ATHENS, GREECE -- (Marketwire) -- 06/16/09 -- Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has chartered the M/V Barbara for a period of minimum 12 up to maximum 14 months at $23,000 per day to a reputable European charterer. The vessel commenced this new charter on June 10th 2009.

The M/V Barbara is a 1997 panamax dry bulk carrier of 73,390 dwt, built in South Korea.

Management Commentary: Lefteris Papatrifon, Chief Financial Officer of Excel, stated, "Taking advantage of the recent strength in freight rates, we are pleased to have secured the M/V Barbara at a profitable long term employment to a first class charterer. We plan to continue to look for opportunities to increase our fixed charter coverage and provide further cash flow visibility. As of today, we have secured under time charter employment 68% of our operating days for the remainder of 2009 and 55% for 2010."

Fleet List as of June 16, 2009:

                                                Year      Average TC
Name                        Type        Dwt     Built  Expiration Date
                          ---------- ---------- ----- -----------------
Capesize
Iron Miner                  Capesize    177,000  2007     February 2012
Kirmar                      Capesize    165,500  2001        April 2013
Iron Beauty                 Capesize    165,500  2001          May 2010
Lowlands Beilun             Capesize    170,162  1999          May 2010
Sandra                      Capesize    180,000  2008    September 2010 (1)
Total Capesize                 5        858,162
Kamsarmax
Iron Manolis               Kamsarmax     82,300  2007     December 2010
Iron Brooke                Kamsarmax     82,300  2007     December 2010
Iron Lindrew               Kamsarmax     82,300  2007     December 2010
Coal Hunter                Kamsarmax     82,300  2006     December 2010
Pascha                     Kamsarmax     82,300  2006     December 2010
Coal Gypsy                 Kamsarmax     82,300  2006     December 2010
Iron Anne                  Kamsarmax     82,000  2006     December 2010
Iron Vassilis              Kamsarmax     82,000  2006     December 2010
Iron Bill                  Kamsarmax     82,000  2006     December 2010
Santa Barbara              Kamsarmax     82,266  2006     December 2010
Ore Hansa                  Kamsarmax     82,229  2006     December 2010
Iron Kalypso               Kamsarmax     82,204  2006     December 2010
Iron Fuzeyya               Kamsarmax     82,229  2006     December 2010
Iron Bradyn                Kamsarmax     82,769  2005     December 2010
                                     ----------
Total Kamsarmax               14      1,151,497
Panamax
Grain Harvester              Panamax     76,411  2004     December 2010
Grain Express                Panamax     76,466  2004     December 2010
Iron Knight                  Panamax     76,429  2004     December 2010
Coal Pride                   Panamax     72,600  1999      October 2009
Isminaki                     Panamax     74,577  1998       August 2009
Angela Star                  Panamax     73,798  1998         June 2009
Elinakos                     Panamax     73,751  1997    September 2009
Happy Day                    Panamax     71,694  1997         July 2009
Iron Man (A)                 Panamax     72,861  1997          May 2010
Coal Age (A)                 Panamax     72,861  1997    September 2009
Fearless I (A)               Panamax     73,427  1997    September 2009
Barbara (A)                  Panamax     73,390  1997         June 2010
Linda Leah (A)               Panamax     73,390  1997    September 2009
King Coal (A)                Panamax     72,873  1997         July 2011
Coal Glory (A)               Panamax     73,670  1995     December 2009
Powerful                     Panamax     70,083  1994         June 2009
First Endeavour              Panamax     69,111  1994    September 2009
Rodon                        Panamax     73,670  1993       August 2009
Birthday                     Panamax     71,504  1993         July 2010
Renuar                       Panamax     70,128  1993         June 2009
Fortezza                     Panamax     69,634  1993         July 2009
                                     ----------
Total Panamax                 21      1,532,328
                          ---------- ---------- ----- -----------------

                                                               Average TC
                                                               Expiration
Name                    Type          Dwt        Year Built       Date
                    ------------- ------------- ------------- -------------
Supramax
July M                   Supramax        55,567          2005     June 2009
Mairouli                 Supramax        53,206          2005 December 2009
                                  -------------
Total Supramax               2          108,773
Handymax
Emerald                  Handymax        45,588          1998   August 2009
Princess I               Handymax        38,858          1994   August 2009
Marybelle                Handymax        42,552          1987     June 2009
Attractive               Handymax        41,524          1985     July 2009
Lady                     Handymax        41,090          1985     July 2009
                                  -------------
Total Handymax               5          209,612
                                  -------------
GRAND TOTAL                 47        3,860,372
                                  =============
Average age                                           9.0 Yrs
                    ------------- ------------- ------------- -------------

                                                                Estimated
Fleet to be delivered                 Type          Dwt       delivery (B)
                                  ------------- ------------- -------------
Christine (D)                          Capesize       180,000    March 2010
Hope (E)                               Capesize       181,000 November 2010
Lillie (E)                             Capesize       181,000 December 2010
Total fleet to be delivered                           542,000
                                  ------------- ------------- -------------

                                                                Estimated
                                                                 delivery
Fleet to be delivered (c)                  Type         Dwt         (B)
                                        ----------- ----------- -----------
Fritz (E)                                  Capesize     180,000    May 2010
Benthe (E)                                 Capesize     180,000   June 2010
Gayle Frances (E)                          Capesize     180,000   July 2010
Iron Lena (E)                              Capesize     180,000 August 2010
                                        ----------- ----------- -----------

(1) The vessel will enter into a time charter through February 2016 upon completion of its current charter.

(A) These vessels were sold in 2007 and leased back on a bareboat charter through July 2015.

(B) The delivery dates shown in this column are estimates based on the delivery dates set forth in the relevant shipbuilding contracts or resale agreements.

(C) No refund guarantee has been received for these newbuildings and Excel does not believe that the respective new building contracts will materialize. There can be no assurance that the vessels will be delivered timely or at all.

(D) Excel holds a 42.8% interest in the joint venture that will own the vessel.

(E) Excel holds a 50% interest in the joint ventures that will own these vessels.

For further details on the fleet and their employment please refer to our website at www.excelmaritime.com

About Excel Maritime Carriers Ltd

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. After the acquisition of Quintana, Excel owns a fleet of 40 vessels and, together with 7 Panamax vessels under bareboat charters, operates 47 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of approximately 3.9 million DWT. Excel 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. For more information about the Company, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.