Quintana Takes Delivery of Bulk Carrier

Quintana Maritime Limited took delivery of Iron Miner, a newbuilding Capesize bulk carrier of 177,000 deadweight tons (dwt) from Shanghai Waigaoqiao Shipbuilding Co., a Capesize specialist yard in China. As previously announced the purchase price of the vessel is approximately $92.5 million and has been funded with borrowings under its credit facility and cash on hand, including from the proceeds from the exercise of warrants. Iron Miner is employed under a five-year time charter at a net daily rate of $40,000 with Transfield, a major operator in the Capesize sector. With the delivery of the Iron Miner, the Company has secured approximately 96.2% of its net operating days under time charter contracts for 2007 and 80.9% for 2008, which the Company expects to generate aggregate net revenues of approximately $420 million over 2007 and 2008.