-- Increased our presence in the Capesize sector by agreeing to acquire
interests in 8 Capesize newbuilding vessels, which will increase the size
of our fleet to 37 vessels upon delivery of all vessels
-- Leveraged our relationship with our sponsors by entering into joint
ventures for construction of Capesize vessels
-- Increased our cargo-carrying capacity by 55% to 4.1 million dwt
(deadweight tons), including newbuilding capacity
-- Set 2009 rates under charter with Bunge, fixing 74% of our estimated
net operating days in 2009, which corresponds to approximately $186 million
of expected net revenues
-- Increased net revenues by approximately 121% over first quarter of
2006
-- Added unique 5-year charters with EDFT, a wholly owned subsidiary of
EDF, one of the largest utilities in Europe, with a charter structure that
allows us to take advantage of market upside while providing downside
protection
First Quarter 2007 Results:
For the first quarter of 2007, Quintana reported net income of $12.5
million, or $0.23 per diluted share. This includes a non-cash unrealized
swap loss of $2.2 million on the previously disclosed interest-rate swap.
Before this loss, net income was $14.7 million, or $0.27 per diluted share,
an increase of approximately 17% over $0.23 per diluted share in the first
quarter last year. Net revenues for the first quarter were $47.8 million,
an increase of approximately 121% over $21.6 million of net revenues in the
first quarter of 2006. Adjusted EBITDA for the first quarter of 2007 was
$38.6 million, an increase of $23.4 million, or almost 154%, over Adjusted
EBITDA of $15.2 million in the first quarter of 2006. During the first
quarter of 2007, Quintana operated an average of 24.5 vessels, earning an
average time charter equivalent (TCE) rate of $23,053 per ship per day.
During the corresponding period in 2006, the Company operated an average of
10.0 vessels, earning an average TCE rate of $23,935 per day.
Stamatis Molaris, President and Chief Executive Officer of Quintana
Maritime commented, "Our first quarter 2007 results are underpinned by the
strong growth of our fleet. Our fleet grew to 27 vessels at quarter end
from 10 vessels a year ago. We are very pleased to see that the growth
strategy we embarked on a year ago is starting to pay off for our
shareholders. We believe our Company will continue to strongly benefit from
our secured growth through 2007 and beyond."
Completion of Metrobulk Fleet Acquisition and Late Delivery Payments:
The Company has successfully completed the acquisition of the Metrobulk
fleet. It has taken delivery of all 17 vessels it contracted to acquire in
early May last year at the price of $735 million. The last vessel was
delivered to the Company on April 3, 2007.
Mr. Molaris commented, "The Metrobulk fleet acquisition has indeed proven
to be a transformational acquisition in every respect. We agreed to
purchase these 17 vessels during a period that the Baltic Panamax Index was
almost 60% lower than it is today, and we believe that the acquisition has
given the Company a leadership position in the Panamax sector."
During the quarter, Quintana collected approximately $1.7 million from the
sellers of the Metrobulk fleet. These collections represented charter-hire
earned by Quintana in accordance with the signed purchase agreements with
the sellers. However, as the vessels had not been delivered to Quintana on
the contractual delivery dates, those collections were not recorded to the
income statement but were instead applied against the vessels' cost. The
Company has collected an aggregate of $3.1 million in payments from the
sellers of the Metrobulk fleet, reducing the aggregate purchase price of
the Metrobulk fleet to approximately $732 million.
Capesize Expansion through Joint Ventures with Company's Major Sponsors:
Our stated strategy has been to rapidly grow the Company and to provide
consistent dividends to our shareholders. In late 2006, we began to pursue
the acquisition of Capesize vessels as a result of steadily rising Asian
demand for those vessels. As our revenues began to reflect the full effect
of the chartering to Bunge of the 17 vessels we purchased from Metrobulk,
we were able to take advantage of the rising Capesize market, purchasing
Iron Miner in late 2006, Lowlands Beilun in early 2007, and agreeing to
purchase a newbuilding Capesize of 180,000 dwt from Imabari for delivery in
2008. We decided to purchase these vessels through wholly owned
subsidiaries because the gap between purchase and delivery was
comparatively short, thereby minimizing the dilutive effect of the
acquisitions. Since we agreed to purchase these vessels, asset values in
the Capesize sector have continued to rise. The 2008 delivery is wholly
owned by the Company and is fixed on a five-year charter with Transfield at
$39,000 net per day upon delivery. Before financing, the Company is
expected to invest $18.3 million on this vessel during 2007 and the
remaining $74.7 million during the second half of 2008. The Company intends
to finance the construction costs with existing cash, borrowings under its
existing credit facility and cash flow from future operations.
