Stelmar Announces Two Time Charter Contracts

Thursday, August 15, 2002
Stelmar Shipping Ltd. announced that it has signed the Aquamar and the Maremar, two modern double hull Handymax vessels purchased from the proceeds of the company's recent offering, to profitable time charter contracts. Both tankers currently trade in the spot market and are expected to be deployed on these time charters during the second half of August 2002. The Aquamar, a 1998 double hull product tanker delivered on July 15, 2002, has been signed to a two-year time charter with Amerada Hess Shipping Corporation USA at a rate of $13,500 per day. Stelmar also announced that it has signed the Maremar, a 1998 double hull product tanker and sister ship to Aquamar, to a six-month charter with ST Shipping at $13,500 per day. The Maremar was delivered to Stelmar on June 27, 2002. Peter R. Goodfellow, chief executive officer and president said, "Our strategy of signing profitable contracts for our vessels is enabling us to enhance Stelmar's earnings visibility and achieve high utilization rates in a challenging environment. With these most recent contracts, Stelmar has signed profitable time charters for all nine vessels it has received delivery of in 2002." Goodfellow continued, "Including these two new contracts, Stelmar has secured more than 84 percent of the net operating days of its fleet on profitable time charters for 2002 and 50 [ercemt for 2003, equivalent to $137 million and $93 million respectively. For 2004, the Company has secured more than 27 percent of the net operating days of its fleet on profitable contracts, equivalent to $58 million. We remain committed to signing additional profitable contracts to increase our earnings visibility in this challenging market."
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Ballast Water System Retrofits for 11 Containerships

Eleven container vessels owned by Bernhard Schulte GmbH & Co. KG, based in Germany, are to be retrofitted with Wärtsilä Aquarius Ballast Water Management Systems (BWMS), Wärtsilä announced today.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1308 sec (8 req/sec)