Excel Maritime agrees charter of two of its ships
Bulk carriers POWERFUL and PRINCESS 1 go to European charterers

 

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 on Friday  that it has entered into time charter agreements for the M/V Powerful and the M/V Princess I.

The M/V Powerful has been chartered for a period of about 23 up to about 25 months at US$39,000 per day to a first class European charterer. The vessel will be delivered into charter within July 2007.

M/V Powerful is a Panamax dry bulk carrier of 70,083 dwt, built in 1994, which the company acquired in March 2005.
The M/V Princess I has been chartered for a period of minimum 22 to about 24 months at US $30,000 per day to a first-class European charterer. The vessel will be delivered into charter on July 17, 2007. M/V Princess is a Handymax dry bulk carrier of 38,858 dwt, built in 1994, which the company acquired in February 2005.


CEO Christopher Georgakis commented, “Consistent with our strategy of employing the
majority of our vessels on long term time charters, we have continued to take advantage of
the strong freight rate environment, and in this respect we are pleased to announce that we
have secured M/V Powerful and M/V Princess I at profitable long term employment to first
class charterers. Following these time charter agreements, 53% of our fleet operating days
for the second half of 2007 63% for the full year 2007 and 40% for the full year 2008 are
fixed under short - and long - term time charters. This fleet deployment strategy enables us
to generate strong and predictable cash flows for the longer term, while also taking
advantage of market opportunities as they arise, thereby maximizing our performance for
the long term.”