SOURCE: Quintana Maritime Limited

November 14, 2005 11:04 ET

Quintana Maritime Limited Takes Delivery of Its Second Capesize Bulk Carrier

ATHENS, GREECE -- (MARKET WIRE) -- November 14, 2005 -- Quintana Maritime Limited (NASDAQ: QMAR) today announced that it took delivery of its second Capesize bulk carrier on November 11, 2005. The vessel, named Kirmar, was built in 2001 by China Shipbuilding Corporation in Taiwan and has a carrying capacity of 165,500 deadweight tons (dwt).

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. On delivery, the Company paid $9.6 million in cash, and the balance of $52.0 million was funded through its revolving credit facility.

Stamatis Molaris, Chief Executive Officer of Quintana Maritime Limited, stated, "Delivery of this second Capesize vessel has expanded Quintana Maritime's fleet to 8 Panamaxes and 2 Capesizes, putting Quintana amongst the largest dry-bulk fleets in the industry with total cargo-carrying capacity of 916,072 dwt, since it commenced operations in April 2005." Mr. Molaris, added, "While the Capesize market continues to rise, we are very pleased to have fixed Kirmar with Transfield on a 60-day charter at $61,000 per day, commencing on November 16, 2005."

UPDATED FLEET PROFILE

  Vessel         Type         Dwt      Year Built       Age    Delivered to
                                                    (in years)      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
Kirmar         Capesize      165,500         2001            4   11/11/2005
                          -----------
Total Fleet  10 Vessels      916,072                      7.2 years average
                          ===========
ABOUT QUINTANA MARITIME LIMITED

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 two Capesize vessels with a total carrying capacity of 916,072 dwt and an average age of approximately 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. 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:

    Mark A. Kahil
    Vice President, Investor Relations
    Quintana Maritime Limited
    601 Jefferson St. Suite 3600
    Houston, TX 77002
    713.751.7527
    Email Contact