Iron Fuzeyya is employed under a master time charter agreement with Bunge S.A., a wholly owned subsidiary of Bunge Limited (NYSE:BG), until December 2010.

Iron Fuzeyya is the second of 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 twelve 83,000-dwt Kamsarmax bulkers. The anticipated delivery schedule is outlined in the fleet table below. All seventeen vessels are sister ships built at Tsuneishi. 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 of the second of the seventeen vessels we agreed to acquire from Metrobulk. We have already enhanced our operations in terms of personnel and crewing to accommodate the delivery schedule of these new vessels. The young age of the acquired fleet is expected to have a positive impact on our fixed cost base and lower our daily operating expenses per vessel. In addition, the unique structure of the master charter agreement allows our company to share in the market’s upside thereby enhancing our revenue and profitability." 

Source: Press Release

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Quintana Maritime  new ship