Quintana Maritime Limited announced today that it took delivery of Iron Lindrew, from Tsuneishi, a Japanese shipyard, yesterday. Iron Lindrew has a carrying capacity of 82,300 deadweight tons (dwt).
As previously announced, Iron Lindrew, together with four other vessels, is employed at an average daily rate of approximately $20,000 per day for 2007 under a master time charter with Bunge S.A. (NYSE: BG). Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. In addition, Quintana has fixed these same vessels at an average daily rate of $24,000 for 2008. 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. As a result of these fixtures, Quintana has secured almost 93% of its expected net operating days for 2007 and 42% for 2008 under charters with fixed rates. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers.
Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We welcome the delivery of Iron Lindrew, the fifteenth out of the seventeen vessels we have agreed to acquire from Metrobulk. We are also looking forward to taking delivery of the remaining two Kamsarmax vessels from Metrobulk along with the two recently announced Capesize vessel acquisitions, over the next three months."
As previously announced, Iron Lindrew, together with four other vessels, is employed at an average daily rate of approximately $20,000 per day for 2007 under a master time charter with Bunge S.A. (NYSE: BG). Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. In addition, Quintana has fixed these same vessels at an average daily rate of $24,000 for 2008. 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. As a result of these fixtures, Quintana has secured almost 93% of its expected net operating days for 2007 and 42% for 2008 under charters with fixed rates. Quintana believes it currently enjoys the highest time charter coverage amongst its public peers.
Stamatis Molaris, President and Chief Executive Officer of Quintana Maritime, commented, "We welcome the delivery of Iron Lindrew, the fifteenth out of the seventeen vessels we have agreed to acquire from Metrobulk. We are also looking forward to taking delivery of the remaining two Kamsarmax vessels from Metrobulk along with the two recently announced Capesize vessel acquisitions, over the next three months."