SOURCE: Excel Maritime

August 13, 2007 16:05 ET

Excel Maritime Reports Results for the Second Quarter and Six Month Period Ended June 30, 2007 and Declares Quarterly Dividend of $0.20 per Share

ATHENS, GREECE--(Marketwire - August 13, 2007) - Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the second quarter and six month period ended June 30, 2007 and declared a quarterly dividend of $0.20 per share for the second quarter 2007.



Second Quarter 2007 Highlights:

--  Net income of $20.3 million or $1.02 per share calculated on
    19,960,736 shares for the period on revenue from operations of $37.3
    million.
--  EBITDA was $30.00 million. 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 of $25,142 per day.
--  Declared a quarterly dividend of $0.20 per share for the second
    quarter 2007 payable on September 10th, 2007 to shareholders of record on
    August 31st, 2007.
    

Six Months 2007 Highlights:

--  Net income of $32.6 million or $1.63 per share calculated on
    19,960,001 shares for the period on revenue from operations of $73.4
    million.
--  EBITDA was $52.5 million. Please refer to a subsequent section of this
    Press Release for a reconciliation of EBITDA to Net Income.
--  An average of 16.7 vessels were operated earning a blended average
    time charter equivalent rate of $23,760 per day.
--  Initiated a quarterly dividend payout policy of $0.20 per share.
    Declared dividends for the first and second quarter 2007 aggregating $0.40
    per share.
    

Recent Fleet Developments:

--  In July 2007, the Company fixed two vessels on profitable long-term
    employment with first class charterers. Specifically, secured the M/V
    Powerful, a 1994 built 70,083 dwt Panamax under a time charter for a period
    of 23-25 months at $39,000 per day. Also, secured the M/V Princess I, a
    1994 built 38,858 dwt Handymax under a time charter for a period of 22-24
    months at $30,000 per day.
--  Following these time charter agreements, 53% of Excel's fleet
    operating days for the second half of 2007, 62% for the full year 2007 and
    40% for the full year 2008 are fixed under short- and long-term time
    charters.
--  In July 2007 the Company entered into agreements to acquire two
    Supramax bulk carriers expanding the fleet to 18 vessels with an aggregate
    carrying capacity of 1,074,022 and an average fleet age to 12.9 years. As
    announced, Excel agreed to acquire the M/V July M, a 2005 built, 55,567 dwt
    vessel and the M/V Mairouli, a 2005 built, 53,206 dwt vessel, both with
    expected delivery in the fourth quarter 2007.
    



CEO Christopher Georgakis commented: "We are pleased to report another quarter with strong operational and financial results, as our company continues to benefit from the strength in the shipping markets and the consistent implementation of our balanced fleet deployment strategy.

"We increased our charter coverage to 53% of our fleet operating days for the second half of 2007 and 40% for the full year 2008, thereby locking in strong rates and predictable cash flows for the longer term, while with the rest of our fleet we continue to take advantage of spot market opportunities as they arise.

"When the acquisition of the two Supramax vessels is completed in the fourth quarter of 2007, we will have expanded our fleet to 18 vessels, while lowering our average fleet age to 12.9 years, thus adding capacity and diversity to our fleet, at a time of high customer demand and robust freight rates.

"We believe that our strong balance sheet with its significant liquidity and low net leverage of 32% post acquisition of the Supramax vessels will enable us to further pursue fleet expansion opportunities, while at the same time continue to reward our shareholders with stable dividends.

"We are also pleased to announce the declaration of our second consecutive quarterly dividend of $0.20 per share."



Second Quarter 2007 Results:

Total revenues for the second quarter 2007 amounted to $37.3 million as compared to $26.7 million for the same period in 2006. Net income for the second quarter 2007 amounted to $20.3 million versus $4.5 million for the same period in 2006.

Earnings per share for the second quarter 2007, calculated on 19,960,736 shares were $1.02 compared to $0.23 in the second quarter of 2006. The average number of shares outstanding in the second quarter of 2006 was 19,949,644.

