Quintana Maritime Secures Nine Vessels

Thursday, August 17, 2006
Quintana Maritime Limited announced that it secured seven Kamsarmaxes and two Panamaxes, which were recently acquired or are set to be acquired from Metrobulk, under its master time charter with Bunge S.A. for 2007 at an average daily rate of approximately $23,000 per day. The newly fixed Kamsarmaxes are Iron Bradyn (ex Bulk 4), Iron Kalypso (ex Bulk 6), Ore Hansa (ex Bulk 7), Santa Barbara (ex Bulk 8), Iron Elisabeth (ex Bulk 9), Coal Hunter (ex Bulk 14), and Coal Gypsy (ex Bulk 12), and the newly fixed Panamaxes are Grain Express (ex Bulk 1) and Iron Knight (ex Bulk 2). All nine of these vessels, as well as the five vessels previously fixed, are expected to be delivered by year-end 2006, other than Iron Lindrew (ex Bulk 15), which is expected to be delivered in January 2007. To date, Quintana Maritime has fixed a total of 14 vessels with Bunge S.A. for 2007, including the five Kamsarmaxes which were fixed at an average rate of $20,000 per day. An additional Panamax, Grain Harvester (ex Bulk 3), is already on time charter with Bunge through September 2009 at $20,000 per day and is expected to be delivered to Quintana prior to year end.

Of the vessels to be acquired from Metrobulk, two Kamsarmaxes remain unfixed: Iron Brooke (ex Bulk 16) and Iron Manolis (ex Bulk 17). These vessels are expected to be delivered ex yard between March and May 2007. As a result of these fixtures, Quintana has secured almost 84% of its expected net operating days for 2007 on charters with fixed rates. The Company believes that these secured net operating days will correspond to approximately $168 million in expected net revenues in 2007. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers. These vessels were fixed under the master charter agreement with Bunge S.A., which calls for annual renewals in early November every year, between floor and ceiling rates, and lasts through the end of 2010.

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

People & Company News

BHP Billiton Congratulates Women in Resources

More diverse workforces are helping resource companies achieve superior performance, safety and stable production, says BHP Billiton’s Human Resource President, Mike Fraser.

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Coast Guard

Ballast Water Leadership

Admiral Paul Zukunft, the new U.S. Coast Guard Commandant, could fill the BWT leadership void. Global efforts to combat the spread of invasive species in ballast

USCG Medevacs Mariner in Port Alexander, Alaska

The Coast Guard medevaced an 87-year-old female reportedly suffering from complications associated with a lower back injury aboard the fishing vessel Annie B in Port Alexander, Sunday evening.

USCG Responds to Plane Crash 51 mi SE Of Chincoteague Island, VA

The Coast Guard is responding to a plane crash Saturday approximately 51 miles southeast of Chincoteague Island.   Watchstanders at the Coast Guard 5th District

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1197 sec (8 req/sec)