Fleet Table as of July 2, 2007 TC Year Age Expiration Date CURRENT FLEET Type DWT Built (in yrs)(minimum period) Lowlands Beilun Capesize 170,162 1999 8.2 March 2010 Iron Manolis(A) Kamsarmax 82,300 2007 0.2 December 2010 Iron Brooke(A) Kamsarmax 82,300 2007 0.3 December 2010 Iron Miner Capesize 177,000 2007 0.3 January 2012 Iron Lindrew(A) Kamsarmax 82,300 2007 0.4 December 2010 Iron Knight(A) Panamax 76,429 2004 3.1 December 2010 Coal Hunter(A) Kamsarmax 82,300 2006 0.5 December 2010 Pascha(A) Kamsarmax 82,300 2006 0.5 December 2010 Coal Gypsy(A) Kamsarmax 82,300 2006 0.6 December 2010 Iron Anne(A) Kamsarmax 82,000 2006 0.8 December 2010 Iron Vassilis(A) Kamsarmax 82,000 2006 0.9 December 2010 Iron Bill (A) Kamsarmax 82,000 2006 1.1 December 2010 Santa Barbara(A) Kamsarmax 82,266 2006 1.3 December 2010 Ore Hansa(A) Kamsarmax 82,229 2006 1.3 December 2010 Iron Kalypso(A) Kamsarmax 82,204 2006 1.4 December 2010 Iron Fuzeyya(A) Kamsarmax 82,229 2006 1.4 December 2010 Iron Bradyn(A) Kamsarmax 82,769 2005 2.4 December 2010 Grain Harvester(A) Panamax 76,417 2004 2.9 July 2009 Grain Express(A) Panamax 76,466 2004 3.3 December 2010 Kirmar(B) Capesize 165,500 2001 5.7 March 2008 Iron Beauty(B) Capesize 165,500 2001 5.9 April 2010 Coal Pride(E) Panamax 72,600 1999 7.6 February 2009 Iron Man(C) (J) Panamax 72,861 1997 10.0 March 2010 Coal Age(C) (J) Panamax 72,861 1997 10.0 September 2007 Fearless I(C) (J) Panamax 73,427 1997 10.2 March 2008 Barbara(D) (J) Panamax 73,390 1997 10.4 July 2007 Linda Leah(D) (J) Panamax 73,390 1997 10.4 February 2008 King Coal(J) Panamax 72,873 1997 10.5 March 2008 Coal Glory(C) (J) Panamax 73,670 1995 12.3 June 2008 4.2 years Total Current Fleet 29 Vessels 2,644,043 avg (K) ---------- --------- ----- -------- ---------------- Year Age FLEET TO BE DELIVERED Type DWT Built (in yrs) Delivery Range 2008 Newbuilding 1(E) Capesize 180,000 2008 * November 2008 2010 Newbuilding 2(E) (H) Capesize 180,000 2010 * March 2010 Newbuilding 3(F) (I) Capesize 181,000 2010 * October 2010 Newbuilding 4(F) (I) Capesize 181,000 2010 * December 2010 Newbuilding 5(G) (I) Capesize 180,000 2010 * May 2010 Newbuilding 6(G) (I) Capesize 180,000 2010 * June 2010 Newbuilding 7(G) (I) Capesize 180,000 2010 * July 2010 Newbuilding 8(G) (I) Capesize 180,000 2010 * August 2010 Total Fleet to be Delivered 8 Vessels 1,442,000 1.7 years TOTAL FLEET 37 Vessels 4,086,043 avg (K) ---------- --------- ----- -------- ----------------* Under Construction (A), (B), (C), (D), (E), (F) and (G) indicate sister ships. As of July 2, 2007 Quintana had seven sets of sister ships. All seventeen ships that were acquired from 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. (H) Quintana holds a 42.8% interest in the joint venture that will own this vessel. (I) Quintana will hold a 50% interest in the joint ventures that will own these vessels. (J) Upon completion of the sale and lease-back, Quintana will operate these vessels under bareboat charters through July 2015. (K) 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 29 vessels, including 14 Kamsarmax bulkers, 11 Panamax size vessels and 4 Capesize vessels with a total carrying capacity of 2,644,043 dwt and an average age of 4.2 years on a dwt weighted average. In addition, Quintana has ordered 8 Capesize newbuilding vessels, one of which will be wholly owned and the remaining seven of which are partially owned through joint ventures. Furthermore, the Company has entered into agreements to sell and lease back 7 of its currently owned Panamax vessels. Once all acquisitions, newbuild orders and sale and lease-back transactions are completed and assuming no further vessel disposals, Quintana will operate a fleet of 37 dry bulk vessels, including 12 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 4,086,043 dwt. The fleet will include 7 Panamax vessels operated under bareboat charters. The deadweight average age of the whole fleet, including the Capesize vessels on order and excluding the seven vessels to be sold and leased back, is currently 0.5 years. 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, time charters, and the results of the sale-leaseback transaction described in the release. 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, successful completion of the sale and lease-back transaction, 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