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
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 2,473,881 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.
Contact Information: Company Contact: Paul J. Cornell Chief Financial Officer Tel. 713-751-7525 E-mail: pcornell@quintanamaritime.com Investor Relations / Financial Media: Paul Lampoutis Capital Link, Inc, New York Tel. 212.661.7566 E-mail: plampoutis@capitallink.com