EXM Enters Into New Time Charter Agreements for Seven of Its Kamsarmax Vessels

Dry bulk operator Excel Maritime Carriers Ltd (EXM) announced today that it has entered into new time charter agreements for seven of its Kamsarmax vessels to first class charterers. More specifically, the vessels:

• M/V Iron Manolis (2007, 82,269 dwt)
• M/V Iron Anne (2006, 82,220 dwt)
• M/V Iron Brooke (2007, 82,594 dwt)
• M/V Iron Lindrew (2007, 82,598 dwt), were fixed under separate time charters for a period of 11 to 13 months at a daily rate linked to the Baltic Panamax Index (BPI) with a guaranteed minimum rate (floor).

EXM gained $0.07 to $5.60 in extended trading. The shares, down 13.32 percent this year, dropped 7 cents earlier today, closing at $5.53 on the New York Stock Exchange.