Three new period charters for Excel Maritime Carriers Ltd.
News Release
Excel Maritime Carriers, Ltd.
December 16, 2011
ATHENS, GREECE – 15 December 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 that it entered into three new period charter agreements for one Capesize
and two Kamsarmax vessels. More specifically:
· The Capesize M/V Iron Miner (177,931 dwt; built in 2007) has been fixed for 12-18
months at a gross daily rate of $17,000;
· The Kamsarmax M/V Iron Fuzeyya (82,209 dwt; built in 2006) has been fixed for 22-
24 months at a gross daily rate of $12,750 for the first year, and, thereafter, a gross
daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $11,750
gross per day, as well as a profit-sharing component; and
· The Kamsarmax M/V Iron Lindrew (82,598 dwt; built in 2007) has been fixed for 22-
25 months at a gross daily rate linked to the average 4 T/C Baltic Panamax Index
with a floor of $12,000 gross per day, as well as a profit-sharing compo nent.
As a result of those additional charters, the Company has increased its 2012 charter
coverage as follows:
· 90% coverage of its Capesize class vessels; and
· 43% coverage of all the vessels in its fleet.
Pavlos Kanellopoulos, Chief Financial Officer, commented: “We are pleased to announce the
fixture of another three vessels under period charters with quality charterers. Over the past
months, the Company has significantly increased its fleet coverage. We expect that the
increased cash flow visibility combined with our competitive cost structure and the absence of
any capex commitments will help to moderate the industry challenges forecasted in 2012.”
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 71.4%, 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. (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 three new period charter agreements for one Capesize
and two Kamsarmax vessels. More specifically:
· The Capesize M/V Iron Miner (177,931 dwt; built in 2007) has been fixed for 12-18
months at a gross daily rate of $17,000;
· The Kamsarmax M/V Iron Fuzeyya (82,209 dwt; built in 2006) has been fixed for 22-
24 months at a gross daily rate of $12,750 for the first year, and, thereafter, a gross
daily rate linked to the average 4 T/C Baltic Panamax Index with a floor of $11,750
gross per day, as well as a profit-sharing component; and
· The Kamsarmax M/V Iron Lindrew (82,598 dwt; built in 2007) has been fixed for 22-
25 months at a gross daily rate linked to the average 4 T/C Baltic Panamax Index
with a floor of $12,000 gross per day, as well as a profit-sharing compo nent.
As a result of those additional charters, the Company has increased its 2012 charter
coverage as follows:
· 90% coverage of its Capesize class vessels; and
· 43% coverage of all the vessels in its fleet.
Pavlos Kanellopoulos, Chief Financial Officer, commented: “We are pleased to announce the
fixture of another three vessels under period charters with quality charterers. Over the past
months, the Company has significantly increased its fleet coverage. We expect that the
increased cash flow visibility combined with our competitive cost structure and the absence of
any capex commitments will help to moderate the industry challenges forecasted in 2012.”
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 71.4%, 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 .