SOURCE: Quintana Maritime Limited

January 22, 2008 08:56 ET

Quintana Terminates Sale Process

ATHENS, GREECE--(Marketwire - January 22, 2008) - Quintana Maritime Limited (NASDAQ: QMAR) ("Quintana") announced today that its Board of Directors has concluded its strategic sale process. On October 16, 2007, the Board had announced the start of a process to evaluate alternatives to enhance value for the Company's shareholders. The Company, with the advice of its investment bankers, decided to conduct a comprehensive and thorough sale process. Over the course of the ensuing twelve weeks, the Company established a competitive process as a result of which several indicative proposals were explored and evaluated. None of these proposals resulted in a final proposal that was financially and contractually attractive. After careful consideration and thorough review with both its financial and legal advisors, the Board has concluded that it is in the best interests of the Company at this time to continue on its present course as an independent publicly traded entity. Significant considerations included the recent considerable deterioration in the drybulk charter market and the resulting volatility and decline in the share values of publicly traded companies in the drybulk sector. In addition, the Board was concerned that several of the indicative proposals were contingent on the availability of third party financing in a challenging credit environment. The Board concluded that it would not be appropriate in these circumstances to continue to pursue a business combination at this time. The Board will continue to focus on strategies that will enhance shareholder value, including accretive acquisitions and increased dividends.

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 3.3 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 1.9 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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