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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Australia, Japan Partner for Hydrodynamics Research

Australia and Japan have signed a cooperative research arrangement on marine hydrodynamics, the Chief Defence Scientist, Dr Alex Zelinsky, announced today.   “This

Cathelco Supply Equipment for Keppel Projects in Singapore

Press release -Cathelco have won orders to supply equipment for two projects which are being undertaken by Keppel yards in Singapore. The first is to provide marine

France-Corsica Ferry Operator SNCM's Takeover Gets EU Clearance

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday.

Coast Guard

Nearly 100 Rescued after Batam Ferry Hits Trouble

Almost 100 people were rescued when a ferry sailing toward Singapore from the Indonesian island of Batam hit a floating object and reportedly started to sink, maritime officials said.

Rocket Debris Found Near Isles of Scilly

A piece of metal thought to be debris from an American space rocket was recovered from the sea off the Isles of Scilly.   The metal – a large section of alloy about 10 meters by 4 meters,

Passengers Transferred from Stranded Ferry

Passengers were transferred from Indonesia-registered Sea Prince after the ferry struck a floating object after leaving the Nongsapura ferry terminal in Batam late on November 29.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Salvage Shipbuilding / Vessel Construction 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: 0.0941 sec (11 req/sec)