Excel Secures Banks’ Agreement to the Extension of its Equity Raising Commitment and the Waiver of Certain Covenants

ATHENS, GREECE – October 1, 2012

Excel Maritime Carriers Ltd. (NYSE: EXM) (“Excel”) announced today that it has agreed with its lenders under its $1.4bn syndicated credit facility to effectively extend, subject to certain conditions, its equity raising commitment through December 31, 2012 and waived certain covenants.

In addition, on October 1, 2012, Excel exercised its option to defer the instalment of $24.3mn due on that date.

Pavlos Kanellopoulos, Chief Financial Officer, commented: “The Company has a supportive banking group with which we will continue to work cooperatively over the next months. Our vessels remain 90% covered for 2012 and 25% for 2013 and we continue to effectively manage our fleet through the broad industry downturn with competitive operations. All these actions should position the Company well for when the shipping market eventually recovers.”

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