In order to take advantage of the rising demand for Capesize vessels, we
have embarked on a newbuilding program to purchase seven additional
Capesize vessels of 180,000 dwt for delivery in 2010. Because these
acquisitions would be dilutive to earnings, we have entered into joint
ventures with our sponsors to minimize this dilutive effect but still
allowing us to rapidly grow the Company. The remaining 7 newbuildings will
be purchased by joint ventures formed or to be formed in the second
quarter. One of the 7 joint ventures is owned 42.8% by the Company and by
57.2% by Robertson Maritime Investors LLC ("RMI"), an affiliate of Corbin
Robertson Jr. and AMCI Cape Holdings LLC ("AMCIC"), an affiliate of Hans
Mende. Mr. Robertson is the Chairman of our Board of Directors and of the
Compensation, Nominating & Governance Committee (the "CNG Committee") of
the Board, and Mr. Mende is a member of the Board of Directors. Members of
Mr. Robertson's family, including Corbin J. Robertson III, who is a member
of our Board, may participate in the joint venture through Mr. Robertson.
In addition, First Reserve Corporation is an investor in AMCI Capital, LLC,
which owns AMCIC directly. Joseph R. Edwards, who is a member of our Board
and a member of the CNG Committee, is a director of First Reserve
Corporation. Messrs. Robertson, Mende, and Molaris will serve on the joint
venture's board of directors. Under the agreement governing this joint
venture, the Company is not obligated for any pre-delivery payments.
Instead, the Company will fund the delivery installment due to the seller
in 2010.
The remaining 6 joint ventures are owned 50% by the Company and 50% by
AMCIC. Under the agreements governing these joint ventures, the Company and
its joint venture partners are responsible pro rata for all payments due to
the shipyard. The joint ventures have already secured 5 out of the 7
newbuildings on five-year charters from delivery at an average net daily
floor rate of approximately $27,000 with a 50% profit sharing above the
floor rate with EDF Trading, a wholly owned subsidiary of EDF, one of the
largest power-generation utilities in Europe. The profit sharing will be
based on the monthly AV4 time-charter BCI (Baltic Capesize Index), as
published by the Baltic Exchange. Before financing, the Company is expected
to invest approximately $48.4 million in 2007, $4.7 million in 2008, $49.5
million in 2009 and $177.4 million at delivery during 2010. Messrs. Mende
and Molaris will serve on the joint ventures' respective boards of
directors. The Company intends to finance its investment in these joint
ventures with existing cash and cash flow from future operations. The
joint ventures will finance the construction through capital contributions
from the joint venture partners and debt.
The Company's Conflicts Committee, which is made up of three of the
Company's independent non-executive directors, has approved one of the
joint venture transactions and is required to approve the remaining six joint venture transactions.
Mr. Molaris commented, "We are very pleased to have positioned the Company
for further growth in the Capesize sector. It was our stated strategic
objective to direct the Company's growth into the fast-growing Capesize
sector. The current high asset prices encouraged us to pursue this
expansion through the newbuilding market to avoid paying significant
premiums for promptly delivered Capes. I am also very pleased to have
entered into partnerships with our two strategic sponsors, which we believe
further cement their long-term commitment to the sector through their
direct investment in the vessels under construction. We believe our
Company's shareholders will benefit from our further expansion into the
Capesize sector, which is currently enjoying high demand, with high-quality
assets secured at attractive prices." He further commented, "We also
welcome the growing relationship with EDF, one of Europe's major end users
of commodities. We expect our charters with EDF to generate in excess of
$240 million over the life of the charters, without including any profit
sharing. Developing long-term relationships with major end users and
producers of commodities is a key part of our strategy and its success is
fully manifested in the quality of our customer base. We are looking
forward to developing our relationship with this particular investment
grade customer. We believe that the particular structure of these time
charter contracts insulates our shareholders' exposure to downside market
risk, but provides significant cash flow upside potential in the Capesize
sector."
