SOURCE: Quintana Maritime Limited

February 28, 2007 09:00 ET

Quintana Maritime Limited Prices Six Additional Vessels for 2008 at an Average Rate of Approximately $24,500 Per Day

ATHENS, GREECE -- (MARKET WIRE) -- February 28, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has priced two Panamaxes and four Kamsarmaxes which were acquired from Metrobulk, under its master time charter with Bunge S.A., for 2008 at an average daily rate of approximately $24,500 per day, which is almost 8% higher than the rate for the equivalent vessels on charter to Bunge in 2007.

The newly fixed Panamaxes are Grain Express and Iron Knight and the newly fixed Kamsarmaxes are Iron Bradyn, Iron Kalypso, Ore Hansa and Santa Barbara. With the exception of Iron Knight, which was 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 generate approximately $50 million of net revenues in 2008 from these four ships. Consequently, approximately 63.5% of Quintana's expected net operating days of the entire fleet are secured at fixed rates in 2008, corresponding to approximately $165 million in expected revenues. The Company has already secured approximately 96% of the full fleet's expected net operating days for 2007 on fixed charters, corresponding to approximately $215 million in expected revenues.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to have priced an additional six vessels near the ceiling rate under the master charter agreement with Bunge SA. The above mentioned vessels were fixed well ahead of the 2008 price negotiations, which were scheduled to occur in early November 2007. The unique variable charter hire structure of the Bunge enables us to share the market's upside potential along with sustaining stable cash flows."

Fleet Table as of February 28, 2007

CURRENT FLEET     Type      DWT   Year Built  Age(in yrs)TC Expiration Date
                                                         (minimum period)
Iron Lindrew(A)   Kamsarmax 82,300  2007         0.0      December 2010
Iron Knight(A)    Panamax   76,429  2004         2.7      December 2010
Coal Hunter(A)    Kamsarmax 82,300  2006         0.2      December 2010
Pascha(A)         Kamsarmax 82,300  2006         0.2      December 2010
Coal Gypsy(A)     Kamsarmax 82,300  2006         0.3      December 2010
Iron Anne(A)      Kamsarmax 82,000  2006         0.4      December 2010
Iron Vassilis(A)  Kamsarmax 82,000  2006         0.6      December 2010
Iron Bill (A)     Kamsarmax 82,000  2006         0.8      December 2010
Santa Barbara(A)  Kamsarmax 82,266  2006         0.9      December 2010
Ore Hansa(A)      Kamsarmax 82,229  2006         1.0      December 2010
Iron Kalypso(A)   Kamsarmax 82,204  2006         1.1      December 2010
Iron Fuzeyya(A)   Kamsarmax 82,229  2006         1.1      December 2010
Iron Bradyn(A)    Kamsarmax 82,769  2005         2.0      December 2010
Grain Harvester(A)Panamax   76,417  2004         2.5      September 2009
Grain Express(A)  Panamax   76,466  2004         2.9      December 2010
Kirmar(B) (E)     Capesize 165,500  2001         5.4      March 2008
Iron Beauty(B)    Capesize 165,500  2001         5.6      April 2010
Coal Pride(F)     Panamax   72,600  1999         7.2      February 2007
Iron Man (C)      Panamax   72,861  1997         9.7      March 2010
Coal Age (C)      Panamax   72,861  1997         9.7      June 2007
Fearless 1(C)     Panamax   73,427  1997         9.8      March 2008
Barbara (D)       Panamax   73,390  1997         10.1     June 2007
Linda Leah (D)    Panamax   73,390  1997         10.1     June 2008
King Coal         Panamax   72,873  1997         10.2     March 2008
Coal Glory (C)    Panamax   73,670  1995         12.0     June 2008
Total Current
Fleet             25     2,132,281            4.2 years
                  Vessels                      avg (F)

DELIVERED         Type      DWT     Year Built Age(in yrs)  Delivery Range
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        4 Vessels 512,600
TOTAL FLEET       29      2,644,881
* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of February 28, 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. Charterers have also exercised their second option from September 2007 through early March 2008 at $27,500 per day

(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

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 25 vessels, including 12 Kamsarmax bulkers, 11 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 2,132,281 dwt and an average age of years on a dwt weighted average. It has also entered into agreements to acquire 2 additional Kamsarmax bulkers with expected delivery between March and May 2007 and with an aggregate capacity of 164,600 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 3.9 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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