Excel Maritime Carriers Ltd. (Excel) is engaged in providing worldwide sea borne transportation services for drybulk cargo including, among others, iron ore, coal and grain, collectively referred to as major bulks, and steel products, fertilizers, cement, bauxite, sugar and scrap metal, collectively referred to as minor bulks. As of December 31, 2011, the Company owned a fleet of 40 vessels (including one vessel owned through a joint venture in which the Company held a 71.4% interest) and, together with seven vessels under bareboat charters, operated a fleet of 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million deadweight. On January 10, 2011, the Company took delivery of M/V Mairaki from the STX Offshore and Shipbuilding Co Ltd. In February 2011, the Company sold the M/V Marybelle. In August 2011, the Company sold the M/V Lady.