Excel Maritime Announces Confirmation of Plan of Reorganization

       Excel Maritime Announces Confirmation of Plan of Reorganization

Excel's Debt to be Reduced by over $600 Million

Company Expects to Emerge from Chapter 11 in mid-February 2014

PR Newswire

HAMILTON, Bermuda, Jan. 27, 2014

HAMILTON, Bermuda, Jan. 27, 2014 /PRNewswire/ --Excel Maritime Carriers Ltd.
("Excel"), an owner and operator of dry bulk carriers, today announced that
the United States Bankruptcy Court for the Southern District of New York (the
"Court") confirmed the Amended Joint Chapter 11 Plan of Reorganization (the
"Plan"), which has the support of the Company's senior secured lenders and
unsecured creditors. The Plan was unanimously accepted by Excel's two voting
classes, with 100% of the class of secured lenders and approximately 92% of
the class of impaired Excel general unsecured creditors, by value, voting in
favor. Excel expects to emerge from Chapter 11 in mid-February 2014.

Upon completion of the restructuring process, the Company's total prepetition
debt of $920 million will be reduced to approximately $300 million. Gabriel
Panayotides, Chairman of the Board, together with the other members of Excel's
management team, will continue to lead the Company.

Excel's operations have continued in the ordinary course throughout the
restructuring process and it will continue providing high-quality and
efficient seaborne transportation services moving forward.

The Company would like to thank its advisors, Skadden, Arps, Slate, Meagher &
Flom LLP and Miller Buckfire & Co. LLC, as well as the advisors of its
creditors.

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 36 vessels (six Capesize, 14
Kamsarmax, 14 Panamax and two Handymax vessels), one of which, a Capesize
vessel, is owned by a joint venture in which Excel beneficially owns a 71.4%
interest, with a total carrying capacity of approximately 3.3 million DWT. For
more information about Excel, please go to its corporate website
www.excelmaritime.com.

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

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.

Contacts:

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

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: 011-30-210-62-09-520
Fax: 011-30-210-62-09-528
E-Mail: ir@excelmaritime.com
www.excelmaritime.com

SOURCE Excel Maritime Carriers Ltd.

Website: http://www.excelmaritime.com