EX-99.1 2 dex991.htm INVESTOR PRESENTATION DATED JANUARY 29, 2008 Investor Presentation dated January 29, 2008
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