Stelmar Shipping Announces 18-Month Time Charter With ChevronTexaco

Tuesday, July 15, 2003
Stelmar Shipping Ltd. today announced that it has signed an 18-month time charter contract for the Rimar, a 1998 double-hull Handymax tanker. The time charter is expected to commence at the end of July 2003. The time charter contract is with ChevronTexaco at a rate of $14,000 per day. As part of the contract, ChevronTexaco has options to replace the Rimar with one of the Company's Handymax newbuildings at $14,500 per day and to time charter a second vessel at $14,500 per day for a similar duration. These options will be declared by the end of September 2003. ChevronTexaco's decision to time charter the Rimar follows a recent move by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, to renew time charter contracts for two other Stelmar vessels. Peter Goodfellow, Chief Executive Officer and President, stated, "We are pleased to have expanded our relationship with ChevronTexaco. This contract underscores the strong demand we are experiencing from customers, who are seeking modern, double-hull vessels that adhere to the highest environmental and safety standards. With only one single-hull vessel in our fleet, Stelmar is very well positioned to benefit from the recent European Union legislation and continue to provide our customers with superior service in a changing regulatory environment." With the signing of this contract, Stelmar has further enhanced its profitability and shareholder return potential for 2003 and 2004. To date, Stelmar has secured 84% of the net operating days of its fleet on profitable time charters for 2003 and 43% for 2004, representing $140 million and $90 million in revenues, respectively.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.2729 sec (4 req/sec)