Pricing of Bunge Charters through end of 2009:
As of April 3, 2007, the Company had taken delivery of all the Metrobulk
vessels. All 17 vessels that the Company had agreed to acquire in May 2006
are on long-term time charter to Bunge S.A., a wholly owned subsidiary of
Bunge Limited (
QUINTANA MARITIME LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. Dollars except share data)
March 31, December 31,
ASSETS 2007 2006
----------- -----------
(unaudited)
Current assets:
Cash and cash equivalents $ 25,286 $ 21,335
Inventories 2,366 1,649
Due from charterers, net 1,564 1,159
Other receivables 1,457 1,196
Prepaid expenses and other current assets 1,596 986
----------- -----------
Total current assets 32,269 26,325
Property and equipment:
Vessels, net of accumulated depreciation of
$52,904 and $40,899 1,195,197 987,623
Advances for acquisition of vessels 47,210 26,310
Other fixed assets, net of accumulated
depreciation of $325 and $265 397 429
----------- -----------
Total property and equipment 1,242,804 1,014,362
Deferred charges:
Financing costs, net of accumulated
amortization of $444 and $2,169 4,951 4,588
Time charter premium, net of accumulated
amortization of $3,079 and $2,551 6,421 6,949
Dry-docking costs, net of accumulated
amortization of $1,336 and $970 5,069 5,216
----------- -----------
Total assets $ 1,291,514 $ 1,057,440
=========== ===========
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 4,632 $ 5,369
Sundry liabilities and accruals 3,803 2,776
Deferred income 13,239 2,777
Current portion of long-term debt 47,000 47,000
----------- -----------
Total current liabilities 68,674 57,922
Long-term debt, net of current portion 752,300 564,960
Unrealized interest-rate swap loss 12,051 9,840
----------- -----------
Total liabilities $ 833,025 $ 632,722
----------- -----------
Shareholders’ equity
Common stock at $0.01 par value--100,000,000
shares authorized, 54,785,770 and 50,026,533
shares outstanding 549 501
Additional paid-in capital 478,824 442,776
Common stock to be issued for warrants
exercised -- 1,438
Accumulated deficit (20,884) (19,997)
----------- -----------
Total shareholders’ equity 458,489 424,718
----------- -----------
Total liabilities and shareholders’ equity $ 1,291,514 $ 1,057,440
=========== ===========
The accompanying notes are an integral part of these
consolidated financial statements.
QUINTANA MARITIME LIMITED
CONSOLIDATED INCOME STATEMENTS
(All amounts expressed in thousands of U.S. Dollars except per share data)
Three Months Ended
March 31,
2007 2006
----------- -----------
(unaudited)
Revenues:
Time charter revenue $ 50,130 $ 20,911
Voyage revenue -- 1,633
Commissions (2,373) (966)
----------- -----------
Net revenue $ 47,757 $ 21,578
Expenses:
Vessel operating expenses 7,465 3,771
Voyage expenses -- 1,508
General and administrative expenses
(including restricted stock compensation of
$1,057 and $435) 3,562 2,037
Depreciation and amortization 12,432 6,056
----------- -----------
Total expenses 23,459 13,372
----------- -----------
Operating income $ 24,298 $ 8,206
Other (expenses) / income:
Interest expense $ (10,346) $ (2,771)
Interest income 745 39
Finance costs (234) (63)
Unrealized interest-rate swap loss (2,211) --
Foreign exchange gains/(losses) and other,
net 241 (43)
----------- -----------
Total other expenses $ (11,805) $ (2,838)
----------- -----------
Net income $ 12,493 $ 5,368
=========== ===========
Earnings per common share:
Basic $ 0.24 $ 0.23
=========== ===========
Diluted $ 0.23 $ 0.23
=========== ===========
Weighted average shares outstanding:
Basic 52,794,611 23,387,742
=========== ===========
Diluted 54,943,309 23,846,742
=========== ===========
The accompanying notes are an integral part of these
consolidated financial statements.
