Excel Enters Charter Agreement

Excel Maritime Carriers Ltd has chartered M/V Angela Star for a period of about 24 to 26 months at $26,500 per day to a reputable European charterer. The vessel will be delivered into charter by early November 2006. M/V Angela Star is a Panamax dry bulk carrier of 73,798 dwt, built in 1998 in Japan, which the company acquired and took delivery of in March 2005.