Stelmar Shipping Delivers Ambermar

Stelmar Shipping Ltd. announced that it has taken delivery of the Ambermar, a newly built 35,500 dwt Panamax tanker from the STX Shipbuilding Co. ltd (ex-Daedong) in South Korea. Ambermar has entered into a previously announced 18-month time charter with FAMM, the commercial division of ChevronTexaco. Peter R. Goodfellow, Chief Executive Officer and President commented, “We are pleased to have received delivery of the Ambermar. In the first and second quarters of 2002, our company will receive delivery of three more new Panamax tankers, all of which are on time charters. Including these vessels, we now have 22 vessels on time charter. Stelmar has secured almost 67 percent of its 2002 net operating days on time charters, which provides our shareholders with significant earnings visibility.”

Including the two other Panamax tankers together with the product tanker, which are all scheduled to be delivered in the first half of 2002, Stelmar has 27 ships with a total of 1,526,178 dwt cargo carrying capacity. The fleet, together with the new buildings, includes seventeen double side and double hull Handymax product tankers, six double side Panamax tankers, three double side and one single hull Aframax tankers, with an average age of approximately 7.2 years (including the newbuildings).