Excel Maritime Fixes Two Kamsarmax Vessels into Two-Year Time Charters

Excel Maritime Fixes Two Kamsarmax Vessels into Two-Year Time Charters

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 has entered into two two-year time charters for its Kamsarmax vessels M/V Coal Hunter and M/V Santa Barbara.

M/V Coal Hunter and M/V Santa Barbara are both 2006 built Kamsarmax bulk carriers with carrying capacity of 82,298 and 82,266 dwt respectively.

The vessels have been fixed under separate time charters with European charterers for a period of two years at a gross daily charter rate of $15,000 for the first year. The daily rate for the second year will be linked to the Baltic Panamax Index (BPI) with guaranteed minimum rate (floor) at $14,000 per day and a profit sharing arrangement.

Further to these new time charters, Excel has contracted:
• 74% of its fleet available days for 2011, and
• 92% and 79% of its Capesize fleet available days for 2011 and 2012 respectively.

Pavlos Kanellopoulos, Chief Financial Officer of the Company commented: ‘‘We are pleased to have announced two more long-term time-charters with credible counterparties that further enhance our cash flow visibility. Since the beginning of 2011 and against volatile market conditions, we have increased our 2011 TC coverage to 74% demonstrating our commitment to a balanced fleet deployment strategy’’.

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.

Excel Maritime press release