Stelmar Shipping Announces New Managing Director

Stelmar Shipping Ltd. announced that Adrian McMahon will join Stelmar Tankers (UK) Ltd. as Managing Director, to replace Bruce Ogilvy, who has elected to retire by the end of 2002. Adrian will join the Company in September of 2002. McMahon joins Stelmar after an impressive chartering career with BP Shipping, BP Oil USA and BP Amoco Shipping, culminating in the position of Manager of Chartering and Operations. He has had a wide range of commercial shipping experience, including organizational restructuring and emergency response management. He is regularly involved with prominent shipping industry organizations and has lectured at academic institutions in the United Kingdom and the Netherlands. Peter Goodfellow, Chief Executive Officer and President of Stelmar Shipping Ltd., said, "On behalf of Stelmar's management and Board of Directors, I am delighted to welcome Adrian to the Stelmar team. We are certain to benefit from the quality and depth of Adrian's experience in the shipping industry, particularly with regards to chartering. His expertise will assist us in further implementing Stelmar's very successful chartering strategy."