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): September 15, 2006

QUINTANA MARITIME LIMITED

(Exact name of registrant as specified in its charter)

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

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

011-30-210-898-6820
(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))

TABLE OF CONTENTS

	Item 2.01 Completion of Acquisition of Disposition of Assets
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release

Item 2.01 Completion of Acquisition of Disposition of Assets

     On September 15, 2006, the Company completed the acquisition of Ore Hansa, an 82,224 dwt Kamsarmax vessel built in 2006, from an affiliate of Metrobulk, S.A. The Company had agreed to buy the vessel under the terms of a Memorandum of Agreement dated May 3, 2006.

     On May 10, 2006, the Company advanced the seller $4.4 million, representing 10% of the total purchase price of $43.9 million. On September 15, the Company paid the balance of the purchase price with a drawdown under its new revolving credit facility. The vessel is under time charter to Bunge, S.A.

     On September 19, 2006, the Company announced the delivery of Ore Hansa by a press release, which is attached as an exhibit to this report.

     Consistent with shipping industry practice, we treat the acquisition of a vessel (whether acquired with or without charter) as the acquisition of an asset rather than a business. We believe that, under the applicable provisions of Rule 11-01(d) of Regulation S-X under the Securities Act, the acquisition of our vessels does not constitute the acquisition of a “business,” for which historical or pro forma financial information would be provided pursuant to Rules 3-05 and 11-01 of Regulation S-X.

     In general, we believe that there is little continuity between the acquired vessels’ operations prior to and after the acquisition, and therefore disclosure of prior historical financial information is not material to an understanding of future operations. We generally enter into new charter contracts with our customers that commence following delivery of the vessel to us. These new charter contracts have different financial terms than the old charter contracts, which were entered into under generally different market conditions by different parties.

     We take the following steps before an acquired vessel commences operations, which substantially eliminate any continuity with operations prior to the vessel’s acquisition:

• put in place different commercial management, with a different marketing system and sales force;

• put in place different technical management;

• arrange for a new crew for the vessel;

• replace all hired equipment on board, such as gas cylinders and communication equipment;

• negotiate and enter into new insurance contracts for the vessel through our own insurance brokers;

• register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state;

• implement a new planned maintenance program for the vessel; and

• ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.

     As a result, we believe that whether the vessel is acquired with or without a time charter, the lack of continuity between the acquired vessel’s operations prior to and after the acquisition makes prior financial information not material. For this reason, consistent with shipping industry practice, we generally do not obtain from the seller historical operating or financial data for the vessels we acquire, other than through inspection of the physical condition of the vessels and examinations of classification society records. Most vessels are sold under a standardized agreement, which, among other things, provides the buyer with the right to inspect the vessel and the vessel’s classification society records. The standard agreement does not give the buyer the right to inspect, or receive copies of, the historical operating or financial data of the vessel. Prior to the delivery of a purchased vessel, the seller typically removes from the vessel all records, including past financial records and accounts related to the vessel. We do not obtain the historical operating or financial data for the vessels from the sellers because that information is not material to our decision to make acquisitions, nor do we believe it would be helpful to potential investors in our common stock in assessing our business or profitability.

Item 9.01 Financial Statements and Exhibits

     99.1 Press release of Quintana Maritime Limited dated September 19, 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: September 19, 2006

EXHIBIT INDEX

     99.1 Press release of Quintana Maritime Limited dated September 19, 2006.

EX-99.1

Exhibit 99.1

Quintana Maritime Limited
Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece

NEWS RELEASE

Quintana Maritime Limited Prices Last Two Kamsarmax Vessels at
Average of $25,000 Per Day for 2007 and Takes Delivery of Its Sixth
Kamsarmax Vessel

ATHENS, GREECE — September 19, 2006 — Quintana Maritime Limited (NASDAQ: QMAR) announced today that it priced its two remaining Kamsarmaxes, Iron Brooke (ex Bulk 16) and Iron Manolis (ex Bulk 17), under its master time charter with Bunge S.A. at an average daily rate of $25,000 per day for 2007. These vessels, which Quintana has agreed to acquire from Metrobulk, are expected to be delivered to Quintana ex yard between March and May 2007.

Having priced these two Kamsarmaxes, Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. For 2007, seven Kamsarmaxes and two Panamaxes have been fixed at an average daily rate of $23,000, five Kamsarmaxes have been fixed at an average daily rate of $20,000 and two Kamsarmaxes have been fixed at an average daily rate of $25,000. An additional Panamax, Grain Harvester (ex Bulk 3), is already on time charter with Bunge through September 2009 at $20,000 per day and was delivered to Quintana earlier this month. 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.

As a result of these fixtures, Quintana has secured almost 89% of its expected net operating days for 2007 under charters with fixed rates. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, “We are very pleased to announce that we have by now priced under the master agreement with Bunge all seventeen vessels we have acquired or agreed to acquire from Metrobulk. We have concluded the pricing of these fixtures well ahead of the scheduled price negotiations with Bunge and prior to the delivery of most of these vessels to Quintana. Furthermore, as we have priced these fixtures in stages, we have been able to share into the market’s continued upside.

