DEFA14A

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)

January 29, 2008

QUINTANA MARITIME LIMITED

(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands	000-51412	98-0454094
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(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)

+ 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:

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

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

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

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

Item 8.01 Other Events

Attached as Exhibit 99.1 is an investor presentation that was used on January 29, 2008.

Item 9.01 Financial Statements and Exhibits

(d)

99.1 Investor Presentation dated January 29, 2008

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: January 30, 2008

EXHIBIT INDEX

99.1 Investor Presentation dated January 29, 2008

EX-99.1

Excel Maritime Carriers Ltd.

&

Quintana Maritime Limited

Investor Presentation

January 29, 2008

Exhibit 99.1

Filed by Quintana Maritime Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Quintana Maritime Limited

Commission File No.: 000-51412

1

Forward Looking Statements

The information in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,

including, but not limited to, statements relating to Excel Maritime Carriers Ltd., (“Excel”) planned acquisition of Quintana Maritime Limited (“Quintana”)

and

the

expected

terms

and

timing

of

the

transaction,

anticipated

financial

and

operating

results,

the

companies’

plans,

objectives,

expectations,

intentions

and

cost

savings.

Words

such

as

“anticipate,”

“believe,”

“plan,”

“estimate,”

“expect,”

“intend,”

“will,”

“should,”

“may,”

and

other

similar

expressions are intended to identify forward-looking statements.  Such statements are based upon the current beliefs and expectations of our

management and involve a number of significant risks and uncertainties, many of which are difficult to predict and generally beyond the control of Excel

and Quintana.  Actual results may differ materially from the results anticipated in these forward-looking statements.  The following factors, among

others,

could

cause

or

contribute

to

such

material

differences:

the

ability

to

obtain

the

approval

of

the

transaction

by

Quintana

shareholders;

the

ability

to obtain governmental approvals of the transaction or to satisfy other conditions to the transaction on the proposed terms and timeframe; the ability of

Excel to obtain financing; the ability to realize the expected synergies resulting for the transaction in the amounts or in the timeframe anticipated; and the

ability to integrate Quintana’s businesses into those of Excel in a timely and cost-efficient manner.  Additional factors that could cause Excel’s and

Quintana’s results to differ materially from those described in the forward-looking statements can be found in the 2006 Annual Report on Form 20-F of

Excel and the 2006 Annual Report on Form 10-K of Quintana filed with the Securities and Exchange Commission and available at the Securities and

Exchange Commission’s Internet site (http://www.sec.gov).

This

communication

is

being

made

in

respect

of

the

proposed

merger

transaction

involving

Excel

and

Quintana.

In

connection

with

the

proposed merger transaction involving Excel and Quintana, Excel will file with the Securities and Exchange Commission a registration statement on

Form F-4 containing a proxy statement/prospectus.  The proposed merger transaction involving Excel and Quintana will be submitted to Quintana’s

shareholders

for

their

consideration.

Shareholders

are

encouraged

to

read

the

proxy

statement/prospectus

regarding

the

proposed

transaction

when

it

becomes available because it will contain important information.

Shareholders will be able to obtain a free copy of the proxy statement/prospectus, as

well as other filings containing information about Excel and Quintana without charge, at the Securities and Exchange Commission’s Internet site

(http://www.sec.gov).  Copies of the proxy statement/prospectus and the filings with the Securities and Exchange Commission that will be incorporated

by reference in the proxy statement/prospectus can also be obtained, when available, without charge, by directing a request to Excel or to Quintana per

the

following

contact

information.

To

Excel:

Investor

relations/

Financial

Media

at

Capital

Link,

Inc.,

230

Park

Avenue

–

Suite

1536,

New

York,

NY

10160, USA, Attention: Nicolas Bornozis, (212) 661-7566, or to Quintana:  Investor relations/ Financial Media at Capital Link, Inc., 230 Park Avenue –

Suite

1536,

New

York,

NY

10160,

USA,

Attention:

Ramnique

Grewal

(212)

661-7566..

