Stelmar Shipping Announces 18-Month Time Charter With ChevronTexaco

Tuesday, July 15, 2003
Stelmar Shipping Ltd. today announced that it has signed an 18-month time charter contract for the Rimar, a 1998 double-hull Handymax tanker. The time charter is expected to commence at the end of July 2003. The time charter contract is with ChevronTexaco at a rate of $14,000 per day. As part of the contract, ChevronTexaco has options to replace the Rimar with one of the Company's Handymax newbuildings at $14,500 per day and to time charter a second vessel at $14,500 per day for a similar duration. These options will be declared by the end of September 2003. ChevronTexaco's decision to time charter the Rimar follows a recent move by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, to renew time charter contracts for two other Stelmar vessels. Peter Goodfellow, Chief Executive Officer and President, stated, "We are pleased to have expanded our relationship with ChevronTexaco. This contract underscores the strong demand we are experiencing from customers, who are seeking modern, double-hull vessels that adhere to the highest environmental and safety standards. With only one single-hull vessel in our fleet, Stelmar is very well positioned to benefit from the recent European Union legislation and continue to provide our customers with superior service in a changing regulatory environment." With the signing of this contract, Stelmar has further enhanced its profitability and shareholder return potential for 2003 and 2004. To date, Stelmar has secured 84% of the net operating days of its fleet on profitable time charters for 2003 and 43% for 2004, representing $140 million and $90 million in revenues, respectively.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics 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: 0.0812 sec (12 req/sec)