Quintana Maritime Limited News

Seaspan Corporation (NYSE:SSW) announced the financial results for the three and six months ended June 30, 2010. Gerry Wang, Chief Executive Officer of Seaspan, stated, "During the second quarter, Seaspan achieved high utilization for its modern fleet and posted strong operating results while further expanding its contracted revenue streams. We took delivery of six newbuildings, four of which were delivered ahead of schedule, highlighting increased demand during the quarter. All six vessels commenced long-term time charters with top liner companies as planned. In addition, we capitalized on an attractive market opportunity by acquiring a 4250 TEU newbuilding, our first acquisition since late 2007.

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2010. A reconciliation of the non-GAAP measures discussed above is included in a subsequent section of this release. Pavlos Kanellopoulos, Chief Financial Officer of Excel, stated, “We are pleased to report yet another profitable quarter with increased cash flow generation. We believe that our balanced fleet deployment strategy has allowed us to take advantage of the improving dry bulk market conditions and has resulted in increased EBITDA and operating cash flow compared to the respective period of last year.

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a leading international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the fourth quarter and year ended December 31, 2009. -- Revenue from operations for the quarter amounted to $186.2 million as compared to $189.2 million in the fourth quarter of 2008. -- Net profit for the quarter was $81.8 million or $1.00 per weighted average diluted share compared to a loss of $332.1 million or $7.56 per weighted average diluted share in the fourth quarter of 2008. -- The fourth…

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the third quarter and nine-month period ended September 30, 2009. Revenue from operations for the quarter amounted to $174.4 million as compared to $231.6 million in the third quarter of 2008. Net profit for the quarter was $62.0 million or $0.79 per weighted average diluted share compared to $117.6 million or $2.66 per weighted average diluted share in the third quarter of 2008. The third quarter 2009 results…

Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced its operating and financial results for the first quarter ended March 31, 2009. •    Net income was $118.0 million or $2.57 per weighted average diluted share compared to $35.1 million or $1.76 per weighted average diluted share in the first quarter of 2008, an increase of approximately 236.2%. The results for the first quarter of 2009 include a non-cash item of $6.7 million relating to the unrealized gain from the valuation of interest rate swaps and $0.1 million gain on sale of a vessel.

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.

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has appointed Mr. Gabriel Panayotides as acting Chief Executive Officer pending the consummation of its acquisition of Quintana Maritime Limited. About

Excel. Class A common stock per share of Quintana common stock. $31.38, unadjusted for dividend payments. premium to Quintana’s January 28th closing price of $16.89 and a 34% premium to Quintana’s 30-day average price. amount of any dividends paid by Quintana in 2008 up to the closing of the merger. approved by the boards of directors of each company.

Quintana Maritime Limited announced that its Board of Directors has concluded its strategic sale process. On October 16, 2007, the Board had announced the start of a process to evaluate alternatives to enhance value for the Company's shareholders. The Company, with the advice of its investment bankers, decided to conduct a comprehensive and thorough sale process. Over the course of the ensuing twelve weeks, the Company established a competitive process as a result of which several indicative proposals were explored and evaluated. None of these proposals resulted in a final proposal that was financially and contractually attractive. After careful consideration and thorough review with both its financial and legal advisors…

Quintana Maritime Limited (NASDAQ: QMAR), a leading international provider of dry bulk transportation services, announced its operating and financial results for the three months and nine months ended September 30, 2007. Highlights include: initiated strategic review process to enhance shareholder value; increased net revenues by approximately 156% to $64.0m from $ 25.0m in the third quarter of 2006; increased Adjusted Net Income by approximately 262% to $22.1m from $6.1m in the third quarter of 2006; increased Adjusted EBITDA by approximately 163% to $46.6m from $17.7m in the third quarter of 2006; completed sale-leaseback transactions for 7 oldest Panamax vessels…

Quintana Maritime Limited announced that its Board of Directors, after a series of discussions, has decided to evaluate strategic alternatives in order to enhance shareholder value. The Board has retained Citi and Dahlman Rose to advise it during its deliberations. Mr. Corbin J. Robertson, Jr., Chairman of the Company, stated that: "The Board, in light of the significant increases in asset values experienced in the drybulk shipping industry during the past year, has concluded that it is appropriate at this time to explore ways to enhance the Company's value for its shareholders."

