SOURCE: Quintana Maritime Limited

November 13, 2007 08:35 ET

Quintana Maritime Limited Adopts Shareholder Rights Plan and Amends Bylaws

ATHENS, GREECE--(Marketwire - November 13, 2007) - Quintana Maritime Limited (NASDAQ: QMAR) ("Quintana"), an international provider of dry bulk cargo marine transportation services, reported today that its Board of Directors ("Board") adopted a stockholder rights plan ("Rights Plan"). Quintana recently announced that its Board had retained financial advisors to assist in assessing possible alternatives to maximize stockholder value.

Consistent with the practice of many public companies, the Board believes that the Rights are an appropriate measure to protect the interests of the stockholders while the Company pursues its strategic review. The Rights are designed to guard against attempts to take over the Company for a price that the Board determines does not reflect the Company's full value, or which are conducted in a manner or on terms not approved by the Board as being in the best interests of the stockholders.

In connection with the adoption of the Rights Plan, the Board declared a dividend distribution of one preferred share purchase right (a "Right") on each outstanding share of Quintana common stock. The dividend distribution will be made on November 22, 2007 to stockholders of record on that date, and is not taxable to stockholders. The Rights will expire on November 12, 2017.

The Rights Plan is not expected to have any effect on the trading of Quintana's common stock, reported earnings or cash flow per share unless, following certain events set forth in the plan, the rights separate from the underlying common shares and become exercisable.

The rights will become exercisable and trade separately from the common stock upon the earlier of (i) ten days following the public announcement or disclosure that a person or group has acquired beneficial ownership of 15 percent or more of the outstanding Quintana common stock (thereby becoming an Acquiring Person) or (ii) ten business days following the commencement of, or the announcement of an intention to make, a tender offer or exchange offer, that would result in ownership of 15 percent or more of common stock. In such circumstances, each right entitles stockholders to buy one one-thousandth of a share of a new series of junior participating preferred stock at a purchase price of $75.00.

In the event that the rights are triggered, stockholders of record will be able to exercise each right to receive, upon payment of the exercise price, shares of common stock having a market value equal to twice the exercise price. An Acquiring Person will not be entitled to exercise any rights.

The foregoing description of the Rights Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the Rights Plan, which will be filed with the Securities and Exchange Commission.

In addition to the Rights Plan, the Board amended Quintana's bylaws. Previously, action by 10 percent of stockholders eligible to vote was required to call a special meeting of the stockholders. The Board amended that bylaw, now requiring action by 50 percent of stockholders eligible to vote in order to call a special meeting of the stockholders. This amendment was enacted to guard against any coercive actions as Quintana pursues its strategic alternatives.

ABOUT QUINTANA MARITIME LIMITED

Quintana Maritime Limited, based in Greece, is an international provider of dry bulk cargo marine transportation services. As of today, the company owns a fleet of 22 vessels and, together with 7 Panamax vessels under bareboat charters, operates 29 vessels, including 14 Kamsarmax bulkers, 11 Panamax vessels and 4 Capesize vessels with a total carrying capacity of 2,644,043 dwt. The dwt weighted average age of the vessels, excluding the seven vessels on bareboat charters, is 2.8 years. In addition, Quintana has ordered 8 Capesize newbuilding vessels, one of which will be wholly owned and the remaining seven of which will be partially owned through joint ventures. Once all acquisitions and newbuilding orders are completed and assuming no further vessel disposals, Quintana will operate a fleet of 37 dry bulk vessels, including 12 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 4,086,043 dwt. The dwt weighted average age of the whole fleet, including the Capesize vessels on order and excluding the seven vessels sold and leased back, is currently 1.8 years.

Forward-Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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