Excel Maritime Enters into Time Charter Agreementsexcel
for Four Panamax Vessels
ATHENS, GREECE – March 4, 2010 – 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 entered into new time charter agreements for the following vessels:
On February 25, 2010, the M/V Linda Leah, a 73,390 dwt, Panamax vessel built in
1997, was fixed under a new time charter for a period of 12 to 14 months at a daily
gross rate of $24,000. The vessel is expected to be delivered to her new charterers
by mid March 2010.
On February 26, 2010, the M/V Coal Pride, a 72,493 dwt, 1999-built Panamax bulk carrier, was fixed under a new time charter for a period of 13 to 16 months at a daily gross rate of $24,000. The vessel is expected to be delivered to her new charterers by mid March 2010.
Today, the M/V Grain Harvester, a 76,417 dwt, 2004-built Panamax bulk carrier, was fixed under a new time charter for a period of 13 to 15 months at a daily gross rate of $30,000. The vessel is expected to be delivered to her new charterers by end of March 2010.
Lefteris Papatrifon, Chief Financial Officer of Excel, stated, “We are pleased to have announced these four vessel fixtures at profitable rates with first class European charterers. Our time charter coverage for 2010 now stands at 65%. Consistent with our balanced fleet deployment strategy, these charters reaffirm the Company’s commitment to generate predictable cash flows and enhance shareholder value.”
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