Excel Maritime Announces Delivery and Long-Term Time Charter of Newbuild Capesize M/V "Mairaki"

Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, yesterday announced that it has taken delivery of the Newbuild Capesize, M/V Mairaki.

The Company has taken delivery of the newbuild Capesize vessel M/V Mairaki today from the STX Shipyard in South Korea. The vessel has a carrying capacity of 181,000 dwt. Upon its delivery, the M/V Mairaki will be commencing its 5-year time charter with a first class European Charterer, at a gross base rate of $28,000 per day with a 50% profit sharing above the base rate, based on the monthly AV4 BCI time charter rates as published by the Baltic Exchange.
Mr. Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented, "We are very pleased to have taken delivery of the M/V Mairaki which expands our operational fleet to 49 vessels. We continue to implement our balanced charter strategy by securing period employment for our Capesize vessel Mairaki under profitable time charter with profit upside. Our time charter coverage for 2011 stands at 47% leading to an increased cashflow visibility for the year."