Excel, Quintana and their respective directors and executive officers and other persons may be deemed to be participants in the

solicitation

of

proxies

in

respect

of

the

proposed

transaction.

Information

regarding

Excel’s

directors

and

executive

officers

is

available

in

Excel’s

notice

of

annual

meeting

and

proxy

statement

for

its

most

recent

annual

meeting

and

Excel’s

Annual

Report

on

Form

20-F

for

the

year

ended

December

31,

2006, which were filed with the Securities and Exchange Commission on September 14, 2007 and June 26, 2007, respectively, and information

regarding Quintana’s directors and executive officers is available in Quintana’s proxy statement for its most recent annual meeting of shareholders and

Quintana’s Annual Report on Form 10-K, which were filed with the Securities and Exchange Commission on April 2, 2007 and March 9, 2007,

respectively.  Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or

otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the Securities and Exchange Commission

when

they

become

available.

There

shall

not

be

any

offer

or

sale

of

securities

in

any

jurisdiction

in

which

such

offer

or

sale

would

be

unlawful

prior

to

registration or qualification under the securities laws of any such jurisdiction.

2

Paul Cornell, Chief

Financial Officer

Lefteris

Papatrifon, Chief

Financial Officer

Gabriel Panayotides,

Chairman

Stamatis

Molaris, CEO,

President and Director

Meeting Participants

3

TRANSFORMATIONAL COMBINATION

4

Our Vision for the Combination of Two World

Class Shipping Companies

Transaction will create one of the world’s largest

dry

bulk

owners

and

operators

by

dwt

–

3.7

million

on the water, 1.4 million from newbuilds

47

operated vessels on the water

8

newbuilds

to be operated with delivery 2008 to

2010

Ability

to

offer

full

spectrum

of

dry

bulk

vessels

to

customer base

5

Leadership of the New Excel

Gabriel Panayotides

will remain as Chairman

Stamatis Molaris to serve as CEO of the combined entity

–

CEO and Director of Quintana since its inception

–

Chief Financial Officer and a Director of Stelmar

Shipping Ltd. 1993 to 2005

Lefteris

Papatrifon

to serve as CFO of the combined entity

–

Chief Financial Officer of Excel since January 1, 2005

Additions to the Board of Directors

–

Stamatis Molaris, Hans Mende, Corbin Robertson III, and Paul Cornell from

Quintana will be joining Excel’s board

6

Strategic Merits of the Combined Company

Forms an industry leader -

the largest dry bulk company by owned and

operated vessel deadweight tonnage publicly listed in the U.S.

Strong cash flow visibility,

with charter coverage to protect from near term

market volatility

Modern, diverse fleet

with a full spectrum of vessel sizes to service customers

Enhanced growth prospects

from existing newbuilding

program

Significant synergies

from fleet combination

Long-term relationships

with broad, investment grade customer base

Experienced management team

with proven track record to lead the combined

company

7

CHIEF FINANCIAL OFFICERS

Lefteris

Papatrifon, Excel Maritime Carriers Ltd.,

Paul Cornell, Quintana Maritime Limited

8

Compelling Offer to Quintana Shareholders

Cash Portion:

$13.00 per share in cash

Stock Portion:

$13.48 per share (Based on Excel’s closing price as of January  28

th

),

reduced by Quintana dividends paid prior to closing

–

0.4084 in Excel shares for every share of Quintana with maximum total value of $31.38

reduced by Quintana dividends paid prior to closing

–

If average closing price of Excel for 15 trading day period prior to merger date exceeds

$45.00 per share, this exchange ratio will be adjusted so that the stock portion value is

$18.38 per share

Compelling value to Quintana shareholders:

–

As of market close on January 28

th

, offer value of $26.48 less Quintana dividends paid

prior to closing

–

57% premium to yesterday’s closing Quintana price

–

34% premium to 30-day average of Quintana price

Meaningful pro forma economic ownership of the new Excel:

55% of Class A shares

Key Conditions:

Quintana shareholder vote, Excel’s receipt of financing, and customary

government and regulatory approvals

Timing:

Targeting completion Q2 2008

Quintana Shareholders Receive a Combination of Cash and Class A Stock –

Certainty of Value with Equity Upside

9

Funding and Pro Forma Capitalization

(1)  Does not include newbuildings.