The results of the second quarter 2007 included a gain of $6.2 million or $0.31 per share from the sale of the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in Japan, which was sold in May 2007.

The results of the second quarter 2007 still include $0.4 million of income or $0.02 per share due to Excel's participation in Oceanaut. It should be noted that currently, Oceanaut is accounted for as an equity investment by Excel. The Company is reviewing the relevant US GAAP accounting rules and guidelines in order to determine if the equity method of accounting, which is the method currently used, is the most appropriate method or if Oceanaut should be fully consolidated. Either accounting treatment is expected to have a similar effect on Excel's consolidated net income while the balance sheet presentation would differ. It is expected that the Company will finalize this issue during the third quarter of 2007.

EBITDA for the second quarter 2007 was $30.00 million compared to $14.9 million during the second 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 second quarter 2007 earning a blended average time charter equivalent rate of $25,142 per day, compared to an average of 17 vessels operated during the second quarter 2006 earning a blended average time charter equivalent rate of $17,526 per day.



Six Months 2007 Results:

Total revenues for the six months ended June 30, 2007 amounted to $73.4 million as compared to $56.2 million for the same period in 2006. Net income for the six months ended June 30, 2007 amounted to $32.6 million versus $11.9 million for the same period in 2006.

Earnings per share for the six months ended June 30, 2007, calculated on 19,960,001 shares were $1.63 compared to $0.59 for the same period 2006. The average number of shares outstanding in the six months ended June 30, 2006, 19,945,140.

The results for the six months ended June 30, 2007 include a gain of $6.2 million or $0.31 per share from the sale of the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in Japan, which was sold in May 2007.

The results of the six months ended June 30, 2007 include $0.5 million of income or $0.02 per share due to Excel's participation in Oceanaut.

EBITDA for the six months ended June 30, 2007 was $52.50 million compared to $32.6 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 16.7 vessels were operated during the six months ended June 30, 2007 earning a blended average time charter equivalent rate of $23,760 per day, compared to an average of 17 vessels operated during the same period 2006 earning a blended average time charter equivalent rate of $17,918 per day.



Quarterly Dividend:

On August 13, 2007, the Board of Directors for the company approved the Company's quarterly dividend of $0.20 per share, payable on September 10th, 2007 to shareholders of record as of August 31st, 2007.

This is the second consecutive quarterly dividend declared since the Company commenced a dividend policy beginning with the first quarter 2007. The declaration of each quarterly dividend is anticipated to take place concurrently with the announcement of the Company's earnings for that period.



Conference Call Details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-819-7111 (from the US), 0800-953-0329 (from the UK) or +44 (0)1452-542-301 (all other callers). Please quote "Excel Maritime."

In case of any problem with the above numbers, please dial 1-866-223-0615 (from the US), 0800-694-1503 (from the UK) or +44 (0) 1452-586-513 (all other callers). Quote "Excel Maritime."

A telephonic replay of the conference call will be available until August 21, 2007 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the UK) or +44 1452-550-000 (all other callers). Access Code: 1838801#

Slides and audio webcast:

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



Updated Fleet List:

The following table represents our fleet as of the date of this release. This table takes into account the acquisition of the M/V July M and the M/V Mairouli.

      Name                         Type            Dwt          Year Built
-----------------             -------------   -------------   -------------

Panamax
-------
Isminaki                            Panamax          74,577            1998
Angela Star                         Panamax          73,798            1998
Elinakos                            Panamax          73,751            1997
Happy Day                           Panamax          71,694            1997
Powerful                            Panamax          70,083            1994
First Endeavour                     Panamax          69,111            1994
Rodon                               Panamax          73,670            1993
Birthday                            Panamax          71,504            1993
Renuar                              Panamax          70,128            1993
Forteza                             Panamax          69,634            1993
Total Panamax                            10         717,950

