Excel Maritime Carriers Enters into a one year Time Charter Agreement for M/V Happy Day
News Release
Excel Maritime Carriers, Ltd.
June 4, 2010
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<DIV><B><FONT size=3 face=Arial><FONT size=3 face=Arial>
<P align=left>ATHENS, GREECE </FONT></FONT><FONT size=3 face=Arial,Bold><FONT
size=3 face=Arial,Bold>– </FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>June 02, 2010 </B></FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>– </FONT></FONT><FONT size=3 face=Arial><FONT size=3 face=Arial>Excel
Maritime Carriers Ltd (NYSE: EXM), an</P>
<P align=left>owner and operator of dry bulk carriers and an international
provider of worldwide</P>
<P align=left>seaborne transportation services for dry bulk cargoes, announced
today that it has</P>
<P align=left>entered into a charter agreement for a minimum period of 12 months
to a maximum</P>
<P align=left>period of 15 months for the M/V Happy Day at the gross daily rate
of $27,000.</P>
<P align=left>The M/V Happy Day is a 1997 Japanese built Panamax bulk carrier
and has a</P>
<P align=left>carrying capacity of 71,694 dwt.</P>
<P align=left>Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated,
</FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>“</FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>Pursuant to our</P>
<P align=left>balanced chartering strategy, we are pleased to announce the
fixture of the M/V</P>
<P align=left>Happy Day at a profitable rate with a first class European
charterer. With this fixture,</P>
<P align=left>our time charter coverage for the remaining period of 2010 has
further increased to</P>
<P align=left>approximately 65%. Moving forward, our strategy is to continue to
selectively</P>
<P align=left>increase our charter coverage at attractive rates providing cash
flow visibility and</P>
<P align=left>stability to our shareholders.</FONT></FONT><FONT size=3
face=Arial><FONT size=3 face=Arial>”</P></FONT></FONT><B><FONT size=3
face=Arial><FONT size=3 face=Arial>
<P align=left>About Excel Maritime Carriers Ltd</P></B></FONT></FONT><FONT
size=3 face=Arial><FONT size=3 face=Arial>
<P align=left>Excel is an owner and operator of dry bulk carriers and a provider
of worldwide</P>
<P align=left>seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and</P>
<P align=left>grains, as well as bauxite, fertilizers and steel products. Excel
owns a fleet of 41</P>
<P align=left>vessels with 1 Capesize vessel being owned through a joint venture
in which Excel</P>
<P align=left>participates by 71.4%, together with 7 Panamax vessels under
bareboat charters and</P>
<P align=left>operates in total 48 vessels (6 Capesize, 14 Kamsarmax, 21
Panamax, 2 Supramax</P>
<P align=left>and 5 Handymax vessels) with a total carrying capacity of over 4.0
million DWT.</P>
<P align=left>Excel Class A common shares have been listed since September 15,
2005 on the</P>
<P align=left>New York Stock Exchange (NYSE) under the symbol EXM and, prior to
that date,</P>
<P align=left>were listed on the American Stock Exchange (AMEX) since 1998. For
more</P>
<P align=left>information about the Company, please go to our corporate
website</P>
<P align=left>www.excelmaritime.com.</P></FONT></FONT></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV><B><FONT size=3 face=Arial><FONT size=3 face=Arial>
<P align=left>ATHENS, GREECE </FONT></FONT><FONT size=3 face=Arial,Bold><FONT
size=3 face=Arial,Bold>– </FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>June 02, 2010 </B></FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>– </FONT></FONT><FONT size=3 face=Arial><FONT size=3 face=Arial>Excel
Maritime Carriers Ltd (NYSE: EXM), an</P>
<P align=left>owner and operator of dry bulk carriers and an international
provider of worldwide</P>
<P align=left>seaborne transportation services for dry bulk cargoes, announced
today that it has</P>
<P align=left>entered into a charter agreement for a minimum period of 12 months
to a maximum</P>
<P align=left>period of 15 months for the M/V Happy Day at the gross daily rate
of $27,000.</P>
<P align=left>The M/V Happy Day is a 1997 Japanese built Panamax bulk carrier
and has a</P>
<P align=left>carrying capacity of 71,694 dwt.</P>
<P align=left>Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated,
</FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>“</FONT></FONT><FONT size=3 face=Arial><FONT size=3
face=Arial>Pursuant to our</P>
<P align=left>balanced chartering strategy, we are pleased to announce the
fixture of the M/V</P>
<P align=left>Happy Day at a profitable rate with a first class European
charterer. With this fixture,</P>
<P align=left>our time charter coverage for the remaining period of 2010 has
further increased to</P>
<P align=left>approximately 65%. Moving forward, our strategy is to continue to
selectively</P>
<P align=left>increase our charter coverage at attractive rates providing cash
flow visibility and</P>
<P align=left>stability to our shareholders.</FONT></FONT><FONT size=3
face=Arial><FONT size=3 face=Arial>”</P></FONT></FONT><B><FONT size=3
face=Arial><FONT size=3 face=Arial>
<P align=left>About Excel Maritime Carriers Ltd</P></B></FONT></FONT><FONT
size=3 face=Arial><FONT size=3 face=Arial>
<P align=left>Excel is an owner and operator of dry bulk carriers and a provider
of worldwide</P>
<P align=left>seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and</P>
<P align=left>grains, as well as bauxite, fertilizers and steel products. Excel
owns a fleet of 41</P>
<P align=left>vessels with 1 Capesize vessel being owned through a joint venture
in which Excel</P>
<P align=left>participates by 71.4%, together with 7 Panamax vessels under
bareboat charters and</P>
<P align=left>operates in total 48 vessels (6 Capesize, 14 Kamsarmax, 21
Panamax, 2 Supramax</P>
<P align=left>and 5 Handymax vessels) with a total carrying capacity of over 4.0
million DWT.</P>
<P align=left>Excel Class A common shares have been listed since September 15,
2005 on the</P>
<P align=left>New York Stock Exchange (NYSE) under the symbol EXM and, prior to
that date,</P>
<P align=left>were listed on the American Stock Exchange (AMEX) since 1998. For
more</P>
<P align=left>information about the Company, please go to our corporate
website</P>
<P align=left>www.excelmaritime.com.</P></FONT></FONT></DIV></BODY></HTML>