Mazarakis COO, Kanellopoulos CFO, Excel Maritime

Wednesday, March 31, 2010

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 that Charalampos Mazarakis has been appointed as the Company's Chief Operating Officer. Mazarakis will assume his position in mid May 2010. The company also announced that Pavlos Kanellopoulos has been appointed as the company's Chief Financial Officer. Kanellopoulos will assume his position in early April 2010.

Mazarakis has 20 years of experience in finance and operations positions, mostly at a senior level. Mazarakis started his career in 1991 at Procter & Gamble in Greece. From 1999 to 2008 Mazarakis held a number of senior positions within the Vodafone Group, namely Group CFO in Greece, Interim CEO in Hungary and COO in Greece. In 2008, Mazarakis moved to Titan Cement Group (an international building materials company) as Group CFO. Mazarakis holds an undergraduate degree in business administration from the University of Piraeus, Greece and an MBA from The Ohio State University, U.S.

Kanellopoulos has 15 years of experience in banking and finance positions, mostly at a senior level. He started his career in the International Banking Division of the Bank of Tokyo-Mitsubishi in London. Since 2003, Kanellopoulos held CFO positions with companies in the manufacturing and TMT sectors, most recently as Group CFO at Forthnet SA, the largest alternative telecom and pay-TV operator in Greece. Kanellopoulos has studied at the Athens University of Economics, the University of Warwick and the London School of Economics and holds a BSc and MSc (Econ).

Papatrifon, who has been the Chief Financial Officer of the Company since January 2005, is joining the Board of Directors as of April 2010 and will continue to provide the company with his expertise and insight.

www.excelmaritime.com

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