Excel Maritime Reports Results for the Fourth Quarter
and Year Ended December 31, 2008

ATHENS, GREECE – April 8, 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, announced today its operating and financial results for the fourth quarter and the year ended December 31, 2008.

On April 15, 2008, the Company successfully completed the acquisition of Quintana Maritime Limited, creating a combined company that currently operates a fleet of 47 vessels with a total carrying capacity of approximately 3.9 million DWT and an average age of approximately 8.8 years.

Fourth Quarter 2008 Highlights:

• The Company reported a net loss for the quarter of $329.2 million or $7.49 per weighted average diluted share as compared to a net income of $34.1 million or $1.71 per weighted average diluted share for the fourth quarter of 2007. The results for the fourth quarter of 2008 include a non-cash adjustment of $40.2 million relating to the unrealized loss from the valuation of interest rate swaps. Also included in the fourth quarter results are adjustments related to the impairment charge recognized in the current period to write-off the goodwill that resulted from Quintana’s acquisition ($335.4 million or $7.63 per weighted average diluted share), the impairment loss recognized on the vessel Swift ($2.4 million or $0.05 per weighted average diluted share), the loss in value of the Company’s investment in Oceanaut Inc. due to the initiation of its liquidation ($11.0 million or $0.25 per weighted average diluted share) and the loss resulting from the cancellation of a vessel purchase ($15.6 million or $0.36 per weighted average diluted share);

• Net income, excluding all the above items, for the quarter would amount to $75.4 million or $1.71 per weighted average diluted share.

Year Ended December 31, 2008 Highlights:

• For the year ended December 31, 2008, the Company reported a net loss of $44.7 million or $1.23 per weighted average diluted share as compared to a net income of $84.9 million or $4.25 per weighted average diluted share for the year ended December 31, 2007. The results for the year ended December 31, 2008 include a non-cash adjustment of $25.8 million relating to the unrealized loss from the valuation of interest rate swaps. Also included in the year ended December 31, 2008 results are adjustments related to the impairment charge recognized in the year to write-off the goodwill that resulted from Quintana’s acquisition ($335.4 million or $9.06 per weighted average diluted share), the loss in value of the Company’s investment in Oceanaut Inc. due to the initiation of its liquidation ($11.0 million or $0.30 per weighted average diluted share), the impairment loss recognized on the vessel Swift ($2.4 million or $0.06 per weighted average diluted share) and the loss resulting from the cancellation of a vessel purchase ($15.6 million or $0.42 per weighted average diluted share);

• Net income, excluding all the above items, for the year would amount to $345.5 million or $9.31 per weighted average diluted share.

Corporate Developments:

Credit Facilities Amendments and Covenant Waivers

On April 1, 2009, the Company announced that it has amended its Nordea Bank Syndicated Facility and the Credit Suisse Bilateral Facility, as well as secured all the appropriate covenant waivers for these credit facilities, which are valid until January 2011. In particular, the amended terms of each of the credit facilities contain financial covenants requiring the Company to maintain minimum liquidity of $25.0 million, maintain a leverage ratio based on book values of not greater than 70%, maintain a ratio of EBITDA to gross interest of not less than 1.75:1.0 and maintain an aggregate fair market value of vessels serving as collateral for each of the loans at all times of not less than 65% of the outstanding principal amount of the respective loan. Additionally, under the terms of the amended Nordea Bank Syndicated Facility, the Company will also defer principal debt repayments of $150.5 million originally scheduled for 2009 and 2010 to the balloon payment at the end of the facility’s term in 2016. During the waiver and deferral periods, the applicable credit facility margins will increase to 2.5% and 2.25%, for the Syndicated Facility and the Credit Suisse Facility, respectively.

Equity Infusion
As part of the restructuring, entities affiliated with the Panayotides family, the Company’s major shareholders have injected $45.0 million in the Company, which was applied against the balloon payment of the Nordea credit facility due in 2016. In exchange for their contribution, the entities received an aggregate of 25,714,286 Class A shares and 5,500,000 warrants, with an exercise price of $3.50 per warrant. The shares, the warrants and the shares issuable on exercise of the warrants will be subject to 12–month lock-ups from March 31, 2009. The Company has the option to defer, again to the balloon payment in 2016, additional principal debt repayments in an amount of up to 100% of the equity contributed, meaning the $45.0 million already received as well as any other equity infusion by the above-mentioned entities during 2009 and 2010.

