Excel Maritime Increases Quarterly Minimum Dividend Guidance by 100% to $0.40 per Share

ATHENS, GREECE – June 30, 2008 -- Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that the Board of Directors has increased the Company’s minimum annualized dividend guidance to $1.60 and has set the 2008 minimum annualized dividend guidance to $1.20. This guidance would result in a minimum quarterly dividend of $0.40 per common share beginning with the dividend declared for the second quarter of 2008.

Mr. Molaris stated, "We are very pleased with our Board’s decision to double distributions to our shareholders. We believe that its decision is a solid proof of our Company’s strong financial condition, after the merger with Quintana, and it is underpinned with solid growth potential together with secured long term cash flows. We anticipate that returns to our shareholders will be further enhanced over time.”

The Board retains the discretion to declare quarterly dividends that deviate from the quarterly dividend guidance, taking into consideration legal restrictions, such as those under Liberian law; covenants and other restrictions under the Company’s revolving credit facility and any future debt instruments; and changing market conditions.

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