                                                ============  ============




               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
              CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2010
                      (In thousands of U.S. Dollars)

                                                  Year ended December 31,
                                                    2009          2010
                                                ------------  ------------
Cash Flows from Operating Activities:
   Net income                                   $    339,628  $    258,826
   Adjustments to reconcile net income to net
    cash provided by operating activities           (194,786)      (79,117)
   Changes in operating assets and liabilities:
        Operating assets                               3,629       (11,483)
        Operating liabilities                         (1,219)       (9,727)
                                                ------------  ------------
Net Cash provided by Operating Activities       $    147,252  $    158,499
                                                ------------  ------------

Cash Flows from Investing Activities:
        Advances for vessels under construction       (9,379)      (92,701)
        Additions to vessel cost                        (113)          (13)
        Additions to office furniture and
         equipment                                      (146)         (135)
        Proceeds received from Oceanaut
         liquidation                                   5,212             -
        Joint ventures ownership transfer             (1,591)            -
        Proceeds from sale of vessel                   3,735             -
                                                ------------  ------------
Net cash used in Investing Activities           $     (2,282) $    (92,849)
                                                ------------  ------------

Cash Flows from Financing Activities:
        (Increase) decrease in restricted cash       (34,400)        3,712
        Proceeds from long-term debt                   5,067        72,967
        Repayment of long-term debt                 (216,851)     (184,815)
        Payment of financing costs                    (1,938)         (802)
        Issuance of common stock-related party        44,983         4,933
        Issuance of common stock                      45,147             -
        Capital contributions from
         non-controlling interest owners               3,328         4,174
                                                ------------  ------------
Net cash used in Financing Activities           $   (154,664) $    (99,831)
                                                ------------  ------------

Net decrease in cash and cash equivalents             (9,694)      (34,181)
Cash and cash equivalents at beginning of year       109,792       100,098
                                                ------------  ------------
Cash and cash equivalents at end of the year    $    100,098  $     65,917
                                                ============  ============

SUPPLEMENTAL CASH FLOW INFORMATION:
   Cash paid during the period for:
        Interest payments                       $     56,159  $     31,950
        U.S. Source Income taxes                         740           871





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

                           Three-months ended            Year ended
                              December 31,               December 31,
                            2009         2010         2009         2010
                        -----------  -----------  -----------  -----------
Net income              $    81,776  $    63,616  $   339,782  $   257,829
Interest and finance
 costs, net (1)              19,675       13,995       84,651       65,690
Depreciation                 31,075       31,821      123,411      125,283
Dry-dock and special
 survey cost                  1,622        1,723       11,379       11,243
Loss on disposal of JV
 ownership interest           3,705            -        3,705            -
Unrealized gain on
 derivative financial
 instruments                 (8,064)     (10,769)     (27,238)      (1,943)
Amortization of T/C
 fair values (2)            (73,429)     (40,890)    (324,416)    (222,360)
Stock based
 compensation                 5,528        2,247       19,847        9,647
Gain on sale of vessel            -            -          (61)           -
Taxes                           145          114          660          772
                        -----------  -----------  -----------  -----------
Adjusted EBITDA         $    62,033  $    61,857  $   231,720  $   246,161
                        ===========  ===========  ===========  ===========


(1) Includes swap interest paid and received
(2) Analysis:

                           Three-months ended           Year ended
                              December 31,              December 31,
                            2009         2010         2009         2010
                        -----------  -----------  -----------  -----------
Non-cash amortization
 of unfavorable time
 charters in revenue    $   (71,883) $   (50,959) $  (301,280) $  (235,379)
Non-cash accelerated
 amortization of M/V
 Sandra, Coal Pride and
 Grain Harvester time
 charter fair value due
 to charter termination     (11,614)           -      (63,088)           -
Non-cash accelerated
 amortization of M/V
 Iron Miner time
 charter fair value due
 to charter termination           -            -            -      (26,926)
Non-cash amortization
 of favorable time
 charters in charter
 hire expense                10,068       10,069       39,952       39,945
                        -----------  -----------  -----------  -----------
                        $   (73,429) $   (40,890) $  (324,416) $  (222,360)
                        ===========  ===========  ===========  ===========



