SOURCE: Quintana Maritime Limited

March 22, 2007 09:10 ET

Quintana Maritime Limited Takes Delivery of Its Sixteenth Vessel From Metrobulk and Increases Revolving Credit Facility

ATHENS, GREECE -- (MARKET WIRE) -- March 22, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it took delivery of its sixteenth vessel and thirteenth Kamsarmax bulk carrier, Iron Brooke, from Tsuneishi, a Japanese shipyard, on March 20th, 2007. Iron Brooke has a carrying capacity of 82,300 deadweight tons (dwt).

As previously announced, sixteen of the seventeen vessels we agreed to acquire from Metrobulk, including Iron Brooke, are employed under a master time charter with Bunge S.A. (NYSE: BG) at an average daily rate of $22,284 for 2007 and $24,500 for 2008. An additional Panamax, Grain Harvester is already on time charter with Bunge through September 2009 at $20,000 per day. Quintana Maritime has fixed the rates for all sixteen vessels it has acquired or agreed to acquire from Metrobulk for 2008 well ahead of the scheduled negotiations.

With the delivery of the Iron Brooke, the Company has secured approximately 96% of its net operating days under time charter contracts for 2007 and 81% for 2008, which the Company expects to generate aggregate net revenues of approximately $420 million over 2007 and 2008.

Upsize of Revolving Credit Facility

On March 14, 2007, the Company upsized its revolving credit facility, increasing the maximum commitments available under that facility to $865 million from $735 million. The capacity increase will allow the Company to borrow under the facility to complete the acquisitions of the remaining two vessels it has agreed to acquire but are not yet delivered.

Fleet Table as of March 21, 2007

                                                            TC Expiration
                                            Year    Age     Date (minimum
CURRENT FLEET          Type        DWT      Built (in yrs)     period)
Iron Brooke(A)       Kamsarmax    82,300    2007    0.0     December  2010
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    0.3     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    1.2     December  2010
Iron Fuzeyya(A)      Kamsarmax    82,229    2006    1.2     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)            Capesize    165,500    2001    5.5     March     2008
Iron Beauty(B)       Capesize    165,500    2001    5.7     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   12.1     June      2008
Total Current
 Fleet            27 Vessels   2,391,581            3.8
                                                    avg (F)

FLEET TO BE          Type        DWT        Year    Age     Delivery Range
 DELIVERED                                  Built (in years)

Lowlands Beilun     Capesize     170,162    1999    7.9     April 07
Iron Manolis        Kamsarmax     82,300       *            April 07
Total Fleet
 to be Delivered    2 Vessels    252,462
TOTAL FLEET        29 Vessels  2,644,043            3.9
                                                    avg (F)
* Under Construction

(A), (B), (C) and (D) indicate sister ships. As of March 21, 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) 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 27 vessels, including 13 Kamsarmax bulkers, 11 Panamax size vessels and 3 Capesize vessels with a total carrying capacity of 2,391,581 dwt and an average age of 3.8 years on a dwt weighted average. It has also entered into agreement to acquire an additional Kamsarmax bulker with expected delivery in April 2007 and with an aggregate capacity of 82,300 dwt. In addition, Quintana has agreed to acquire an additional Capesize vessel with 170,162 dwt cargo capacity with expected delivery in 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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