8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
February 15, 2006

QUINTANA MARITIME LIMITED

(Exact name of registrant as specified in its charter)

Marshall Islands
(State or other jurisdiction of
incorporation or organization) 000-51412
(Commission
File Number) 98-0453513
(IRS Employer
Identification No.)

Quintana Maritime Limited
c/o Quintana Management LLC
Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece
(Address of principal executive office)

011-30-210-898-5056
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01   Entry into a Material Definitive Agreement

     On February 15, 2006, the Company announced that it had entered into time charter agreements on the vessels M/V Coal Glory and M/V Coal Pride. Coal Glory has entered a short-term time charter for a minimum period of three months and a maximum period of five months with Cargill at a daily rate of USD 15,500 per day. Coal Glory started the new charter on February 2nd, 2006. Coal Pride has entered into a one-year time charter with Daeyang at a daily rate of USD 14,850 per day. Coal Pride started the new charter on February 8th, 2006.

     On February 16, 2006, the Company announced that it had entered into a time charter agreement on the M/V Kirmar with Swissmarine for a minimum period of twelve months and a maximum period of eighteen months at a daily rate of USD $26,250 per day. The commencement of the time charter is set to begin in early March 2006.

     The press releases announcing the time charters are included as exhibits 99.1 and 99.2 to this Form 8-K

Item 9.01   Financial Statements and Exhibits

99.1      Press release of Quintana Maritime Limited dated February 15, 2006.

99.2      Press release of Quintana Maritime Limited dated February 21, 2006

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

QUINTANA MARITIME LIMITED
By:	/s/ Steve Putman
	Steve Putman
	Vice President and General Counsel

Dated: February 21, 2006

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of Quintana Maritime Limited dated February 15, 2006.
99.2	Press release of Quintana Maritime Limited dated February 21, 2006.

EX-99.1

EXHIBIT 99.1

Quintana Maritime Limited

Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece

NEWS RELEASE

Quintana Maritime Announces Two Time Charter Agreements

Athens, Greece — February 15, 2006 — Quintana Maritime Limited (NASDAQ:QMAR), announced today that it has entered into time charter agreements for the M/V Coal Glory and for the M/V Coal Pride.

Coal Glory has entered a short term time charter for a minimum period of three months and a maximum period of five months with Cargill at a daily rate of USD 15,500 per day. Coal Glory started the new charter on February 2^nd, 2006. Coal Glory is a Panamax bulk carrier built in 1995 with a carrying capacity of 73,670 dwt.

Coal Pride has entered into a one-year time charter with Daeyang at a daily rate of USD 14,850 per day. Coal Pride started the new charter on February 8^th, 2006. Coal Pride is a Panamax bulk carrier built in 1999 with a carrying capacity of 72,600 dwt.

Stamatis Molaris, Chief Executive Officer of Quintana Maritime Limited stated, “Consistent with our strategy to predominantly employ our vessels under period charters, we are pleased to announce that we entered two of our Panamax vessels, the M/V Coal Glory and the M/V Coal Pride, into time charter agreements at profitable rates. With these fixtures our time charter coverage for 2006 increases to 70.8% and to 51.0% for 2007, generating net revenues of USD 56.7 million and USD 44.8 million respectively”.

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 7.2 years.

FORWARD LOOKING STATEMENTS
      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. 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.

Visit our website at www.quintanamaritime.com

Company Contact:
Paul J. Cornell
Chief Financial Officer
Tel. 713-751-7525
E-mail: pcornell@quintanamaritime.com Investor Relations/Financial Media:
Paul Lampoutis
Capital Link, Inc, New York
Tel. 212-661-7566
E-mail: plampoutis@capitallink.com

EX-99.2

EXHIBIT 99.2

Quintana Maritime Limited

Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece

NEWS RELEASE

Quintana Maritime Limited Announces Time Charter Agreement for the M/V Kirmar

Athens, Greece — February 21, 2006 — Quintana Maritime Limited (NASDAQ:QMAR), announced today that it has entered into a time charter agreement for the M/V Kirmar with Swissmarine for a minimum period of twelve months and a maximum period of eighteen months at a daily rate of USD $26,250 per day. The commencement of the time charter is set to begin in early March 2006. Kirmar is a Capesize bulk carrier built in 2001 with a carrying capacity of 165,500 dwt.

Stamatis Molaris, Chief Executive Officer of Quintana Maritime Limited, stated, “We are pleased to announce that we continue to successfully implement our time charter strategy by securing the M/V Kirmar for a period of twelve to eighteen months at a profitable rate. With this fixture our time charter cover for 2006 is 78.7% and for 2007 is 52.6% generating net revenues of $64.4 million and $46.2 million respectively. We continue to pursue our strategy to employ our vessels under period charters to maximize the generation of stable and predictable cash flows for our shareholders.”

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 7.2 years.

FORWARD LOOKING STATEMENTS
      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. 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.

Visit our website at www.quintanamaritime.com

Company Contact:
Paul J. Cornell
Chief Financial Officer
Tel. 713-751-7525
E-mail: pcornell@quintanamaritime.com Investor Relations/Financial Media:
Paul Lampoutis
Capital Link, Inc, New York
Tel. 212-661-7566
E-mail: plampoutis@capitallink.com