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

                           Three-months ended           Year Ended
                              December 31,              December 31,
                            2009         2010         2009         2010
                        -----------  -----------  -----------  -----------
Net income              $    81,776  $    63,616  $   339,782  $   257,829
Unrealized gain on
 derivative financial
 instruments                 (8,064)     (10,769)     (27,238)      (1,943)
Gain on sale of vessel            -            -          (61)           -
Loss on disposal of JV
 ownership interest           3,705            -        3,705            -
Amortization of T/C
 fair values                (73,429)     (40,890)    (324,416)    (222,360)
                        -----------  -----------  -----------  -----------
Adjusted Net Income
 (loss)                 $     3,988  $    11,957  $    (8,228) $    33,526
                        ===========  ===========  ===========  ===========



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

                        Three month period ended        Year Ended
                              December 31,              December 31,
                            2009         2010         2009         2010
                        -----------  -----------  -----------  -----------
Earnings per Share
 (Diluted)              $      1.00  $      0.76  $      4.85  $      3.10
Unrealized gain on
 derivative financial
 instruments                  (0.10)       (0.13)       (0.41)       (0.02)
Gain on sale of vessel            -            -            - (*)        -
Loss on disposal of JV
 ownership interest            0.05            -         0.07            -
Amortization of T/C
 fair values                  (0.90)       (0.49)       (4.63)       (2.68)
                        -----------  -----------  -----------  -----------
Adjusted Earnings
 (losses) per Share
 (Diluted)              $      0.05  $      0.14  $     (0.12) $      0.40
                        ===========  ===========  ===========  ===========

(*) Effect insignificant

Disclosure of Non-GAAP Financial Measures

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

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

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

About Excel Maritime Carriers Ltd

Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels and, together with seven Panamax vessels under bareboat charters and one Capesize vessel that operates through a joint venture in which it participates by 71.4%, operates 48 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and four Handymax vessels) with a total carrying capacity of over 4.0 million DWT. Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

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

Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability of changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

APPENDIX

The following key indicators highlight the Company's financial and operating performance for the quarter and year ended December 31, 2010 compared to the corresponding periods in the prior year.

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

                                        Three-months ended   Year ended
                                           December 31,      December 31,
                                          2009     2010     2009     2010
Total calendar days                       4,324    4,416   17,229   17,401
Available days under period charter       2,777    2,791   11,363   10,785
Available days under spot/short
 duration charter                         1,499    1,578    5,515    5,961
Utilization                                98.9%    98.9%    98.0%    96.2%
Time charter equivalent per ship per
 day-period                              23,866   25,238   25,344   24,635
Time charter equivalent per ship per
 day-spot                                20,510   17,494   14,901   21,226
Time charter equivalent per ship per
 day-weighted average                    22,686   22,440   21,932   23,421
Net daily revenue per ship per day       22,434   22,201   21,485   22,540
Vessel operating expenses per ship per
 day                                     (4,698)  (5,028)  (4,829)  (4,982)
Net Operating cash flows per ship per
 day before G&A expenses                 17,736   17,173   16,656   17,558
                                        -------  -------  -------  -------

Glossary of Terms

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

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

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

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

Time charter equivalent rate ("TCE"): This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters net of voyage expenses by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

                    Time Charter Equivalent Calculation
 (all amounts in thousands of U.S. Dollars, except for Daily Time Charter
                      Equivalent and available days)

                                    Three-months ended     Year ended
                                       December 31,        December 31,
                                    ------------------  ------------------
                                      2009      2010      2009      2010
                                    --------  --------  --------  --------
Voyage revenues                      102,634   107,001   391,746   422,966
Voyage expenses                       (5,629)   (8,962)  (21,577)  (30,751)
                                    --------  --------  --------  --------
Total revenue, net of voyage
 expenses                             97,005    98,039   370,169   392,215
                                    ========  ========  ========  ========
Total available days                   4,276     4,369    16,878    16,746
Daily Time charter equivalent       $ 22,686  $ 22,440  $ 21,932  $ 23,421

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

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

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

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

Amortization of unfavorable
 time charters (1)             $   0.8  $   0.8  $   0.9  $   0.9  $   3.4
Amortization of favorable time
 charters (2)                  $  (9.9) $ (10.1) $ (10.1) $ (10.1) $ (40.2)


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

Fleet List as of February 25, 2011:


