Excel Maritime Enters into a Year TC for the Panamax Bulk Carrier M/V First Endeavour

ATHENS, GREECE – March 16, 2011 –  Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has entered into a one year time charter agreement for M/V First Endeavour, a 1994 built Panamax bulk carrier with 69,111 dwt carrying capacity, at a gross daily rate of $17,500 with a reputable charterer.

Following this fixture, the Company has:
* 64% of 2011 available days contracted for the whole fleet
* 92% of 2011 and 79% of 2012 available days contracted for the Capesize fleet

Pavlos Kanellopoulos, Chief Financial Officer of the Company commented: “We are pleased to have entered into another time charter on profitable terms and above our break even levels, enhancing our operating  cash flow visibility and continuously driving our fleet daily breakeven rates to lower levels.” 

 

Source: Excel Maritime