Stelmar Announces Time Charter Contract

Tuesday, July 16, 2002
Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market. As we move into the second half of 2002, we have only four Handymax tankers operating in the spot market with another four coming up for renewal. We are confident in our continuing ability to sign profitable, short-term time charters at rates that exceed the current spot rate. We remain committed to signing additional profitable time charters in order to increase our earnings visibility in this challenging market." Stelmar has secured more than 81 percent of the net operating days of its fleet on profitable time charters for 2002 and 45 percent for 2003, equivalent to $134 million and $87 million respectively. For 2004, the Company has secured more than 25 percent of the net operating days of its fleet on profitable contracts, equivalent to $56 million. Stelmar also announced that it has received delivery of the Aquamar, the second of the two Handymax tankers that were purchased from the proceeds of the Company's recent secondary offering. The Aquamar, a 1998 double hull product tanker, is a sister ship of the Maremar, which was delivered on July 11, 2002. Goodfellow continued, "With the delivery of the Aquamar, Stelmar has completed its fleet expansion program for 2002. This program has enabled Stelmar to grow its fleet to 31 tankers and reduce the average age of its vessels to approximately seven years. With five additional ships to be delivered by the end of the first half of 2004, Stelmar is positioned to continue to benefit from the positive fundamentals for both the Handymax and Panamax sectors."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Japan LNG Imports Hit Record Levels

Japan imported record volumes of liquefied natural gas (LNG) and thermal coal in the fiscal year ended in March, as the country's  shutdowns of nuclear stations

Container Ship Delivers First Boxes to Great Lakes Port

The US Coast Guard say that the 'Fortunagracht', a 450-foot Dutch-flagged container ship, has delivered the first-ever load of containerized cargo to the Great Lakes.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Casualties

South Korea's Park: Ferry Crew Conduct Tantamount to Murder

South Korean President Park Geun-hye said on Monday the actions of some crew of a ferry that sank with hundreds feared dead were tantamount to murder, as a four-year-old

Fire Forces Abondonment of South Korean Trawler

A fire on board a South Korean trawler fishing off the coast of Sierra Leone forced the crew to abandon ship, fleeing onto boats that came to their rescue, its captain told Reuters on Monday.

Eugen Maersk 2013 Fire: Summary Findings

The Danish Maritime Accident Investigation Board (DMAIB) has issued a summary report in the English language concerning a fire outbreak aboard the container ship in the Gulf of Aden.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Repair 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: 0.0994 sec (10 req/sec)