Quintana Maritime Takes Delivery of Vessel

Tuesday, November 28, 2006
Quintana Maritime Limited announced that it had taken delivery of a Kamsarmax bulk carrier, Coal Gypsy, on November 24, 2006 from Tsuneishi, a Japanese shipyard. Coal Gypsy has a carrying capacity of 82,300 deadweight tons (dwt). Coal Gypsy is the ninth of fourteen Kamsarmax vessels the company has agreed to acquire from Metrobulk Quintana Maritime has to date taken delivery of eleven vessels out of the total of seventeen vessels from Metrobulk. As previously announced, Coal Gypsy is employed under a master time charter with Bunge S.A. for 2007 and is employed, together with eight other vessels, at an average daily rate of approximately $23,000 per day. Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. For 2007, seven Kamsarmaxes and two Panamaxes -- including Coal Gypsy -- have been fixed at an average daily rate of $23,000, five Kamsarmaxes have been fixed at an average daily rate of $20,000 and two Kamsarmaxes have been fixed at an average daily rate of $25,000. The master charter agreement with Bunge S.A calls for annual renewals in early November every year, between floor and ceiling rates, and lasts through the end of 2010. As a result of these fixtures, Quintana has secured almost 89% of its expected net operating days for 2007 under charters with fixed rates. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers.
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