Metrobulk News

Quintana Maritime Limited has secured the final nine Kamsarmaxes under its master time charter with Bunge S.A. for 2010 at an average daily rate of approximately $22,000 per day, which is at the ceiling rate of the band for that period. With these fixtures, Quintana has completed its negotiations with Bunge for the entire term of the master time charter, ends December 31, 2010. Quintana expects to generate approximately $68 million of net revenues in 2010 from these nine vessels. Consequently, almost 68% of Quintana’s expected net operating days of the entire fleet are secured at fixed rates in 2010, corresponding to approximately $187 million in expected revenues for the fleet.

Quintana Maritime Limited announced its operating and financial results for the three months ended March 31, 2007. For the first quarter of 2007, Quintana reported net income of $12.5 million, or $0.23 per diluted share. This includes a non-cash unrealized swap loss of $2.2 million on the previously disclosed interest-rate swap. Before this loss, net income was $14.7 million, or $0.27 per diluted share, an increase of approximately 17% over $0.23 per diluted share in the first quarter last year. Net revenues for the first quarter were $47.8 million, an increase of approximately 121% over $21.6 million of net revenues in the first quarter of 2006.

Quintana Maritime Limited has secured fourteen Kamsarmaxes and three Panamaxes, which were acquired from Metrobulk, under its master time charter with Bunge S.A. for 2009 at an average daily rate of approximately $21,800 per day, which is the ceiling of the rate band for that period. The newly fixed vessels were delivered to Quintana from August 2006 to April 2007. Sixteen of the seventeen vessels are already on long-term charter under a master time charter to Bunge S.A., a wholly owned subsidiary of Bunge Limited (NYSE:BG), an integrated global agribusiness. An additional Panamax, Grain Harvester, is fixed on a separate time charter with Bunge through September 2009 at $20,000 per day and was delivered to Quintana in September 2006.

Quintana Maritime Limited took delivery of Iron Knight, the last Panamax bulk carrier that the company agreed to acquire from Metrobulk. Iron Knight was built in June 2004 at Tsuneishi, a Japanese shipyard and has a carrying capacity of 76,429 deadweight tons (dwt). Because Iron Knight was delivered later than the contracted delivery date, an affiliate of Metrobulk paid approximately $1.7 million to Quintana under the terms of the memorandum of agreement. This payment effectively reduces the purchase price of the vessel. To date, Quintana has received approximately $3.1 million in late delivery payments from Metrobulk, reducing the aggregate purchase price of the fleet to approximately $731.9 million.

Quintana Maritime Limited took delivery of a Kamsarmax bulk carrier, Pascha, from Tsuneishi, a Japanese shipyard. Pascha has a carrying capacity of 82,300 deadweight tons (dwt) and is the tenth of the fourteen Kamsarmax vessels the company has agreed to acquire from Metrobulk. As previously announced, Pascha, together with four other vessels, is employed at an average daily rate of approximately $20,000 per day for 2007 under a master time charter with Bunge S.A.. Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. 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.

Quintana Maritime Limited has taken delivery of a Panamax bulk carrier, Grain Express, from Metrobulk. Grain Express has a carrying capacity of 76,466 deadweight tons and was built in April 2004 at Tsuneishi, a Japanese shipyard. Inclusive of Grain Express, Quintana Maritime has to date taken delivery of ten vessels out of the total of seventeen vessels it has agreed to acquire from Metrobulk.

Quintana Maritime Limited priced its two remaining Kamsarmaxes, Iron Brooke (ex Bulk 16) and Iron Manolis (ex Bulk 17), under its master time charter with Bunge S.A. at an average daily rate of $25,000 per day for 2007. These vessels, which Quintana has agreed to acquire from Metrobulk, are expected to be delivered to Quintana ex yard between March and May 2007. Having priced these two Kamsarmaxes, 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 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.

AQuintana Maritime Limited has taken delivery of three additional vessels -- Santa Barbara, Grain Harvester, and Iron Elisabeth -- from Metrobulk. Santa Barbara and Iron Elisabeth are Kamsarmax bulk carriers, each with a carrying capacity of 82,224 deadweight tons (dwt) and built in 2006. Grain Harvester is a Panamax bulk carrier with a carrying capacity of 76,417 dwt and was built in 2004. All three vessels are sister ships built at Tsuneishi, a Japanese shipyard. As previously announced, Santa Barbara and Iron Elisabeth are employed under a master time charter with Bunge S.A. at an average daily rate, together with six other vessels, of approximately $23,000 per day for 2007.

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.

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). 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.

Cargo shipping company Quintana Maritime Ltd. said it is buying 17 ships from a private Greek shipowner for about $735 million, according to a report in the Houston Chronicle. The fleet, purchased from Metrobulk, includes three Panamaxes and 14 Kamsarmax bulkers. The ships are on a long-term charter with Bunge SA, a unit of Bunge Ltd., the company said.

Quintana Maritime Ltd. said Friday it is buying 17 ships from a private Greek ship owner for about $735 million. Quintana is financing the purchase with loans and $191 million in cash proceeds from a private placement of roughly 2 million shares that closed Thursday. The fleet, purchased from Metrobulk, includes three Panamaxes and 14 Kamsarmax bulkers. The company said the purchase will boost cash flow per share in 2007 when all the ships have been delivered. The ships are on a long-term charter with Bunge SA, a unit of Bunge Ltd., the company said. Shares of Greece-based Quintana rose 10 cents to $8.15 in morning trading on the Nasdaq. Source: AP