Excel Maritime Enters into Time Charter

Excel Maritime Carriers Ltd has entered into time charter agreements for the M/V Powerful and the M/V Princess I. The M/V Powerful has been chartered for a period of about 23 up to about 25 months at US $39,000 per day to a first class European charterer. The vessel will be delivered into charter within July 2007. M/V Powerful is a Panamax dry bulk carrier of 70,083 dwt, built in 1994, which the company acquired in March 2005. The M/V Princess I has been chartered for a period of minimum 22 to about 24 months at $30,000 per day to a first-class European charterer. The vessel will be delivered into charter on July 17, 2007. M/V Princess is a Handymax dry bulk carrier of 38,858 dwt, built in 1994, which the company acquired in February 2005.