(2)  Based on the average of 2 independent fleet valuation    

reports

$1.4 billion in newly committed

secured loans

Approximately $350 million of

available cash

$225 million in debt rolling with the

transaction

~$100 million in available cash

$1,625 million in pro forma debt

~$3,600 million in combined owned

fleet market value

(1) (2)

45% pro forma debt to combined

owned fleet market value

(1)

44.1 million pro forma Class A

shares outstanding

Financing the Transaction

Pro Forma Capitalization

10

Quintana Maritime Limited Chief Executive Officer

Stamatis

Molaris

11

0.7

0.7

0.9

1.8

1.9

2.9

3.1

3.7

11 Ships

9 Ships

18 Ships

18 Ships

28 Ships

36 Ships

38 Ships

47 Ships

0.0

1.5

3.0

4.5

Paragon

Ocean

Freight

Eagle

Diana

Genco

DryShips

Navios

New Excel

Shipping

Largest Dry Bulk

The

We Will Be

Company Listed in US by Operated DWT

Note: The number of vessels includes both owned and chartered-in vessels, but not Newbuildings.

(1)  Fleet includes dry bulk vessels only.

(2)

Fleet

does

not

include

the

capesize

Netadola

which

was

sold

in

December

2007.

(1)

(2)

Clear Market Leadership

12

Vessel Average Age

5.5 Years

1.5 Years

10.6 Years

14.7 Years

0.7

1.2

1.5

0.4

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Capesize

Kamsarmax

Panamax

Supramax /

Handymax

Our Combined Current Fleet

4 Ships

14 Ships

21 Ships

8 Ships

Note:

Newbuildings

are

not

included.

Panamax

segment

includes

7

vessels

sold

and

leased

back.

13

Our Combined Capesize Newbuilding Program

Iron Endurance

Capesize

180,000

Dec-08

Imabari

100.0%

Christine

Capesize

180,000

Mar-10

Imabari

42.8%

Hope

Capesize

181,000

Nov-10

STX

50.0%

Lillie

Capesize

181,000

Dec-10

STX

50.0%

Fritz

Capesize

180,000

May-10

KSC

50.0%

Benthe

Capesize

180,000

Jun-10

KSC

50.0%

Gayle Frances

Capesize

180,000

Jul-10

KSC

50.0%

Iron Lena

Capesize

180,000

Aug-10

KSC

50.0%

Yard Built

% Ownership

TOTAL 

8 Vessels

1,442,000

FLEET TO BE DELIVERED

Type

DWT

Estimated

Delivery

14

Greater Ability to Serve Our Blue Chip List of

Customers

15

Significant Contract Coverage with Upside

Potential

Note:  Expected pro forma charter coverage. Charter fixed days over total operating days. Includes Capesize vessels to be delivered in years 2008-2010.

~$800 million in fixed revenues insulates Company from Near Term

Volatility

while Retaining Upside Potential

Fixed charter coverage

78%

57%

46%

Net Combined Fixed Revenue (USD millions)

$367

$247

$194

16,476

16,780

17,928

12,930

9,640

8,276

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2008

2009

2010

Operating Days

Fixed Days

16

Forecast Contracted Revenue Coverage of

Fixed Charges

2009

2008

Contracted Revenue

Coverage of Fixed Charges

0.83x

1.54x

$0

$100

$200

$300

$400

$367

$239

$0

$100

$200

$300

$400

$247

$298

Contracted revenue

Principal

Net interest

Dry docking costs

17

Upside Potential From Current Unfixed

Combined Fleet

$89

$179

$177

$357

$266

$536

$

$100

$200

$300

$400

$500

$600

2008

2009

$25,000

$50,000

$75,000

Average Daily Rate for Unfixed Vessels:

