SOURCE: Quintana Maritime Limited

February 15, 2007 09:00 ET

Quintana Maritime Limited Takes Delivery of Its Fifteenth Vessel From Metrobulk

ATHENS, GREECE -- (MARKET WIRE) -- February 15, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it took delivery of Iron Lindrew, from Tsuneishi, a Japanese shipyard, yesterday. Iron Lindrew has a carrying capacity of 82,300 deadweight tons (dwt).

As previously announced, Iron Lindrew, together with four other vessels, is employed at an average daily rate of approximately $20,000 per day for 2007 under a master time charter with Bunge S.A. (NYSE: BG). Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. In addition, Quintana has fixed these same vessels at an average daily rate of $24,000 for 2008. The master charter agreement with Bunge S.A calls for annual renewals in early November every year between floor and ceiling rates, and lasts through the end of 2010. As a result of these fixtures, Quintana has secured almost 93% of its expected net operating days for 2007 and 42% for 2008 under charters with fixed rates. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We welcome the delivery of Iron Lindrew, the fifteenth out of the seventeen vessels we have agreed to acquire from Metrobulk. We are also looking forward to taking delivery of the remaining two Kamsarmax vessels from Metrobulk along with the two recently announced Capesize vessel acquisitions, over the next three months."

Fleet Table as of February 15, 2007

                                                          TC Expiration
                                          Year     Age        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     0.2  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     0.7  December 2010
Santa Barbara(A)      Kamsarmax    82,266   2006     0.9  December 2010
Ore Hansa(A)          Kamsarmax    82,229   2006     0.9  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     2.0  December 2010
Grain Harvester(A)      Panamax    76,417   2004     2.5 September 2009
Grain Express(A)        Panamax    76,466   2004     2.9  December 2010
Kirmar(B) (E)          Capesize   165,500   2001     5.4  February 2007
Iron Beauty(B)         Capesize   165,500   2001     5.6     April 2010
Coal Pride(F)           Panamax    72,600   1999     7.2  February 2007
Iron Man (C)            Panamax    72,861   1997     9.6     March 2010
Coal Age (C)            Panamax    72,861   1997     9.6      June 2007
Fearless 1(C)           Panamax    73,427   1997     9.8     March 2008
Barbara (D)             Panamax    73,390   1997    10.0      June 2007
Linda Leah (D)          Panamax    73,390   1997    10.0      June 2008
King Coal               Panamax    72,873   1997    10.1     March 2008
Coal Glory (C)          Panamax    73,670   1995    12.0      June 2008
Total Current Fleet  25 Vessels 2,132,281         avg (F)

FLEET TO BE                                Year     Age       Delivery
 DELIVERED              Type      DWT      Built (in years)    Range
-----------------    ---------- --------- ------  --------  -----------
Iron Brooke           Kamsarmax    82,300      *                 Mar 07
Iron Miner             Capesize   177,000      *                 Mar 07
Lowlands Beilun        Capesize   171,000   1999     7.8         Mar 07
Iron Manolis          Kamsarmax    82,300      *                 May 07
Total Fleet to be
 Delivered            4 Vessels   512,600
TOTAL FLEET          29 Vessels 2,644,881
* Under Construction

(A), (B), (C) and (D) indicate sister ships. As of February 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 charter may be extended by up to six months, until September 2007, at the current rate of $26,500 per day at the charterer's option.

(F) Coal Pride has been entered into a time charter agreement commencing at the end of February 2007 for a period of 23-26 months at a gross daily rate of $26,500.

(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 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 4.1 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 348,000 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 2,644,881 dwt and a dwt-weighted-average age of 3.8 years.

Forward-Looking Statements

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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