Stelmar Announces Renewal of Contracts

Friday, October 11, 2002
Stelmar Shipping Ltd. announced that it has secured time charter contracts for two of its existing double hull Panamax tankers, the Polys and the Cleliamar. Both tankers, which are currently under time charters until the end of 2002, have been renewed on one-year profitable contracts with Adam Maritime Corporation. Peter R. Goodfellow, CEO and president commented, "Stelmar has exceeded its time charter coverage goal for 2002 and is now focused on increasing its coverage for 2003 and beyond. We will continue to sign profitable time charters for appropriate periods that enable us to provide our shareholders with significant earnings visibility, while allowing us to benefit from higher rates when the market rebounds. With the renewals of the Polys and Cleliamar, we have secured 57 percent of our fleet's net operating days for 2003 on profitable contracts, representing $102 million in revenues. For 2004, we have already secured 27 percent of the fleet's net operating days, equivalent to $58 million in revenues." Goodfellow continued, "Stelmar's ability to maintain profitability in a difficult tanker market is attributable to our continued success in signing profitable time charters. We are pleased that for the third quarter ended September 2002, Stelmar will post its thirty-first consecutive quarter of profitability and the Company's seventh since going public in March 2001. For the third quarter, we expect to earn between $0.72 and $0.74 per diluted share."
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Petrobras Requests to Assist the Federal Prosecutors Office

On April 24, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash),

GEA UV Ballast Water Treatment

Earlier this year GEA won the first contract for equipping cruise liners with its UV ballast water treatment system, BallastMaster marineX, powered by Trojan Marinex.

Horizon Delivers Second 80’ Towboat to FMT

Horizon Shipbuilding, Inc. announced the delivery of another 80’ Inland River Towboat, the M/V Chip Stiebing, to Florida Marine Transporters (FMT) of Mandeville, La.

Cruise Ship Trends

DNV GL Issues Design Guidelines for DP Operations

Advanced dynamic positioning (DP) vessels can now meet critical safety regulations while gaining operational flexibility, efficiency and cost savings through new design and monitoring methods.

GEA UV Ballast Water Treatment

Earlier this year GEA won the first contract for equipping cruise liners with its UV ballast water treatment system, BallastMaster marineX, powered by Trojan Marinex.

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1135 sec (9 req/sec)