Excel Maritime Enters into a one year Time Charter Agreement for M/V Happy Day

ATHENS, GREECE – June 02, 2010 – Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has entered into a charter agreement for a minimum period of 12 months to a maximum period of 15 months for the M/V Happy Day at the gross daily rate of $27,000. The M/V Happy Day is a 1997 Japanese built Panamax bulk carrier and has a carrying capacity of 71,694 dwt.

Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “Pursuant to our balanced chartering strategy, we are pleased to announce the fixture of the M/V Happy Day at a profitable rate with a first class European charterer. With this fixture, our time charter coverage for the remaining period of 2010 has further increased to approximately 65%. Moving forward, our strategy is to continue to selectively increase our charter coverage at attractive rates providing cash flow visibility and stability to our shareholders.”

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 41 vessels with 1 Capesize vessel being owned through a joint venture in which Excel participates by 71.4%, together with 7 Panamax vessels under bareboat charters and operates in total 48 vessels (6 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of over 4.0 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