Edgar Filing: Quintana Maritime LTD

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Frantzeskakis Nikos

2. Issuer Name and Ticker or Trading Symbol
Quintana Maritime LTD [QMAR]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chief Commercial Officer

(Last)

(First)

(Middle)

PANDORAS 13 KYPROU STREET

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2005

(Street)

GLYFADA, J3 166 74

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/24/2005⁽¹⁾		A		2,375	A	⁽²⁾	2,375	I	By spouse ⁽³⁾
Common Stock	12/23/2005⁽¹⁾		A		2,375	A	⁽⁴⁾	4,750	I	By spouse ⁽³⁾
Common Stock	05/15/2006⁽¹⁾		A		2,000	A	⁽⁵⁾	6,750	I	By spouse ⁽³⁾
Common Stock	12/18/2006⁽¹⁾		A		2,000	A	⁽⁶⁾	8,750	I	By spouse ⁽³⁾
Common Stock								210,574	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Phantom Stock ⁽⁷⁾

⁽⁸⁾

08/24/2005

375

02/15/2006

Common Stock

375

⁽⁸⁾

375

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

08/24/2005

375

02/15/2007

Common Stock

375

⁽⁸⁾

375

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

08/24/2005

375

02/15/2008

Common Stock

375

⁽⁸⁾

375

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

08/24/2005

1,250

02/15/2009

Common Stock

1,250

⁽⁸⁾

1,250

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

12/23/2005

D⁽⁹⁾

375

02/15/2006

Common Stock

375

⁽⁸⁾

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

12/23/2005

D⁽⁹⁾

375

02/15/2007

Common Stock

375

⁽⁸⁾

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

12/23/2005

D⁽⁹⁾

375

02/15/2008

Common Stock

375

⁽⁸⁾

By spouse ⁽³⁾

Phantom Stock ⁽⁷⁾

⁽⁸⁾

12/23/2005

D⁽⁹⁾

1,250

02/15/2009

Common Stock

1,250

⁽⁸⁾

By spouse ⁽³⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Frantzeskakis Nikos PANDORAS 13 KYPROU STREET GLYFADA, J3 166 74			Chief Commercial Officer

Signatures

Nikos Frantzeskakis		03/30/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This filing reports all grants of restricted stock and phantom stock to Mr. Frantzeskakis's spouse, who is an employee of the issuer.
(2)	The restricted stock was granted to Mr. Frantzeskakis's spouse under the issuer's long term incentive plan. The stock will vest 375 shares each on February 15 of 2006, 2007, and 2008, while 1,250 shares vest on February 15, 2009.
(3)	Mr. Frantzeskakis disclaims beneficial ownership of the shares held by his spouse except to the extent of his pecuniary interest therein.
(4)	Effective December 23, 2005, the Board of Directors of the Company canceled outstanding phantom stock awards and awarded an equivalent number of shares of restricted stock. The stock will vest 375 shares each on February 15 of 2006, 2007, and 2008, while 1,250 shares vest on February 15, 2009.
(5)	Effective May 15, 2006, the Board of Directors of the Company awarded these shares of restricted stock under the Company's 2005 Stock Incentive Plan. The stock will vest on February 15, 2010.
(6)	Effective December 18, 2006, the Board of Directors awarded these shares of restricted stock under the Company's 2005 Stock Incentive Plan. The stock will vest as follows: 300 shares on February 15, 2007; 350 shares on February 15, 2008; 400 shares on February 15, 2009; 450 shares on February 15, 2010; and 500 shares on February 15, 2011.
(7)	The phantom stock was granted to Mr. Frantzeskakis's spouse under the issuer's long term incentive plan.
(8)	The phantom stock would have been paid in cash based on the average closing price of the common shares for the 20 trading days immediately preceding the date of vesting.
(9)	Effective December 23, 2005, the Board of Directors of the Company canceled outstanding phantom stock awards and awarded an equivalent number of shares of restricted stock.

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