Quintana Finalizes Timecharters for 9 Ships

Friday, July 13, 2007
Quintana Maritime Limited has secured the final nine Kamsarmaxes under its master time charter with Bunge S.A. for 2010 at an average daily rate of approximately $22,000 per day, which is at the ceiling rate of the band for that period. With these fixtures, Quintana has completed its negotiations with Bunge for the entire term of the master time charter, ends December 31, 2010.

Quintana expects to generate approximately $68 million of net revenues in 2010 from these nine vessels. Consequently, almost 68% of Quintana’s expected net operating days of the entire fleet are secured at fixed rates in 2010, corresponding to approximately $187 million in expected revenues for the fleet. The Company has already secured approximately 96% of its entire fleet expected net operating days for 2007, 81% for 2008 and approximately 74% for 2009, on fixed charters, corresponding to approximately $215 million, $209 million and $186 million in expected revenues, respectively.

“We are very pleased to have finalized the pricing negotiations with Bunge for the entire fleet we acquired from Metrobulk in May 2006,” said Stamatis Molaris, President and CEOof Quintana Maritime. “Our commitment to provide significant cash flow visibility to our shareholders is of paramount importance to our articulated strategy We believe that these fixtures will solidify the long-term cash flow generation ability of our company and that, in light of the acquisition price paid for the Metrobulk fleet, will enhance expected returns to our shareholders.”

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

NATO to bolster defence of E.European Allies

NATO is sending part of its naval rapid reaction force to the Baltic Sea as part of a drive to step up the defence of eastern European allies in response to the crisis in Ukraine,

UN Seeks Sanctions Waiver to Ship Arms to Mali

The United Nations is seeking an exemption from a U.N. Security Council arms embargo on Ivory Coast so it can ship weapons and military equipment across the East

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0863 sec (12 req/sec)