Excel Maritime Carriers Enters Into a Time Charter Agreement

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 today that it has chartered M/V Rodon for a period of minimum 20 months and up to about 23.5 months at US $24,000 per day to a first class European charterer. The vessel will be delivered into charter on November 28, 2006. M/V Rodon is a Panamax dry bulk carrier of 73,670 dwt, built in 1993 in Korea, which the company acquired and took delivery of in June 2005.