Excel sells 23 year-old bulk carrier for handsome profit
mv GOLDMAR goes for $15.85 million, they bought her for $12m in 2005

 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 agreed to sell the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in
Japan, to an affiliated company for $15.85 million net of commissions.

The sale has been approved by the company’s Board of Directors and the vessel was delivered to the buyer the week commencing May 7, 2007. Excel Maritime expects to realize a book gain of approximately $6.2 million from this sale.

Maryville Maritime, Inc., a wholly owned subsidiary of Excel Maritime, will continue as the technical manager of M/V Goldmar, thus generating a revenue stream for Excel of about $ 17,000 per month or about $ 200,000 annually.

CEO Christopher Georgakis commented, “The sale of the M/V Goldmar, one of our older vessels, has been concluded within the context of our strategy of taking advantage of the strength of the shipping markets and continuing with our fleet renewal program.

"Following this sale, the average age of our fleet is further reduced to 14.5 years."

FLEET PROFILE
The profile of Excel Maritime's fleet as of today is the following:

Vessel Name Type DWT Year Built
Isminaki PANAMAX 74,577 1998
Angela Star PANAMAX 73,798 1998
Elinakos PANAMAX 73,751 1997
Rodon PANAMAX 73,670 1993
Happy Day PANAMAX 71,694 1997
Birthday PANAMAX 71,504 1993
Renuar PANAMAX 70,128 1993
Powerful PANAMAX 70,083 1994
Fortezza PANAMAX 69,634 1994
First Endeavour PANAMAX 69,111 1994
Total Panamax 10 717,950

Emerald HANDYMAX 45,572 1998
Marybelle HANDYMAX 42,552 1987
Attractive HANDYMAX 41,524 1985
Lady HANDYMAX 41,090 1985
Princess I HANDYMAX 38,858 1994
Swift HANDYMAX 37,687 1984
Total Handymax 6 247,283

Grand Total 16 965,233 Av. Age: 14.5

The Company agreed to acquire mv GOLDMAR (ex MARIA. ex JIN FENG)  back in November 15, 2004, for a purchase price of $11.92 million and took delivery of her on 3rd January 2005.