Excel Maritime breaks through one million tons barrier
Two additions to the bulk fleet bring capacity over the million mark

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 recently that it has entered into agreements to acquire two Supramax bulk carriers  for US $63 million per vessel.

These vessels are the ones we reported just recently as being sold by Eitzen Bulk, the SIBULK DEDICATION and SIBULK INTEGRITY

SIBULK INTEGRITY will be rename the JULY M and was built in 2005 at Oshima Shibuilding Co. Ltd. in Japan whilst SIBULK DEDICATION will become the mv MAIROULI. She was built in 2005 at Imabari Shipbuilding Co. Ltd. in Japan


The vessels are expected to be delivered to the Company within the fourth quarter 2007. Upon delivery of the vessels, the Company will have a fleet of ten Panamax, two Supramax and six Handymax vessels with a total carrying capacity of 1,074,022 deadweight tons with an average age of 12.9 years.

CEO Christopher Georgakis commented,

 “We are very pleased to announce the acquisition of two modern Supramax vessels, which is consistent with our overall fleet expansion and renewal strategy.

"We believe these acquisitions will enhance our Company’s ability to meet the growing global demand of dry bulk shipping. In addition, we plan to continue to seek acquisition opportunities as they may arise to further expand our dry bulk fleet. Based on our fleet deployment strategy, we will seek to deploy these vessels in the period market at the appropriate time, in order to further enhance our revenues and profitability, while generating strong and predictable cash flows for the longer term”.