Excel Maritime Signs New Bulk Charters

(Press Release)
Wednesday, February 22, 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, entered into new period charter agreements for yet another two of its vessels. More specifically:

• Capesize M/V Iron Beauty (164,218 dwt; built in 2001) has been fixed for a period of 8-12 months at a gross daily rate of $12,250;
• Panamax M/V Grain Harvester (76,417 dwt; built in 2004) 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 has 100% coverage of its Capesize vessels; 60% coverage of the entire fleet.
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