Excel Maritime Enters into a Year TC for the
Panamax Bulk Carrier M/V First Endeavour

ATHENS, GREECE – March 16, 2011 – 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 one year time charter agreement for M/V First Endeavour, a 1994 built Panamax bulk carrier with 69,111 dwt carrying capacity, at a gross daily rate of $17,500 with a reputable charterer.

Following this fixture, the Company has:

• 64% of 2011 available days contracted for the whole fleet
• 92% of 2011 and 79% of 2012 available days contracted for the Capesize fleet

Pavlos Kanellopoulos, Chief Financial Officer of the Company commented: “We are pleased to have entered into another time charter on profitable terms and above our break even levels, enhancing our operating cash flow visibility and continuously driving our fleet daily breakeven rates to lower levels.”

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, among which one Capesize vessel is through a majority joint venture and, together with seven Panamax vessels under bareboat charters, operates a total of 48 vessels (7 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 4 Handymax vessels) with a total carrying capacity of about 4.2 million DWT. Excel’s 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 Excel, please go to our corporate website www.excelmaritime.com.

Excel Maritime press release