Excel Maritime announces resignation of CEO

ATHENS, GREECE – February 23, 2009 – 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, announces the resignation of its CEO, Mr. Stamatis Molaris, effective as of today. Mr. Molaris also resigned from his positions as President and Director of the Company’s Board of Directors.

The Chairman of the Board, G. Panayotides along with the remaining members of the Board of Directors thank Mr. Molaris for his valuable service and assistance towards the successful integration of the Company and Quintana Maritime Ltd. and wish him all the best in his future endeavors.

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 41 vessels and, together with 7 Panamax vessels under bareboat charters, operates 48 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 6 Handymax vessels) with a total carrying capacity of approximately 3.9 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