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

Contracts

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Casualties

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

USCG Reopens Port Allen Post Hurricane Ana

The Coast Guard Captain of the Port reopened Port Allen in Kauai Monday morning after surveying crews deemed it  safe for transit. The maritime public is advised

Key to Somalia's Recovery

Piracy, terrorism and criminal activities originating in Somalia can only be addressed by creating a climate of security, engagement and empowerment that will encourage home grown businesses,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1376 sec (7 req/sec)