FOR IMMEDIATE RELEASE EXCEL MARITIME REACHES AGREEMENTS TO STRENGTHEN ITS FINANCIAL FOUNDATION Company to Receive Equity Investment of Up to $50 Million Excel Maritime will Access Additional $30 Million of Restricted Cash and will Restructure Debt Under Agreement with Senior Lenders Hamilton, Bermuda - June 11, 2013 - Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, today announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a financial restructuring to strengthen its balance sheet.

Through this agreement, Excel Maritime expects to reduce its funded indebtedness and enhance its liquidity profile with the support of its senior lenders as it continues to provide first class service as a premier provider of dry bulk transportation services.
Under the terms of the agreement Excel will receive: