SOURCE: Quintana Maritime Limited

July 12, 2007 16:05 ET

Quintana Maritime Limited Completes Pricing of the Remaining Nine Kamsarmax Vessels for 2010 at the Ceiling Rate of Approximately $22,000 Per Day

ATHENS, GREECE--(Marketwire - July 12, 2007) - Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has secured the final nine Kamsarmaxes under its master time charter with Bunge S.A. for 2010 at an average daily rate of approximately $22,000 per day, which is at the ceiling rate of the band for that period. With these fixtures, Quintana has completed its negotiations with Bunge for the entire term of the master time charter, which ends December 31, 2010.

The Company expects to generate approximately $68 million of net revenues in 2010 from these nine vessels. Consequently, almost 68% of Quintana's expected net operating days of the entire fleet are secured at fixed rates in 2010, corresponding to approximately $187 million in expected revenues for the fleet. The Company has already secured approximately 96% of its entire fleet expected net operating days for 2007, 81% for 2008 and approximately 74% for 2009, on fixed charters, corresponding to approximately $215 million, $209 million and $186 million in expected revenues, respectively.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are very pleased to have finalized the pricing negotiations with Bunge for the entire fleet we acquired from Metrobulk in May 2006. Our commitment to provide significant cash flow visibility to our shareholders is of paramount importance to our articulated strategy We believe that these fixtures will solidify the long-term cash flow generation ability of our Company and that, in light of the acquisition price paid for the Metrobulk fleet, will enhance expected returns to our shareholders."

Fleet Table as of July 12, 2007
-------------------------------
                                                                 TC
                                            Year      Age  Expiration Date
CURRENT FLEET              Type       DWT  Built  (in yrs) (minimum period)

Lowlands Beilun         Capesize   170,162  1999      8.2        March 2010
Iron Manolis(A)        Kamsarmax    82,300  2007      0.3     December 2010
Iron Brooke(A)         Kamsarmax    82,300  2007      0.3     December 2010
Iron Miner              Capesize   177,000  2007      0.3      January 2012
Iron Lindrew(A)        Kamsarmax    82,300  2007      0.4     December 2010
Iron Knight(A)           Panamax    76,429  2004      3.1     December 2010
Coal Hunter(A)         Kamsarmax    82,300  2006      0.6     December 2010
Pascha(A)              Kamsarmax    82,300  2006      0.6     December 2010
Coal Gypsy(A)          Kamsarmax    82,300  2006      0.6     December 2010
Iron Anne(A)           Kamsarmax    82,000  2006      0.8     December 2010
Iron Vassilis(A)       Kamsarmax    82,000  2006      1.0     December 2010
Iron Bill (A)          Kamsarmax    82,000  2006      1.1     December 2010
Santa Barbara(A)       Kamsarmax    82,266  2006      1.3     December 2010
Ore Hansa(A)           Kamsarmax    82,229  2006      1.3     December 2010
Iron Kalypso(A)        Kamsarmax    82,204  2006      1.5     December 2010
Iron Fuzeyya(A)        Kamsarmax    82,229  2006      1.5     December 2010
Iron Bradyn(A)         Kamsarmax    82,769  2005      2.4     December 2010
Grain Harvester(A)       Panamax    76,417  2004      2.9         July 2009
Grain Express(A)         Panamax    76,466  2004      3.3     December 2010
Kirmar(B)               Capesize   165,500  2001      5.8        March 2008
Iron Beauty( B)         Capesize   165,500  2001      6.0        April 2010
Coal Pride(E)            Panamax    72,600  1999      7.6     February 2009
Iron Man (C) (J)         Panamax    72,861  1997     10.0        March 2010
Coal Age (C) (J)         Panamax    72,861  1997     10.1    September 2007
Fearless (C) (J)         Panamax    73,427  1997     10.2        March 2008
Barbara (D) (J)          Panamax    73,390  1997     10.4         July 2007
Linda Leah (D) (J)       Panamax    73,390  1997     10.4     February 2008
King Coal (J)            Panamax    72,873  1997     10.5        March 2008
Coal Glory (C) (J)       Panamax    73,670  1995     12.4         June 2008

                                                      4.2
                                                    years
Total Current Fleet   29 Vessels 2,644,043        avg (J)
                      ---------- --------- ----- -------- -----------------



                                            Year      Age
FLEET TO BE DELIVERED       Type     DWT   Built  (in yrs)   Delivery Range

2008
Newbuilding 1(E)        Capesize   180,000  2008        *     November 2008
2010
Newbuilding 2(E) (H)    Capesize   180,000  2010        *        March 2010
Newbuilding 3(F) (I)    Capesize   181,000  2010        *      October 2010
Newbuilding 4(F) (I)    Capesize   181,000  2010        *     December 2010
Newbuilding 5(G) (I)    Capesize   180,000  2010        *          May 2010
Newbuilding 6(G) (I)    Capesize   180,000  2010        *         June 2010
Newbuilding 7(G) (I)    Capesize   180,000  2010        *         July 2010
Newbuilding 8(G) (I)    Capesize   180,000  2010        *       August 2010
Total Fleet to be
 Delivered             8 Vessels 1,442,000
                                                     1.8
                                                   years
TOTAL FLEET           37 Vessels 4,086,043        avg (K)
                      ---------- --------- ----- -------- -----------------

* Under Construction

(A), (B), (C), (D), (E), (F) and (G) indicate sister ships. As of July 12, 2007 Quintana had seven sets of sister ships. All seventeen ships that were acquired from Metrobulk acquisition are sister ships. Sister ships indicate vessels of the same class made in the same shipyard. The sister-ship concept further enhances our operational flexibility and efficiency.

(H) Quintana holds a 42.8% interest in the joint venture that will own this vessel.

(I) Quintana will hold a 50% interest in the joint ventures that will own these vessels.

(J) Upon completion of the previously announced sale and lease-back transaction, Quintana will operate these vessels under bareboat charters through July 2015.

(K) On a dwt weighted average

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 of 29 vessels, including 14 Kamsarmax bulkers, 11 Panamax size vessels and 4 Capesize vessels with a total carrying capacity of 2,644,043 dwt and an average age of 4.2 years on a dwt weighted average. In addition, Quintana has ordered 8 Capesize newbuilding vessels, one of which will be wholly owned and the remaining seven of which are partially owned through joint ventures. Furthermore, the Company has tentatively entered into agreements to sell and lease back 7 of its currently owned Panamax vessels. Once all acquisitions, newbuild orders and sale and lease-back transactions are completed and assuming no further vessel acquisitions or 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 fleet will include 7 Panamax vessels operated under bareboat charters. The deadweight average age of the whole owned fleet, including the Capesize vessels on order and excluding the seven vessels to be sold and leased back, is currently 0.5 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. 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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