Handymax
--------
Emerald                            Handymax          45,588            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                              16         965,249            14.5

Additional Vessels to be delivered within the fourth quarter 2007

July M                             Supramax          55,567            2005
Mairouli                           Supramax          53,206            2005
Total Supramax                            2         108,773
Grand Total                              18       1,074,022  Avg. Age: 12.9


Summary Fleet Data:

                                                   Second         Second
                                                   Quarter        Quarter
                                                    2007           2006
                                                -----------    -----------
FLEET DATA
Average number of vessels (1)                          16.4             17
Available days for fleet (2)                          1,352          1,405
Calendar days for fleet (3)                           1,495          1,547
Fleet utilization (4)                                    90%            91%

AVERAGE DAILY RESULTS
Time charter equivalent (5)                     $    25,142    $    17,526
Vessel operating expenses (6)                   $     5,211    $     4,826
General and administrative expenses (7)         $     1,948    $     1,540
Total vessel operating expenses (8)             $     7,159    $     6,366



                                                 Six Month      Six Month
                                                  Period         Period
                                                Ended June     Ended June
                                                  30, 2007       30, 2006
                                                -----------    -----------
FLEET DATA
Average number of vessels (1)                          16.7             17
Available days for fleet (2)                          2,817          2,886
Calendar days for fleet (3)                           3,025          3,077
Fleet utilization (4)                                    93%            94%

AVERAGE DAILY RESULTS
Time charter equivalent (5)                     $    23,760    $    17,918
Vessel operating expenses (6)                   $     5,317    $     4,930
General and administrative expenses (7)         $     1,762    $     1,343
Total vessel operating expenses (8)             $     7,079    $     6,273

(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. 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 Reconciliation
                        (In thousands of Dollars)


                                            Second Quarter  Second Quarter
                                                 2007            2006
                                            --------------- ---------------
Voyage Revenues                             $        37,126 $        26,584
minus Voyage Expenses                       $         2,668 $         1,641
minus Commission from a Related Party       $           467 $           327
Total Revenue, net of voyage expenses       $        33,991 $        24,616
Total Available days                                  1,352           1,405
Time Charter Equivalent                     $        25,142 $        17,526


                                          Six Month Period Six Month Period
                                            Ended June 30,   Ended June 30,
                                                 2007            2006
                                            --------------- ---------------
Voyage Revenues                             $        72,991 $        55,928
minus Voyage Expenses                       $         5,146 $         3,526
minus Commission from a Related Party       $           913 $           692
Total Revenue, net of voyage expenses       $        66,932 $        51,710
Total Available days                                  2,817           2,886
Time Charter Equivalent                     $        23,760 $        17,918

(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

(7) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.

(8) Total vessel operating expenses, or TVOE, is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.

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


                                         Second Quarter    Second Quarter
                                              2007              2006
                                        ----------------- -----------------
Panamax spot TCE ($)                    $          35,857 $          16,233
Number of available days                               14               264
Panamax period TCE ($)                  $          25,531 $          22,764
Number of available days                              811               585
Handymax spot TCE ($)                   $          25,577 $          12,517
Number of available days                              280               426
Handymax period TCE ($)                 $          22,758 $          12,991
Number of available days                              247               130
Total fleet spot TCE ($)                $          26,070 $          13,938
Number of available days                              294               690
Total fleet period TCE ($)              $          24,884 $          20,988
Number of available days                            1,058               715



                                         Six Month Period  Six Month Period
                                          Ended June 30,    Ended June 30,
                                               2007              2006
                                        ----------------- -----------------
Panamax spot TCE ($)                    $          35,857 $          16,888
Number of available days                               14               534
Panamax period TCE ($)                  $          25,128 $          22,748
Number of available days                            1,697             1,202
Handymax spot TCE ($)                   $          22,328 $          12,533
Number of available days                              694               872
Handymax period TCE ($)                 $          20,117 $          15,903
Number of available days                              411               279
Total fleet spot TCE ($)                $          22,597 $          14,187
Number of available days                              708             1,405
Total fleet period TCE ($)              $          24,151 $          21,459
Number of available days                            2,109             1,481



