-- Increased annual dividend guidance by approximately 15% to $0.96 per
share in 2007, representing a current yield of 7.2%
-- Agreed to acquire 18 vessels, during weak market conditions, which
nearly triples the size of our fleet to 28 vessels upon delivery of all
vessels
-- Increased our carrying capacity by more than 300% and reduced dwt-
weighted-average age of fleet by more than 50%
-- Fixed over 96% of our net operating days in 2007, providing secure and
predictable cash flows to our shareholders
-- Increased net revenues by approximately 156% over 2005
-- Added unique 5-year charter with major customer allowing us to take
advantage of market upside with limited exposure to downswings
-- Demonstrated our capacity to manage newbuilding process and expand
operational personnel to accommodate fleet additions
-- Successfully implemented Sarbanes-Oxley 404 review without any
material weaknesses
Fourth Quarter 2006 Results:
For the fourth quarter of 2006, Quintana reported net income of $10.8
million, or $0.21 per diluted share. This includes a non-cash unrealized
swap gain of $2.1 million on the previously disclosed interest-rate swap.
Before this gain, net income was $8.7 million, or $0.17 per diluted share.
Net revenues for the fourth quarter were $37.0 million, an increase of
almost 82% over $20.3 million of net revenues in the fourth quarter of
2005. Adjusted EBITDA for the quarter of 2006 was $28.6 million, an
increase of $13.4 million, or almost 88%, over Adjusted EBITDA of $15.2
million in the fourth quarter of 2005. During the fourth quarter of 2006,
Quintana operated an average of 20.5 vessels, earning an average time
charter equivalent (TCE) rate of $21,566 per ship per day. During the
fourth quarter of 2005, the Company operated an average of 9.4 vessels,
earning an average TCE rate of $25,585 per day.
Full Year 2006 Results:
For the full year 2006, Quintana reported net income of $12.7 million and
diluted earnings per share of $0.37. This includes non-cash unrealized swap
loss of $9.8 million and a non-cash write-off of unamortized financing fees
due to the repayment of our previous revolving credit facility of $1.9
million. Before these charges, net income was $24.4 million, or $0.70 per
diluted share.
Net revenues for 2006 were $103.3 million, an increase of almost 156% over
$40.3 million of net revenues for last year. Adjusted EBITDA for the full
year was approximately $75.1 million, an increase of $46.5 million, or
almost 163%, over Adjusted EBITDA of $28.6 million in 2005. During 2006,
Quintana operated an average of 13.5 vessels, earning an average TCE rate
of $22,116 per ship per day, compared to an average of 5.0 ships in 2005,
earning an average TCE rate of $24,328 per day.
Stamatis Molaris, President and Chief Executive Officer of Quintana
Maritime, commented, "We are pleased to have concluded fiscal year 2006
with our strongest operational results to date. These results were a
consequence of the growth of our fleet from 10 vessels to 23 vessels over
the course of 2006. Our somewhat lower average TCE rate resulted from lower
charter rates earned on time charters fixed near the beginning of 2006,
which was a challenging market environment. Our fleet growth in 2006 was
among the fastest of the public dry bulk companies worldwide. The Company
will continue to strongly benefit from the growth of our fleet throughout
2007, as we expect to take delivery of two additional Capes and two
additional Kamsarmaxes."
Metrobulk Late Delivery Payments:
During the year, Quintana collected approximately $1.4 million, or
approximately $0.04 per diluted share, from the sellers of the Metrobulk
fleet. Of this amount, Quintana collected $0.3 million, or approximately
$0.01 per diluted share, in the fourth quarter. 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, such collections
were not recorded to the income statement but were instead applied against
vessels' cost. The Company has collected an additional $1.7 million in
payments since year end, reducing the aggregate purchase price of the
Metrobulk fleet by a total of $3.1 million to $731.9 million.
