Quintana Maritime Limited (NASDAQ: QMAR), a leading international provider of dry bulk transportation services, announced its operating and financial results for the three months and nine months ended September 30, 2007. Highlights include: initiated strategic review process to enhance shareholder value; increased net revenues by approximately 156% to $64.0m from $ 25.0m in the third quarter of 2006; increased Adjusted Net Income by approximately 262% to $22.1m from $6.1m in the third quarter of 2006; increased Adjusted EBITDA by approximately 163% to $46.6m from $17.7m in the third quarter of 2006; completed sale-leaseback transactions for 7 oldest Panamax vessels
, receiving net proceeds of approximately $250m; and paid down $185m of debt with part of the net proceeds from the sale-leaseback. For the third quarter of 2007, Quintana reported net income of $7.6m, or $0.13 per diluted share, compared to a net loss of $7.6m, or $0.19 per diluted share, in the third quarter of 2006. This includes a non-cash unrealized swap loss of $14.5m on our interest-rate swap. Before this loss, our net income was $22.1m , or $0.39 per diluted share, an increase of approximately 144% over the $0.16 per diluted share in the third quarter last year. Net revenues for the third quarter were $64.0m compared to $25.0m in the third quarter of 2006.
Adjusted EBITDA for the third quarter of 2007 was $46.6m, an increase of $28.9m, or approximately 163%, over Adjusted EBITDA of $17.7m in the third quarter of 2006. During the third quarter of 2007, Quintana operated an average of 29 vessels, earning an average time charter equivalent (TCE) rate of $25,517 per ship per day. During the corresponding quarter in 2006, the Company operated an average of 13.4 vessels, earning an average TCE rate of $21,439 per day.