Dividend Suspension
In February 2009 the Company’s Board of Directors decided to suspend its dividend in light of the challenging conditions both in the freight market and the financial environment. The suspension of dividend was effective for the dividend of the fourth quarter of 2008. The decision is aimed at preserving cash and enhancing the Company’s liquidity and was considered to be a precautionary measure in view of the disruptions arising between the Company and some of its charters, as further discussed below.

Investment in Oceanaut Inc.
On April 6, 2009, Oceanaut announced that its shareholders approved its dissolution and liquidation. As a result, the Company will receive liquidating distributions in relation to the shares of common stock included in the 625,000 of the 1,125,000 of the units purchased by the Company in a private placement prior to the closing of Oceanaut’s Initial Public Offering in March 2007. The liquidating distributions will be approximately $5.2 million ($8.26 per share of common stock) and they are expected to be received on or about April 14, 2009. As of December 31, 2008, the Company has written down approximately $11.0 million of its investment in Oceanaut to reflect the amount recoverable through the liquidation process.

Status of Charters
Further to the charter status update provided by the Company on February 17th, 2009, the Company engaged in active discussions with the two charterers that had unilaterally started paying approximately 50% of the agreed upon hire on three of the Company’s vessels. The discussions have resulted in the following:

• The Company has reached an agreement (effective as of January 26th, 2009) with the charterers of the MV “Kirmar”, reducing the daily hire from $105,000 per day gross to $49,000 per day net, while at the same time, extending the duration of the charter by 24 months. Additionally, the Company, during the full revised charter party period, as part of a profit sharing agreement, is entitled to receive all daily hire proceeds in excess of $59,000 net. Lastly, the Company has received a sum of $15.0 million, serving as amortizing security for the performance of the amended terms of the charter party.

• The Company, as of today and after having taken all prudent and necessary actions, has received payment for all outstanding hire, as per the terms of the relevant charter parties, from the charterer of the other two vessels mentioned in the February press release.

The Company continues to actively monitor the status of its counterparties and strives to ensure that all actions taken maximize cash flow security and preservation. Currently, the Company’s time charter coverage approximates 66.2% and 49.8% for the years ending December 31, 2009 and 2010, respectively.

Fleet Developments:

Sale of vessel
Based on a Memorandum of Agreement dated February 20, 2009, the M/V Swift, a Handymax vessel of 37,687 dwt built in 1984 was sold for net proceeds of approximately $3.7 million. As of December 31, 2008, the vessel’s value was impaired and written down to her fair value, which approximated her sale proceeds. The vessel was delivered to her new owners on March 16, 2009. Following the sale of the vessel, the Company repaid an amount of $4.6 million of its Nordea Loan.

Acquisition of vessel
On December 26, 2008, Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180,000 dwt and has been fixed under two time charters through May 2016.

Cancellation of vessel purchase
In December 2008, the Company successfully cancelled its obligation to purchase the 2002 built Supramax vessel M/V “Medi Cebu” with a carrying capacity of 52,464 dwt. Excel had agreed to acquire this vessel for $72.5 million in the event that Oceanaut would not finalize its agreement to purchase this vessel by October 31st, 2008. In connection with this cancellation, the Company has agreed to forfeit to the owners of the Medi Cebu of the deposit of $7.25 million made by the Company in connection with the proposed purchase and to issue 1,100,000 Excel Class A common shares to a company nominated by the sellers. The Company has an exclusive option to purchase the vessel, charter free, for the amount of $25.71 million until December 31, 2009.

Management Commentary:
Lefteris Papatrifon, Chief Financial Officer of Excel, stated, “During the fourth quarter of 2008, we experienced a severe deterioration of market fundamentals mainly caused by an almost unprecedented global economic crisis. This had a direct effect on our business and profitability but in no means has it affected our long term strategic plans. Our balanced fleet deployment strategy and quality charters have cushioned the Company from the fluctuations experienced in the daily charter hire rates and have allowed us to continue generating strong cash flows. The recent restructuring of our loans by our banks together with the equity infusion by our major shareholders is solid proof of confidence for the Company and its long term prospects. This confidence and support has provided management with the necessary financial and psychological tools to successfully navigate in a potentially difficult market environment. All of us here at Excel are committed to continue working hard in order to retain our Company as a leader in the dry bulk space and to seek to ensure long term shareholder value creation.”

