SOURCE: Quintana Maritime Limited

April 16, 2007 16:12 ET

Quintana Maritime Limited Takes Delivery of 1999-Built Capesize "Lowlands Beilun"

ATHENS, GREECE -- (MARKET WIRE) -- April 16, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that on April 10, 2007, it took delivery of Lowlands Beilun, a 1999-built Capesize bulk carrier with the carrying capacity of 170,162 deadweight tons (dwt) from Cobelfret Bulk Carriers N.V., a Belgian shipping company.

As Lowlands Beilun was delivered later than the contracted delivery date, the sellers paid approximately $1.35 million to Quintana under the terms of the memorandum of agreement, thus reducing the aggregate purchase price of the vessel to approximately $71.65 million from $73 million. The purchase price has been funded with borrowings under the Company's credit facility and cash on hand. The vessel is currently operating on a five-year charter at a net daily rate of $36,000 per day with a first-class charterer, and Quintana will earn the same rate of $36,000 net per day for the remaining three years.

With this delivery, the Company has secured approximately 96.5% of its net operating days under time charter contracts for 2007 and 80.9% for 2008, for which the Company expects to generate net revenues of approximately $424 million over 2007 and 2008.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to have taken delivery of Lowlands Beilun, which is an accretive addition to our fleet while increasing our presence in the Capesize sector. Taking advantage of the strong freight rate environment, we are delighted to have secured the vessel at a profitable net daily rate thereby further enhancing our revenues and profitability."

Fleet Table as of April 16, 2007

                                           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

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
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


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.

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