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

                                              Six Month       Six Month
                                             Period Ended    Period Ended
                                               June 30,        June 30,
                                                2007             2006
                                             (Unaudited)     (Unaudited)
                                            --------------  --------------
Cash and cash equivalents, beginning of
 year                                               86,289          58,492
Provided by (Used in):
Operating Activities                                41,429          23,269
Investing Activities                                 4,188            (265)
Financing Activities                               (21,113)         (3,289)
Net increase (decrease) in cash and cash
 equivalents                                        24,504          19,715
Cash and cash equivalents, end of period           110,793          78,207



                        EBITDA Reconciliation (1)
                        (In thousands of Dollars)


                                           Second Quarter   Second Quarter
                                           Ended June 30,   Ended June 30,
                                                2007             2006
                                           --------------- ---------------
Net Income                                          20,305           4,532
plus Net Interest Expense                            1,765           2,985
Plus Depreciation                                    6,957           7,063
Plus Amortization                                      910             147
Plus Taxes                                              56             139
EBITDA                                              29,993          14,866



                        EBITDA Reconciliation (1)
                        (In thousands of Dollars)


                                          Six Months Ended Six Months Ended
                                            June 30, 2007   June 30, 2006
                                           --------------- ---------------
Net Income                                          32,570          11,867
plus Net Interest Expense                            4,118           6,090
Plus Depreciation                                   14,075          14,125
Plus Amortization                                    1,597             264
Plus Taxes                                             112             278
EBITDA                                              52,472          32,624

(1) Excel Maritime considers EBITDA to represent net income plus net interest expense and depreciation and amortization. The Company's Management uses EBITDA as a performance measure. The Company believes that EBITDA is useful to investors, because the shipping industry is capital intensive and may involve significant financing costs. EBITDA is not an item recognized by GAAP and should not be considered as an alternative to net income, operating income or any other indicator of a Company's operating performance required by GAAP. The Company's definition of EBITDA may not be the same as that used by other companies in the shipping or other industries.


               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
        FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND JUNE 30, 2006
             (In thousands of Dollars, except per share data)


                                                      Second      Second
                                                      Quarter     Quarter
                                                       2007        2006
                                                    Unaudited   Unaudited
                                                    ----------  ----------
REVENUES
   Voyage Revenues                                      37,126      26,584
   Revenue from managing vessels                           204         139
                                                    ----------  ----------
         Revenue from Operations                        37,330      26,723
                                                    ----------  ----------

EXPENSES
   Voyage expenses                                       2,668       1,641
   Voyage expenses - Related party                         467         327
   Vessel operating expenses                             7,791       7,466
   Depreciation expense                                  6,957       7,063
   Amortization for drydocking and special survey          910         147
   General and administrative expenses                   2,913       2,383
                                                    ----------  ----------
                                                        21,706      19,027
                                                    ----------  ----------

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

                                                    ----------  ----------
   Income from operations                               21,818       7,696
                                                    ----------  ----------
OTHER INCOME (EXPENSES):
   Interest and finance costs                           (3,189)     (4,006)
   Interest Income                                       1,424       1,021
   Other, net                                              (46)        (44)
                                                    ----------  ----------
      Total other income (expenses), net                (1,811)     (3,029)
                                                    ----------  ----------

                                                    ==========  ==========
      Net Income from Operations                        20,007       4,667
                                                    ----------  ----------

      US Source Income Taxes                               (56)       (139)
                                                    ----------  ----------
      Net Income, after taxes and before minority
       interest                                         19,951       4,528

      Minority interest                                      -           4

      Income from Investment in affiliate                  354           -

                                                    ----------  ----------
      Net income                                    $   20,305  $    4,532
                                                    ----------  ----------