QUINTANA MARITIME LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts expressed in thousands of U.S. Dollars)
Three Months Ended
March 31,
2007 2006
----------- -----------
(unaudited)
Cash flows from operating activities:
Net income $ 12,493 $ 5,368
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 12,432 6,056
Amortization of deferred finance costs 234 63
Amortization of time charter fair value 528 528
Restricted stock compensation 1,057 435
Unrealized interest-rate swap loss 2,211 --
Changes in assets and liabilities:
Increase in inventories (717) (796)
(Increase) / decrease in due from
charterers, net (405) 771
Increase in other receivables (261) (171)
Increase in prepaid expenses and other
current assets (610) (23)
(Decrease) / increase in accounts payable (737) 503
Increase / (decrease) in sundry liabilities
and accruals 1,027 (167)
Increase / (decrease) in deferred income 10,462 (213)
Dry-dock costs paid (220) --
----------- -----------
Net cash from operating activities $ 37,494 $ 12,354
----------- -----------
Cash flows from investing activities:
Vessel acquisitions (197,578) --
Advances for vessel acquisitions (42,900) --
Purchases of other fixed assets (29) (59)
----------- -----------
Net cash used in investing activities $ (240,507) $ (59)
----------- -----------
Cash flows from financing activities:
Proceeds from long-term debt 187,340 --
Repayment of long-term debt -- (8,000)
Payment of financing costs (597) --
Warrants exercised, net of issuance costs 33,601 --
Dividends paid (13,380) (5,008)
----------- -----------
Net cash from (used in) financing
activities $ 206,964 $ (13,008)
----------- -----------
Net increase / (decrease) in cash and cash
equivalents 3,951 (713)
Cash and cash equivalents at beginning of period 21,335 4,259
----------- -----------
Cash and cash equivalents at end of the period $ 25,286 $ 3,546
=========== ===========
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 10,500 $ 3,184
=========== ===========
The accompanying notes are an integral part of these
consolidated financial statements.
Quintana Maritime Limited
Reconciliation of Net Income to Adjusted EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Three Months Ended March 31,
2007 2006
-------- --------
Net Income $ 12,493 5,368
Interest and finance costs, net 9,835 2,795
Depreciation and amortization 12,432 6,056
Unrealized interest-rate swap loss 2,211 --
Amortization of time charter fair value 528 528
Stock-based compensation 1,057 435
-------- --------
Adjusted EBITDA $ 38,556 15,182
Quintana Maritime Limited
Reconciliation of Net Income to Adjusted Net Income
(All amounts expressed in thousands of U.S. Dollars)
Three Months Ended March 31,
2007 2006
-------- --------
Net Income $ 12,493 5,368
Unrealized interest-rate swap loss 2,211 --
-------- --------
Adjusted Net Income $ 14,704 5,368
Quintana Maritime Limited
Reconciliation of Earnings Per Share (Diluted) to Adjusted Earnings Per
Share (Diluted)
(All amounts expressed in U.S. Dollars)
Three Months Ended March 31,
2007 2006
-------- --------
Earnings per share (diluted) $ 0.23 $ 0.23
Unrealized interest-rate swap loss 0.04 --
-------- --------
Adjusted earnings per share (diluted) $ 0.27 $ 0.23
Disclosure of Non-GAAP Financial Measures
Adjusted EBITDA represents net income plus interest and finance costs plus
depreciation and amortization and income taxes, if any, plus deferred
stock-based compensation, and amortization of time charter fair value and
unrealized interest-rate swap loss, which are non-cash items. Adjusted
EBITDA is included because it is used by certain investors to measure a
company's financial performance and by the Company as a financial target.
Adjusted EBITDA is a "non-GAAP financial measure" and should not be
considered a substitute for net income, cash flow from operating activities
and other operations or cash flow statement data prepared in accordance
with accounting principles generally accepted in the United States or as a
measure of profitability or liquidity. Adjusted EBITDA is presented to
provide additional information with respect to the Company's ability to
satisfy its obligations including debt service, capital expenditures,
working capital requirements and determination of dividends. While Adjusted
EBITDA is frequently used as a measure of operating results and the ability
to meet debt service requirements, the definition of Adjusted EBITDA used
here may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Net Income represents net income plus unrealized interest-rate
swap loss, which is a non-cash item. Adjusted Earnings per Share (diluted)
represents Adjusted Net Income divided by weighted average shares
outstanding (diluted). These measures are "non-GAAP financial measures" and
should not be considered substitutes for net income or earnings per share
(diluted), respectively, as reported under GAAP. The Company has included
an adjusted net income and adjusted earnings per share calculation in this
period in order to allow comparability between the Company's performance in
the reported periods and its performance in prior periods.
