Quintana Maritime Limited said its operating and financial results for the three months and six months ended June 30, 2007.
Year to Date 2007 Highlights:
Â· Increased 2007 and 2008 quarterly dividend guidance by approximately 30% to $0.31 per share beginning with dividend relating to the second quarter of 2007;
Â· Increased net income by approximately 604% and Adjusted EBITDA by approximately 256% over the second quarter of 2006, principally resulting from the operation of an average of 29 ships in the second quarter of 2007 compared to an average of 10 ships in the corresponding period in 2006;
Â· Completed a sale-leaseback transaction for our 7 oldest Panamax vessels, receiving net proceeds of approximately $250 million;
Â· Paid down
$185 million of debt with part of the net proceeds from the sale-leaseback transaction;
Â· Completed negotiations with Bunge for the remaining term of the master time charter which ends December 31, 2010 for all 17 vessels under the agreement;
Â· Leveraged our relationship with our sponsors by entering into joint ventures for construction of Capesize vessels; and
Â· 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.