Excel Maritime Enters into Time Charter Agreements

Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced that it has chartered M/V Birthday for a time charter consisting of two “laden legs” with an approximate duration of 60 days at a daily rate of $92,750 per day and the M/V Marybelle for a period of minimum 5 up to maximum 7 months at $50,650 per day, both to first class charterers. The M/V Birthday is a 1993 Panamax dry bulk carrier of 71,504 dwt, built in Japan. The M/V Marybelle is a 1987 handymax dry bulk carrier of 42,552 dwt, built in Japan. The company took delivery of both vessels in March 2005.