Quintana Maritime Ltd. said Friday it is buying 17 ships from a private Greek ship owner for about $735 million.
Quintana is financing the purchase with loans and $191 million in cash proceeds from a private placement
of roughly 2 million shares that
The fleet, purchased from Metrobulk, includes three Panamaxes and 14 Kamsarmax bulkers. The company said the purchase will boost cash flow per share in 2007 when all the ships have been delivered.
The ships are on a long-term charter with Bunge SA, a unit of Bunge Ltd., the company said.
Shares of Greece-based Quintana rose 10 cents to $8.15 in morning trading on the Nasdaq.