New one-year time charters for two vessels
of Excel Maritime Carriers Ltd.

ATHENS, GREECE – 21 May 2012

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 entered into new period charter agreements for yet another two of its vessels, as follows:

Kamsarmax M/V Iron Vassilis (82,257 dwt; built in 2006) and Panamax M/V Grain Express (76,466 dwt; built in 2004) have been fixed for a period of 10 -13 months at a gross daily rate of $11,000. Following these fixtures, the Company’s charter coverage for the full year 2012 is:

• 72% for the entire fleet;
• 100% for the Capesize fleet.

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