Fixture of Metrobulk Fleet:
In 2006, Quintana agreed to purchase 17 vessels from Metrobulk. As of
today, we had taken delivery of 15 of the Metrobulk vessels. All vessels
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
December 31,
-----------------------
2006 2005
----------- -----------
ASSETS (unaudited)
Current assets :
Cash and cash equivalents $ 21,335 $ 4,259
Inventories 1,649 378
Due from charterers, net 1,159 1,244
Other receivables 1,196 480
Prepaid expenses and other current assets 986 867
----------- -----------
Total current assets 26,325 7,228
Property and equipment:
Vessels, net of accumulated depreciation of
$40,899 and $11,309 987,623 446,475
Advances for acquisition of vessels 26,310 --
Other fixed assets, net of accumulated
depreciation of $265 and $59 429 384
----------- -----------
Total property and equipment 1,014,362 446,859
Deferred charges:
Financing costs, net of accumulated
amortization of $2,169 and $5,190 4,588 1,959
Time charter premium, net of accumulated
amortization of $2,551 and $440 6,949 9,060
Dry docking costs, net of accumulated
amortization of $970 and $280 5,216 920
----------- -----------
Total assets $ 1,057,440 $ 466,026
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities :
Accounts payable $ 5,369 $ 1,474
Sundry liabilities and accruals 2,776 3,413
Deferred income 2,777 1,716
Short-term portion of long-term debt 47,000 --
----------- -----------
Total current liabilities 57,922 6,603
Long-term debt 564,960 210,000
Unrealized swap loss 9,840 --
----------- -----------
Total liabilities $ 632,722 $ 216,603
Total shareholders' equity 424,718 249,423
----------- -----------
Total liabilities and shareholders'
equity $ 1,057,440 $ 466,026
=========== ===========
Quintana Maritime Limited
Consolidated Income Statements
(All amounts expressed in thousands of U.S. Dollars except per share data)
Period From
January 13,
Three Months Ended Year Ended 2005 to
December 31, December 31, Dec. 31,
2006 2005 2006 2005
----------- ----------- ----------- -----------
(unaudited) (unaudited)
------------------------ ----------- -----------
Revenues:
Time charter revenue $ 38,810 $ 21,256 $ 103,667 $ 42,062
Voyage revenue -- -- 4,474 --
Commissions (1,809) (952) (4,824) (1,787)
----------- ----------- ----------- -----------
Net revenue $ 37,001 $ 20,304 103,317 40,275
Expenses:
Vessel operating
expenses 6,109 3,197 17,489 7,411
Voyage expenses 15 -- 4,083 --
General and
administrative
expenses (including
restricted stock
amortization of
$672, $301, $2,298
and $616) 3,593 2,597 10,790 5,301
Depreciation and
amortization 10,887 5,719 30,486 11,648
----------- ----------- ----------- -----------
Total expenses $ 20,604 $ 11,513 62,848 24,360
----------- ----------- ----------- -----------
Operating income $ 16,397 $ 8,791 40,469 15,915
Other (expenses) /
income:
Interest expense $ (8,265) $ (2,464) (16,615) (5,367)
Interest income 629 68 1,199 228
Finance costs (95) (1,604) (2,169) (5,190)
Unrealized swap
gain/(loss) 2,052 -- (9,840) --
Foreign exchange
gains/(losses) and
other, net 73 (54) (300) (58)
----------- ----------- ----------- -----------
Total other
expenses $ (5,606) $ (4,054) (27,725) (10,387)
Net income $ 10,791 $ 4,737 $ 12,744 $ 5,528
=========== =========== =========== ===========
Earnings per common
share:
Basic $ 0.22 $ 0.20 $ 0.38 $ 0.39
=========== =========== =========== ===========
Diluted $ 0.21 $ 0.20 $ 0.37 $ 0.39
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 49,637,284 23,287,992 33,568,793 14,134,268
=========== =========== =========== ===========
Diluted 52,362,593 23,580,019 34,680,371 14,239,907
=========== =========== =========== ===========
Quintana Maritime Limited
Consolidated Statements of Cash Flows
(All amounts expressed in thousands of U.S. Dollars)
Period from
January 13,
Year Ended 2005 to
December 31, December 31,
2006 2005
------------ ------------
(unaudited)
Cash flows from operating activities:
Net income $ 12,744 $ 5,528
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 30,486 11,648
Amortization of deferred finance costs 2,169 5,190
Amortization of time charter fair value 2,111 440
Amortization of stock-based compensation 2.298 616
Unrealized swap loss 9,840 --
Changes in assets and liabilities:
Increase in inventories (1,271) (378)
Decrease / (Increase) in due from
charterers, net 85 (1,244)
