Excel Maritime Enters Time Charters

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and provider of seaborne transportation services for dry bulk cargoes, announced today that it has entered into two two-year time charters for its Kamsarmax vessels M/V Coal Hunter and M/V Santa Barbara.

M/V Coal Hunter and M/V Santa Barbara are both 2006-built Kamsarmax bulk carriers with carrying capacity of 82,298 and 82,266 dwt respectively. The vessels have been fixed under separate time charters with European charterers for a period of two years at a gross daily charter rate of $15,000 for the first year. The daily rate for the second year will be linked to the Baltic Panamax Index (BPI) with guaranteed minimum rate (floor) at $14,000 per day and a profit sharing arrangement.

Furthermore, Excel has contracted 74% of its fleet available days for 2011, and 92% and 79% of its Capesize fleet available days for 2011 and 2012 respectively.