SOURCE: Quintana Maritime Limited

December 19, 2006 16:05 ET

Quintana Maritime Limited Takes Delivery of Its Twelfth Vessel From Metrobulk

ATHENS, GREECE -- (MARKET WIRE) -- December 19, 2006 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that on December 15, 2006 it took delivery of a Kamsarmax bulk carrier, Pascha, from Tsuneishi, a Japanese shipyard. Pascha has a carrying capacity of 82,300 deadweight tons (dwt) and is the tenth of the fourteen Kamsarmax vessels the company has agreed to acquire from Metrobulk.

As previously announced, Pascha, together with four other vessels, is employed at an average daily rate of approximately $20,000 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 90% 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 Pascha, the twelfth out of the seventeen vessels we have agreed to acquire from Metrobulk. We are also on schedule to take delivery of an additional vessel from Metrobulk by year-end 2006."

Fleet Table as of December 19, 2006
                                                            TC Expiration
                                            Year   Age      Date (minimum
  CURRENT FLEET           Type       DWT    Built (in yrs)      period)
--------------------------------------------------------------------------
Pascha                 Kamsarmax    82,300  2006    0.0      December 2010
Coal Gypsy             Kamsarmax    82,300  2006    0.1      December 2010
Iron Anne              Kamsarmax    82,000  2006    0.2      December 2010
Iron Vassilis(A)       Kamsarmax    82,000  2006    0.4      December 2010
Iron Bill (ex. Iron
 Elisabeth) (A)        Kamsarmax    82,000  2006    0.6      December 2010
Santa Barbara          Kamsarmax    82,266  2006    0.7      December 2010
Ore Hansa              Kamsarmax    82,229  2006    0.8      December 2010
Iron Kalypso           Kamsarmax    82,204  2006    0.9      December 2010
Iron Fuzeyya(A)        Kamsarmax    82,229  2006    0.9      December 2010
Iron Bradyn(A)         Kamsarmax    82,769  2005    1.8      December 2010
Grain Harvester          Panamax    76,417  2004    2.3     September 2009
Grain Express            Panamax    76,466  2004    2.7      December 2010
Kirmar (B)              Capesize   165,500  2001    5.2   February 2007(C)
Iron Beauty (B)         Capesize   165,500  2001    5.4         April 2010
Coal Pride               Panamax    72,600  1999    7.1      February 2007
Iron Man (D)             Panamax    72,861  1997    9.5         March 2010
Coal Age (D)             Panamax    72,861  1997    9.5          June 2007
Fearless 1(D)            Panamax    73,427  1997    9.6         March 2008
Barbara (E)              Panamax    73,390  1997    9.9          June 2007
Linda Leah (E)           Panamax    73,390  1997    9.9          June 2008
King Coal                Panamax    72,873  1997   10.0         March 2008
Coal Glory (D)           Panamax    73,670  1995   11.8          June 2008

Total Current Fleet   22 Vessels 1,891,252      4.4 years
                                                 avg (F)


FLEET TO BE                                            Age        Delivery
 DELIVERED           Type        DWT     Year Built   (in years)   Range
---------------------------------------------------------------------------
Iron Knight         Panamax     76,429       2004            2.5     Jan 07
Coal Hunter       Kamsarmax     82,300          *                    Dec 06
Iron Lindrew      Kamsarmax     82,300          *                Jan-Feb 07
Iron Brooke       Kamsarmax     82,300          *                    Mar 07
Iron Miner         Capesize    177,000          *                    Mar 07
Iron Manolis      Kamsarmax     82,300          *                    May 07

Total Fleet to
 be Delivered     6 Vessels    582,629

TOTAL FLEET      28 Vessels  2,473,881

* Under Construction

(A), (B), (D), and (E) indicate sister ships. As of December 19, 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.

(C) 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

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 22 vessels, including 10 Kamsarmax bulkers, 10 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,891,252 dwt and an average age of 4.4 years on a dwt weighted average. It has also entered into agreements to acquire 5 additional vessels from Metrobulk, including 1 Panamax and 4 Kamsarmax bulkers with expected delivery between December 2006 and May 2007 and with an aggregate capacity of 405,629 dwt. In addition, Quintana has recently entered into an agreement to acquire 1 Capesize vessel of 177,000 dwt with expected delivery between March and April 2007. Once all acquisitions are completed, Quintana will have a fleet of 28 dry bulk vessels, including 3 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,473,881 dwt and an average age of 3.4 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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