Increase in other receivables (716) (480)
Increase in prepaid expenses and other
current assets (119) (867)
Increase in accounts payable 3,895 1,474
(Decrease) / Increase in sundry liabilities
and accruals (637) 3,413
Increase in deferred income 1,061 1,716
Deferred dry-dock costs incurred (4,986) (1,200)
------------ ------------
Net cash from operating activities $ 56,960 $ 25,856
------------ ------------
Cash flows from investing activities:
Vessel acquisitions (570,738) (457,784)
Advances for vessel acquisitions (26,310) --
Time charter premium -- (9,500)
Purchases of property, plant and equipment (251) (443)
------------ ------------
Net cash used in investing activities $ (597,299) $ (467,727)
------------ ------------
Cash flows from financing activities:
Proceeds from long-term debt 611,960 628,621
Repayment of long-term debt (210,000) (418,621)
Payment of financing costs (4,798) (7,149)
Proceeds from preferred stock issuance 190,938 --
Issuance costs of preferred stock and
warrants (8,308) --
Proceeds from the exercise of warrants 8,497 --
Common stock to be issued for warrants
exercised 1,507
Paid-in capital and common stock -- 68,405
Proceeds from initial public offering -- 182,942
Issuance costs of initial public offering -- (2,180)
Dividends paid (32,381) (5,888)
------------ ------------
Net cash from financing activities $ 557,415 $ 446,130
------------ ------------
Net increase in cash and cash equivalents 17,076 4,259
Cash and cash equivalents at beginning of
period 4,259 --
------------ ------------
Cash and cash equivalents at end of the period $ 21,335 $ 4,259
============ ============
Supplemental disclosure of cash flow
information:
Cash paid during the period for interest $ 18,994 $ 3,064
============ ============
Quintana Maritime Limited
Reconciliation of Net Income to Adjusted EBITDA
(All amounts expressed in thousands of U.S. Dollars)
Period
from
January
Three Months Year 13,
Ended December 31, ended 2005 to
-------------------- December December
2006 2005 31, 2006 31, 2005
--------- --------- --------- ---------
Net Income $ 10,791 $ 4,737 $ 12,744 $ 5,528
--------- --------- --------- ---------
Interest and finance costs, net 7,731 4,000 17,585 10,329
Depreciation and amortization 10,887 5,719 30,486 11,648
Unrealized swap (gain)/ loss (2,052) - 9,840 -
Amortization of time charter
fair value 528 440 2,111 440
Stock-based compensation 672 301 2,298 616
========= ========= ========= =========
Adjusted EBITDA $ 28,557 $ 15,197 $ 75,064 $ 28,561
Quintana Maritime Limited
Reconciliation of Net Income to Adjusted Net Income
(All amounts expressed in thousands of U.S. Dollars)
Period
from
January
Three Months Year 13,
Ended December 31, ended 2005 to
-------------------- December December
2006 2005 31, 2006 31, 2005
--------- --------- --------- ---------
Net Income $ 10,791 $ 4,737 $ 12,744 $ 5,528
--------- --------- --------- ---------
Unamortized write-off of
financing costs -- 1,511 1,833 4,707
Unrealized swap (gain)/loss (2,052) -- 9,840 --
--------- --------- --------- ---------
Adjusted Net Income $ 8,739 $ 6,248 $ 24,417 $ 10,235
--------- --------- --------- ---------
Quintana Maritime Limited
Reconciliation of Earnings Per Share (Diluted) to Adjusted Earnings Per
Share (Diluted)
(All amounts expressed in U.S. Dollars)
Period
from
January
Three Months Year 13,
Ended December 31, ended 2005 to
-------------------- December December
2006 2005 31, 2006 31, 2005
--------- --------- --------- ---------
Earnings per share (diluted) $ 0.21 $ 0.20 $ 0.37 $ 0.39
--------- --------- --------- ---------
Unamortized write-off of
financing costs -- 0.06 0.05 0.33
Unrealized swap (gain)/loss (0.04) -- 0.28 --
--------- --------- --------- ---------
Adjusted earnings per share
(diluted) $ 0.17 $ 0.26 $ 0.70 $ 0.72
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 loss on swap transaction, 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 unamortized write-off of
financing costs and unrealized loss from swap transaction, which are
non-cash items. 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 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 4.2 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
347,162 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 2,644,043 dwt and an average age of 3.9
years on a dwt weighted average.
