SOURCE: Excel Maritime

Excel Maritime

December 15, 2011 16:05 ET

Three New Period Charters for Excel Maritime Carriers Ltd.

ATHENS, GREECE--(Marketwire - Dec 15, 2011) - Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it entered into three new period charter agreements for one Capesize and two Kamsarmax vessels. More specifically:

  • The Capesize M/V Iron Miner (177,931 dwt; built in 2007) has been fixed for 12-18 months at a gross daily rate of $17,000;

  • The Kamsarmax M/V Iron Fuzeyya (82,209 dwt; built in 2006) has been fixed for 22-24 months at a gross daily rate of $12,750 for the first year, and, thereafter, a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $11,750 gross per day, as well as a profit-sharing component; and

  • The Kamsarmax M/V Iron Lindrew (82,598 dwt; built in 2007) has been fixed for 22-25 months at a gross daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $12,000 gross per day, as well as a profit-sharing component.

As a result of those additional charters, the Company has increased its 2012 charter coverage as follows:

  • 90% coverage of its Capesize class vessels; and
  • 43% coverage of all the vessels in its fleet.

Pavlos Kanellopoulos, Chief Financial Officer, commented: "We are pleased to announce the fixture of another three vessels under period charters with quality charterers. Over the past months, the Company has significantly increased its fleet coverage. We expect that the increased cash flow visibility combined with our competitive cost structure and the absence of any capex commitments will help to moderate the industry challenges forecasted in 2012."

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, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds 71.4%, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 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 Statements

This press release contains forward-looking statements (as defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. 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 new time charters.

Words such as "will," "should," "expect," "intend,""plan," "believe," "anticipate," "hope," "estimate," and variations of such words and similar expressions, which are predictions of, or indicate future events and future trends, which do not relate to historical matters, 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. Shareholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements.

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 (and from past results, performance and achievements). Factors that could cause actual results to differ materially include, but are not limited to, changes in 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 U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and are not intended to give any assurance as to future results. Excel expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, whether to reflect new information, changes in events, conditions or circumstances on which such statements are based, or otherwise.

Contact Information

  • Contacts:

    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue - Suite 1536
    New York, NY 10169, 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: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528
    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com