11:00AM New York – Excel Maritime edged higher after it reported net income surge of 213% and revenue rise of 94%.

Excel Maritime Carriers Ltd. a dry bulk shipping carrier today reported revenues increased 94% from operations for the first quarter to $69.8 million compared to $36 million for the same period of 2007.

Net income increased 213% to $38.5 million or $1.93 per diluted share compared to $12.3 million or $0.61 per diluted share for the same quarter of 2007.

Average of 18 vessels were operated during the first quarter of 2008 earning a blended average time charter equivalent rate of $41,754 per day, compared to an average of 17 vessels operated during the first quarter of 2007 earning a blended average time charter equivalent rate of $22,485 per day.

The Company completed the acquisition of Quintana Maritime Limited for approx $1.5 billion in cash and stock on April 15, 2008. Merger created one of the largest dry bulk shipping companies in the industry and in the United States.

The combined company has an operating fleet of 47 vessels with a total carrying capacity of approximately 3.7 million DWT. The first quarter 2008 results do not include those of Quintana, as the acquisition was completed as of April 15, 2008.

Second half revenues expected at $188 million

The combined fleet charter coverage, after the acquisition of Quintana’s fleet, for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately 75%, 60% and 52% respectively. The company estimates net revenues under fixed time charters for the second half of 2008 and for the full years 2009 and 2010 is expected to be approximately $188 million, $299 million and $241 million respectively.

The revenue estimate for the second half of the year and for the years 2009 and 2010 suggests average daily rates of $75,000 for ship charter.

The company expects to receive 8 vessels with 1.44 DWT between December 2008 and August 2010. The company leads the ocean dry bulk shipping companies listed on the U.S. stock exchanges with a total of 3.7 million DWT followed by DryShips with 3.1 million DWT, Navios with 2.2 million DWT, Genco 1.9 million DWT, Diana 1.8 million DWT and Eagle with 0.9 million DWT.

Excel Maritime (EXM: chart) stock in the last one year of trading reached as high as $81.38 on October 31, 2007 and as low as $24.76 on March 17, 2008. Excel in the morning hours today traded up $2.18 to $59.94.