18

Attractive, Attainable Synergies

Enhanced technical and

operational management

capability

Improved purchasing and

placing power

“Best of Breed”

approach to

cost discipline and training

and motivating crews

Enhanced fleet utilization

-

fewer

breakdown and dry docking days

Dry docking cost

savings

Improved daily operating

expenses

Lower general and administrative

expenses

through elimination of

redundancies

We anticipate total savings of $15m to $20m annually

19

Strategic Merits of the Combined Company

Forms an industry leader -

the largest dry bulk company by owned and

operated vessel deadweight tonnage publicly listed in the U.S.

Strong cash flow visibility,

with charter coverage to protect from near term

market volatility

Modern, diverse fleet

with a full spectrum of vessel sizes to service customers

Enhanced growth prospects

from existing newbuilding

program

Significant synergies

from fleet combination

Long-term relationships

with broad, investment grade customer base

Experienced management team

with proven track record to lead the combined

company

20

Q&A

21

APPENDIX

22

Appendix -

Combined Fleet Profile

Total of 55 vessels, an average age for the operating fleet of 8.1 years and

5.2 million DWT, including the newbuildings.

Time Charter

Vessel

Vessel Type

Ownership

Age

DWT

Expiration

Deployment

Iron Beauty

Capesize

Owned

6.4 Yrs    

165,500

Jun-10

Period

Kirmar

Capesize

Owned

6.2 Yrs    

165,500

Apr-08

Period

Iron Miner

Capesize

Owned

0.8 Yrs    

177,000

Apr-12

Period

L Beilun

Capesize

Owned

8.7 Yrs    

170,162

Jun-10

Period

Iron Endurance

(1)

Capesize

Owned

--

180,000

Dec-15

Period

Christine

(1)

Capesize

Joint Venture

--

180,000

Feb-16

Period

Hope

(1)

Capesize

Joint Venture

--

181,000

--

Spot

Lillie

(1)

Capesize

Joint Venture

--

181,000

Jun-15

Period

Fritz

(1)

Capesize

Joint Venture

--

180,000

Nov-15

Period

Benthe

(1)

Capesize

Joint Venture

--

180,000

--

Spot

Gayle Frances

(1)

Capesize

Joint Venture

--

180,000

Jan-14

Period

Iron Lena

(1)

Capesize

Joint Venture

--

180,000

Feb-15

Period

Iron Bradyn

Kamsarmax

Owned

2.9 Yrs    

82,769

Dec-10

Period

Iron Fuzeyya

Kamsarmax

Owned

1.9 Yrs    

82,209

Dec-10

Period

Iron Kalypso

Kamsarmax

Owned

1.9 Yrs    

82,224

Dec-10

Period

Ore Hansa

Kamsarmax

Owned

1.8 Yrs    

82,229

Dec-10

Period

Santa Barbara

Kamsarmax

Owned

1.8 Yrs    

82,266

Dec-10

Period

Iron Bill

Kamsarmax

Owned

1.6 Yrs    

82,000

Dec-10

Period

Iron Vassilis

Kamsarmax

Owned

1.5 Yrs    

82,000

Dec-10

Period

Iron Anne

Kamsarmax

Owned

1.3 Yrs    

82,000

Dec-10

Period

Coal Gypsy

Kamsarmax

Owned

1.2 Yrs    

82,300

Dec-10

Period

Pascha

Kamsarmax

Owned

1.1 Yrs    

82,300

Dec-10

Period

Coal Hunter

Kamsarmax

Owned

1.0 Yrs    

82,300

Dec-10

Period

Iron Lindrew

Kamsarmax

Owned

0.9 Yrs    

82,300

Dec-10

Period

Iron Brooke

Kamsarmax

Owned

0.8 Yrs    

82,300

Dec-10

Period

Iron Manolis

Kamsarmax

Owned

0.7 Yrs    

82,300

Dec-10

Period

(1) Newbuildings

delivery between 2008 and 2010.

