SOURCE: Quintana Maritime Limited

January 31, 2007 09:00 ET

Quintana Maritime Limited Prices Five Kamsarmax Vessels for 2008 at an Average Rate of Approximately $24,000 per Day

ATHENS, GREECE -- (MARKET WIRE) -- January 31, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has secured five Kamsarmaxes, which were acquired or are set to be acquired from Metrobulk, under its master time charter with Bunge S.A. for 2008 at an average daily rate of approximately $24,000 per day, which is 20% higher than the rate for the equivalent vessels on charter to Bunge in 2007.

The newly fixed Kamsarmaxes are Iron Vassilis, Iron Fuzeyya, Pascha, Iron Lindrew and Iron Anne. With the exception of Iron Lindrew, which is expected to be delivered to Quintana in February 2007, all other above mentioned vessels were delivered to Quintana in 2006.

As a result of these fixtures, the Company expects to earn approximately $41 million of net revenues in 2008. Consequently, almost 42% of Quintana's expected net operating days of the entire fleet are secured at fixed rates in 2008, corresponding to approximately $112 million in expected revenues. The Company has already secured approximately 93% of the full fleet's expected net operating days for 2007 on fixed charters, corresponding to approximately $209 million in expected revenues.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to have secured five Kamsarmax vessels well ahead of the 2008 price negotiations, which were scheduled to occur in early November 2007 under the master charter agreement with Bunge. The rates reflect the current strong rate environment and, in this context, we were able to fix rates 20% higher than the rates being earned in 2007 for the same vessels. The unique structure of the Bunge charter enables us to enhance the stability of our cash flow and also tap into the market's upside. The recent fixtures further cement the platform of fixed revenues and enhance the stability of our cash flow and earnings well into 2008."

                                                       TC Expiration
                                       Year      Age        Date
CURRENT FLEET        Type       DWT    Built   (in yrs)(minimum period)
---------------   ---------  --------- ------  -------  -------------
Iron Knight(A)      Panamax     76,429   2004      2.7  December 2010
Coal Hunter(A)    Kamsarmax     82,300   2006      0.1  December 2010
Pascha(A)         Kamsarmax     82,300   2006      0.1  December 2010
Coal Gypsy(A)     Kamsarmax     82,300   2006      0.2  December 2010
Iron Anne(A)      Kamsarmax     82,000   2006      0.4  December 2010
Iron Vassilis(A)  Kamsarmax     82,000   2006      0.5  December 2010
Iron Bill (A)     Kamsarmax     82,000   2006      0.7  December 2010
Santa Barbara(A)  Kamsarmax     82,266   2006      0.8  December 2010
Ore Hansa(A)      Kamsarmax     82,229   2006      0.9  December 2010
Iron Kalypso(A)   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      2.0  December 2010
 Harvester(A)       Panamax     76,417   2004      2.5 September 2009
Grain Express(A)    Panamax     76,466   2004      2.8  December 2010
Kirmar (B) (E)     Capesize    165,500   2001      5.3  February 2007
Iron Beauty (B)    Capesize    165,500   2001      5.5     April 2010
Coal Pride(F)       Panamax     72,600   1999      7.2  February 2007
Iron Man (C)        Panamax     72,861   1997      9.6     March 2010
Coal Age (C)        Panamax     72,861   1997      9.6      June 2007
Fearless 1(C)       Panamax     73,427   1997      9.8     March 2008
Barbara (D)         Panamax     73,390   1997     10.0      June 2007
Linda Leah (D)      Panamax     73,390   1997     10.0      June 2008
King Coal           Panamax     72,873   1997     10.1     March 2008
Coal Glory (C)      Panamax     73,670   1995     11.9      June 2008
Total Current                                    years
 Fleet           24 Vessels  2,049,981          avg (F)

FLEET TO BE                              Year    Age        Delivery
 DELIVERED          Type        DWT     Built (in years)      Range
---------------  ---------- ---------- ------   -------    ----------
Iron Lindrew      Kamsarmax     82,300      *              Jan-Feb 07
Iron Brooke       Kamsarmax     82,300      *                  Mar 07
Iron Miner         Capesize    177,000      *                  Mar 07
Lowlands Beilun    Capesize    171,000   1999      7.7         Mar 07
Iron Manolis      Kamsarmax     82,300      *                  May 07
Total Fleet to
 be Delivered     5 Vessels    594,900
TOTAL FLEET      29 Vessels  2,644,881

* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of January 31, 2007 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.

(E) 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) Coal Pride has been entered into a time charter agreement commencing at the end of February 2007 for a period of 23-26 months at a gross daily rate of $26,500.

(G) 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 24 vessels, including 11 Kamsarmax bulkers, 11 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 2,049,981 dwt and an average age of 4.3 years on a dwt weighted average. It has also entered into agreements to acquire 3 additional Kamsarmax bulkers with expected delivery between January and May 2007 and with an aggregate capacity of 246,900 dwt. In addition, Quintana has recently entered into agreements to acquire 2 Capesize vessels of an aggregate 348,000 dwt with expected delivery between March and April 2007. Once all acquisitions are completed, Quintana will have a fleet of 29 dry bulk vessels, including 4 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 2,644,881 dwt and an average age of 3.8 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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