Four new period year charters for Excel Maritime Carriers Ltd.

News Release Excel Maritime Carriers, Ltd. February 13, 2012

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ATHENS, GREECE – 13 February 2012 
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 four new
period charter agreements for four of its Kamsarmax vessels. More specifically:

 Kamsarmax M/V Iron Kalypso (82,224 dwt; built in 2006) has been fixed for a
period of 10 -13 months at a gross daily rate of $11,500; 
 Each of the Kamsarmax M/V Ore Hansa (82,209 dwt; built in 2006), M/V Coal
Gypsy (82,221 dwt; built in 2006) and M/V Iron Brooke (82,594 dwt; built in
2007) has been fixed for a period of 10 – 13 months at a gross daily rate of
$11,250. 
As a result of these additional charters, the Company’s 2012 charter coverage
is as follows: 
 90% coverage of its Capesize vessels at an average TCE rate of $28,195;

 53% coverage of the entire fleet at an average TCE rate of
$16,114. 
Pavlos Kanellopoulos, Chief Financial Officer, commented: "We are pleased to
announce the fixture of another four vessels under period charters. Over the
past quarters we have continuously increased our fleet coverage with solid
counterparties improving our cash flow visibility as the weak industry outlook
and the generally challenging global economic environment are expected to weigh
on underlying activity leading to volatility in daily rates during the year."
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