Year Age TC Expiration Date
CURRENT FLEET Type DWT Built (in yrs) (minimum period)
Lowlands Beilun(C) Capesize 170,162 1999 7.9 March 2010
Iron Manolis(A) Kamsarmax 82,300 2007 0.0 December 2010
Iron Brooke(A) Kamsarmax 82,300 2007 0.1 December 2010
Iron Miner Capesize 177,000 2007 0.1 January 2012
Iron Lindrew(A) Kamsarmax 82,300 2007 0.2 December 2010
Iron Knight(A) Panamax 76,429 2004 2.8 December 2010
Coal Hunter(A) Kamsarmax 82,300 2006 0.3 December 2010
Pascha(A) Kamsarmax 82,300 2006 0.3 December 2010
Coal Gypsy(A) Kamsarmax 82,300 2006 0.4 December 2010
Iron Anne(A) Kamsarmax 82,000 2006 0.5 December 2010
Iron Vassilis(A) Kamsarmax 82,000 2006 0.7 December 2010
Iron Bill(A) Kamsarmax 82,000 2006 0.9 December 2010
Santa Barbara(A) Kamsarmax 82,266 2006 1.0 December 2010
Ore Hansa(A) Kamsarmax 82,229 2006 1.1 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 2.2 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(E) Panamax 72,600 1999 7.4 February 2009
Iron Man(C) Panamax 72,861 1997 9.8 March 2010
Coal Age(C) Panamax 72,861 1997 9.8 September 2007
Fearless 1(C) Panamax 73,427 1997 10.0 March 2008
Barbara(D) Panamax 73,390 1997 10.2 July 2007
Linda Leah(D) Panamax 73,390 1997 10.2 February 2008
King Coal Panamax 72,873 1997 10.3 March 2008
Coal Glory(C) Panamax 73,670 1995 12.1 June 2008
4.0
years
Total Current Fleet 29 Vessels 2,644,043 avg(G)
---------- --------- ----- -------- ------------------
Year Age
FLEET TO BE DELIVERED Type DWT Built (in yrs) Delivery Range
Newbuilding(E)(F) Capesize 180,000 2010 * March 2010
Total Fleet to be
Delivered 1 Vessel 180,000
3.5
years
TOTAL FLEET 30 Vessels 2,824,043 avg(G)
---------- --------- ----- -------- ------------------
* Under Construction
(A), (B), (C), (D) and (E) indicate sister ships. As of April 16, 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.
(F) Quintana holds a 42.8% interest in the joint venture that will own this
vessel.
(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 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 4.0 years on a dwt weighted average. In addition, Quintana is a 42.8% owner in a joint venture that has recently ordered a Capesize newbuilding of an aggregate capacity of 180,000 dwt with expected delivery ex-yard in March 2010. Once all acquisitions and newbuild order are completed and assuming no vessel disposals, Quintana will have a fleet of 30 dry bulk vessels, including 5 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 2,824,043 dwt. The deadweight average age of the whole fleet, including the Capesize vessel on order, currently is 3.5 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.
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