SOURCE: Quintana Maritime Limited

April 30, 2007 09:00 ET

Quintana Maritime Limited Prices Bunge Charters for 2009 at $21,800 per Day

ATHENS, GREECE -- (MARKET WIRE) -- April 30, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has secured fourteen Kamsarmaxes and three Panamaxes, which were acquired from Metrobulk, under its master time charter with Bunge S.A. for 2009 at an average daily rate of approximately $21,800 per day, which is the ceiling of the rate band for that period.

The newly fixed vessels were delivered to Quintana from August 2006 to April 2007. Sixteen of the seventeen vessels are already on long-term charter under a master time charter to Bunge S.A., a wholly owned subsidiary of Bunge Limited (NYSE: BG), an integrated global agribusiness. An additional Panamax, Grain Harvester, is fixed on a separate time charter with Bunge through September 2009 at $20,000 per day and was delivered to Quintana in September 2006. As part of the 2009 negotiations, Grain Harvester will become subject to the master time charter upon expiration of its existing charter in late 2009.

As a result of these fixtures, almost 74% of Quintana's expected net operating days of the entire fleet are secured on time charters in 2009, corresponding to approximately $186 million in expected net revenues. The Company has already secured approximately 96% of the full fleet's expected net operating days for 2007 and approximately 81% for 2008 on fixed charters, corresponding to approximately $215 million and $209 million in expected revenues, respectively.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to have priced with our major customer all 17 vessels almost two years in advance. Our Company will enjoy a secured stream of net revenues through the end of 2009 in excess of $610 million from the part of our fleet currently under fixed charters. Our strategy to deploy a significant part of our fleet with long term charters enhances our ability to deliver consistent long term returns and value to our shareholders."

Fleet Table as of April 30, 2007

                                           Year    Age   TC Expiration Date
CURRENT FLEET           Type       DWT    Built  (in yrs)  (minimum period)
                      ---------  -------  -----  ------- ------------------
Lowlands Beilun(C)     Capesize  170,162   1999     8.0          March 2010
Iron Manolis(A)       Kamsarmax   82,300   2007     0.1       December 2010
Iron Brooke(A)        Kamsarmax   82,300   2007     0.1       December 2010
Iron Miner             Capesize  177,000   2007     0.1        January 2012
Iron Lindrew(A)       Kamsarmax   82,300   2007     0.2       December 2010
Iron Knight(A)          Panamax   76,429   2004     2.9       December 2010
Coal Hunter(A)        Kamsarmax   82,300   2006     0.4       December 2010
Pascha(A)             Kamsarmax   82,300   2006     0.4       December 2010
Coal Gypsy(A)         Kamsarmax   82,300   2006     0.4       December 2010
Iron Anne(A)          Kamsarmax   82,000   2006     0.6       December 2010
Iron Vassilis(A)      Kamsarmax   82,000   2006     0.8       December 2010
Iron Bill (A)         Kamsarmax   82,000   2006     0.9       December 2010
Santa Barbara(A)      Kamsarmax   82,266   2006     1.1       December 2010
Ore Hansa(A)          Kamsarmax   82,229   2006     1.1       December 2010
Iron Kalypso(A)       Kamsarmax   82,204   2006     1.3       December 2010
Iron Fuzeyya(A)       Kamsarmax   82,229   2006     1.3       December 2010
Iron Bradyn(A)        Kamsarmax   82,769   2005     2.2       December 2010
Grain Harvester(A)      Panamax   76,417   2004     2.7           July 2009
Grain Express(A)        Panamax   76,466   2004     3.1       December 2010
Kirmar( B)             Capesize  165,500   2001     5.6          March 2008
Iron Beauty( B)        Capesize  165,500   2001     5.8          April 2010
Coal Pride(E)           Panamax   72,600   1999     7.4       February 2009
Iron Man (C)            Panamax   72,861   1997     9.8          March 2010
Coal Age (C)            Panamax   72,861   1997     9.9      September 2007
Fearless 1(C)           Panamax   73,427   1997    10.0          March 2008
Barbara (D)             Panamax   73,390   1997    10.2           July 2007
Linda Leah (D)          Panamax   73,390   1997    10.2       February 2008
King Coal               Panamax   72,873   1997    10.3          March 2008
Coal Glory (C)          Panamax   73,670   1995    12.2           June 2008
                      ---------  -------  -----  ------- ------------------
Total Current Fleet  29 Vessels 2,644,043        4.0 years
                                                  avg (I)

FLEET TO BE                                Year    Age
DELIVERED               Type       DWT    Built  (in yrs)  Delivery Range
                      ---------  -------  -----  ------- ------------------
Newbuilding 1(E) (G)   Capesize  180,000   2010      *           March 2010
Newbuilding 2(F) (H)   Capesize  181,000   2010      *         October 2010
Newbuilding 3(F) (H)   Capesize  181,000   2010      *        December 2010
Newbuilding 4(E)       Capesize  180,000   2008      *        November 2008
                      ---------  -------  -----  ------- ------------------
Total Fleet to be
 Delivered            4 Vessels  722,000
                      ---------  -------  -----  ------- ------------------
TOTAL FLEET          33 Vessels 3,366,043        2.6 years
                                                  avg (I)
* Under Construction

(A), (B), (C), (D), (E) and (F) indicate sister ships. As of April 30, 2007 Quintana had five 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.

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

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

(I) 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 29 vessels, including 14 Kamsarmax bulkers, 11 Panamax size vessels and 4 Capesize vessels with a total carrying capacity of 2,473,881 dwt and an average age of 4.0 years on a dwt weighted average. In addition, Quintana is a 42.8% owner in a joint venture that has recently ordered a Capesize newbuilding of an aggregate capacity of 180,000 dwt with expected delivery ex-yard in March 2010. In addition, Quintana will hold a 50% interest in two joint ventures that will own two Capesize newbuildings of an aggregate capacity of 362,000 dwt with expected delivery ex-yard in fourth quarter 2010. In addition, Quintana has recently entered into an agreement to acquire an additional newbuild Capesize vessel with 180,000 dwt cargo capacity with expected delivery ex-yard in fourth quarter 2008. Once all acquisitions and newbuild orders are completed and assuming no vessel disposals, Quintana will have a fleet of 33 dry bulk vessels, including 8 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 3,366,043 dwt. The deadweight average age of the whole fleet, including the Capesize vessels on order, currently is 2.6 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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