SOURCE: Quintana Maritime Limited

May 22, 2007 16:10 ET

Quintana Maritime Limited Prices Eight Vessels for 2010 at the Ceiling Rate of Approximately $21,800 per Day

ATHENS, GREECE -- (MARKET WIRE) -- May 22, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has secured three Panamaxes and five Kamsarmaxes, under its master time charter with Bunge S.A., for 2010 at an average daily rate of approximately $21,800 per day, which is at the ceiling rate of the band for that period.

As a result of these fixtures, the Company expects to earn approximately $59.2 million of net revenues in 2010. Consequently, almost 40% of Quintana's expected net operating days of the entire fleet are secured at fixed rates in 2010, corresponding to approximately $119 million in expected revenues. The Company has already secured approximately 96% of the full fleet's 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 continuing to expand our cash flow visibility by pricing eight vessels with Bunge almost two and a half years ahead of the scheduled 2010 price negotiations. We believe these fixtures reinforce the stability of our cash flows well into the future and enhance our ability to deliver consistent returns to our shareholders. Our Company expects to enjoy one of the most visible expected net revenue streams through the end of 2010, totaling approximately $730 million."

Fleet Table as of May 22, 2007
------------------------------

                                                              TC Expiration
CURRENT FLEET                                Year       Age   Date (minimum
                     Type        DWT        Built    (in yrs)      period)
Lowlands
 Beilun(C)         Capesize    170,162       1999        8.1     March 2010
Iron Manolis(A)   Kamsarmax     82,300       2007        0.1  December 2010
Iron Brooke(A)    Kamsarmax     82,300       2007        0.2  December 2010
Iron Miner         Capesize    177,000       2007        0.2   January 2012
Iron Lindrew(A)   Kamsarmax     82,300       2007        0.3  December 2010
Iron Knight(A)      Panamax     76,429       2004        3.0  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        0.5  December 2010
Iron Anne(A)      Kamsarmax     82,000       2006        0.7  December 2010
Iron Vassilis(A)  Kamsarmax     82,000       2006        0.8  December 2010
Iron Bill(A)      Kamsarmax     82,000       2006        1.0  December 2010
Santa Barbara(A)  Kamsarmax     82,266       2006        1.1  December 2010
Ore Hansa(A)      Kamsarmax     82,229       2006        1.2  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        2.3  December 2010
Grain Harvester(A)  Panamax     76,417       2004        2.8      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        7.5  February 2009
Iron Man(C)         Panamax     72,861       1997        9.9     March 2010
Coal Age(C)         Panamax     72,861       1997        9.9 September 2007
Fearless(C)         Panamax     73,427       1997       10.1     March 2008
Barbara(D)          Panamax     73,390       1997       10.3      July 2007
Linda Leah(D)       Panamax     73,390       1997       10.3  February 2008
King Coal           Panamax     72,873       1997       10.4     March 2008
Coal Glory(C)       Panamax     73,670       1995       12.2      June 2008
Total Current                                      4.1 years
 Fleet           29 Vessels  2,644,043               avg (J)
                 ---------- ---------- ---------- ---------- --------------

FLEET TO BE
 DELIVERED                                   Year        Age    Delivery
                       Type       DWT       Built    (in yrs)     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
                                                   1.6 years
TOTAL FLEET      37 Vessels  4,086,043               avg (J)
                 ---------- ---------- ---------- ---------- --------------
* Under Construction

(A), (B), (C), (D), (E), (F) and (G) indicate sister ships. As of May 22, 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.

(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) 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 4.1 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. Once all acquisitions and newbuild orders are completed and assuming no vessel disposals, Quintana will have 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 deadweight average age of the whole fleet, including the Capesize vessels on order, currently is 1.6 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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