Excel announce charter and news of bulk ship knocked out after collision
ANGELA STAR off for 20 days following collision last month


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 chartered mv ISMINAKI for a period of twenty-four months at US $32,000 per day to a first class European charterer. The vessel will be delivered into the charter by the middle of April 2007.

mv ISMINAKI is a Panamax dry bulk carrier of 74,577 dwt, acquired by the company in February 2005. She was built in 1998 in Japan by Sasebo Heavy Industries.

The Company also announced that as a result of an incident that occurred on March 18, 2007 due to adverse weather conditions, mv ANGELA STAR will be off hire for approximately 20 days.

She had collided with mv THEARESTON off Richards Bay in strong gales after they dragged anchors and later docked in Durban on March 23rd for inspection. At the time of the collision it was thought neither vessel had been badly damaged. THEARESTON also went into Durban for inspection.

mv ANGELA STAR is a Panamax dry bulk carrier of 73,798 dwt which the Company acquired in June 2005. She built in 1998 at Sumitomo Heavy Industries Yokosuka, Japan. and is managed by Excel's subsidiary Maryville Maritime Inc.

Excel says the vessel currently serves under a time charter for a period of 24-26 months at US $26,500 per day to a European charterer. The charter commenced in October 2006.

CEO Christopher Georgakis commented, “We are pleased to announce that we have secured mv ISMINAKI under profitable long-term employment to a first class European charterer. Our strategy of taking advantage of the current strength in the freight rate environment by gradually employing the majority of our vessels on long term time charters enables our company to secure predictable cash flows. Following this time charter agreement, 70% of our fleet operating days for the second quarter of 2007 and 56% for the full year of 2007 are fixed under short and long term time charters.”