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Excel Maritime Reports Results for the Second Half and Year Ended December 31, 2012

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ATHENS, GREECE -- (Marketwire) -- 03/28/13 -- Excel Maritime Carriers Ltd (NYSE: EXM) ("Excel"), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its preliminary unaudited financial highlights for the second half and year ended December 31, 2012.

Financial highlights


---------------------------------------------------------------------------- Year ended Second half December 31,---------------------------------------------------------------------------- 2011 2012 2011 2012---------------------------------------------------------------------------- (amounts in millions of U.S Dollars, except per share data and daily TCE)----------------------------------------------------------------------------Voyage Revenues $ 164.2 $ 114.8 $ 353.4 $ 242.0----------------------------------------------------------------------------Adjusted EBITDA $ 70.8 $ 28.4 $ 162.8 $ 68.4----------------------------------------------------------------------------Time Charter Equivalent (TCE) per day $ 16,670 $ 12,038 $ 17,984 $ 12,743----------------------------------------------------------------------------




Second Half 2012

For the second half of 2012, Excel reported voyage revenues of $114.8 million compared to voyage revenues of $164.2 million for the same period in 2011.

Adjusted EBITDA for the second half of 2012 was $28.4 million compared to $70.8 million for the second half of 2011, a decrease of approximately 59.9%.

An average of 46.0 and 47.2 vessels were operated during the second half of 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $12,038 and $16,670 per day, respectively.

Year Ended December 31, 2012

For the year ended December 31, 2012, Excel reported voyage revenues of $242.0 million compared to voyage revenues of $353.4 million for the year ended December 31, 2011.

Adjusted EBITDA for the year ended December 31, 2012 was $68.4 million compared to $162.8 million for the respective year of 2011, a decrease of approximately 58%.

An average of 46.5 and 47.7 vessels were operated during the year ended December 31, 2012 and 2011, respectively, earning a blended average time charter equivalent rate of $12,743 and $17,984 per day, respectively.

Corporate highlights

The Company is currently in advanced restructuring discussions with its lenders under its syndicated credit facility, dated as of April 14, 2008 (the "Syndicate Lenders"), which include amended amortization schedules and extension of the facility's maturity. While such discussions continue, the Syndicate Lenders have agreed to forbear from exercising their rights in connection with the principal installments that have become due in the current fiscal year, through April 30, 2013. The Company's access to the escrowed funds to fund its equity raising commitment has been similarly extended to April 30, 2013. The Company is in similar discussions with its lenders under its bilateral credit facilities. To date, the Company has not obtained a forbearance from its lenders with respect to other, non-payment related, defaults under its syndicated and bilateral credit facilities. There can be no assurance that the Company will be able to reach an agreement with its lenders and other creditors on such restructuring. Also, the ultimate accounting impact of the restructuring is unknown and will be determined once an agreement on the final terms of such restructuring has been reached.

In addition, three of the vessels that were employed on bareboat charter have been redelivered to their respective owners for an amount of up to $6.0 million payable in cash or in stock up to December 2017, in the latter case at the market price on the date of the stock's issuance in 2017. The remaining four vessels that were employed on bareboat charter have been redelivered to their respective owners, with the claims of the parties being the subject of arbitration.

Fleet Coverage


----------------------------------------------------------------------------Fleet Coverage, as of March 22, 2013 Full Year '13----------------------------------------------------------------------------Capesize Fleet 69%----------------------------------------------------------------------------Kamsarmax / Panamax Fleet 56%----------------------------------------------------------------------------Fleet - Fixed Charters 57%----------------------------------------------------------------------------




As of March 22, 2013, we have secured contract coverage for 69% of the available days of our Capesize vessels and 56% of the available days of our Kamsarmax/Panamax vessels for the year ending December 31, 2013. With respect to the entire fleet, 57% of the available days of 2013 have been fixed.


FINANCIAL DATA AND OTHER OPERATING INFORMATION(In thousands of U.S. Dollars, except for share, per share data and daily results) Year Second Half Ended December 31, 2011 2012 2011 2012CASH FLOW DATA:Net cash provided by (used in) operating activities $ 32,977 $ (284) $ 104,350 $ 3,913Net cash provided by (used in) investing activities $ 7,107 $ 2,652 $ (1,520) $ 2,591Net cash used in financing activities $ (46,061) $ (7,675) $ (114,998) $ (38,325)Total cash at the end of the year - - $ 117,199 $ 77,844ADJUSTED EBITDA: $ 70,797 $ 28,410 $ 162,833 $ 68,351FLEET DATA:Average number of vessels 47.2 46.0 47.7 46.5Available days for fleet 8,469 8,129 17,058 16,280Calendar days for fleet 8,688 8,473 17,407 17,027Fleet utilization 97.5% 95.9% 98.0% 95.6%AVERAGE DAILY RESULTS:Time charter equivalent rate $ 16,670 $ 12,038 $ 17,984 $ 12,743Vessel operating expenses $ 4,857 $ 4,677 $ 4,887 $ 4,685




Glossary of Terms

Average number of vessels: This is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel formed part of our fleet during that period divided by the number of calendar days in that period.

Total calendar days: We define these as the total days we possessed the vessels in our fleet for the relevant period including off hire days associated with major repairs, dry dockings or special or intermediate surveys. Calendar days are an indicator of the size of the fleet over a specific period of time and affect both the amount of revenues and the amount of expenses that are recorded during that period.

