Excel Maritime Reports Record First Quarter 2008 Results and Declares Dividend of $0.20 Per Share

ATHENS, GREECE – May 19, 2008 – Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its operating and financial results for the first quarter ended March 31, 2008.

First Quarter and Year to Date Highlights:
• On April 15, 2008, the Company successfully completed the acquisition of Quintana Maritime Limited, creating a combined company that operates a fleet of 47 vessels with a total carrying capacity of approximately 3.7 million DWT and an average age of approximately 8.5 years. The first quarter 2008 results do not include those of Quintana, as the acquisition was completed as of April 15, 2008.
• Revenues from operations increased by approximately 94% to $69.8 million from $36.0 million in the first quarter of 2007;
• Net income increased by approximately 213% to $38.5 million or $1.93 per diluted share, compared to $12.3 million or $0.61 per diluted share in the first quarter of 2007;
• EBITDA was approximately $51.9 million compared to $22.5 million in the first quarter of 2007, an increase of approximately 131%;
• An average of 18 vessels were operated earning a blended average time charter equivalent, net rate of $41,754 per day;
• The Company declared a quarterly dividend of $0.20 per share for the first quarter 2008 payable on June 16th to shareholders on record as of June 2nd.

Completion of the Quintana Maritime Acquisition:
On April 15, 2008, the Company completed the acquisition of Quintana Maritime Limited for approximately $1.5 billion in cash and stock. Under the terms of the merger agreement, each issued and outstanding share of Quintana’s common stock received $13.00 in cash and 0.3979 Excel Class A common shares. Following the completion of the acquisition, Quintana was delisted and its shares no longer trade. The current number of shares of Excel, issued and outstanding, after the acquisition, is 43,389,880 Class A shares and 135,326 Class B shares.

The merger has created one of the largest dry bulk shipping companies in the industry and we now operate the largest dry bulk fleet by DWT listed in the United States. The combined company has an operating fleet of 47 vessels with a total carrying capacity of approximately 3.7 million DWT. Excel’s fleet is one of the most modern and diversified in the industry. With the addition of the Quintana fleet, the average age of our fleet was further reduced to approximately 8.5 years, which is significantly below the industry average.

The first quarter 2008 results do not include those of Quintana, as the acquisition was completed as of April 15, 2008.

First Quarter 2008 Results:
Revenues from operations for the first quarter of 2008 amounted to $69.8 million as compared to $36.0 million for the same period in 2007, an increase of 94%. Net income for the first quarter 2008 was $38.5 million, or $1.93 per diluted share compared to $12.3 million or $0.61 per diluted share for the same quarter in 2007, an increase of approximately 213%.

EBITDA for the first quarter of 2008 was $51.9 million compared to $22.5 million for the first quarter of 2007, an increase of approximately 131%. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income. An average of 18 vessels were operated during the first quarter of 2008 earning a blended average time charter equivalent rate of $41,754 per day, compared to an average of 17 vessels operated during the first quarter of 2007 earning a blended average time charter equivalent rate of $22,485 per day.

Stamatis Molaris, President and Chief Executive Officer of Excel, stated, ”The first quarter 2008 results are underpinned by the strong dry bulk market conditions experienced during the second half of 2007, as a significant part of the fleet was deployed on shorter period charters or in the spot market. We believe that Excel’s significant operating leverage, with the merger of Quintana’s fleet, will continue to benefit its results in the current strong rate environment."

Time Charter Coverage:
The combined fleet charter coverage, after the acquisition of Quintana’s fleet, for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately 75%, 60% and 52% respectively. As a result, the projected net revenues under fixed time charters for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately $188 million, $299 million and $241 million respectively.

The 2001-built, 165,500 DWT Capesize, Kirmar, has been recently fixed for three years at approximately $100,000 net per day. The charter is to commence in the middle of May, 2008 to ETA of Dubai.

The 1997-built, 73,000 DWT Panamax, King Coal, has been recently fixed for three years at approximately $54,000 net per day. The charter is due to commence in the middle of June, 2008 to ArcelorMittal.

Stamatis Molaris, President and Chief Executive Officer of Excel, stated, “Post-merger, Excel’s combined fleet will be deployed in a more balanced employment approach. We will take advantage of the current strong rate environment to expand our charter coverage for 2009 and beyond to secure consistent cash flows and ongoing profitability to our shareholders, but at the same time we will always leave a part of our fleet to operate under short-term period charters or in the spot market.”

Dividend Guidance:
The Board of Directors has declared a dividend of $0.20 per share, payable on June 16, 2008 to all shareholders of record as of June 2, 2008. Inclusive of this dividend, Excel Maritime has declared an aggregate dividend of $1.00 per share since May 2007. The dividend payment of $0.20 per share is consistent with the guidance provided by the Board of Directors. The Board retains the authority to alter the dividend policy at its discretion.

Mr. Molaris commented, “We are very pleased with our Board’s decision to continue paying distributions to shareholders, while at the same time the Company has been growing its fleet. Our Board is fully committed to increase shareholders value and it will carefully review its dividend policy when the integration of Excel and Quintana has been completed.”

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. After the acquisition of Quintana, Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (4 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 6 Handymax vessels) with a total carrying capacity of approximately 3.7 million DWT. Excel 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 the Company, please go to our corporate website www.excelmaritime.com.

Excel Maritime press release