Excel Maritime Carriers has signed two charter agreements for the M/V Renuar and the M/V Elinakos Panamax bulk carriers.

The Renuar has been chartered for a minimum period of 12 months with an option to further increase two months at a gross daily rate of $22,500, Excel said.

The Elinakos will be used by the charterer for a period of four months to a maximum of six months at a gross rate of $25,000 per day.

The company said that with these fixtures, its time charter coverage for the fourth quarter of 2009 has increased to nearly 70% of the remaining operating days of 2009 and 56% for 2010.