Excel Maritime Carriers Enters Into a Time Charter Agreement for M/V Happy Day at $25,500 per Day

ATHENS, GREECE -- (MARKET WIRE) -- December 4, 2006 -- Excel Maritime Carriers Ltd (NYSE: EXM), 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 chartered M/V Happy Day for a period of 23 to 25 months at US $25,500 per day to a first-class European charterer. The vessel will be delivered into charter on December 09, 2006.

M/V Happy Day is a Panamax dry bulk carrier of 71,694 dwt, built in 1997 in Japan, which the company acquired and took delivery of in April 2005.

CEO Christopher Georgakis commented, "We continue to take advantage of the strength of the dry bulk markets and in this context we are pleased to announce that we have secured M/V Happy Day under a profitable long-term employment to a first-class charterer. Our strategy is to enhance our earnings visibility with stable and predictable cash flows by securing long-term charters for our vessels at the appropriate time. Furthermore, we believe that the current deployment of our fleet enables us to continue taking advantage of the strong shipping markets. Following this charter agreement, 70% of our fleet operating days for the fourth quarter of 2006 and 35% for 2007 are fixed under short- and long-term time charters."

Fleet Deployment (as of December 04, 2006)

Vessel             Year                        Charter     Charter  Charter
Name         DWT   Built   Type  Deployment  Commencement  Period    Hire

Isminaki   74,577  1998  Panamax   Period     2/25/2005    24-26    $31,250
                                                           months

Birthday   71,504  1993  Panamax   Period      4/1/2005    24-26    $28,100
                                                           months

First      69,111  1994  Panamax   Period      5/7/2005    24-25    $28,500
Endeavour                                                  months

Angela     73,798  1998  Panamax   Period     10/27/2006   24-26    $26,500
Star                                                       months

Powerful   70,083  1994  Panamax   Period     4/12/2005      24     $28,000
                                                           months

Happy      71,694  1997  Panamax   Period     12/09/2006   23-25    $25,500
Day                                                        months

Rodon      73,670  1993  Panamax   Period     11/28/2006  20-23.5   $24,000
                                                           months

Fortezza   69,634  1994  Panamax   Period      8/30/2006   12-14    $28,000
                                                           months

Emerald    45,572  1998  Handymax  Period      7/8/2006    11-13    $20,000
                                                           months

Attractive 41,524  1985  Handymax  Period      2/4/2006    11-13    $14,000
                                                           months

Elinakos   73,751  1997  Panamax   Period      7/28/2006   11-12    $22,000
                                                           months

Renuar     70,128  1993  Panamax   Short       7/3/2006     4-6     $23,500
                                   Period                  months

Princess I 38,858  1994  Handymax  Short       4/25/2006    4-6     $14,000
                                   Period                  months

Vessel             Year
Name         DWT   Built   Type  Deployment

Marybelle  42,552  1987  Handymax   Spot

Lady       41,090  1985  Handymax   Spot

Goldmar    39,697  1984  Handymax   Spot

Swift      37,687  1984  Handymax   Spot

The Company 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. The company's current fleet consists of 17 vessels (ten Panamax and seven Handymax vessels) with a total carrying capacity of 1,004,930 dwt. The Company was incorporated in 1988 and its common stock had been listed on the American Stock Exchange (AMEX) since 1998. As of September 15, 2005, Excel Maritime is listed on the New York Stock Exchange (NYSE), trading under the symbol EXM. For more information about the Company, please go to our corporate website www.excelmaritime.com.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company 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. 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 the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact Information: Contact: Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail: nbornozis@capitallink.com www.capitallink.com Company: Christopher Georgakis Chief Executive 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: info@excelmaritime.com http://www.excelmaritime.com