SOURCE: Quintana Maritime Limited

January 29, 2007 09:00 ET

Quintana Maritime Limited Takes Delivery of Its Fourteenth Vessel From Metrobulk

ATHENS, GREECE -- (MARKET WIRE) -- January 29, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that on January 24th 2007, it took delivery of Iron Knight, the last Panamax bulk carrier that the company agreed to acquire from Metrobulk. Iron Knight was built in June 2004 at Tsuneishi, a Japanese shipyard and has a carrying capacity of 76,429 deadweight tons (dwt).

Because Iron Knight was delivered later than the contracted delivery date, an affiliate of Metrobulk paid approximately $1.7 million to Quintana under the terms of the memorandum of agreement. This payment effectively reduces the purchase price of the vessel. To date, Quintana has received approximately $3.1 million in late delivery payments from Metrobulk, reducing the aggregate purchase price of the fleet to approximately $731.9 million.

As previously announced, Iron Knight, together with eight other vessels, is employed at an average daily rate of approximately $23,000 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. 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 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 are pleased to take delivery within schedule of Iron Knight, the fourteenth out of the seventeen vessels we have agreed to acquire from Metrobulk. This delivery is the first one in 2007, positioning Quintana as one of the fastest-growing dry bulk Companies in the industry. We are looking forward to taking delivery of the remaining three Kamsarmax vessels from Metrobulk along with the two recently announced Capesize vessel acquisitions, over the next four months of 2007."

Fleet Table as of January 29, 2007

                                                           TC Expiration
                                           Year      Age   Date (minimum
CURRENT FLEET            Type        DWT   Built  (in yrs)     period)

Iron Knight(A)          Panamax     76,429  2004      2.6  December 2010
Coal Hunter(A)        Kamsarmax     82,300  2006      0.1  December 2010
Pascha(A)             Kamsarmax     82,300  2006      0.1  December 2010
Coal Gypsy(A)         Kamsarmax     82,300  2006      0.2  December 2010
Iron Anne(A)          Kamsarmax     82,000  2006      0.3  December 2010
Iron Vassilis(A)      Kamsarmax     82,000  2006      0.5  December 2010
Iron Bill(A)          Kamsarmax     82,000  2006      0.7  December 2010
Santa Barbara(A)      Kamsarmax     82,266  2006      0.8  December 2010
Ore Hansa(A)          Kamsarmax     82,229  2006      0.9  December 2010
Iron Kalypso(A)       Kamsarmax     82,204  2006      1.0  December 2010
Iron Fuzeyya(A)       Kamsarmax     82,229  2006      1.0  December 2010
Iron Bradyn(A)        Kamsarmax     82,769  2005      2.0  December 2010
Grain Harvester(A)      Panamax     76,417  2004      2.4 September 2009
Grain Express(A)        Panamax     76,466  2004      2.8  December 2010
Kirmar(B) (E)          Capesize    165,500  2001      5.3  February 2007
Iron Beauty(B)         Capesize    165,500  2001      5.5     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(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     11.9      June 2008

Total Current Fleet  24 Vessels 2,049,981          avg (F)

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

Iron Lindrew          Kamsarmax     82,300     *              Jan-Feb 07
Iron Brooke           Kamsarmax     82,300     *                  Mar 07
Iron Miner             Capesize    177,000     *                  Mar 07
Lowlands Beilun        Capesize    171,000  1999      7.7         Mar 07
Iron Manolis          Kamsarmax     82,300     *                  May 07

Total Fleet to be
 Delivered            5 Vessels    594,900

TOTAL FLEET          29 Vessels  2,644,881

* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of January 29, 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 24 vessels, including 11 Kamsarmax bulkers, 11 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 2,049,981 dwt and an average age of 4.3 years on a dwt weighted average. It has also entered into agreements to acquire 3 additional Kamsarmax bulkers with expected delivery between January and May 2007 and with an aggregate capacity of 246,900 dwt. In addition, Quintana has recently entered into agreements to acquire 2 Capesize vessel 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 an average age of 3.8 years on a dwt weighted average.

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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