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

People & Company News

Enterprise Contracts to Boost U.S. Crude Exports

Enterprise bumps up exports through annual contracts; signs 2015 contracts with PDS, Vitol; seeks one more term buyer. U.S. exports of condensate have been given

Tighter Supertanker Market Impacts Asian Fuel Supplies

The window to sell Western fuel oil to Asia is starting to close as demand for a limited fleet of supertankers to store cheap crude pushes freight rates to multi-month highs,

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

Coast Guard

Baby Medevaced from Cruiseship in Gulf of Mexico

A Coast Guard helicopter crew medevaced an 8-month-old baby girl from the cruise ship Carnival Triumph early Monday morning, 140 miles southeast of Galveston.

Training Coastguards is Key to Tackling Piracy

Training and mentoring of coastguards in Africa, Middle East and South East Asia is essential if coastal nations are to have effective control over their Territorial Waters and Economic Zones,

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.3120 sec (3 req/sec)