~~Table~~UNITED ofSTATES SECURITIES ~~Contents~~AND EXCHANGE COMMISSION

~~UNITED~~Washington, ~~STATES SECURITIES~~D.C. ~~AND EXCHANGE COMMISSION~~20549

~~Washington,~~FORM ~~D.C. 20549~~8-K

~~FORM~~CURRENT ~~8-K~~REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~CURRENT~~DATE OF REPORT ~~PURSUANT~~(DATE TOOF ~~SECTION~~EARLIEST 13EVENT ~~OR 15(d~~REPORTED) OFDecember 7, ~~THE SECURITIES EXCHANGE ACT OF 1934~~2006

~~DATE~~QUINTANA OFMARITIME ~~REPORT (DATE OF EARLIEST EVENT REPORTED)~~LIMITED

~~September 25,~~(Exact ~~2006~~name of registrant as specified in its charter)

QUINTANA MARITIME LIMITED


Marshall Islands	000-51412	98-0453513
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

~~(Exact~~Quintana ~~name~~Maritime ofLimited c/o ~~registrant~~Quintana asManagement ~~specified~~LLC Pandoras in13 ~~its~~& ~~charter~~Kyprou Street 166 74 Glyfada Greece (Address of principal executive office)

~~Marshall Islands (State or other jurisdiction of incorporation or organization) 000~~011-~~51412~~ 30-210-898-6820 (~~Commission~~Registrant’s ~~File~~telephone ~~Number)~~number, ~~98-0453513~~including ~~(IRS~~area ~~Employer Identification No.~~code)

~~Quintana~~Check ~~Maritime~~the ~~Limited c/o~~appropriate ~~Quintana~~box ~~Management~~below ~~LLC Pandoras~~if 13the &Form ~~Kyprou~~8-K ~~Street 166~~filing 74is ~~Glyfada~~intended to simultaneously satisfy the ~~Greece (Address~~filing obligation of ~~principal~~the ~~executive~~registrant ~~office)~~under any of the following provisions:

~~011-30-210-898-6820 (Registrant’s~~o ~~telephone~~Written ~~number,~~communications ~~including~~pursuant ~~area~~to ~~code~~Rule 425 under the Securities Act (17 CFR 230.425)

~~Check~~o ~~the~~Soliciting ~~appropriate~~material ~~box~~pursuant ~~below~~to ifRule ~~the Form 8~~14a-K12 ~~filing~~under ~~is intended to simultaneously satisfy~~ the ~~filing~~ ~~obligation~~Exchange ofAct ~~the~~(17 ~~registrant~~CFR ~~under any of the following provisions:~~ 240.14a-12)

[o ]Pre-commencement ~~Written~~ communications pursuant to Rule ~~425~~ 14d-2(b) under the ~~Securities~~Exchange Act (17 CFR ~~230~~240.~~425~~14d-2(b) )

[o ]Pre-commencement ~~Soliciting~~communications ~~material~~ pursuant to Rule ~~14a~~ 13e-124(c) under the Exchange Act (17 CFR 240.~~14a~~13e-124(c) )

[Item ]1.01 ~~Pre-commencement~~Entry ~~communications~~into ~~pursuant~~a toMaterial ~~Rule 14d-2(b)~~Definitive ~~under the Exchange Act (17 CFR 240.14d-2(b))~~ Agreement

[ On ]December 7, ~~Pre-commencement~~2006, ~~communications~~the ~~pursuant~~Board toof ~~Rule~~Directors of the Company, upon the recommendation of the Compensation, Nominating & Governance Committee, established 2007 salaries and 2006 bonuses for its executive officers. Messrs. ~~13e-4(c)~~Molaris, ~~under~~Frantzeskakis, Cornell, and Putman will receive $380,500, $300,000, $220,000, and $200,000 in salary, respectively. Discretionary bonuses awarded by the Board ~~Exchange~~reflect ~~Act~~performance ~~(17~~bonuses ~~CFR~~for 2006. The bonuses awarded to Messrs. Molaris, Frantzeskakis, ~~240~~Cornell, and Putman were $275,000, $145,000, $110,000, and $50,000, respectively.~~13e-4(c))~~