                                                    ----------  ----------
      Earnings per common share, basic              $     1.02  $     0.23
      Weighted average number of shares basic       19,949,644  19,949,644
      Earnings per common share, diluted            $     1.02  $     0.23
      Weighted average number of shares diluted     19,960,736  19,949,644
                                                    ----------  ----------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
         FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND JUNE 30, 2006
             (In thousands of Dollars, except per share data)


                                                    SIX MONTHS  SIX MONTHS
                                                       2007        2006
                                                    Unaudited   Unaudited
                                                    ----------  ----------
REVENUES
   Voyage Revenues                                      72,991      55,928
   Revenue from managing vessels                           365         279
                                                    ----------  ----------
         Revenue from Operations                        73,356      56,207
                                                    ----------  ----------

EXPENSES
   Voyage expenses                                       5,146       3,526
   Voyage expenses - Related party                         913         692
   Vessel operating expenses                            16,085      15,171
   Depreciation expense                                 14,075      14,125
   Amortization for drydocking and special survey        1,597         264
   General and administrative expenses                   5,331       4,133
                                                    ----------  ----------
                                                        43,147      37,911
                                                    ----------  ----------

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

                                                    ----------  ----------
   Income from operations                               36,403      18,296
                                                    ----------  ----------
OTHER INCOME (EXPENSES):

   Interest and finance costs                           (6,703)     (7,940)
   Interest Income                                       2,585       1,850
   Other, net                                              (68)        (65)
                                                    ----------  ----------
      Total other income (expenses), net                (4,186)     (6,155)
                                                    ----------  ----------

                                                    ==========  ==========
      Net Income from Operations                        32,217      12,141
                                                    ----------  ----------

      US Source Income Taxes                              (112)       (278)
                                                    ----------  ----------
      Net Income, after taxes and before minority
       interest                                         32,105      11,863

      Minority interest                                      2           4

      Income from Investment in affiliate                  463           -

                                                    ----------  ----------
      Net income                                    $   32,570  $   11,867
                                                    ----------  ----------

                                                    ----------  ----------
      Earnings per common share, basic              $     1.63  $     0.59
      Weighted average number of shares basic       19,949,644  19,945,140
      Earnings per common share, diluted            $     1.63  $     0.59
      Weighted average number of shares diluted     19,960,001  19,945,140
                                                    ----------  ----------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEETS
       AT JUNE 30, 2007 (UNAUDITED) AND DECEMBER 31, 2006 (AUDITED)
          (In thousands of U.S. Dollars, except per share data)


                                                 June 30,     December 31,
                                                   2007          2006
                                                Unaudited      Audited
                                              -------------  -------------
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents                           110,793         86,289
Restricted cash                                       4,727          4,534
Accounts receivable                                   1,884          2,646
Inventories                                           1,204          1,066
Prepayments and advances                                743          1,253
                                              -------------  -------------
Total Current Assets                                119,351         95,788
                                              -------------  -------------

FIXED ASSETS:
Vessels, net                                        414,735        437,418
Office furniture & equipments, net                    1,414            983
                                              -------------  -------------
Total fixed assets                                  416,149        438,401
                                              -------------  -------------

OTHER NON CURRENT ASSETS:
Investment in affiliate                              11,467              -
Goodwill                                                400            400
Deferred Charges, net                                 6,462          4,296
Restricted cash                                      10,273         10,466
                                              -------------  -------------
Total Assets                                        564,102        549,351
                                              -------------  -------------

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Current portion of long-term debt, net of
 deferred financing fees                             31,016         32,452
Accounts payable                                      5,251          3,178
Deferred revenue                                      2,416          1,892
Accrued liabilities                                   5,588          5,363
Financial Instruments                                   571            834
                                              -------------  -------------
Total Current Liabilities                            44,842         43,719

