Quintana takes delivery of its first Kamsarmax

Quintana Maritime Limited based in Greece took delivery of its first Kamsarmax bulk carrier ?Iron Vassilis? from the Japanese shipbuilder Tsuneishi. The 82,257 dwt newbuilding is on charter to Bunge S.A., a wholly owned subsidiary of Bunge Ltd until December 2010.

?Iron Vassilis? is the first of seventeen vessels that Quintana has agreed to acquire from Metrobulk, an unaffiliated seller. The remaining fleet to be delivered to Quintana includes three 76,000 dwt 2004-built Panamaxes and thirteen 83,000 dwt Kamsarmax bulkers, six of which were built between February 2005 and May 2006, and the remaining seven of which the company expects to be delivered between August 2006 and May 2007. All seventeen vessels are sister ships built at Tsuneishi.

Kamsarmaxes are a Panamax sub-class that has more carrying capacity than typical Panamax designs. Once all Kamsarmax vessels are delivered, Quintana believes it will control approximately one-quarter of the actively trading Kamsarmax fleet.

Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, “We are happy to announce the delivery, ahead of schedule, of the first of the seventeen vessels we agreed to acquire from Metrobulk. This acquisition transforms Quintana Maritime into one of the largest U.S.-listed dry bulk shipping companies by tonnage, with what we believe to be the youngest U.S.-listed dry bulk fleet and the highest and longest contract coverage among our public peers. In fewer than seventeen months since we commenced operations, Quintana Maritime has established a leadership position in international dry bulk shipping, focusing on larger and modern vessels, implementing a long-term employment strategy for our fleet and balancing growth with stable dividends for the benefit of our shareholders.”