SOURCE: Quintana Maritime Limited

March 15, 2007 09:00 ET

Quintana Maritime Limited Takes Delivery of Its Newbuilding Capesize Bulk Carrier "Iron Miner"

ATHENS, GREECE -- (MARKET WIRE) -- March 15, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that on March 13th 2007, it took delivery of Iron Miner, a newbuilding Capesize bulk carrier of 177,000 deadweight tons (dwt) from Shanghai Waigaoqiao Shipbuilding Co., a Capesize specialist yard in China.

As previously announced the purchase price of the vessel is approximately $92.5 million and has been funded with borrowings under its credit facility and cash on hand, including from the proceeds from the exercise of warrants. Iron Miner is employed under a five-year time charter at a net daily rate of $40,000 with Transfield, a major operator in the Capesize sector.

With the delivery of the Iron Miner, the Company has secured approximately 96.2% of its net operating days under time charter contracts for 2007 and 80.9% for 2008, which the Company expects to generate aggregate net revenues of approximately $420 million over 2007 and 2008.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to take delivery within schedule of Iron Miner, the Capesize newbuilding we agreed to acquire from Bocimar Belgium in December 2006. The delivery of the Iron Miner continues to position Quintana Maritime as one of the fastest-growing public dry bulk companies with one of the youngest fleets. Our visible cash flows, due to our high time charter coverage through 2010, significantly enhance our ability to safely deliver long-term value to our shareholders."

Fleet Table as of March 15, 2007

                                                             TC Expiration
                                            Year     Age          Date
CURRENT FLEET             Type        DWT   Built (in yrs) (minimum period)
                        ---------   ------- ----- -------- ----------------
Iron Miner               Capesize   177,000  2007      0.0     January 2012
Iron Lindrew(A)         Kamsarmax    82,300  2007      0.1    December 2010
Iron Knight(A)            Panamax    76,429  2004      2.8    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      0.5    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      1.0    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      2.6        July 2009
Grain Express(A)          Panamax    76,466  2004      3.0    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 (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
 Fleet                 26 Vessels   2,309,281      3.9 years
                                                     avg (F)

                                            Year     Age
FLEET TO BE DELIVERED     Type        DWT   Built(in years)  Delivery Range
                        ---------   ------- ----- -------- ----------------
Iron Brooke             Kamsarmax    82,300     *                    Mar 07
Lowlands Beilun          Capesize   170,162  1999      7.9           Mar 07
Iron Manolis            Kamsarmax    82,300     *                  April 07
Total Fleet to be
 Delivered              3 Vessels   334,762
TOTAL FLEET            29 Vessels 2,644,043       3.9 years
                                                   avg (F)
* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of March 15, 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.

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 26 vessels, including 12 Kamsarmax bulkers, 11 Panamax size vessels and 3 Capesize vessels with a total carrying capacity of 2,309,281 dwt and an average age of 3.9 years on a dwt weighted average. It has also entered into agreements to acquire 2 additional Kamsarmax bulkers with expected delivery between March and April 2007 and with an aggregate capacity of 164,600 dwt. In addition, Quintana has recently entered into an agreement to acquire an additional Capesize vessel with 170,162 dwt cargo capacity 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.

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