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

People & Company News

Raytheon Anschütz Expands US operations

Raytheon Company announced the launch of its new subsidiary, Raytheon Anschuetz USA LLC, located in San Diego, Calif.    According to the company, Raytheon Anschuetz

Panalpina Acquires Egyptian Agent Afifi

Switzerland-based supply chain solutions provider Panalpina is to acquire its Egyptian agent Afifi, a family-owned company specializing in freight forwarding, customs clearance and logistics.

New Ship Continues Atlantic Offshore's Fleet Modernization

Atlantic Offshore Rescue will unveil the third new vessel in the past 12 months as part of its fleet modernization program, representing an investment totaling $458 million.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics 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: 0.2081 sec (5 req/sec)