SOURCE: Quintana Maritime Limited

September 21, 2006 09:00 ET

SEC Declares Quintana Maritime Limited Form S-3 Registration Statement Effective

ATHENS, GREECE -- (MARKET WIRE) -- September 21, 2006 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that the Securities and Exchange Commission has declared effective its Form S-3 registration statement, covering the resale by selling holders named therein of up to 8,182,232 Class A Warrants (the "Warrants") and up to 33,751,694 shares of common stock, which includes the common stock issuable to the selling holders upon conversion of the Warrants. This registration statement also covers the shares of common stock issuable upon the exercise of the Warrants by persons other than the selling holders named in the registration statement.

Assuming no exercise of the Warrants, Quintana Maritime will have 49,717,704 shares of common stock outstanding. Assuming the exercise of all Warrants to purchase common shares, Quintana Maritime will have a total of 57,899,936 shares of common stock outstanding.

Quintana Maritime has applied to have the Warrants included for quotation on the NASDAQ Global Market under the ticker symbol "QMARW."

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus.

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 and operates a fleet 17 vessels, including 6 Kamsarmax bulkers, 9 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,486,396 dwt and an average age of 5.1 years on a dwt weighted average. It has also entered into agreements to acquire 10 additional vessels, including 2 Panamaxes and 8 Kamsarmax bulkers with expected delivery between September 2006 and May 2007 and with an aggregate capacity of 810,919 dwt. Once all acquisitions are completed Quintana will have a fleet of 27 dry bulk vessels, including 2 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,297,315 dwt and an average age of 4.0 years on a dwt weighted average.

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. 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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