SOURCE: Quintana Maritime Limited

April 04, 2007 16:10 ET

Quintana Maritime Limited Takes Delivery of Its Last Vessel From Metrobulk

ATHENS, GREECE -- (MARKET WIRE) -- April 4, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it took delivery of Iron Manolis, its seventeenth and last vessel purchased from affiliates of Metrobulk, from Tsuneishi, a Japanese shipyard, yesterday. Iron Manolis is a Kamsarmax vessel with a carrying capacity of 82,300 deadweight tons (dwt).

As previously announced, sixteen of the seventeen vessels we agreed to acquire from Metrobulk, including Iron Manolis, are employed under a master time charter with Bunge S.A. (NYSE: BG) at an average daily rate of $22,284 for 2007 and $24,500 for 2008. An additional Panamax, Grain Harvester, is already on time charter with Bunge through September 2009 at $20,000 per day. Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or agreed to acquire from Metrobulk for 2008 well ahead of the scheduled negotiations.

With the delivery of the Iron Manolis, the Company has secured approximately 97% of its net operating days under time charter contracts for 2007 and 81% for 2008, which the Company expects to generate aggregate net revenues of approximately $425 million over 2007 and 2008.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to have taken delivery within schedule of Iron Manolis, the last of the seventeen vessels we agreed to acquire from Metrobulk. In this context, all seventeen ships acquired from Metrobulk have been successfully integrated within our fleet employment strategy of having the highest time charter coverage amongst our peer group. As we conclude one of the largest dry bulk deals done so far in the market, we will continue to seek opportunities of further fleet expansion as our focus is to increase shareholder value.

Fleet Table as of April 4, 2007

                                         Year     Age   TC Expiration Date
CURRENT FLEET         Type       DWT    Built  (in yrs)   (minimum period)
Iron Manolis(A)    Kamsarmax    82,300   2007     0.0      December 2010
Iron Brooke(A)     Kamsarmax    82,300   2007     0.0      December 2010
Iron Miner          Capesize   177,000   2007     0.1       January 2012
Iron Lindrew(A)    Kamsarmax    82,300   2007     0.1      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     0.8      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     2.1      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           Panamax    72,600   1999     7.3      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     9.9         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                                     3.7
 Fleet            28 Vessels 2,473,881        years avg (E)

FLEET TO BE                              Year     Age
 DELIVERED            Type       DWT    Built  (in yrs)    Delivery Range
Lowlands Beilun(C)  Capesize   170,162   1999     7.9           April 07
Total Fleet to
 be Delivered       1 Vessel   170,162
TOTAL FLEET       29 Vessels 2,644,043            4.0
                                              years avg (E)

* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of April 4, 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) 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 28 vessels, including 14 Kamsarmax bulkers, 11 Panamax size vessels and 3 Capesize vessels with a total carrying capacity of 2,473,881 dwt and an average age of 3.7 years on a dwt weighted average. It has also entered into agreement to acquire an additional Capesize vessel with 170,162 dwt cargo capacity with expected delivery in 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 2,644,043 dwt and an average age of 4.0 years on a dwt weighted average.

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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