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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Fond Farewell to HMAS Tobruk

The Governor-General, His Excellency General the Honourable Sir Peter Cosgrove, AK, MC (Retd), together with the Assistant Minister for Defence Stuart Robert, MP,

Thai Navy Lobbies for More Submarines

The Royal Thai Navy claims it urgently needs more submarines to compete with other Asian countries.   The assistant commander made the claim aimed at persuading

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
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: 0.1473 sec (7 req/sec)