Excel Maritime Carriers Ltd. Announces Receipt of NYSE Notice of Non-Compliance

ATHENS, GREECE – June 29, 2012

Excel Maritime Carriers Ltd. (NYSE: EXM) (the “Company”) announced today that it received notice from the New York Stock Exchange (the “NYSE”), dated June 21, 2012, that the Company is no longer in compliance with the NYSE’s continued listing standards because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period.

Pursuant to the NYSE’s rules, the Company has a six-month cure period following receipt of the NYSE notice to bring its share price and average share price above $1.00. During this time, the Company’s common stock will continue to be listed and trade on the NYSE.

The Company will continue to monitor the situation and intends to cure this deficiency in accordance with the NYSE rules.

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