Keymar Goes Into Drydock

Stelmar Shipping announced that the Keymar, a 1993 built double-hull Aframax tanker, has gone into drydock and is expected to return to service by late August 2003. The Keymar ran aground on February 1, 2003 off the coast of Algeria during a severe storm. There were no injuries to any crew members, nor was there any pollution as the vessel was not carrying any cargo at the time of the grounding. Peter Goodfellow, CEO and president of Stelmar Shipping, commented, “The impact on earnings per share during the repair period is estimated to be roughly $0.20, out of which $0.06, $0.08 and $0.06 will be reflected in the first, second and third quarters respectively. The $0.06 impact, for the first quarter, will be offset by higher rates achieved from the portion of our Handymax fleet currently trading in the spot market, due to the significantly improved market conditions. Stelmar looks forward to having the Keymar return to operations and remains committed to adhering to the highest safety and environmental standards.”