SOURCE: Quintana Maritime Limited

January 18, 2007 08:00 ET

Quintana Maritime Limited Enters Into a Time Charter Agreement for Coal Pride at $26,500 per Day

ATHENS, GREECE -- (MARKET WIRE) -- January 18, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has entered into a charter agreement with BHP Billiton for Coal Pride, a 72,600 dwt, 1999-built Panamax bulk carrier. The charter is for a period of a minimum of 23 to a maximum of 26 months at a gross daily rate of $26,500. The charter is expected to commence at the end of February 2007.

This employment is expected to generate approximately $18 million of gross revenues during the minimum period of the charter. With this charter, almost 93% of the expected net operating days of Quintana's fleet are secured under time charters for 2007.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to announce the fixture of Coal Pride at a profitable rate with one of the largest mining companies of iron ore in the world, taking advantage of the strong freight rate environment. This charter reaffirms Quintana's commitment to long-term charters that generate predictable cash flows, consistently enhancing shareholders' returns."

Fleet Table as of January 18, 2007

                                                       TC Expiration
                                     Year      Age     Date (minimum
CURRENT FLEET     Type       DWT     Built   (in yrs)   period)
Coal Hunter      Kamsarmax   82,300  2006        0.1    December 2010
Pascha           Kamsarmax   82,300  2006        0.1    December 2010
Coal Gypsy       Kamsarmax   82,300  2006        0.2    December 2010
Iron Anne        Kamsarmax   82,000  2006        0.3    December 2010
 Vassilis(A)     Kamsarmax   82,000  2006        0.5    December 2010
Iron Bill  (A)   Kamsarmax   82,000  2006        0.6    December 2010
Santa Barbara    Kamsarmax   82,266  2006        0.8    December 2010
Ore Hansa        Kamsarmax   82,229  2006        0.8    December 2010
                ---------- -------- ----- ---------- ----------------

Iron Kalypso     Kamsarmax    82,204 2006        1.0     December 2010
Iron Fuzeyya(A)  Kamsarmax    82,229 2006        1.0     December 2010
Iron Bradyn(A)   Kamsarmax    82,769 2005        1.9     December 2010
Grain Harvester    Panamax    76,417 2004        2.4    September 2009
Grain Express      Panamax    76,466 2004        2.8     December 2010
Kirmar( B)        Capesize   165,500 2001        5.3  February 2007(C)
Iron Beauty( B)   Capesize   165,500 2001        5.5        April 2010
Coal Pride         Panamax    72,600 1999        7.1     February 2007
Iron Man (D)       Panamax    72,861 1997        9.6        March 2010
Coal Age (D)       Panamax    72,861 1997        9.6         June 2007
Fearless 1(D)      Panamax    73,427 1997        9.7        March 2008
Barbara (E)        Panamax    73,390 1997       10.0         June 2007
Linda Leah (E)     Panamax    73,390 1997       10.0         June 2008
King Coal          Panamax    72,873 1997       10.1        March 2008
Coal Glory (D)     Panamax    73,670 1995       11.9         June 2008
Total Current                             4.3 years
 Fleet          23 Vessels 1,973,552         avg (F)
                ---------- --------- ---- ---------- -----------------

FLEET TO BE                          Year   (in
 DELIVERED        Type       DWT     Built years)  Delivery Range
Iron Knight        Panamax    76,429  2004    2.6            Jan 07
Iron Lindrew     Kamsarmax    82,300     *               Jan-Feb 07
Iron Brooke      Kamsarmax    82,300     *                   Mar 07
Iron Miner        Capesize   177,000     *                   Mar 07
Iron Manolis     Kamsarmax    82,300     *                   May 07
Total Fleet to
 be Delivered    5 Vessels   500,329
TOTAL FLEET     28 Vessels 2,473,881
                ---------- --------- ----- ------ -----------------

* Under Construction

(A), (B), (D), and (E) indicate sister ships. As of January 18, 2006 Quintana had four sets of sister ships, including the vessels recently acquired from Metrobulk. All seventeen ships that are part of the 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.

(C) Kirmar's charter may be extended by up to six months, until September 2007, at the current rate of $26,500 per day at the charterer's option.

(F) On a dwt weighted average


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 23 vessels, including 11 Kamsarmax bulkers, 10 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,973,552 dwt and an average age of 4.5 years on a dwt weighted average. It has also entered into agreements to acquire 4 additional vessels, including 1 Panamax and 3 Kamsarmax bulkers with expected delivery between January and May 2007 and with an aggregate capacity of 323,329 dwt. In addition, Quintana has recently entered into an agreement to acquire 1 Capesize vessel of 177,000 dwt with expected delivery between March and April 2007. Once all acquisitions are completed Quintana will have a fleet of 28 dry bulk vessels, including 3 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,473,881 dwt and an average age of 3.4 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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