Stelmar Shipping Delivers Jademar

Stelmar Shipping Ltd., announced that it has taken delivery of the Jademar, a newly built 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd of South Korea. The Jademar has entered into a previously announced 24-month time charter with Adam Maritime Corporation. The Jademar is a sister ship of the Pearlmar, which was delivered in January and also entered into a previously announced twenty four month time charter with Adam Maritime Corporation. Peter R. Goodfellow, Chief Executive Officer and President commented, ``With the delivery of the Jademar, Stelmar has successfully received delivery of three tankers in a series of five newbuildings for 2002 and have deployed all the ships on time charters. We expect to complete the newbuilding program for 2002 in the second quarter and receive delivery of two more Panamax tankers.'' Goodfellow continued, ``Including the newbuildings, Stelmar now has twenty-two vessels on time charter. Stelmar has secured almost 67 percent of its 2002 net operating days on time charters, and 39 percent for 2003. In addition to providing the Company and shareholders with increased earnings visibility from the additional time charter coverage, the newbuilding program has reduced the average age of our fleet to approximately seven years.'' Including the two other Panamax tankers, which are all scheduled to be delivered during the second quarter of 2002, Stelmar has 27 ships with a total of 1,528,438 dwt cargo carrying capacity. The fleet, together with the newbuildings, includes nine double hull and eight double side Handymax product tankers, six double hull Panamax tankers, three double hull and one single hull Aframax tankers, with an average age of approximately seven years.