                                                                   Average
                                  Year   Charter       Daily       Charter
Vessel Name              Dwt      Built   Type         rate      Expiration
Mairaki (1)            181,000     2011  Period      $ 28,000      Feb 2016
Christine (1) (2)      180,000     2010  Period      $ 25,000      Aug 2015
Sandra (1)             180,274     2008  Period      $ 26,500      Feb 2016
Iron Miner             177,931     2007  Period      $ 41,355      Feb 2012
Kirmar                 164,218     2001  Period   $ 49,000 (net)   May 2013
Iron Beauty            164,218     2001    Spot
Lowlands Beilun (3)    170,162     1999  Period      $ 28,000     Sept 2015
Total Capesize       1,217,803
Iron Manolis (4)        82,269     2007  Period $ 14,500 (floor)   Dec 2011
Iron Brooke(4)          82,594     2007  Period $ 14,500 (floor)   Dec 2011
Iron Lindrew(4)         82,598     2007  Period $ 14,500 (floor)   Dec 2011
Coal Hunter             82,298     2006    Spot
Pascha                  82,574     2006  Period      $ 24,000      Nov 2011
Coal Gypsy              82,221     2006  Period      $ 24,000      Nov 2011
Iron Anne(4)            82,220     2006  Period $ 14,500 (floor)   Dec 2011
Iron Vassilis           82,257     2006    Spot
Iron Bill               82,187     2006    Spot
Santa Barbara           82,266     2006    Spot
Ore Hansa(4)            82,209     2006  Period $ 15,000 (floor)   Feb 2012
Iron Kalypso(4)         82,224     2006  Period $ 15,000 (floor)   Feb 2012
Iron Fuzeyya(4)         82,209     2006  Period $ 15,000 (floor)   Jan 2012
Iron Bradyn             82,769     2005    Spot
Total Kamsarmax      1,152,895
Grain Harvester         76,417     2004  Period      $ 30,000      May 2011
Grain Express           76,466     2004  Period      $ 24,000      Dec 2011
Iron Knight             76,429     2004    Spot
Coal Pride              72,493     1999  Period      $ 16,750      Apr 2012
Isminaki                74,577     1998    Spot
Angela Star             73,798     1998    Spot
Elinakos                73,751     1997    Spot
Happy Day               71,694     1997  Period      $ 27,000      Jul 2011
Iron Man (A)            72,861     1997    Spot
Coal Age (A)            72,824     1997    Spot
Fearless I (A)          73,427     1997  Period      $ 24,650      Oct 2011
Barbara (A)             73,307     1997    Spot
Linda Leah (A)          73,317     1997  Period      $ 24,000      Apr 2011
King Coal (A)           72,873     1997  Period      $ 56,000      Jul 2011
Coal Glory (A)          73,670     1995  Period      $ 16,750      Apr 2012
Powerful                70,083     1994  Period      $ 25,000      Aug 2011
First Endeavour         69,111     1994    Spot
Rodon                   73,656     1993    Spot
Birthday                71,504     1993    Spot
Renuar                  70,155     1993  Period      $ 22,500      Mar 2011
Fortezza                69,634     1993  Period      $ 27,000      Jul 2011
Total Panamax        1,532,047
July M                  55,567     2005    Spot
Mairouli                53,206     2005    Spot
Total Supramax         108,773
Emerald                 45,588     1998    Spot
Princess I              38,858     1994    Spot
Attractive              41,524     1985    Spot
Lady                    41,090     1985    Spot
Total Handymax         167,060
Total Fleet          4,178,578
Average age                    10.0 Yrs

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

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

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

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



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

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

(B) No refund guarantee has been received for these newbuildings and
    Excel does not believe that the respective new building contracts will
    materialize. As of February 28, 2011, all the vessels are delayed in
    delivery and they may never be delivered at all.

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

For further details on the fleet and their employment please refer to our website at www.excelmaritime.com

Contact Information

  • Contacts:

    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue - Suite 1536
    New York, NY 10160, USA
    Tel: (212) 661-7566
    Fax: (212) 661-7526

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

    Company:
    Pavlos Kanellopoulos
    Chief Financial Officer
    Excel Maritime Carriers Ltd.
    17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: +30-210-62-09-520
    Fax: +30-210-62-09-528

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