Excel Maritime Carriers Ltd an owner and operator of dry bulk carriers and a provider of worldwide seaborne
transportation services for dry bulk cargoes, announced today that it has agreed to sell the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in
Japan, to an affiliated company for $15.85 million net of commissions.

The sale has been approved by the company’s Board of Directors and the vessel was delivered to the buyer the week commencing May 7, 2007. Excel Maritime expects to realize a book gain of approximately $6.2 million from this sale.

Maryville Maritime, Inc., a wholly owned subsidiary of Excel Maritime, will continue as the technical manager of M/V Goldmar, thus generating a revenue stream for Excel of about $ 17,000 per month or about $ 200,000 annually.

CEO Christopher Georgakis commented, “The sale of the M/V Goldmar, one of our older vessels, has been concluded within the context of our strategy of taking advantage of the strength of the shipping markets and continuing with our fleet renewal program.

"Following this sale, the average age of our fleet is further reduced to 14.5 years."