TC Expiration Year Age Date (minimum CURRENT FLEET Type DWT Built (in yrs) period) Coal Hunter Kamsarmax 82,300 2006 0.1 December 2010 Pascha Kamsarmax 82,300 2006 0.1 December 2010 Coal Gypsy Kamsarmax 82,300 2006 0.2 December 2010 Iron Anne Kamsarmax 82,000 2006 0.3 December 2010 Iron Vassilis(A) Kamsarmax 82,000 2006 0.5 December 2010 Iron Bill (A) Kamsarmax 82,000 2006 0.6 December 2010 Santa Barbara Kamsarmax 82,266 2006 0.8 December 2010 Ore Hansa Kamsarmax 82,229 2006 0.8 December 2010 ---------- -------- ----- ---------- ---------------- Iron Kalypso Kamsarmax 82,204 2006 1.0 December 2010 Iron Fuzeyya(A) Kamsarmax 82,229 2006 1.0 December 2010 Iron Bradyn(A) Kamsarmax 82,769 2005 1.9 December 2010 Grain Harvester Panamax 76,417 2004 2.4 September 2009 Grain Express Panamax 76,466 2004 2.8 December 2010 Kirmar( B) Capesize 165,500 2001 5.3 February 2007(C) Iron Beauty( B) Capesize 165,500 2001 5.5 April 2010 Coal Pride Panamax 72,600 1999 7.1 February 2007 Iron Man (D) Panamax 72,861 1997 9.6 March 2010 Coal Age (D) Panamax 72,861 1997 9.6 June 2007 Fearless 1(D) Panamax 73,427 1997 9.7 March 2008 Barbara (E) Panamax 73,390 1997 10.0 June 2007 Linda Leah (E) Panamax 73,390 1997 10.0 June 2008 King Coal Panamax 72,873 1997 10.1 March 2008 Coal Glory (D) Panamax 73,670 1995 11.9 June 2008 Total Current 4.3 years Fleet 23 Vessels 1,973,552 avg (F) ---------- --------- ---- ---------- ----------------- Age FLEET TO BE Year (in DELIVERED Type DWT Built years) Delivery Range Iron Knight Panamax 76,429 2004 2.6 Jan 07 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 5 Vessels 500,329 TOTAL FLEET 28 Vessels 2,473,881 ---------- --------- ----- ------ -----------------* Under Construction (A), (B), (D), and (E) indicate sister ships. As of January 18, 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 23 vessels, including 11 Kamsarmax bulkers, 10 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,973,552 dwt and an average age of 4.5 years on a dwt weighted average. It has also entered into agreements to acquire 4 additional vessels, including 1 Panamax and 3 Kamsarmax bulkers with expected delivery between January and May 2007 and with an aggregate capacity of 323,329 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.
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