Excel Maritime Carriers Reports Vessel Grounding and Subsequent Re-floating

ATHENS, GREECE – July 24, 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, reported today that the vessel M/V ANGELA STAR, has run aground while entering the port of Hoping, Taiwan. At the time of the grounding, the vessel was under towage and had two pilots on board.

The vessel has been re-floated without outside assistance and has been safely moored at a discharge berth. No engine or steering gear failure, injuries or pollution have been reported. Following discharging, the vessel will sail to a yard for permanent repairs. The vessel is currently estimated to remain off hire for approximately 45 days with an estimated total cost from the incident to the Company, including loss of hire, expected to be $1.4 million or $0.03 per share, which will be realized in the third quarter of this year.

The M/V ANGELA STAR is a 73,798 dwt bulk carrier built in 1998 in Japan. At the time of the incident the vessel was carrying a load of coal and was serving under a time charter at $26,500 per day for a period of 24-26 months, commencing on October 2006.

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