Quintana Takes Delivery of Three

AQuintana Maritime Limited has taken delivery of three additional vessels -- Santa Barbara, Grain Harvester, and Iron Elisabeth -- from Metrobulk. Santa Barbara and Iron Elisabeth are Kamsarmax bulk carriers, each with a carrying capacity of 82,224 deadweight tons (dwt) and built in 2006. Grain Harvester is a Panamax bulk carrier with a carrying capacity of 76,417 dwt and was built in 2004. All three vessels are sister ships built at Tsuneishi, a Japanese shipyard. As previously announced, Santa Barbara and Iron Elisabeth are employed under a master time charter with Bunge S.A. at an average daily rate, together with six other vessels, of approximately $23,000 per day for 2007. 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. With the delivery of Santa Barbara and Iron Elisabeth, Quintana has taken delivery of five of the fourteen Kamsarmax vessels that Quintana has agreed to buy from Metrobulk. Grain Harvester is employed under a time charter with Bunge S.A. through September 2009 at $20,000 per day. Grain Harvester is the first Panamax vessel delivered to Quintana Maritime from Metrobulk. The remaining fleet to be delivered to Quintana includes two 76,000-dwt Panamaxes and nine 83,000-dwt Kamsarmax bulkers. The anticipated delivery schedule is outlined in the fleet table below. All seventeen vessels acquired or to be acquired from Metrobulk are sister ships built at Tsuneishi, a Japanese shipyard. Kamsarmax is 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.