Fourth Quarter 2008 Results:
The Company reported a net loss for the quarter of $329.2 million or $7.49 per weighted average diluted share as compared to a net income of $34.1 million or $1.71 per weighted average diluted share for the fourth quarter of 2007. The results for the fourth quarter of 2008 include a non-cash adjustment of $40.2 million relating to the unrealized loss from the valuation of interest rate swaps. Also included in the fourth quarter results are adjustments related to the impairment charge recognized in the current period to write-off the goodwill that resulted from Quintana’s acquisition ($335.4 million or $7.63 per weighted average diluted share), the impairment loss recognized on the vessel Swift ($2.4 million or $0.05 per weighted average diluted share), the loss in value of the Company’s investment in Oceanaut Inc. due to the initiation of its liquidation ($11.0 million or $0.25 per weighted average diluted share) and the loss resulting from the cancellation of a vessel purchase ($15.6 million or $0.36 per weighted average diluted share).

Net income, excluding all the above items, for the quarter would amount to $75.4 million or $1.71 per weighted average diluted share. Included in the above adjusted net income are also the amortization of favorable and unfavorable time charters that were fair valued upon acquiring Quintana amounting to an income of $68.9 million ($1.6 per weighted average diluted share) and the amortization of stock based compensation expense of $1.9 million ($0.04 per weighted average diluted share). Revenues for the fourth quarter of 2008 amounted to $189.2 million as compared to $60.9 million for the same period in 2007, an increase of approximately 210.7%. Included in revenues for the fourth quarter of 2008 are $78.8 million of non-cash revenues relating to the amortization of unfavorable time charters that were fair valued upon acquiring Quintana. There were no such non-cash revenue adjustments recorded in the corresponding period in 2007.

An average of 47.1 vessels were operated during the fourth quarter of 2008 earning a blended average time charter equivalent rate of $23,207 per day, compared to an average of 16.5 vessels operated during the fourth quarter of 2007 earning a blended average time charter equivalent rate of $38,528 per day. Please refer to a subsequent section of this Press Release for a calculation of the TCE.

Adjusted EBITDA for the fourth quarter of 2008 was $54.7 million compared to $43.4 million for the fourth quarter of 2007, an increase of approximately 26.0%. Please refer to a subsequent section of this Press Release for a reconciliation of adjusted EBITDA to Net Income.

Twelve Months to December 31, 2008
For the year ended December 31, 2008, the Company reported a net loss of $44.7 million or $1.23 per weighted average diluted share as compared to a net income of $84.9 million or $4.25 per weighted average diluted share for the year ended December 31, 2007. The results for the year ended December 31, 2008 include a non-cash adjustment of $25.8 million relating to the unrealized loss from the valuation of interest rate swaps. Also included in the year ended December 31, 2008 results are adjustments related to the impairment charge recognized in the year to write-off the goodwill that resulted from Quintana’s acquisition ($335.4 million or $9.06 per weighted average diluted share), the loss in value of the Company’s investment in Oceanaut Inc. due to the initiation of its liquidation ($11.0 million or $0.30 per weighted average diluted share), the impairment loss recognized on the vessel Swift ($2.4 million or $0.06 per weighted average diluted share) and the loss resulting from the cancellation of a vessel purchase ($15.6 million or $0.42 per weighted average diluted share).

Net income, excluding all the above items, for the year would amount to $345.5 million or $9.31 per weighted average diluted share. Included in the above adjusted net income are also the amortization of favorable and unfavorable time charters that were fair valued upon acquiring Quintana amounting to an income of $205.5 million ($5.55 per weighted average diluted share) and the amortization of stock based compensation expense of $8.6 million ($0.23 per weighted average diluted share). Revenues for the year ended December 31, 2008 amounted to $696.1 million as compared to $177.5 million for the same period in 2007, an increase of 292.2%. Included in revenues for the same period of 2008 is a non-cash time charter amortization of $234.0 million, relating to the amortization of unfavorable time charters that were fair valued upon acquiring Quintana. There were no such noncash revenues recorded in the corresponding period in 2007.

An average of 38.6 vessels were operated during the year ended December 31, 2008 earning a blended average time charter equivalent rate of $31,291 per day, compared to an average of 16.5 vessels operated during the same period of 2007 earning a blended average time charter equivalent rate of $28,942 per day. Please refer to a subsequent section of this Press Release for a calculation of the TCE. Adjusted EBITDA for the year ended December 31, 2008 was $308.0 million compared to $119.3 million for the year ended December 31, 2007, an increase of approximately 158.2%. Please refer to a subsequent section of this Press Release for a reconciliation of adjusted EBITDA to Net Income.

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 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 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