Quintana Maritime Limited Takes Delivery of its Newbuilding Capesize Bulk Carrier "Iron Miner" 03/15/07 ATHENS, GREECE - Quintana Maritime Limited (NASDAQ: QMAR) announced today that on March 13th 2007, it took delivery of Iron Miner, a newbuilding Capesize bulk carrier of 177,000 deadweight tons (dwt) from Shanghai Waigaoqiao Shipbuilding Co., a Capesize specialist yard in China. As previously announced the purchase price of the vessel is approximately $92.5 million and has been funded with borrowings under its credit facility and cash on hand, including from the proceeds from the exercise of warrants. Iron Miner is employed under a five year time charter at a net daily rate of $40,000 with Transfield, a major operator in the Capesize sector. With the delivery of the Iron Miner, the Company has secured approximately 96.2% of its net operating days under time charter contracts for 2007 and 80.9% for 2008, which the Company expects to generate aggregate net revenues of approximately $420 million over 2007 and 2008. Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, “We are pleased to take delivery within schedule of Iron Miner, the Capesize newbuilding we agreed to acquire from Bocimar Belgium in December 2006. The delivery of the Iron Miner continues to position Quintana Maritime as one of the fastest-growing public dry bulk companies with one of the youngest fleets. Our visible cash flows, due to our high time charter coverage through 2010, significantly enhance our ability to safely deliver long-term value to our shareholders.” Quintana Maritime Press Release