LONG-TERM DEBT, net of current portion and
 net of deferred financing fees                     167,916        185,467
                                              -------------  -------------
Minority interest                                         -              4

STOCKHOLDERS' EQUITY:
Preferred Stock, $0.01 par value: 5,000,000
 shares authorized, none issued
Common Stock, $0.10 par value: 49,000,000
 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 shares and 135,326 Class B
 shares, issued and outstanding at June 30, 2007        199            197
Additional paid-in capital                          189,781        182,410
Shares to be issued                                       -          6,853
Accumulated Other Comprehensive Loss                    (79)           (79)
Due from related party                                    -         (2,024)
Retained earnings                                   161,632        132,993
Less: Treasury stock (78,650 A Class shares
 and 588 B Class shares) at December 31, 2006
 and June 30, 2007                                     (189)          (189)
                                              -------------  -------------
    Total stockholders' equity                      351,344        320,161
                                              -------------  -------------
    Total Liabilities & Stockholders' Equity        564,102        549,351
                                              -------------  -------------



               EXCEL MARITIME CARRIERS LTD AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE PERIODS ENDED JUNE 30, 2007 (UNAUDITED) AND JUNE 30, 2006
                                (UNAUDITED)
                         (In thousands of Dollars)


                                                    June 30,     June 30,
                                                      2007         2006
                                                   Unaudited    Unaudited
                                                  -----------  -----------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
   Net income for the period, after taxes              32,570       11,868
Adjustments to reconcile net income to net cash
 provided by operating activities
   Depreciation & Amortization                         15,869       14,369
   Gain on sale of vessels                             (6,194)           0
   Other non cash expenses                                257          460
   Income from Investment in affiliate                   (467)           0
Increase/Decrease in:
   Current Assets                                       1,134          204
Increase/Decrease in:
   Current Liabilities                                  2,822       (1,029)
   Payments for dry docking & special survey           (4,562)      (2,603)
                                                  ===========  ===========
   a. Net cash from Operating Activities               41,429       23,269
                                                  -----------  -----------

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
   Proceeds from sale of vessels                       15,740            0
   Investment                                         (11,000)           0
   Office furniture & equipments                         (552)        (265)
                                                  ===========  ===========
   b. Net cash from (used in) Investing
    Activities                                          4,188         (265)
                                                  -----------  -----------

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
   Proceeds from long-term debt                             0            0
   Payment principal of loan                          (19,202)     (21,675)
   Minority Interest                                       (4)           4
   Issuance of common stock, net of related
    issuance costs                                      2,024            0
   Dividend paid                                       (3,931)           0
   Increase in restricted cash                              0       18,382
                                                  ===========  ===========
   c. Net cash from (used in) Financing
    Activities                                        (21,113)      (3,289)
                                                  -----------  -----------

   Net increase (decrease) in cash & cash
    equivalents                                        24,504       19,715
   Cash & cash equivalents at beginning of period      86,289       58,492
   Cash & cash equivalents at end of the period       110,793       78,207


   SUPPLEMENTAL CASH FLOW INFORMATION:
   Interest payments                                    6,706        7,613
   US Source Income Taxes                                 162          626

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 16 vessels (ten Panamax and six Handymax vessels) with a total carrying capacity of 965,249 dwt. In addition, the company has agreed to acquire two Supramax vessels, expected to be delivered to the Company within the fourth quarter 2007. Upon delivery of the vessels the Company will have a fleet of 18 vessels (ten Panamax, two Supramax and six Handymax vessels) with a total carrying capacity of 1,074,022 deadweight tons. The Company was incorporated in 1988 and its common stock had been listed on the American Stock Exchange (AMEX) since 1998. As of September 15, 2005, Excel Maritime is listed on the New York Stock Exchange (NYSE), trading under the symbol EXM. For more information about the Company, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information

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

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

    Company:
    Christopher Georgakis
    Chief Executive Officer
    Excel Maritime Carriers Ltd.
    17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528

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