Quintana Maritime Limited said its operating and financial results for the three months and six months ended June 30, 2007. · Secured almost $700 million in expected net revenues from third quarter 2007 through end of 2010, representing on average approximately 75% of our current fleet capacity expressed in net operating days.

Quintana Maritime Limited that its will release its results for the second quarter and the six-month period ended June 30, 2007 after the close of the market on Tuesday, August 7th, 2007. The declaration of the Company’s dividend for the second quarter of 2007 will also be announced at that time.

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 has agreed to a transaction with Glitnir Finance AS, subject to negotiation of final documentation and satisfaction of closing conditions, involving the sale and lease-back of seven of its oldest Panamax ships: Coal Glory, built in 1995, and Iron Man, Linda Leah, Barbara, Coal Age, Fearless I, and King Coal, all built in 1997. The sale and lease-back transaction is expected to produce net proceeds of approximately $250 million, and the Company expects to operate the ships for eight years, paying an average daily bareboat charter rate of approximately $12,700 for each vessel. The transaction is expected to close before the end of July 2007.

Quintana Maritime Limited announced that FR X Offshore, L.P. sold 2,000,000 shares of Quintana's common stock and that Joseph R. Edwards, who is affiliated with FR X Offshore, resigned from Quintana's board of directors. FR X Offshore, an affiliate of First Reserve Corporation, is a private equity fund specializing in the energy industry. Prior to the sale on May 17, which was conducted as a broker's transaction in compliance with Rule 144 under the Securities Act of 1933, as amended, First Reserve beneficially owned approximately 6.9% of Quintana's outstanding common stock through FR X Offshore. Following the sale, First Reserve beneficially owns approximately 3.2% of Quintana's outstanding common stock.

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 agreed to acquire a newbuilding Capesize bulk carrier of 180,000 deadweight tons (dwt). The vessel will be constructed by Imabari Shipbuilding Co., Ltd., the largest shipyard in Japan, with expected delivery during the fourth quarter of 2008. The expected total cost at delivery, including contract costs and financing costs, will approximate $93 million. Quintana Maritime will make a down payment of $9.2 million in early May, followed by another installment of $9.2 million six months later. A further amount of approximately $28 million will be paid in June 2008 with the remaining balance of $46.6 million due at delivery of the vessel.

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 to purchase two 181,000 deadweight-ton (dwt) Capesize vessels. The vessels are being built at STX Shipbuilding Co., Ltd., a major South Korean shipyard, with delivery expected in the fourth quarter of 2010. The expected total cost at delivery of the two vessels, including contract costs and financing costs, will be approximately $159m. Quintana expects to nominate shipowning companies in which it will own a 50 percent interest to purchase the vessels. The company is in the process of negotiating the terms of the agreements governing the joint ventures. The company will pay approximately $16m, $4m and $60m in 2007, 2008 and 2010, respectively, and will control 50% of the shipowning companies.

Quintana Maritime Limited took delivery of Iron Miner, a newbuilding Capesize bulk carrier of 177,000 deadweight tons (dwt) from Shanghai Waigaoqiao Shipbuilding Co., a Capesize specialist yard in China. As previously announced the purchase price of the vessel is approximately $92.5 million and has been funded with borrowings under its credit facility and cash on hand, including from the proceeds from the exercise of warrants. Iron Miner is employed under a five-year time charter at a net daily rate of $40,000 with Transfield, a major operator in the Capesize sector. With the delivery of the Iron Miner, the Company has secured approximately 96.2% of its net operating days under time charter contracts for 2007 and 80.9% for 2008…

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.