Excel in $2.5 Billion Greek Marine Transporter Acquisition

February 6, 2008

Cleary Gottlieb is representing Citigroup Global Markets Inc. in its capacity as financial advisor to Quintana Maritime Limited, which is being acquired by Excel Maritime Carriers Ltd. for $2.45 billion in cash and stock.

Quintana, based in Greece, is an international provider of dry bulk cargo marine transportation services. Quintana currently operates a fleet of 29 vessels with a total carrying capacity of 2,644,043 DWT tons.

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. Excel's current fleet consists of 18 vessels with a total carrying capacity of 1,074,022 DWT tons.