Bird Acquisition (QMAR) 8-K Quintana Maritime Limited Takes Delivery of Its Third Kamsarmax

Exhibit 99.1

Quintana Maritime Limited
Pandoras 13 & Kyprou Street
166 74 Glyfada
Greece

NEWS RELEASE

QUINTANA MARITIME LIMITED TAKES DELIVERY OF ITS THIRD KAMSARMAX

ATHENS, GREECE — August 24, 2006 —Quintana Maritime Limited (NASDAQ: QMAR) announced today that it took delivery of its third Kamsarmax bulk carrier,Iron Bradyn, from Metrobulk.Iron Bradyn has a carrying capacity of 82,769 deadweight tons (dwt) and was built in February 2005 at Tsuneishi, a Japanese shipyard.

As previously announced,Iron Bradynis employed under a master time charter with Bunge S.A. (NYSE:BG) at an average daily rate, together with seven other vessels under charter with Bunge, 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.

Iron Bradynis the third vessel delivered to Quintana of the seventeen vessels that Quintana Maritime has agreed to acquire from Metrobulk, an unaffiliated seller. The remaining fleet to be delivered to Quintana includes three 76,000-dwt Panamaxes and eleven 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. Kamsarmaxes are a Panamax sub-class that have 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 pleased to take delivery within schedule the third of the seventeen vessels we agreed to acquire from Metrobulk. We are continuing to take delivery of the new ships while we are enjoying among the highest time charter coverages amongst our peers through the end of 2010.”

Fleet Table as of August 24, 2006

								TC Expiration Date
CURRENT FLEET	Type	DWT		Year Built		Age (in years)		(minimum period)
Iron Vassilis(C)	Kamsarmax		82,257		2006		0.1	December 2010
Iron Fuzeyya(C)	Kamsarmax		82,209		2006		0.6	December 2010
Iron Bradyn(C)	Kamsarmax		82,769		2005		1.5	December 2010
Kirmar(D)	Capesize		165,500		2001		4.9	February 2007(E)
Iron Beauty(D)	Capesize		165,500		2001		5.1	April 2010
Coal Pride	Panamax		72,600		1999		6.7	February 2007
Iron Man(A)	Panamax		72,861		1997		9.2	March 2010
Coal Age(A)	Panamax		72,861		1997		9.2	June 2007
Fearless 1(A)	Panamax		73,427		1997		9.3	March 2008
Barbara(B)	Panamax		73,390		1997		9.6	June 2007
Linda Leah(B)	Panamax		73,390		1997		9.6	June 2008
King Coal	Panamax		72,873		1997		9.6	March 2008
Coal Glory(A)	Panamax		73,670		1995		11.5	June 2008
Total Current Fleet	13 Vessels		1,163,307				6.3 years avg (F)

ADDITIONAL VESSELS	Type	DWT		Year Built		Age (in years)		Delivery Range
Grain Express	Panamax		76,466		2004		2.4	Sep 06 - Oct 06
Iron Knight	Panamax		76,429		2004		2.2	Sep 06 - Oct 06
Grain Harvester	Panamax		76,417		2004		2.0	Sep 06 - Oct 06
Pascha	Kamsarmax		82,300		*			Nov 06 - Jan 07
Iron Lindrew	Kamsarmax		82,300		*			Jan 07 - March 07
Coal Gypsy	Kamsarmax		82,300		*			Dec 06
Coal Hunter	Kamsarmax		82,300		*			Dec 06
Iron Brooke	Kamsarmax		82,300		*			March 07 - May 07
Iron Manolis	Kamsarmax		82,300		*			May 07
Iron Anne	Kamsarmax		82,000		*			Sep 06
Iron Elizabeth	Kamsarmax		82,224		2006		0.2	Sep 06
Ore Hansa	Kamsarmax		82,224		2006		0.4	Sep 06
Santa Barbara	Kamsarmax		82,224		2006		0.4	Sep 06
Iron Kalypso	Kamsarmax		82,224		2006		0.6	Sep 06
Total Additional Vessels	14 Vessels		1,134,008
TOTAL FLEET	27 Vessels		2,297,315

* Under Construction

(A), (B), (C), and (D) indicate sister ships. As of August 24, 2006 Quintana had four sets of sister ships, including the vessels recently acquired from Metrobulk. All seventeen ships that are part of the Metrobulk acquisition are sister ships. Sister ships indicate vessels of the same class made in the same shipyard. The sister-ship concept further enhances our operational flexibility and efficiency.

(E) Kirmar’s charter may be extended by up to six months, until September 2007, at the current rate of $26,500 per day at the charterer’s option.

(F) On a dwt weighted average

ABOUT QUINTANA MARITIME LIMITED

Quintana Maritime Limited, based in Greece, is an international provider of dry bulk cargo marine transportation services. As of today, the company owns and operates a fleet 13 vessels including 3 Kamsarmax bulkers, 8 Panamax size vessels and 2 Capesize vessels with a total carrying capacity of 1,163,307 dwt and an average age of 6.3 years on a dwt weighted average. It has also entered into an agreement to acquire 14 additional vessels, including 3 Panamaxes and 11 Kamsarmax bulkers with expected delivery between August 2006 and May 2007 and with an aggregate capacity of 1,134,008 dwt. Once all acquisitions are completed Quintana will have a fleet of 27 dry bulk vessels, including 2 Capesize vessels, 11 Panamax vessels and 14 Kamsarmax vessels with a total capacity of 2,297,315 dwt and an average of 4.0 years on a dwt weighted average.

Forward Looking Statement

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For Immediate Release

Company Contact:
Paul J. Cornell
Chief Financial Officer
Tel. 713-751-7525
E-mail: pcornell@quintanamaritime.com Investor Relations/Financial Media:
Paul Lampoutis
Capital Link, Inc, New York
Tel. 212.661.7566
E-mail: plampoutis@capitallink.com