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.


People & Company News

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

MN100: Scienco/FAST

The Company: Scienco/FAST is an original equipment manufacturer specializing in marine sewage devices, environmentally-friendly cleaners and other industrial water management technologies.

MN100: MOPS Marine License Insurance

The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms,

Contracts

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1003 sec (10 req/sec)