Excel Maritime Fleet Expansion Update

Thursday, January 22, 2009

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator and provider of worldwide seaborne transportation services for dry bulk cargoes, announced the delivery of a newbuild Capesize vessel as well as the cancellation of a vessel purchase agreement.

Excel Maritime has taken delivery of the newbuild Capesize vessel M/V Sandra on December 26, 2008 from the Imabari Shipyard in Japan. The vessel has a carrying capacity of 180,000 dwt and has been deployed under a 5-year time-charter at the gross rate of $ 39,000 per day.

In addition, the company has successfully cancelled its obligation to purchase the 2002 built Supramax vessel M/V Medi Cebu with a carrying capacity of 52,464 dwt. Excel had agreed to acquire this vessel for $72.5m in the event that Oceanaut would not lift the vessel subjects by October 31st, 2008.

As a result of the cancellation the company has agreed to minimize its cash outlay by releasing to the sellers the amount of $7.25m, which is equivalent to the 10% deposit as well as issue 1,100,000 Excel Class A shares to a company nominated by the sellers. Furthermore, the company has entered into an agreement whereby Excel retains an exclusive option to purchase the vessel charter free for the amount of $25.7m until December 31, 2009.


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