Stelmar Announces Charters For Newbuildings

Tuesday, January 21, 2003
Stelmar Shipping Ltd. has announced that it has signed two year time charter contracts for two double-hull Panamax newbuildings expected to be delivered in late 2003 and early 2004. The two Panamax tankers, which were signed at profitable rates, are part of the Stelmar's 2003 and 2004 newbuilding program for five Panamax tankers. The newbuilding program will make Stelmar the largest owner of modern Panamax tankers and position the Company for future growth in 2004 and 2005. Stelmar also announced that it has renewed the profitable time charter contract for the Fulmar, a 1989 double hull product tanker, for an additional year at a higher rate. Adrian McMahon, managing director of Stelmar Tankers (UK) Ltd., said, "We continue to see a strong demand for our modern vessels, which satisfy the high standards of quality and safety sought by our customers. With four of the five Panamax newbuildings already signed to profitable time charters, we will ensure that the vessels contribute to cash flow immediately upon delivery. Since two of these arrangements include profit sharing, we will also ensure that our upside earnings potential on these vessels is significantly enhanced." Commenting on the Company's proven time charter strategy, McMahon continued, "The renewal of the Fulmar is an example of how we spread our time charter renewal negotiations throughout the year in order to give us the ability to capture market upside."

Stelmar has secured 70 percent of the net operating days of its fleet on profitable time charters for 2003 and 31 percent for 2004, equivalent to $122 million and $60 million in revenues respectively.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

Contracts

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6112 sec (2 req/sec)