SOURCE: Quintana Maritime Limited

August 24, 2006 10:44 ET

Quintana Maritime Limited Takes Delivery of Its Third Kamsarmax

ATHENS, GREECE -- (MARKET WIRE) -- August 24, 2006 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it took delivery of its third Kamsarmax bulk carrier, Iron Bradyn, from Metrobulk. Iron Bradyn has a carrying capacity of 82,769 deadweight tons (dwt) and was built in February 2005 at Tsuneishi, a Japanese shipyard.

As previously announced, Iron Bradyn is employed under a master time charter with Bunge S.A. (NYSE: BG) at an average daily rate, together with seven other vessels under charter with Bunge, of approximately $23,000 per day for 2007. 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.

Iron Bradyn is the third vessel delivered to Quintana of the seventeen vessels that Quintana Maritime has agreed to acquire from Metrobulk, an unaffiliated seller. The remaining fleet to be delivered to Quintana includes three 76,000-dwt Panamaxes and eleven 83,000-dwt Kamsarmax bulkers. The anticipated delivery schedule is outlined in the fleet table below. All seventeen vessels acquired or to be acquired from Metrobulk are sister ships built at Tsuneishi, a Japanese shipyard. Kamsarmaxes are a Panamax sub-class that have more carrying capacity than typical Panamax designs. Once all Kamsarmax vessels are delivered, Quintana believes it will control approximately one-quarter of the actively trading Kamsarmax fleet.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are pleased to take delivery within schedule the third of the seventeen vessels we agreed to acquire from Metrobulk. We are continuing to take delivery of the new ships while we are enjoying among the highest time charter coverages amongst our peers through the end of 2010."

Fleet Table as of August 24, 2006

CURRENT FLEET     Type       DWT     Year    Age     TC Expiration Date
                                     Built (in yrs)   (minimum period)
Iron Vassilis(C)  Kamsarmax  82,257  2006    0.1     December 2010
Iron Fuzeyya(C)   Kamsarmax  82,209  2006    0.6     December 2010
Iron Bradyn(C)    Kamsarmax  82,769  2005    1.5     December 2010
Kirmar(D)         Capesize  165,500  2001    4.9     February 2007(E)
Iron Beauty(D)    Capesize  165,500  2001    5.1     April 2010
Coal Pride        Panamax    72,600  1999    6.7     February 2007
Iron Man(A)       Panamax    72,861  1997    9.2     March 2010
Coal Age(A)       Panamax    72,861  1997    9.2     June 2007
Fearless 1(A)     Panamax    73,427  1997    9.3     March 2008
Barbara(B)        Panamax    73,390  1997    9.6     June 2007
Linda Leah(B)     Panamax    73,390  1997    9.6     June 2008
King Coal         Panamax    72,873  1997    9.6     March 2008
Coal Glory(A)     Panamax    73,670  1995   11.5     June 2008

Total Current Fleet  13 Vessels   1,163,307   6.3 years avg (F)

ADDITIONAL       Type       DWT     Year    Age     Delivery Range
VESSELS                             Built (in yrs)
Grain Express    Panamax    76,466  2004    2.4     Sep 06 – Oct 06
Iron Knight      Panamax    76,429  2004    2.2     Sep 06 – Oct 06
Grain Harvester  Panamax    76,417  2004    2.0     Sep 06 – Oct 06
Pascha           Kamsarmax  82,300  *               Nov 06 – Jan 07
Iron Lindrew     Kamsarmax  82,300  *               Jan 07 – March 07
Coal Gypsy       Kamsarmax  82,300  *               Dec 06
Coal Hunter      Kamsarmax  82,300  *               Dec 06
Iron Brooke      Kamsarmax  82,300  *               March 07 - May 07
Iron Manolis     Kamsarmax  82,300  *               May 07
Iron Anne        Kamsarmax  82,000  *               Sep 06
Iron Elizabeth   Kamsarmax  82,224  2006    0.2     Sep 06
Ore Hansa        Kamsarmax  82,224  2006    0.4     Sep 06
Santa Barbara    Kamsarmax  82,224  2006    0.4     Sep 06
Iron Kalypso     Kamsarmax  82,224  2006    0.6     Sep 06

Total Additional Vessels   14 Vessels      1,134,008

TOTAL FLEET     27 Vessels      2,297,315
* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of August 24, 2006 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) 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 13 vessels including 3 Kamsarmax bulkers, 8 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,163,307 dwt and an average age of 6.3 years on a dwt weighted average. It has also entered into an agreement to acquire 14 additional vessels, including 3 Panamaxes and 11 Kamsarmax bulkers with expected delivery between August 2006 and May 2007 and with an aggregate capacity of 1,134,008 dwt. Once all acquisitions are completed Quintana will have a fleet of 27 dry bulk vessels, including 2 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,297,315 dwt and an average 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.

Contact Information