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)
FLEET TO BE
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
Vessels
* 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.
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