Two New Period Year Charters for Excel Maritime Carriers Ltd.

ATHENS, GREECE--(Marketwire - Feb 21, 2012) - 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 new period charter agreements for yet another two of its vessels. More specifically:

• Capesize M/V Iron Beauty (164,218 dwt; built in 2001) has been fixed for a period of 8 -12 months at a gross daily rate of $12,250;

• Panamax M/V Grain Harvester (76,417 dwt; built in 2004) has been fixed for a period of 10 - 13 months at a gross daily rate of $11,250.

As a result of these additional charters, the Company's 2012 charter coverage is as follows:

• 100% coverage of its Capesize vessels;
• 60% coverage of the entire fleet.

Pavlos Kanellopoulos, Chief Financial Officer, commented: "We are pleased to announce the fixture of another two vessels under period charters. With our 7 Capes fully fixed in 2012 and our entire fleet coverage at 60%, we are balancing the Company's position to weather current weak market conditions and continued uncertainty, without sacrificing an upside when market activity picks up again."

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 a 71.4% interest, 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.