Excel Maritime Enters into Time Charter Agreement for the
M/V Barbara at $23,000 Per day

ATHENS, GREECE – June 16, 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 that it has chartered the M/V Barbara for a period of minimum 12 up to maximum 14 months at $23,000 per day to a reputable European charterer. The vessel commenced this new charter on June 10th 2009. The M/V Barbara is a 1997 panamax dry bulk carrier of 73,390 dwt, built in South Korea.

Lefteris Papatrifon, Chief Financial Officer of Excel, stated, “Taking advantage of the recent strength in freight rates, we are pleased to have secured the M/V Barbara at a profitable long term employment to a first class charterer. We plan to continue to look for opportunities to increase our fixed charter coverage and provide further cash flow visibility. As of today, we have secured under time charter employment 68% of our operating days for the remainder of 2009 and 55% for 2010.”

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 (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.

Excel Maritime press release