Excel Maritime Carriers Ltd. announces successful completion of its $1.4 billion syndicated facility amendment and option to defer up to $100 million principal repayment

ATHENS, GREECE - April 3, 2012

Excel Maritime Carriers Ltd. (NYSE: EXM) (the “Company”) announced today that it successfully completed the amendment of its $1.4 billion syndicated facility and, after having met all the conditions under the amended facility, has exercised its option to defer the full loan installment of $24.3 million, originally due on April 2, 2012, to the balloon payment of the facility in April 2016. Under the facility amendment, which came into effect on March 30, 2012, the Company has the option to defer to the facility maturity date in April 2016, principal amount of up to $100.0 million originally scheduled for payment in 2012 and 2013.

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, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 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 Carriers Ltd. press release