Stelmar Reports 1Q Results

Monday, April 08, 2002
Stelmar Shipping Ltd. announced operating results for the first quarter ended March 31, 2002. For the first quarter, the Company reported net income of $7,962,000, or $0.67 per basic share, compared with $3,970,000 or $0.72 per basic share, for the first quarter of 2001. The weighted average number of basic shares used in the computations was 11,874,750 and 5,535,861 respectively as the Company completed its initial public offering in 2001. Operating income increased to $12,296,000 from $7,280,000 in the first quarter of 2001. EBITDA for the quarter was $19,892,000 compared with $11,016,000 for last year's first quarter. On a time charter basis, revenues for the quarter were $30,052,000, an increase of 93% over the $15,575,000 recorded in the first quarter of last year, mainly due to the expansion of the fleet. Time charter earned revenues for the first quarter of 2002 were $26,643,000 approximately 89% of revenues, as opposed to $14,190,000 or 91% of revenues, on a time charter basis, for the same period last year.

Fleet Report

Including the two newbuildings to be delivered in the second quarter of 2002, Stelmar has 27 ships with a total of 1,528,438-dwt-cargo carrying capacity. Twenty-four of these ships are deployed on time charter. Seven time charters were signed during the first quarter of 2002, bringing time charter coverage to 77% and 43% of the net operating days for the fleet for 2002 and 2003 respectively. The durations of the charters signed over the course of the quarter range from six months to eighteen months. The average hire for the six months time charters is approximately $12,000 per day with the longer duration time charters exceeding $13,500 per day. On April 3, 2002, Stelmar Shipping Ltd. announced that it has filed a registration statement with the Securities and Exchange Commission to sell approximately 3.6 million shares of the Company's common stock to the public. The Company primarily intends to use the net proceeds of this offering to fund a portion of the purchase of 2 modern secondhand Handymax tankers and 2 newly built Panamax tankers. The newly built Panamax tankers are fixed on five-year time charters. With these four tankers and the two newbuilding Panamax tankers scheduled to be delivered in the second quarter of 2002, Stelmar's fleet will consist of 31 tankers of which 19 are Handymax tankers, 8 are Panamax tankers and 4 are Aframax tankers.

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

Contracts

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

New Survey Vessel Ordered for the Port of London

The Port of London Authority (PLA) has ordered a new purpose-built survey catamaran, a CTruk MPC19, due to enter service on the river Thames later this year.   The

NAO Secures PSV Contracts with Oil Major

Nordic American Offshore Ltd. (NAO) informs that it has secured platform supply vessel (PSV) contracts with a major oil company.   NAO’s two new contracts with are for four months firm periods,

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.1233 sec (8 req/sec)