SOURCE: Excel Maritime

Excel Maritime

July 06, 2011 16:05 ET

Two New One-Year Fixtures for Excel Maritime Carriers

ATHENS, GREECE--(Marketwire - Jul 6, 2011) - Today 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 it has entered into period charter fixtures for yet another two vessels in its Kamsarmax/ Panamax fleet.

Namely, the Company has agreed the employment of M/V Iron Vassilis, a 2006 built Kamsarmax with 82,257 dwt carrying capacity at a gross daily rate $14,000, and of M/V Happy Day, a 1997 built Panamax with 71,694 dwt carrying capacity at a gross daily rate of $13,000, for a period of 11 to 14 months with quality European charterers.

The new fixtures elevate the Company's contracted coverage levels at:

  • 78% of its fleet available days now fixed for 2011,
  • 44% of its fleet available days now fixed for the next 12 months, and
  • 92% and 79% of its Capesize fleet available days fixed for 2011 and 2012 respectively.

Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented: "We are pleased to have fixed another two of our vessels into long term time charters with good quality charterers and increase further our cash flow visibility for 2011 and 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 41 vessels, among which a Capesize vessel through a majority joint venture and, together with seven Panamax vessels under bareboat charters, operates a total of 48 vessels (7 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 4 Handymax vessels) with a total carrying capacity of over 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.

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: 011-30-210-62-09-520
    Fax: 011-30-210-62-09-528
    E-Mail: ir@excelmaritime.com
    www.excelmaritime.com