ATHENS, GREECE--(Marketwire - January 25, 2011) -  Excel Maritime Carriers Ltd. ("Excel" or the "Company") (NYSE: EXM) announced today that the Company does not have any business relations or financial exposure to Korea Line Corp., a South Korean shipping company which today filed for bankruptcy in the Seoul Central District Court.

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 42 vessels, among which one Capesize vessel is through a majority joint venture and, together with 7 Panamax vessels under bareboat charters, operates 49 vessels (7 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax vessels) with a total carrying capacity of over 4.2 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

Forward-looking Statements

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Excel Maritime to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Important factors that could cause actual results to differ materially from the results expressed or implied in such forward-looking statements include the risk that the notes offering is not timely consummated or is not consummated at all.

Contact Information:

Investor Relations / Financial Media:
Nicolas Bornozis
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10160 USA
Tel: (212) 661-7566
Fax: (212) 661-7526

Pavlos Kanellopoulos
Chief Financial Officer
Excel Maritime Carriers Ltd.
c/o 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