~~TABLE~~ On OFDecember 11, ~~CONTENTS~~2006, the Company entered into a Consultancy Agreement (the “Agreement”) with Shipmanagement Consultants Inc., a Marshall Islands company. The Agreement was retroactively effective as of January 1, 2006 and renews until it is terminated in accordance with the terms of the Agreement. Under this agreement, the Company has agreed to pay Shipmanagement Consultants Inc. approximately $1 million per year in exchange for offshore consulting services provided to the Company. Amounts paid under the Agreement will indirectly benefit existing employees, including certain executive officers, of the Company and will be paid in the stead of compensation paid directly to those employees by the Company. Accordingly, the Company does not expect the Agreement to have any incremental burden on its financial condition or results of operations. To the extent amounts paid under the Agreement are paid to persons with respect to whom the Company is required to disclose compensation under Item 402 under Regulation S-K of the SEC or any other relevant rule, the Company will report amounts paid under the Agreement as though the amounts were paid directly to such persons.

	Item 2.01 Completion of Acquisition of Disposition of Assets
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release

SIGNATURES

~~Table~~ Pursuant to the requirements of ~~Contents~~the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

~~Item 2.01~~QUINTANA ~~Completion~~MARITIME ofLIMITED ~~Acquisition~~By: of/s/ ~~Disposition~~Steve ofPutman ~~Assets~~ Steve Putman Vice President and General Counsel

OnDated: ~~September~~December 2512, 2006~~, the Company completed the acquisition of Iron Kalypso, an 82,224 dwt~~ Kamsarmax vessel built in 2006, and Iron Anne, an 82,000 dwt Kamsarmax newbuilding built in September 2006, from affiliates of Metrobulk, S.A. The Company had agreed to buy the vessels under the terms of Memoranda of Agreement dated May 3, 2006.

On May 10, 2006, the Company advanced the sellers of Iron Kalypso and Iron Anne $4.5 million and $4.3 million, respectively, representing 10% of the total respective purchase prices of $45.2 million and $43.3 million. On September 15, the Company paid the balance of the purchase price with a drawdown under its new revolving credit facility. The vessels are under time charter to Bunge, S.A.

On September 28, 2006, the Company announced the delivery of the vessels by a press release, which is attached as an exhibit to this report.

Consistent with shipping industry practice, we treat the acquisition of a vessel (whether acquired with or without charter) as the acquisition of an asset rather than a business. We believe that, under the applicable provisions of Rule 11-01(d) of Regulation S-X under the Securities Act, the acquisition of our vessels does not constitute the acquisition of a “business,” for which historical or pro forma financial information would be provided pursuant to Rules 3-05 and 11-01 of Regulation S-X.

In general, we believe that there is little continuity between the acquired vessels’ operations prior to and after the acquisition, and therefore disclosure of prior historical financial information is not material to an understanding of future operations. We generally enter into new charter contracts with our customers that commence following delivery of the vessel to us. These new charter contracts have different financial terms than the old charter contracts, which were entered into under generally different market conditions by different parties.

We take the following steps before an acquired vessel commences operations, which substantially eliminate any continuity with operations prior to the vessel’s acquisition:

• put in place different commercial management, with a different marketing system and sales force; • put in place different technical management; • arrange for a new crew for the vessel; • replace all hired equipment on board, such as gas cylinders and communication equipment; • negotiate and enter into new insurance contracts for the vessel through our own insurance brokers; • register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state; • implement a new planned maintenance program for the vessel; and • ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.

As a result, we believe that whether the vessel is acquired with or without a time charter, the lack of continuity between the acquired vessel’s operations prior to and after the acquisition makes prior financial information not material. For this reason, consistent with shipping industry practice, we generally do not obtain from the seller historical operating or financial data for the vessels we acquire, other than through inspection of the physical condition of the vessels and examinations of classification society records. Most vessels are sold under a standardized agreement, which, among other things, provides the buyer with the right to inspect the vessel and the vessel’s classification society records. The standard agreement does not give the buyer the right to inspect, or receive copies of, the historical operating or financial data of the vessel. Prior to the delivery of a purchased vessel, the seller typically removes from the vessel all records, including past financial records and accounts related to the vessel. We do not obtain the historical operating or financial data for the vessels from the sellers because that information is not material to our decision to make acquisitions, nor do we believe it would be helpful to potential investors in our common stock in assessing our business or profitability.

Item 9.01 Financial Statements and Exhibits

99.1 Press release of Quintana Maritime Limited dated September 28, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

QUINTANA MARITIME LIMITED By: /s/ Steve Putman Steve Putman Vice President and General Counsel

Dated: September 28, 2006

EXHIBIT INDEX

99.1 Press release of Quintana Maritime Limited dated September 28, 2006.

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