CURRENT FLEET Type DWT Year Built Age(in yrs)TC Expiration Date (minimum period) Iron Lindrew(A) Kamsarmax 82,300 2007 0.0 December 2010 Iron Knight(A) Panamax 76,429 2004 2.7 December 2010 Coal Hunter(A) Kamsarmax 82,300 2006 0.2 December 2010 Pascha(A) Kamsarmax 82,300 2006 0.2 December 2010 Coal Gypsy(A) Kamsarmax 82,300 2006 0.3 December 2010 Iron Anne(A) Kamsarmax 82,000 2006 0.4 December 2010 Iron Vassilis(A) Kamsarmax 82,000 2006 0.6 December 2010 Iron Bill (A) Kamsarmax 82,000 2006 0.8 December 2010 Santa Barbara(A) Kamsarmax 82,266 2006 0.9 December 2010 Ore Hansa(A) Kamsarmax 82,229 2006 1.0 December 2010 Iron Kalypso(A) Kamsarmax 82,204 2006 1.1 December 2010 Iron Fuzeyya(A) Kamsarmax 82,229 2006 1.1 December 2010 Iron Bradyn(A) Kamsarmax 82,769 2005 2.0 December 2010 Grain Harvester(A)Panamax 76,417 2004 2.5 September 2009 Grain Express(A) Panamax 76,466 2004 2.9 December 2010 Kirmar(B) (E) Capesize 165,500 2001 5.4 March 2008 Iron Beauty(B) Capesize 165,500 2001 5.6 April 2010 Coal Pride(F) Panamax 72,600 1999 7.2 February 2007 Iron Man (C) Panamax 72,861 1997 9.7 March 2010 Coal Age (C) Panamax 72,861 1997 9.7 June 2007 Fearless 1(C) Panamax 73,427 1997 9.8 March 2008 Barbara (D) Panamax 73,390 1997 10.1 June 2007 Linda Leah (D) Panamax 73,390 1997 10.1 June 2008 King Coal Panamax 72,873 1997 10.2 March 2008 Coal Glory (C) Panamax 73,670 1995 12.0 June 2008 Total Current Fleet 25 2,132,281 4.2 years Vessels avg (F) FLEET TO BE DELIVERED Type DWT Year Built Age(in yrs) Delivery Range Iron Brooke Kamsarmax 82,300 * Mar 07 Iron Miner Capesize 177,000 * Mar 07 Lowlands Beilun Capesize 171,000 1999 7.7 Mar 07 Iron Manolis Kamsarmax 82,300 * May 07 Total Fleet to be Delivered 4 Vessels 512,600 TOTAL FLEET 29 2,644,881 Vessels* Under Construction (A), (B), (C), and (D) indicate sister ships. As of February 28, 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) 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. Charterers have also exercised their second option from September 2007 through early March 2008 at $27,500 per day (F) Coal Pride has been entered into a time charter agreement commencing at the end of February 2007 for a period of 23-26 months at a gross daily rate of $26,500. (G) 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 25 vessels, including 12 Kamsarmax bulkers, 11 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 2,132,281 dwt and an average age of years on a dwt weighted average. It has also entered into agreements to acquire 2 additional Kamsarmax bulkers with expected delivery between March and May 2007 and with an aggregate capacity of 164,600 dwt. In addition, Quintana has recently entered into agreements to acquire 2 Capesize vessels of an aggregate 348,000 dwt with expected delivery between March and 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 2,644,881 dwt and an average age of 3.9 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.
Contact Information: 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