Excel Maritime Carriers Ltd, an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced today the cancellation of four shipbuilding contracts for the construction of four bulk carrier vessels of 180,000 dwt each. The Company entered into the aforementioned contracts in December 2006 with Korea Shipyard Co. Ltd.

With no guarantees exchanged or payments made under the contracts, and following no indication from Korea Shipyard Co. Ltd that the vessels were going to be built and delivered, Excel has successfully cancelled the shipbuilding contracts on the basis of delay by the shipyard, without any penalties.

The cancellation has no impact on the Company’s financial position and will not affect the Company’s financial statements.

Pavlos Kanellopoulos, Chief Financial Officer of the Company, commented: “We are pleased to report the deletion of these 4 shipbuilding contracts from a greenfield yard, without any financial impact for the Company.”