UNITED STATES ~~SECURITIES~~ ~~AND EXCHANGE COMMISSION~~

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

~~DATE~~ OF ~~REPORT~~THE ~~(DATE~~SECURITIES OFEXCHANGE ~~EARLIEST~~ACT ~~EVENT~~OF ~~REPORTED)~~1934 ~~December 7, 2006~~

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) March 6, 2007

QUINTANA MARITIME LIMITED

(Exact name of registrant as specified in its charter)

Marshall Islands		000-51412		98-~~0453513~~0454094
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(IRS Employer Identification No.)

Quintana Maritime Limited ~~c/o~~ ~~Quintana Management LLC Pandoras 13 & Kyprou Street 166 74 Glyfada Greece (Address of principal executive office)~~

~~011-30-210-898-6820 (Registrant’s~~c/o ~~telephone~~Quintana ~~number,~~Management ~~including~~LLC ~~area code)~~

Pandoras 13 & Kyprou Street

166 74 Glyfada

Greece

(Address of principal executive office)

011-30-210-898-6820

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 12.0102 ~~Entry~~Results ~~into~~of aOperations ~~Material~~and ~~Definitive~~Financial ~~Agreement~~Condition

OnIn accordance ~~December 7,~~with ~~2006,~~General ~~the~~Instruction ~~Board~~B.2. of ~~Directors~~Form of8-K, the ~~Company,~~following ~~upon~~information and the ~~recommendation~~exhibits ofreferenced ~~the Compensation,~~therein ~~Nominating~~is &being ~~Governance~~furnished ~~Committee,~~pursuant ~~established~~to ~~2007~~Item 2.02 ~~salaries~~of Form 8-K and ~~2006~~is ~~bonuses~~not deemed “filed” for ~~its executive~~purposes ~~officers.~~of ~~Messrs.~~Section ~~Molaris,~~18 ~~Frantzeskakis,~~of ~~Cornell,~~the Securities ~~and~~Exchange ~~Putman~~Act ~~will~~of ~~receive $380~~1934,~~500, $300,000,~~ ~~$220~~as amended,~~000,~~ ~~and~~is ~~$200,000~~not insubject ~~salary,~~to ~~respectively.~~the ~~Discretionary~~liabilities ~~bonuses~~of ~~awarded~~that bysection ~~the Board~~and ~~reflect~~is ~~performance~~not ~~bonuses~~deemed ~~for~~incorporated ~~2006.~~by ~~The~~reference ~~bonuses~~in ~~awarded~~any tofiling ~~Messrs. Molaris,~~under ~~Frantzeskakis, Cornell,~~the ~~and~~Securities ~~Putman~~Act ~~were~~of ~~$275~~1933,~~000,~~ ~~$145,000,~~as ~~$110~~amended,~~000,~~ ~~and~~or ~~$50~~the Securities Exchange Act of 1934,~~000,~~ ~~respectively.~~as amended.

On ~~December~~March 116, ~~2006~~2007, the Company ~~entered~~announced ~~into~~via apress ~~Consultancy~~release ~~Agreement~~its ~~(the~~earnings ~~“Agreement”) with Shipmanagement Consultants Inc., a Marshall Islands company. The Agreement was retroactively effective as of January 1, 2006~~ and ~~renews~~operating ~~until~~results ~~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~~three ~~paid~~months ~~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~~full ~~directly~~year toended ~~those employees by the Company. Accordingly~~December 31, ~~the Company does not expect the Agreement to have any incremental burden on its financial condition or results of operations~~2006. ToA ~~the~~copy ~~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’s ~~will~~press ~~report~~release ~~amounts~~is ~~paid~~attached ~~under~~hereto ~~the Agreement~~ as ~~though~~Exhibit ~~the amounts were paid directly to such persons~~99. 1.

Item 9.01

Financial Statements and Exhibits

99.1	Press release of Quintana Maritime Limited dated March 6, 2007.

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: ~~December~~March 127, ~~2006~~ 2007

EXHIBIT INDEX


99.1		Press release of Quintana Maritime Limited dated March 6, 2007.

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