Excel Maritime Reaches Agreements To Strengthen Its Financial Foundation

   Excel Maritime Reaches Agreements To Strengthen Its Financial Foundation

Company to Receive Equity Investment of Up to $50 Million

Excel Maritime will Access Additional $30 Million of Restricted Cash and will
Restructure Debt Under Agreement with Senior Lenders

PR Newswire

HAMILTON, Bermuda, June 11, 2013

HAMILTON, Bermuda, June 11, 2013 /PRNewswire/ -- 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,
today announced that it has reached an agreement in principle with a steering
committee of its senior lenders on the terms of a financial restructuring to
strengthen its balance sheet.

Through this agreement, Excel Maritime expects to reduce its funded
indebtedness and enhance its liquidity profile with the support of its senior
lenders as it continues to provide first class service as a premier provider
of dry bulk transportation services.

Under the terms of the agreement Excel will receive:

  oUp to $50 million infusion of capital as a result of an agreement between
    the senior lenders and an entity affiliated with the family of Gabriel
    Panayotides, Excel Maritime's Chairman of the Board of Directors. Under
    the terms of that agreement the entity affiliated with the family of Mr.
    Panayotides will receive a majority of the equity in Excel.
  oThe release of an additional $30 million of currently restricted cash.

As part of the agreement, the Company's senior lenders' steering committee has
agreed to an extension of the maturity of the company's senior secured
facility through 2018 as well as significant amortization and covenant relief
in line with the current outlook of the market. The senior lenders will
receive an equity stake in the Company, while current management continues to
operate the business.

"We are pleased to have reached this agreement with our senior lenders'
steering committee," said Mr. Panayotides. "Like other companies in our
industry, Excel Maritime has been impacted by macro-economic conditions that
have led to volatility and overall declines in charter rates. Securing up to
$80 million of additional liquidity significantly strengthens our financial
profile and positions Excel Maritime for future growth and success." 

"We look forward to maintaining our strong relationships with charterers,
reflecting the Company's superior worldwide fleet operation and performance.
As always, Excel Maritime remains committed to providing high-quality and
efficient seaborne transportation services to our clients without any
interruption in operations."

Excel and certain of its subsidiaries are commencing solicitation of senior
secured lenders and other creditors in order to implement the restructuring
through a court supervised prepackaged plan of reorganization.

For more information on the terms of the plan of reorganization please refer
to the report on Form 6-K which the Company has filed. This press release
shall not constitute an offer to sell or the solicitation of any offer to buy
any securities of the Company.

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 currently owns and operates a fleet of 38 vessels (six Capesize, 14
Kamsarmax, 14 Panamax, two Supramax and two Handymax vessels), one of which, a
Capesize vessel, is owned by a joint venture in which Excel holds a 71.4%
interest, 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 its corporate website

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. 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 new time charters.

Words such as "will," "should," "expect," "intend," "plan," "believe,"
"anticipate," "hope," "estimate," and variations of such words and similar
expressions, which are predictions of, or indicate future events and future
trends, which do not relate to historical matters, identify forward-looking

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. Shareholders and prospective
investors are cautioned not to place undue reliance on these forward-looking

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 (and from past results, performance and
achievements). Factors that could cause actual results to differ materially
include, but are not limited to, changes in 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 U.S. Securities and Exchange Commission.
These forward-looking statements are made as of the date hereof and are not
intended to give any assurance as to future results. Excel expressly disclaims
any obligation or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein, whether to reflect new
information, changes in events, conditions or circumstances on which such
statements are based, or otherwise.



Andy Brimmer / Andrew Siegel / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Investor Relations:

Nicolas Bornozis
Capital Link, Inc.
(212) 661-7566


Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia &
Finikos Street
145 64 Nea Kifisia

Athens, Greece
Tel: 011-30-210-62-09-520
Fax: 011-30-210-62-09-528
E-Mail: ir@excelmaritime.com 

SOURCE Excel Maritime Carriers Ltd.

Website: http://www.excelmaritime.com
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