TC Expiration
Year Date
CURRENT FLEET Type DWT Built Age (minimum
(in yrs) period)
Coal Gypsy Kamsarmax 82,300 2006 0.0 December 2010
Iron Anne Kamsarmax 82,000 2006 0.2 December 2010
Iron Vassilis (A) Kamsarmax 82,000 2006 0.3 December 2010
Iron Bill (ex. December 2010
Iron Elisabeth)(A) Kamsarmax 82,000 2006 0.5
Santa Barbara Kamsarmax 82,266 2006 0.7 December 2010
Ore Hansa Kamsarmax 82,229 2006 0.7 December 2010
Iron Kalypso Kamsarmax 82,204 2006 0.8 December 2010
Iron Fuzeyya (A) Kamsarmax 82,229 2006 0.8 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 5.3 April 2010
Coal Pride Panamax 72,600 1999 7.0 February 2007
Iron Man (D) Panamax 72,861 1997 9.4 March 2010
Coal Age (D) Panamax 72,861 1997 9.4 June 2007
Fearless 1 (D) Panamax 73,427 1997 9.6 March 2008
Barbara (E) Panamax 73,390 1997 9.8 June 2007
Linda Leah (E) Panamax 73,390 1997 9.8 June 2008
King Coal Panamax 72,873 1997 9.9 March 2008
Coal Glory (D) Panamax 73,670 1995 11.8 June 2008
4.5
Total Current years
Fleet 21 Vessels 1,808,952 avg (F)
FLEET TO BE Year Age (in Delivery
DELIVERED Type DWT Built years) Range
Iron Knight Panamax 76,429 2004 2.5 Dec 06
Pascha Kamsarmax 82,300 * Dec 06
Iron Lindrew Kamsarmax 82,300 * Jan 07
Coal Hunter Kamsarmax 82,300 * Dec 06
Iron Brooke Kamsarmax 82,300 * Mar 07
Iron Manolis Kamsarmax 82,300 * May 07
Total Fleet to
be Delivered 6 Vessels 487,929
TOTAL FLEET 27 Vessels 2,296,881
* Under Construction
(A), (B), (D), and (E) indicate sister ships. As of November 28, 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 21 vessels, including 9 Kamsarmax bulkers, 10
Panamax size vessels and 2 Capesize vessels with a total carrying capacity
of 1,808,952 dwt and an average age of 4.6 years on a dwt weighted average.
It has also entered into agreements to acquire 6 additional vessels,
including 1 Panamax and 5 Kamsarmax bulkers with expected delivery between
December 2006 and April 2007 and with an aggregate capacity of 664,929 dwt.
In addition, Quintana has agreed to purchase a newbuild Capesize bulk
carrier with an aggregate capacity of 177,000 dwt. Once all acquisitions
are completed Quintana will have a fleet of 28 dry bulk vessels, consisting
of 3 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a
total capacity of 2,473,881 dwt.
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.
Contact Information: For Immediate Release Company Contact: Paul J. Cornell Chief Financial Officer Tel. 713-751-7525 E-mail: pcornell@quintanamaritime.com Investor Relations / Financial Media: Paul Lampoutis Capital Link, Inc, New York Tel. 212.661.7566 E-mail: plampoutis@capitallink.com