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 fourth quarter and full year of 2006:
Three Months Ended December 31, 2006
------------------------------------
CHARTER
PANAMAX CAPESIZE IN TOTAL
========= ========= ========= =========
Total Ownership days 1,706 184 1,890
Operating days under fixed rate
time charter 1,570 162 1,732
Operating days under variable
rate time charter 91 91
Operating days under spot
charter
Utilization 97.4% 88.0% 96.5%
Time charter equivalent per
ship per day - fixed rate tc 19,903 31,685 21,004
Time charter equivalent
per ship per day - variable
rate tc 32,283 32,283
Net daily revenue per ship per
day 19,116 26,677 19,852
Vessel operating expenses per
ship per day (3,204) (3,483) (3,232)
Net Operating Cash Flow per
ship per day before general
and administrative expenses 15,912 23,194 16,620
========= ========= =========
Three Months Ended December 31, 2005
------------------------------------
CHARTER
PANAMAX CAPESIZE IN TOTAL
========= ========= ========= =========
Total Ownership days 736 126 862
Operating days under fixed rate
time charter 636 121 757
Operating days under variable
rate time charter 91 91
Operating days under spot
charter
Utilization 98.8% 95.6% 98.3%
Time charter equivalent per
ship per day - fixed rate tc 22,635 43,851 26,332
Time charter equivalent
per ship per day - variable
rate tc 19,446 19,446
Net daily revenue per ship per
day 21,006 41,930 24,064
Vessel operating expenses per
ship per day (3,745) (3,501) (3,709)
Net Operating Cash Flow per
ship per day before general
and administrative expenses 17,261 38,429 20,355
========= ========= =========
Twelve Months Ended December 31, 2006
------------------------------------------
CHARTER
PANAMAX CAPESIZE IN TOTAL
========= ========= ========= =========
Total Ownership days 4,142 730 139 5,011
Operating days under fixed rate
time charter 3,721 688 4,409
Operating days under variable
rate time charter 364 364
Operating days under spot
charter 139 139
Utilization 98.6% 94.2% 100.0% 98.0%
Time charter equivalent per
ship per day - fixed rate tc 20,248 32,166(1) 22,107
Time charter equivalent per
ship per day - variable rate tc 22,858 22,858
Time charter equivalent per
ship per day - spot 20,589 20,589
Charter in costs per ship per
day - spot (17,771) (17,771)
Net daily revenue per ship per
day 19,289 28,986 2,022 20,225
Vessel operating expenses per
ship per day (3,557) (3,773) (3,590)
Management fees
Net Operating Cash Flow per
ship per day before general
and administrative expenses 15,732 25,213 2,022 16,635
========= ========= ========= =========
Twelve Months Ended December 31, 2005
------------------------------------------
CHARTER
PANAMAX CAPESIZE IN TOTAL
========= ========= ========= =========
Total Ownership days 1,709 126 1,835
Operating days under fixed rate
time charter 1,463 121 1,584
Operating days under variable
rate time charter 163 163
Operating days under spot
charter
Utilization 95.2% 95.6% 95.2%
Time charter equivalent per
ship per day - fixed rate tc 23,362 43,851(1) 25,074
Time charter equivalent per
ship per day - variable rate tc 17,129 17,129
Time charter equivalent per
ship per day - spot
Charter in costs per ship per
day - spot
Net daily revenue per ship per
day 20,732 41,930 22,188
Vessel operating expenses per
ship per day (3,732) (3,501) (3,716)
Management fees (346) (322)
Net Operating Cash Flow per
ship per day before general
and administrative expenses 16,654 38,429 18,150
========= ========= =========
(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 - This 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 March 6, 2007
TC
Year Age Expiration Date
CURRENT FLEET Type DWT Built (in yrs) (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 2.1 December 2010
Grain Harvester(A) Panamax 76,417 2004 2.5 July 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 Panamax 72,600 1999 7.3 February 2009
--------- ------- ---- ----- --------------
Iron Man(C) Panamax 72,861 1997 9.7 March 2010
Coal Age(C) Panamax 72,861 1997 9.7 September 2007
Fearless 1(C) Panamax 73,427 1997 9.9 March 2008
Barbara(D) Panamax 73,390 1997 10.1 July 2007
Linda Leah(D) Panamax 73,390 1997 10.1 February 2008
King Coal Panamax 72,873 1997 10.2 March 2008
Coal Glory(C) Panamax 73,670 1995 12.0 June 2008
Total Current 25 4.2
Fleet Vessels 2,132,281 years
avg (F)
--------- --------- ------- ---------------
FLEET TO BE Year Age (in Delivery
DELIVERED Type DWT Built years) Range
Iron Brooke Kamsarmax 82,300 * Mar 07
Iron Miner Capesize 177,000 * Mar 07
Lowlands Beilun Capesize 170,162 1999 7.9 Mar 07
Iron Manolis Kamsarmax 82,300 * April 07
Total Fleet to
be Delivered 4 Vessels 511,762
3.9
years
TOTAL FLEET 29 Vessels 2,644,043 avg (F)
---------- --------- ------- ----- ---------
* Under Construction
(A), (B), (C) and (D) indicate sister ships. As of March 6, 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 charterer has elected to keep the vessel for its maximum
initial contracted period until September 2007. In addition, the charterer
has exercised an option to extend the charter by up to six months, until
early March 2008, at $27,250 per day.
(F) 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