23

Appendix -

Combined Fleet Profile

Time Charter

Vessel

Vessel Type

Ownership

Age

DWT

Expiration

Deployment

Coal Pride

Panamax

Owned

8.1 Yrs    

72,600

Jun-10

Period

Grain Express

Panamax

Owned

3.7 Yrs    

76,466

Dec-10

Period

Iron Knight

Panamax

Owned

3.5 Yrs    

76,429

Dec-10

Period

Grain Harvester

Panamax

Owned

3.4 Yrs    

76,417

Dec-10

Period

Fortezza

Panamax

Owned

14.5 Yrs    

69,634

Feb-08

Short Period

Rodon

Panamax

Owned

14.5 Yrs    

73,670

Oct-08

Period

Angela Star

Panamax

Owned

9.5 Yrs    

73,798

Nov-08

Period

Happy Day

Panamax

Owned

10.5 Yrs    

71,694

Dec-08

Period

Renuar

Panamax

Owned

14.5 Yrs    

70,128

Mar-09

Period

Isminaki

Panamax

Owned

9.5 Yrs    

74,577

Sep-09

Period

Powerful

Panamax

Owned

13.5 Yrs    

70,083

Jun-09

Period

First Endeavour

Panamax

Owned

13.5 Yrs    

69,111

May-09

Period

Elinakos

Panamax

Owned

10.5 Yrs    

73,751

Sep-09

Period

Birthday

Panamax

Owned

14.5 Yrs    

71,504

Feb-08

Spot

Fearless 1

Panamax

Leased

10.7 Yrs    

73,427

Jun-08

Period

King Coal

Panamax

Leased

11.0 Yrs    

72,873

May-08

Period

Coal Age

Panamax

Leased

10.5 Yrs    

72,861

Dec-08

Period

Iron Man

Panamax

Leased

10.5 Yrs    

72,861

Aug-10

Period

Linda Leah

Panamax

Leased

10.9 Yrs    

73,390

Oct-09

Period

Barbara

Panamax

Leased

10.7 Yrs    

73,390

Jun-08

Period

Coal Glory

Panamax

Leased

12.8 Yrs    

73,670

Aug-08

Period

July M

Supramax

Owned

2.5 Yrs    

55,567

Jan-08

Spot

Mairouli

Supramax

Owned

2.5 Yrs    

53,206

Feb-08

Spot

Lady

Handymax

Owned

22.5 Yrs    

41,090

Jan-08

Short Period

Emerald

Handymax

Owned

9.5 Yrs    

45,588

Feb-08

Short Period

Marybelle

Handymax

Owned

20.5 Yrs    

42,552

Apr-08

Short Period

Princess I

Handymax

Owned

13.5 Yrs    

38,858

Jul-09

Period

Attractive

Handymax

Owned

22.5 Yrs    

41,524

--

Under Dry Dock

Swift

Handymax

Owned

23.5 Yrs    

37,687

Feb-08

Spot

Total of 55 vessels, an average age for the operating fleet of 8.1 years and

5.2 million DWT, including the newbuildings.

24

Contacts

Investor Relations –Quintana Maritime

Ramnique Grewal

Vice

President –

Capital Link Inc.

Tel No: 212-661-7566

E-mail: rgrewal@capitallink.com

Investor Relations –

Excel Maritime

Nicolas Bornozis

President –

Capital Link Inc.

Tel No: 212-661-7566

E-mail: nbornozis@capitallink.com

Company Contacts –Quintana Maritime

Paul Cornell

Chief Financial Officer

Tel No: 713-751-7525

E-mail: pcornell@quintanamaritime.com

Company Contacts –

Excel Maritime

Lefteris

Papatrifon

Chief Financial Officer

Tel No: +30 210 6209 520

E-mail: info@excelmaritime.com