“Our fleet deployment strategy demonstrates the advantages of the unique structure of the Bunge master agreement, which enables us to enhance the stability and predictability of our earnings, while at the same time to share into the market’s strength. This is within the context of our strategy of pursuing stable growth with consistent delivery of dividends to our shareholders.”

In addition, Quintana took delivery of its sixth Kamsarmax bulk carrier, Ore Hansa, from Metrobulk. Ore Hansa has a carrying capacity of 82,224 deadweight tons (dwt) and was built in April 2006 at Tsuneishi, a Japanese shipyard. To date, Quintana Maritime has taken delivery of seven vessels out of the total of seventeen vessels it has agreed to acquire from Metrobulk.

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As previously announced, Ore Hansa, together with eight other vessels, is employed under a master time charter agreement with Bunge S.A. at an average daily rate of approximately $23,000 for 2007.

Fleet Table as of September 19, 2006

								TC Expiration
CURRENT	Type	DWT		Year		Age(in		Date (minimum
FLEET				Built		yrs)		period)
Iron Vassilis(A)	Kamsarmax		82,257		2006		0.1	December 2010
Iron Elisabeth(A)	Kamsarmax		82,224		2006		0.3	December 2010
Santa Barbara	Kamsarmax		82,224		2006		0.5	December 2010
Ore Hansa	Kamsarmax		82,224		2006		0.5	December 2010
Iron Fuzeyya(A)	Kamsarmax		82,209		2006		0.6	December 2010
Iron Bradyn(A)	Kamsarmax		82,769		2005		1.6	December 2010
Grain Harvester	Panamax		76,417		2004		2.1	September 2009
Kirmar(B)	Capesize		165,500		2001		5.0	February 2007(C)
Iron Beauty(B)	Capesize		165,500		2001		5.2	April 2010
Coal Pride	Panamax		72,600		1999		6.8	February 2007

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Iron Man (D)	Panamax	72,861	1997		9.2	March 2010
Coal Age (D)	Panamax	72,861	1997		9.2	June 2007
Fearless 1(D)	Panamax	73,427	1997		9.4	March 2008
Barbara (E)	Panamax	73,390	1997		9.6	June 2007
Linda Leah (E)	Panamax	73,390	1997		9.6	June 2008
King Coal	Panamax	72,873	1997		9.7	March 2008
Coal Glory (D)	Panamax	73,670	1995		11.6	June 2008
Total Current Fleet	17 Vessels	1,486,396		5.1 years avg (F)

ADDITIONAL				Year		Age (in
VESSELS	Type	DWT		Built		years)		Delivery Range
Grain Express	Panamax		76,466		2004		2.5	Sep 06 – Oct 06
Iron Knight	Panamax		76,429		2004		2.3	Sep 06 – Oct 06
Pascha	Kamsarmax		82,300		*			Nov 06 – Jan 07
Iron Lindrew	Kamsarmax		82,300		*			Jan 07 – March 07
Coal Gypsy	Kamsarmax		82,300		*			Dec 06
Coal Hunter	Kamsarmax		82,300		*			Dec 06
Iron Brooke	Kamsarmax		82,300		*			March 07- May 07
Iron Manolis	Kamsarmax		82,300		*			May 07
Iron Anne	Kamsarmax		82,000		*			Sep 06
Iron Kalypso	Kamsarmax		82,224		2006		0.6	Sep 06
Total Additional Vessels	10 Vessels		810,919
TOTAL FLEET	27 Vessels		2,297,315

* Under Construction

(A), (B), (D), and (E) indicate sister ships. As of September 18, 2006 Quintana had four sets of sister ships, including the vessels recently acquired from Metrobulk. All seventeen ships that are part of the Metrobulk acquisition are sister ships. Sister ships indicate vessels of the same class made in the same shipyard. The sister-ship concept further enhances our operational flexibility and efficiency.

(C) Kirmar’s charter may be extended by up to six months, until September 2007, at the current rate of $26,500 per day at the charterer’s option.

(F) On a dwt weighted 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. As of today, the company owns and operates a fleet 17 vessels, including 6 Kamsarmax bulkers, 9 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,486,396 dwt and an average age of 5.1 years on a dwt weighted average. It has also entered into agreements to acquire 10 additional vessels, including 2 Panamaxes and 8 Kamsarmax bulkers with expected delivery between September 2006 and May 2007 and with an aggregate capacity of 810,919 dwt. Once all acquisitions are completed Quintana will have a fleet of 27 dry bulk vessels, including 2 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,297,315 dwt and an average age of 4.0 years on a dwt weighted average.

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. Such statements include comments regarding expected revenues and 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.

For Immediate Release

Company Contact:	Investor Relations / Financial Media:
Paul J. Cornell	Paul Lampoutis
Chief Financial Officer	Capital Link, Inc, New York
Tel. 713-751-7525	Tel. 212.661.7566
E-mail: pcornell@quintanamaritime.com	E-mail: plampoutis@capitallink.com

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