NYSE - Opening Bell Ceremony

Excel Maritime
October 28, 2005

From left: Dr. Gregory J Timagenis, Senior Partner, Law Office Gr. J. Timagenis, Greece - Ismini Panayotides - Catherine Kinney, President and Co-Chief Operating Officer, NYSE - Christopher Georgakis, President & CEO, Excel Maritime Carriers Ltd - Gabriel Panayotides, Chairman of the Board, Excel Maritime Carriers Ltd - Eleftherios Papatryfon, CFO, Excel Maritime Carriers Ltd - Christian Bock, HSH Nordbank, New York - Gary Wolfe, Seward & Kissel, New York.