Excel Maritime Announces Filing of Recast Financial Information Resulting From Adoption of New Accounting Principles

ATHENS, GREECE, Jun 01 (MARKET WIRE) --
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 filed a Report
on Form 6-K (the "Form 6-K") containing its consolidated financial
statements and related information and data as of and for the year ended
December 31, 2008, that have been adjusted to reflect its adoption of
Statement of Financial Accounting Standards No. 160, "Non-controlling
Interests in Consolidated Financial Statements -- an amendment of
Accounting Research Bulletin No.51" and FSP No. APB 14-1, "Accounting for
Convertible Debt Instruments That May Be Settled in Cash upon Conversion
(Including Partial Cash Settlement)," as well as the change in the method
of accounting for dry docking and special survey costs from the deferral
method to the direct expense method discussed in the notes to the
consolidated financial statements included in the Form 6-K. The Form 6-K
provides retrospective information to show the effect of the changes in
accounting principles that the Company implemented effective January 1,
2009 to the financials appearing in the Company's annual report on Form
20-F for the year ended December 31, 2008 filed on May 1, 2009, which
includes financial statements for the fiscal years 2006, 2007 and 2008.

The consolidated financial statements contained in the Form 6-K are
audited, and supersede the consolidated financial statements included in
the Company's Annual Report on Form 20-F filed on May 1, 2009. Except to
the extent relating to the updating of the Company's consolidated
financial statements and other financial information described above, the
consolidated financial statements and other disclosures in the Form 6-K do
not reflect any changes from that included in the Company's Annual Report
on Form 20-F filed on May 1, 2009 (except Note 19(g) and (h)).

ABOUT EXCEL MARITIME CARRIERS LTD

Excel 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. Excel owns a fleet of 40 vessels and, together with 7 Panamax
vessels under bareboat charters, operates 47 vessels (5 Capesize, 14
Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total
carrying capacity of approximately 3.9 million DWT. Excel Class A common
shares have been listed since September 15, 2005 on the New York Stock
Exchange (NYSE) under the symbol EXM and, prior to that date, were listed
on the American Stock Exchange (AMEX) since 1998. For more information
about the Company, please go to our corporate website
www.excelmaritime.com.

Contacts:

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: excelmaritime@capitallink.com
www.capitallink.com

Company:

Eleftherios Papatrifon
Chief Financial Officer
c/o 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: ir@excelmaritime.com
www.excelmaritime.com

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