Time Charter for MV Renuar and Elinakos

Wednesday, November 11, 2009

Excel Maritime Carriers Ltd (NYSE: EXM) announced that it has entered into two new charter agreements for the M/V Renuar and the M/V Elinakos.

The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity of 70,128 dwt, has entered into a charter agreement for a minimum period of 12 months to a maximum period of 14 months at the gross daily rate of $22,500.

The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has entered into a short-term charter agreement for a period of a minimum of 4 months to a maximum of 6 months at a gross rate of $25,000 per day.

Lefteris Papatrifon, Chief Financial Officer of Excel, stated,  With these fixtures, our time charter coverage for the fourth quarter of 2009 has increased to approximately 70% of the remaining operating days of 2009 and 56% for 2010."

(www.excelmaritime.com)

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