Stelmar Announces Charters For Newbuildings

Tuesday, January 21, 2003
Stelmar Shipping Ltd. has announced that it has signed two year time charter contracts for two double-hull Panamax newbuildings expected to be delivered in late 2003 and early 2004. The two Panamax tankers, which were signed at profitable rates, are part of the Stelmar's 2003 and 2004 newbuilding program for five Panamax tankers. The newbuilding program will make Stelmar the largest owner of modern Panamax tankers and position the Company for future growth in 2004 and 2005. Stelmar also announced that it has renewed the profitable time charter contract for the Fulmar, a 1989 double hull product tanker, for an additional year at a higher rate. Adrian McMahon, managing director of Stelmar Tankers (UK) Ltd., said, "We continue to see a strong demand for our modern vessels, which satisfy the high standards of quality and safety sought by our customers. With four of the five Panamax newbuildings already signed to profitable time charters, we will ensure that the vessels contribute to cash flow immediately upon delivery. Since two of these arrangements include profit sharing, we will also ensure that our upside earnings potential on these vessels is significantly enhanced." Commenting on the Company's proven time charter strategy, McMahon continued, "The renewal of the Fulmar is an example of how we spread our time charter renewal negotiations throughout the year in order to give us the ability to capture market upside."

Stelmar has secured 70 percent of the net operating days of its fleet on profitable time charters for 2003 and 31 percent for 2004, equivalent to $122 million and $60 million in revenues respectively.

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

People & Company News

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

USCG Assists 2nd Activist From Arctic Challenger

Coast Guard personnel assisted in the removal of an activist who secured herself to the anchor chain of the Arctic Challenger in Bellingham, Wash., Monday morning.

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Contracts

ASRY in Maritime Deal with Relay

UK-based engineering firm signs service agreement to provide direct services to vessels in ASRY, expanding the list of the yard’s onsite specialist contractors.

Huawei Bags MCT Submarine Cable Contract

Huawei Marine has signed a system design and construction agreement with a consortium comprising Telekom Malaysia Berhad, Symphony Communication and Telcotech

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.2304 sec (4 req/sec)