ECONOMY

Quintana in $136.8 mln buy

Athens-based and NASDAQ-listed Quintana Maritime Limited yesterday announced it has entered into agreements to purchase two Capesize bulk carriers of 165,500 deadweight tons (dwt) each, Iron Beauty and Kirmar, built in 2001 by China Shipbuilding Corp in Taiwan. Quintana expects to take delivery of these vessels between early October and mid-November 2005. The total purchase price of the vessels is approximately $136.8 million. «This acquisition is another milestone for Quintana as we continue to expand our fleet. It also positions the company for continued growth and profitability while enabling it to continue providing customers with one of the most modern fleets in the dry-bulk industry,» commented Stamatis Molaris, chief executive officer and president of Quintana Maritime. «Furthermore, consistent with our strategy of seeking profitable long-term employment for our vessels, this acquisition enhances our cash-flow visibility by adding significant revenues from the time charter attached to Iron Beauty.» The company is an international provider of dry-bulk cargo marine transportation services. It currently owns and operates a fleet of eight Panamax-size vessels with a total carrying capacity of 585,072 dwt and an average age of approximately eight years.