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 Statement
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.
Appendix
The following key indicators highlight the Company's financial and
operating performance during the first quarters of 2007 and 2006:
Three Months Ended March Three Months Ended March
31,2007 31,2006
========================== ==========================
PANAMAX CAPESIZE TOTAL PANAMAX CAPESIZE TOTAL
======= ======== ======= ======= ======== =======
Total Ownership
days 2,009 198 2,207 720 180 900
Operating days
under fixed rate
time charter 1,913 197 2110 626 180 806
Operating days
under variable
rate time charter 87 - 87 90 - 90
Utilization 99.6% 99.7% 99.6% 99.4% 100% 99.5%
Time charter
equivalent per
ship per day -
fixed rate tc 21,528 32,374 22,541 21,818 35,047 24,773
Time charter
equivalent per
ship per day -
variable rate tc 35,456 - 35,456 16,432 - 16,432
Net daily revenue
per ship per day 20,995 30,870 21,879 20,106 33,538 22,792
Vessel operating
expenses per ship
per day (3,319) (4,029) (3,383) (4,186) (4,208) (4,190)
Net Operating Cash
Flow per ship per
day before general
and administrative
expenses 17,676 26,840 18,496 15,920 29,330 18,602
======= ======== ======= ======= ======== =======
(1) M/V Iron Beauty was acquired with an existing time charter at an above
the market rate. The company deducts the fair value of the time charter
from the purchase price of the vessel and allocates it to a deferred asset
which is amortized over the remaining period of the time charter as a
reduction to hire revenue. This results in a daily rate of approximately
$30,600 as recognized revenue. For cash flow purposes the company will
continue to receive $ 36,500 per day, less commissions.
Glossary of Terms
Average number of vessels: This is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the number of
days each vessel was a part of our fleet during the period divided by the
number of calendar days in that period.
Ownership days: We define ownership days as the aggregate number of days in
a period during which each vessel in our fleet has been owned by us.
Ownership days are an indicator of the size of our fleet over a period and
affect both the amount of revenues and the amount of expenses that we
record during a period.
Operating days: We define operating days as the number of our available
days in a period less the aggregate number of days that our vessels are
off-hire due to planned dry docking repairs or any other, including
unforeseen circumstances. The shipping industry uses operating days to
measure the aggregate number of days in a period during which vessels
actually generate revenues.
Fleet utilization: We calculate fleet utilization by dividing the number of
our operating days during a period by the number of our Ownership days
during the period. The shipping industry uses fleet utilization to measure
a company's efficiency in finding suitable employment for its vessels and
minimizing the amount of days that its vessels are off-hire for reasons
other than scheduled repairs or repairs under guarantee, vessel upgrades,
special surveys or vessel positioning.
TCE per ship per day: We define TCE (time-charter equivalent) per ship per
day rate as our voyage and time charter revenues less voyage expenses
during a period divided by the number of our operating days during the
period, which is consistent with industry standards. TCE rate is a shipping
industry performance measure used primarily to compare daily earnings
generated by vessels on time charters with daily earnings generated by
vessels on voyage charters, because charter hire rates for vessels on
voyage charters are generally not expressed in per day amounts while
charter hire rates for vessels on time charters generally are expressed in
such amounts.
Net daily revenue: We define the daily TCE rate net of commissions but
including idle time.
Vessel operating expenses per ship per day: These include crew wages and
related costs, the cost of insurance, expenses relating to repairs and
maintenance, the cost of spares and consumable stores, tonnage taxes and
other miscellaneous expenses. We define as our total operating costs
divided by the ownership days.
Fleet Table as of May 7, 2007
TC Expiration
Year Age Date (minimum
CURRENT FLEET Type DWT Built (in yrs) 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 0.2 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 9.9 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 10.3 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
---------- --------- ----- ---------- -----------------
4.1 years
Total Current Fleet 29 Vessels 2,644,043 avg (J)
Year Age Delivery
FLEET TO BE DELIVERED 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 7,
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
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