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

Contracts

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.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

Casualties

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

5 Tunisian Migrants Die in Shipwreck

At least five Tunisian migrants died on Saturday when their boat sailing to Italy capsized off the Tunisian coast, officials said. "A migrant boat carrying

Oil-coated Pelicans Being cleaned at Rehab Center

Several petroleum-stained pelicans rescued from the blackened muck of California's latest oil spill spent the day on Friday being gently, painstakingly scrubbed

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1171 sec (9 req/sec)