SOURCE: Excel Maritime Carriers Ltd

July 12, 2005 09:12 ET

Excel Maritime Takes Physical Delivery of the Panamax M/V "Forteza"

PIRAEUS, GREECE -- (MARKET WIRE) -- July 12, 2005 -- Excel Maritime Carriers Ltd (AMEX: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it took physical delivery of M/V "Forteza" in Bahrain. M/V "Forteza" is a Panamax dry bulk carrier of 69,634 dwt, built in Japan in 1993 and was acquired by Excel Maritime in March 2005.

The CEO of Excel Maritime, Christopher Georgakis, commented, "With the delivery of M/V 'Forteza' we have a fully operational fleet of 18 vessels with a total carrying capacity of 1.1 million dwt and an average age of 13.2 years. At the end of 2004, the company had an operational fleet of 5 vessels with a total carrying capacity of 585,589 dwt. The acquisitions of sixteen vessels in the last three quarters, along with the sales of three of our older vessels, are consistent with our fleet expansion and renewal program."

The following table represents the existing fleet:

Vessel Name        DWT    Year Built      Type
Almar I        107,140          1979    Capesize

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

Emerald         45,572          1998    Handymax
Marybelle       42,552          1987    Handymax
Attractive      41,524          1985    Handymax
Lady            41,090          1985    Handymax
Goldmar         39,697          1984    Handymax
Princess I      38,858          1994    Handymax
Swift           37,687          1984    Handymax

Grand Total    1,112,070
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About Excel Maritime Carriers Ltd

The Company is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. The company's current fleet consists of 18 vessels (one Capesize, ten Panamax and seven Handymax vessels) with a total carrying capacity of 1,112,070 dwt. The Company was incorporated in 1988 and its common stock is listed on the American Stock Exchange (AMEX) since 1998, trading under the symbol EXM. For more information about the company, please go to our corporate website www.excelmaritime.com

Forward Looking Statement

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

Contact Information

  • Contact:

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

    Company:
    Christopher Georgakis
    Chief Executive Officer
    Excel Maritime Carriers Ltd.
    67 Akti Miaouli Street
    185 38 Piraeus, Greece
    Tel: 011-30-210-45-98-692
    Fax: 011-30-210-42-82-628
    E-Mail: Email Contact
    www.excelmaritime.com