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Excel Mar. chartered for vessels

Excel Mar. chartered for vessels
Excel Maritime Carriers Ltd, announced yesterday that it has entered into new time charter agreements for vessels.

Excel Maritime Enters Into Time Charter Agreements for Four Panamax Vessels.

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced yesterday that it has entered into new time charter agreements for the following vessels: On February 25, 2010, the M/V Linda Leah, a 73,390 dwt, Panamax vessel built in 1997, was fixed under a new time charter for a period of 12 to 14 months at a daily gross rate of $24,000. The vessel is expected to be delivered to her new charterers by mid March 2010.
On February 26, 2010, the M/V Coal Glory, a Panamax vessel of 73,670 dwt built in 1995, was fixed under a new time charter for a period of 13 to16 months at a daily gross rate of $24,000. The vessel is expected to be delivered to her new charterers by mid March 2010.
On February 26, 2010, the M/V Coal Pride, a 72,493 dwt, 1999-built Panamax bulk carrier, was fixed under a new time charter for a period of 13 to 16 months at a daily gross rate of $24,000. The vessel is expected to be delivered to her new charterers by mid March 2010.
Today, the M/V Grain Harvester, a 76,417 dwt, 2004-built Panamax bulk carrier, was fixed under a new time charter for a period of 13 to 15 months at a daily gross rate of $30,000. The vessel is expected to be delivered to her new charterers by end of March 2010.

Lefteris Papatrifon, Chief Financial Officer of Excel, stated, "We are pleased to have announced these four vessel fixtures at profitable rates with first class European charterers. Our time charter coverage for 2010 now stands at 65%. Consistent with our balanced fleet deployment strategy, these charters reaffirm the Company's commitment to generate predictable cash flows and enhance shareholder value."

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. 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.

www.turkishmaritime.com.tr

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