Quintana Maritime Limited Further Expands Presence Into Capesize Sector by Agreeing to Purchase 2 Capesize Newbuildings and Secures a Five-Year Charter With EDF Trading

| Source: Quintana Maritime Limited Quintana Maritime Limited

ATHENS, GREECE -- (MARKET WIRE) -- April 24, 2007 -- Quintana Maritime Limited (NASDAQ: QMAR) announced today that it has agreed to purchase two 181,000 deadweight-ton (dwt) Capesize vessels. The vessels are being built at STX Shipbuilding Co., Ltd., a major South Korean shipyard, with delivery expected in the fourth quarter of 2010. The expected total cost at delivery of the two vessels, including contract costs and financing costs, will be approximately $159 million.

Quintana expects to nominate shipowning companies in which it will own a 50% interest to purchase the vessels. The Company is in the process of negotiating the terms of the agreements governing the joint ventures. The Company will pay approximately $16 million, $4 million and $60 million in 2007, 2008 and 2010, respectively, and will control 50% of the shipowning companies. The Company will collect, from April 16, 2007 until the delivery of the vessel, $60,000 per annum per ship from the other members of the joint ventures as management fees for supervising the construction of the vessels. Upon delivery, the Company will manage the ships on behalf of the joint venture, and the shipowning companies will pay QMAR a management fee based on the Company's budgeted management costs, subject to adjustment in certain circumstances.

The Company has secured five-year charters from the vessels' delivery in the fourth quarter of 2010 at a net daily average floor rate of approximately $27,000, with 50% profit sharing above the floor rate (based on the monthly AV4 BCI average, as published by the Baltic Exchange) with EDF Trading, a wholly owned subsidiary of EDF, one of the largest utility companies in Europe. EDF trades on Euronext under the ticker "EDF."

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We are very pleased to continue our expansion in the Capesize sector. We believe our shareholders will benefit from our further expansion into the fast growing Capesize sector with high quality assets secured at attractive prices. Through the joint-venture structure, we expect to minimize cash flow dilution during the vessels' construction period without stretching our balance sheet's ability to deliver profitable growth." He further commented, "We are also welcoming the strengthening of a relationship with one of the major users of commodities in the world, EDF Trading. We are fully executing our strategy in developing long term relationships with major end users of commodities, which is fully manifested in the quality of our customer base. We are looking forward to further solidify our relationship with this investment grade customer. The unique structure of the time charter contracts insulates our shareholders' return from downside market risk over the next three years, while providing significant cash flow upside potential in the Capesize sector." 

Fleet Table as of April 24, 2007
--------------------------------
                                                                  TC
                                            Year       Age  Expiration Date
CURRENT FLEET             Type       DWT    Built  (in yrs)(minimum period)
-------------             ----       ---    -----   ------  --------------
Lowlands Beilun(C)      Capesize   170,162  1999      8.0       March 2010
Iron Manolis(A)        Kamsarmax    82,300  2007      0.1    December 2010
Iron Brooke(A)         Kamsarmax    82,300  2007      0.1    December 2010
Iron Miner              Capesize   177,000  2007      0.1     January 2012
Iron Lindrew(A)        Kamsarmax    82,300  2007      0.2    December 2010
Iron Knight(A)           Panamax    76,429  2004      2.9    December 2010
Coal Hunter(A)         Kamsarmax    82,300  2006      0.3    December 2010
Pascha(A)              Kamsarmax    82,300  2006      0.4    December 2010
Coal Gypsy(A)          Kamsarmax    82,300  2006      0.4    December 2010
Iron Anne(A)           Kamsarmax    82,000  2006      0.6    December 2010
Iron Vassilis(A)       Kamsarmax    82,000  2006      0.7    December 2010
Iron Bill (A)          Kamsarmax    82,000  2006      0.9    December 2010
Santa Barbara(A)       Kamsarmax    82,266  2006      1.1    December 2010
Ore Hansa(A)           Kamsarmax    82,229  2006      1.1    December 2010
Iron Kalypso(A)        Kamsarmax    82,204  2006      1.2    December 2010
Iron Fuzeyya(A)        Kamsarmax    82,229  2006      1.2    December 2010
Iron Bradyn(A)         Kamsarmax    82,769  2005      2.2    December 2010
Grain Harvester(A)       Panamax    76,417  2004      2.7        July 2009
Grain Express(A)         Panamax    76,466  2004      3.1    December 2010
Kirmar(B)               Capesize   165,500  2001      5.6       March 2008
Iron Beauty(B)          Capesize   165,500  2001      5.7       April 2010
Coal Pride(E)            Panamax    72,600  1999      7.4    February 2009
Iron Man(C)              Panamax    72,861  1997      9.8       March 2010
Coal Age(C)              Panamax    72,861  1997      9.8   September 2007
Fearless(C)              Panamax    73,427  1997     10.0       March 2008
Barbara (D)              Panamax    73,390  1997     10.2        July 2007
Linda Leah (D)           Panamax    73,390  1997     10.2    February 2008
King Coal                Panamax    72,873  1997     10.3       March 2008
Coal Glory(C)            Panamax    73,670  1995     12.2        June 2008
-------------            -------    ------  ----     ----
Total Current         29 Vessels 2,644,043            4.0
 Fleet                                              years
                                                   avg (I)


FLEET TO BE                                 Year      Age
 DELIVERED                Type       DWT    Built  (in yrs)  Delivery Range
----------                ----       ---    -----   ------   --------------
Newbuilding 1(E) (G)    Capesize   180,000  2010        *       March 2010
Newbuilding 2(F) (H)    Capesize   181,000  2010        *     October 2010
Newbuilding 3(F) (H)    Capesize   181,000  2010        *    December 2010
-----------             --------   -------
Total Fleet to be
 Delivered             3 Vessels   542,000
-----------           ----------  ---------         ------
TOTAL FLEET           32 Vessels  3,186,043            2.8
                                                    years
                                                   avg (I)

* Under Construction

(A), (B), ©, (D), (E) and (F) indicate sister ships. As of April 24, 2007 Quintana had five 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.

(G) Quintana holds a 42.8% interest in the joint venture that will own this vessel.

(H) Quintana will hold a 50% interest in the joint venture that will own these vessels.

(I) 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 2,473,881 dwt and an average age of 3.7 years on a dwt weighted average. In addition, Quintana is a 42.8% owner in a joint venture that has recently ordered a Capesize newbuilding of an aggregate capacity of 180,000 dwt with expected delivery ex-yard in March 2010. In addition, Quintana will hold a 50% interest in two joint ventures that will own two Capesize newbuildings of an aggregate capacity of 362,000 dwt with expected delivery ex-yard in fourth quarter 2010. Once all acquisitions and newbuild orders are completed and assuming no vessel disposals, Quintana will have a fleet of 32 dry bulk vessels, including 7 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels, with a total capacity of 3,186,043 dwt. The deadweight average age of the whole fleet, including the Capesize vessels on order, currently is 2.8 years.

Forward-Looking Statement

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

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