EX-99.1 2 h30457exv99w1.htm PRESS RELEASE DATED NOVEMBER 14, 2005 exv99w1
 

Exhibit 99.1
(Quintana Maritime Limited Logo)
Quintana Maritime Limited
Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece
NEWS RELEASE
QUINTANA MARITIME LIMITED
TAKES DELIVERY OF ITS SECOND CAPESIZE BULK CARRIER
ATHENS, Greece, November 14, 2005 - Quintana Maritime Limited (NASDAQ: QMAR) today announced that it took delivery of its second Capesize bulk carrier on November 11, 2005. The vessel, named Kirmar, was built in 2001 by China Shipbuilding Corporation in Taiwan and has a carrying capacity of 165,500 deadweight tons (dwt).
The purchase price of the vessel was approximately $68.4 million, of which Quintana had previously advanced the sellers a cash deposit of $6.85 million, or 10% of the aggregate purchase price of the vessel. On delivery, the Company paid $9.6 million in cash, and the balance of $52.0 million was funded through its revolving credit facility.
Stamatis Molaris, Chief Executive Officer of Quintana Maritime Limited, stated, “Delivery of this second Capesize vessel has expanded Quintana Maritime’s fleet to 8 Panamaxes and 2 Capesizes, putting Quintana amongst the largest dry-bulk fleets in the industry with total cargo-carrying capacity of 916,072 dwt,” since it commenced operations in April 2005.“Mr. Molaris, added, “While the Capesize market continues to rise, we are very pleased to have fixed Kirmar with Transfield on a 60-day charter at $61,000 per day, commencing on November 16, 2005.”
UPDATED FLEET PROFILE
                                 
Vessel   Type   Dwt   Year Built   Age (in years)   Delivered to QMAR
 
                                
Fearless 1
  Panamax     73,427       1997       8     4/11/2005
King Coal
  Panamax     72,873       1997       8     4/12/2005
Coal Glory
  Panamax     73,670       1995       10     4/13/2005
Coal Age
  Panamax     72,861       1997       8     5/4/2005
Iron Man
  Panamax     72,861       1997       8     5/6/2005
Barbara
  Panamax     73,390       1997       8     7/21/2005
Coal Pride
  Panamax     72,600       1999       6     8/16/2005
Linda Leah
  Panamax     73,390       1997       8     8/22/2005
Iron Beauty
  Capesize     165,500       2001       4     10/18/2005
Kirmar
  Capesize     165,500       2001       4     11/11/2005
 
                               
Total Fleet
  10 Vessels     916,072             7.2 years average    
 
                               

 

 

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ABOUT QUINTANA MARITIME LIMITED
Quintana Maritime Limited, based in Greece, is an international provider of dry bulk cargo marine transportation services. The company currently owns and operates a fleet of eight Panamax size vessels and two Capesize vessels with a total carrying capacity of 916,072 dwt and an average age of approximately 7.2 years.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected time charters. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Company Contact:
Mark A. Kahil
Vice President, Investor Relations
Quintana Maritime Limited
601 Jefferson St. Suite 3600
Houston, TX 77002
713.751.7527
mkahil@quintanamaritime.com
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