SOURCE: Quintana Maritime Limited

January 23, 2006 16:30 ET

Quintana Maritime Limited Announces the Extension of Time Charter Agreement for the M/V Coal Age

ATHENS, GREECE -- (MARKET WIRE) -- January 23, 2006 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has extended its time charter agreement for the M/V Coal Age for a period of four to six months at a daily rate of USD $17,500 per day. Coal Age's current time charter agreement was set to expire in early April 2006. M/V Coal Age is a Panamax bulk carrier built in 1997 with a carrying capacity of 72,861 dwt.

Stamatis Molaris, Chief Executive Officer of Quintana Maritime Limited, stated, "Our strategy has been to maximize the generation of stable and predictable cash flows for our shareholders by predominantly employing our vessels under period charters. I am pleased that we have secured an extension of M/V Coal Age's employment for a period of four to six months at a profitable rate. As of today, 59.3% and 50.1% of the net operating days of our total fleet for 2006 and 2007 have already been secured under time charters, generating net revenues of $51.6 million and $44.3 million, respectively."

ABOUT QUINTANA MARITIME LIMITED

Quintana Maritime Limited, based in Greece, is an international provider of dry bulk cargo marine transportation services. The company currently owns and operates a fleet of eight Panamax size vessels and two Capesize vessels with a total carrying capacity of 916,072 dwt and an average age of 7.2 years.

FORWARD-LOOKING STATEMENTS

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. 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.

Visit our website at www.quintanamaritime.com

Contact Information

  • Company Contact:
    Paul J. Cornell
    Chief Financial Officer
    Tel. 713-751-7525
    E-mail: Email Contact

    Investor Relations / Financial Media:
    Paul Lampoutis
    Capital Link, Inc, New York
    Tel. 212-661-7566
    E-mail: Email Contact