SOURCE: Quintana Maritime Limited

October 19, 2005 10:31 ET

Quintana Maritime Limited Takes Delivery of Its First Capesize Bulk Carrier

ATHENS, GREECE -- (MARKET WIRE) -- October 19, 2005 -- Quintana Maritime Limited (NASDAQ: QMAR) today announced that it has taken delivery of its first Capesize bulk carrier. The vessel, named Iron Beauty, was built in 2001 by China Shipbuilding Corporation in Taiwan and has a carrying capacity of 165,500 deadweight tons (dwt). The vessel is employed under an existing five-year time-charter contract with STX Panocean that started in May 2005 at a net daily rate of $35,151.

The purchase price of the vessel was approximately $68.4 million, of which Quintana had previously advanced the sellers a cash deposit of $6.85 million, or 10% of the aggregate purchase price of the vessel. The balance of the purchase price was funded through its revolving credit facility.

Quintana Maritime expects to take delivery of its second Capesize vessel, Kirmar, in mid-November.


                                 Year   Age (in          Delivered
Vessel        Type         Dwt   Built   years)           to QMAR
------        ----         ---   -----  -------          ---------
Fearless 1    Panamax    73,427  1997    8               4/11/2005
King Coal     Panamax    72,873  1997    8               4/12/2005
Coal Glory    Panamax    73,670  1995    10              4/13/2005
Coal Age      Panamax    72,861  1997    8               5/4/2005
Iron Man      Panamax    72,861  1997    8               5/6/2005
Barbara       Panamax    73,390  1997    8               7/21/2005
Coal Pride    Panamax    72,600  1999    6               8/16/2005
Linda Leah    Panamax    73,390  1997    8               8/22/2005
Iron Beauty   Capesize  165,500  2001    4               10/18/2005
Fleet on
  10/18/2005  9 Vessels  50,572        7.6 years average

Kirmar        Capesize  165,500  2001    4               Expected
                                                         mid-November 2005

Total Fleet  10 Vessels 916,072        7.2 years average

Quintana Maritime Limited, based in Greece, is an international provider of dry bulk cargo marine transportation services. The company currently owns and operates a fleet of eight Panamax size vessels and one Capesize vessel with a total carrying capacity of 750,572 dwt and an average age of approximately 7.6 years. It has also entered into an agreement to acquire one additional Capesize vessel, which, upon delivery will increase the size of its fleet to 10 vessels with a total carrying capacity of 916,072 dwt and an average age of 7.2 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 time charters and delivery of Kirmar. 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: Email Contact

    Investor Relations / Financial Media:
    Paul Lampoutis
    Capital Link, Inc, New York
    Tel. 212-661-7566
    E-mail: Email Contact