Excel Maritime Carriers Concludes the Cancellation of Four Capesize Shipbuilding Contracts from Korea Shipyard Co. Ltd.
News Release
Excel Maritime Carriers, Ltd.
July 13, 2011
ATHENS, GREECE – July 12, 2011
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 the cancellation of four shipbuilding contracts for the construction of four
bulk carrier vessels of 180,000 dwt each. The Company entered into the aforementioned
contracts in December 2006 with Korea Shipyard Co. Ltd.
With no guarantees exchanged or payments made under the contracts, and following no
indication from Korea Shipyard Co. Ltd that the vessels were going to be built and delivered,
Excel has successfully cancelled the shipbuilding contracts on the basis of delay by the
shipyard, without any penalties.
The cancellation has no impact on the Company’s financial position and will not affect the
Company’s financial statements.
Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented: “We are pleased
to report the deletion of these 4 shipbuilding contracts from a greenfield yard, without any
financial impact for the Company.”
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 41 vessels, among which a
Capesize vessel through a majority joint venture and, together with seven Panamax vessels
under bareboat charters, operates a total of 48 vessels (7 Capesize, 14 Kamsarmax, 21
Panamax, 2 Supramax and 4 Handymax vessels) with a total carrying capacity of over 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 (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 the cancellation of four shipbuilding contracts for the construction of four
bulk carrier vessels of 180,000 dwt each. The Company entered into the aforementioned
contracts in December 2006 with Korea Shipyard Co. Ltd.
With no guarantees exchanged or payments made under the contracts, and following no
indication from Korea Shipyard Co. Ltd that the vessels were going to be built and delivered,
Excel has successfully cancelled the shipbuilding contracts on the basis of delay by the
shipyard, without any penalties.
The cancellation has no impact on the Company’s financial position and will not affect the
Company’s financial statements.
Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented: “We are pleased
to report the deletion of these 4 shipbuilding contracts from a greenfield yard, without any
financial impact for the Company.”
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 41 vessels, among which a
Capesize vessel through a majority joint venture and, together with seven Panamax vessels
under bareboat charters, operates a total of 48 vessels (7 Capesize, 14 Kamsarmax, 21
Panamax, 2 Supramax and 4 Handymax vessels) with a total carrying capacity of over 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.