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Four New Period Year Charters for Excel Maritime Carriers Ltd.

Tuesday, 14 February 2012 | 00:00
Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced yesterday that it entered into four new period charter agreements for four of its Kamsarmax vessels. More specifically: Kamsarmax M/V Iron Kalypso (82,224 dwt; built in 2006) has been fixed for a period of 10 - 13 months at a gross daily rate of $11,500; 

Each of the Kamsarmax M/V Ore Hansa (82,209 dwt; built in 2006), M/V Coal Gypsy (82,221 dwt; built in 2006) and M/V Iron Brooke (82,594 dwt; built in 2007) 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's 2012 charter coverage is as follows:
90% coverage of its Capesize vessels at an average TCE rate of $28,195;
53% coverage of the entire fleet at an average TCE rate of $16,114.
Pavlos Kanellopoulos, Chief Financial Officer, commented: "We are pleased to announce the fixture of another four vessels under period charters. Over the past quarters we have continuously increased our fleet coverage with solid counterparties improving our cash flow visibility as the weak industry outlook and the generally challenging global economic environment are expected to weigh on underlying activity leading to volatility in daily rates during the year."
Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT. Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998.
Source: Excel Maritime Carriers Ltd.
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