Quintana Maritime Ltd. Reports 3Q Results, Dividend
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 Prices 8 Vessels for 2010
Quintana Maritime Ltd., a Greek shipping company specializing in dry bulk cargo, said Tuesday it secured eight vessels under a master time charter with Bunge SA at an average daily rate of $21,800. Quintana Maritime expects to earn about $59.2 million in net revenue in 2010 as a result of the fixtures. The company said almost 40 percent of its fleet's expected net operating days are secured at fixed rates in 2010, worth about $119 million. Source: AP
Quintana Buys 17 Ships for $735m
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 Buys 17 Ships for $735m
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