Available days: These are the calendar days less the aggregate number of off-hire days associated with major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenue.

Time charter equivalent rate ("TCE"): This is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing revenue generated from voyage charters (net of voyage expenses) by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of financial performance used by other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.


Time Charter Equivalent Calculation (all amounts in thousands of U.S. Dollars, except for Daily Time Charter Equivalent and available days) Year ended Second Half December 31, -------------------- -------------------- 2011 2012 2011 2012 --------- --------- --------- ---------Voyage revenues $ 164,157 $ 114,754 $ 353,397 $ 241,973Voyage expenses and commissions to related parties (22,983) (16,894) (46,632) (34,513) --------- --------- --------- ---------Total revenue, net of voyage expenses $ 141,174 $ 97,860 $ 306,765 $ 207,460 ========= ========= ========= =========Total available days 8,469 8,129 17,058 16,280Daily Time charter equivalent $ 16,670 $ 12,038 $ 17,984 $ 12,743




Daily vessel operating expenses: This includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and is calculated by dividing vessel operating expenses by total calendar days for the relevant time period.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Excel's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters.

Words such as "will" "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements.

Although Excel believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Excel. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to the ability to changes in the demand for dry bulk vessels, competitive factors in the market in which Excel operates; risks associated with operations outside the United States; and other factors listed from time to time in Excel's filings with the Securities and Exchange Commission. Excel expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Excel's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

About Excel Maritime Carriers Ltd

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 39 vessels (seven Capesize, 14 Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels) with a total carrying capacity of approximately 3.6 million DWT. Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998. For more information about Excel, please go to our corporate website www.excelmaritime.com.

Fleet List as of March 22, 2013:


---------------------------------------------------------------------------- Average Vessel Name Dwt Year Charter Daily rate Charter Built Type Expiration---------------------------------------------------------------------------- 1 Mairaki (1) 181,000 2011 Period $28,000 Apr 2016 2 Christine (1) (2) 180,000 2010 Period $25,000 Jan 2016 3 Sandra (1) 180,274 2008 Period $26,500 Nov 2015 4 Iron Miner 177,931 2007 Spot 5 Kirmar 164,218 2001 Spot 6 Iron Beauty 164,218 2001 Period $8,000 Mar 2013 7 Lowlands Beilun (1) 170,162 1999 Period $28,000 Nov 2015 Total Capesize (7) 1,217,803 8 Iron Manolis 82,269 2007 Period $8,500 Jul 2013 9 Iron Brooke 82,594 2007 Period $8,250 Aug 201310 Iron Lindrew 82,598 2007 Period $12,000 Jan 201411 Pascha 82,574 2006 Period $10,500 Sept 201312 Coal Gypsy 82,221 2006 Period $11,250 May 201313 Iron Anne 82,220 2006 Period $9,000 Oct 201314 Iron Vassilis 82,257 2006 Period $11,000 Jul 201315 Iron Bill 82,187 2006 Period $8,250 Oct 201316 Ore Hansa 82,209 2006 Period $11,250 May 201317 Iron Kalypso 82,224 2006 Period $8,250 Sept 201318 Iron Fuzeyya 82,209 2006 Period $11,750 Nov 201319 Santa Barbara 82,266 2006 Period $14,000(floor) Jun 201320 Coal Hunter 82,298 2006 Period $14,000(floor) Jun 201321 Iron Bradyn 82,769 2005 Period $8,000 Dec 2013 Total Kamsarmax (14) 1,152,89522 Grain Harvester 76,417 2004 Period $8,700 Oct 201323 Grain Express 76,466 2004 Period $9,000 Sept 201324 Iron Knight 76,429 2004 Period $8,250 Nov 201325 Coal Pride 72,493 1999 Period $8,000 Aug 201326 Isminaki 74,577 1998 Spot27 Angela Star 73,798 1998 Period $7,500 Jun 201328 Elinakos 73,751 1997 Period $7,500 Sept 201329 Happy Day 71,694 1997 Period $7,000 May 201330 Powerful 70,083 1994 Spot31 First Endeavour 69,111 1994 Spot32 Rodon 73,656 1993 Spot33 Birthday 71,504 1993 Spot34 Renuar 70,155 1993 Spot35 Fortezza 69,634 1993 Spot Total Panamax (14) 1,019,76836 July M 55,567 2005 Spot37 Mairouli 53,206 2005 Period $8,500 May 2013 Total Supramax (2) 108,77338 Emerald 45,588 1998 Spot39 Princess I 38,858 1994 Spot Total Handymax (2) 84,446 Total Fleet (39) 3,583,685 10.6 Average age Yrs----------------------------------------------------------------------------




(1) The charter includes a 50% profit-sharing arrangement over the indicated base daily time charter rate based on the monthly AV4 BCI Time Charter Rate, which is the Baltic Capesize Index Average of four specific time charter routes as published daily by the Baltic Exchange in London.

(2) The Company holds a 71.4% ownership interest in the joint venture that owns the vessel.



Contacts:

Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10169, USA
Tel: (212) 661-7566
Fax: (212) 661-7526

E-Mail: excelmaritime@capitallink.com
www.capitallink.com

Company:
Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Athens, Greece
Tel: +30-210-62-09-520
Fax: +30-210-62-09-528

E-Mail: ir@excelmaritime.com
www.excelmaritime.com