Quintana reports sharply higher results
Athens-based Quintana Maritime Ltd. reported sharply higher second quarter profit and revenue compared to the prior year period.
The company, whose shares trade on Nasdaq, saw net profit jump to $29.4 million from $4.2 million, while net revenue nearly tripled to $59.7 million from $19.7 million in the same 2006 period.
The company operated an average of 29 ships in the most recent quarter compared to 10 in the corresponding period in 2006. In 2006 Quintana acquired a 17-ship dry bulk fleet from the Greek company Metrostar whose entire fleet was on charter to Bunge. The company said it has completed its negotiations with Bunge for the entire term of the master time charter, which ends Dec. 31, 2010 and all 17 ships have been fully fixed through the end of 2010.
Quintana reports sharply higher results
