Excel Announces Bulk Carrier Contracts

Monday, February 13, 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, has 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.
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