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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Australia, US Order Anti-ship Missile Decoys

Design of the next generation of anti-ship missile decoys is set to commence following the signing of two contracts between the Australian Defense Force and BAE Systems Australia Pty Ltd.

Cruise Ship Trends

MTN Broadband Coverage Expanding

After launching its Terrestrial Broadband Network (TBN) just more than one year ago, MTN Communications (MTN) announces the number of TBN-connected cruise ships

2 Cruise Season Records at Lerwick Harbor

The arrival of the cruise ship Norwegian Star at Lerwick Harbour today (Thursday 25 September) marks the end of the Shetland port's best season yet, with two records achieved.

Holland America Line Wins 8 Magellan Awards

Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1296 sec (8 req/sec)