Excel Maritime to Acquire Two Supramax Vessels

Excel Maritime Carriers Ltd an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has entered into agreements to acquire two Supramax bulk carriers, to be renamed M/V July M and M/V Mairouli, for $63m per vessel.

The M/V July M was built in 2005 at Oshima Shibuilding Co. Ltd. in Japan and has a carrying capacity of 55,567 dwt. The M/V Mairouli, was built in 2005 at Imabari Shipbuilding Co. Ltd. in Japan and has a carrying capacity of 53,206 dwt. The vessels are expected to be delivered to the company within the fourth quarter 2007. Upon delivery of the vessels, the Company will have a fleet of ten Panamax, two Supramax and six Handymax vessels with a total carrying capacity of 1,074,022 deadweight tons with an average age of 12.9 years.