Excel Maritime Carriers Ltd. (NYSE: EXM) and Quintana Maritime Limited (NASDAQ: QMAR) jointly announced that at a special meeting of Quintana’s shareholders held April 14, 2008, Quintana’s shareholders voted to approve the merger agreement pursuant to which Excel will acquire Quintana. Under the terms of the merger agreement, each issued and outstanding share of Quintana common stock will be converted into the right to receive (i) $13.00 in cash and (ii) 0.4084 Excel Class A common shares. The 0.4084 exchange ratio will be reduced to reflect the $0.31 dividend paid by Quintana to its shareholders on March 7, 2008, in accordance with the terms of the merger agreement. Excel and Quintana expect the merger to close on or about April 15, 2008.
