Stelmar Shipping Ltd. Signs Time Charter

Wednesday, May 21, 2003
Stelmar Shipping Ltd. announced that it has signed a time charter contract for the Ambermar. The time charter for the Ambermar, a 2002 double-hull Handymax tanker, was renewed for another two years by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, at a rate of $14,000 per day. To date, Stelmar has secured 82.4% of the net operating days of its fleet on profitable time charters for 2003 and 39.2% for 2004, representing $138 million and $86 million in revenues, respectively. Peter Goodfellow, Chief Executive Officer and President, stated, "The execution of this contract marks another achievement under Stelmar's time charter strategy for allowing the Company to benefit in a strong rate environment. With this contract, Stelmar has further enhanced its earnings and shareholder return potential for 2003 and has taken additional steps to ensure 2004 will be another year of profitability and strong returns." Stelmar also announced the sale of the Promar, a 1988 double sides Handymax tanker. Commenting on the sale of the Promar, Mr. Goodfellow stated: "The sale of the Promar was made as part of Stelmar's continued focus on maximizing its profit potential and delivering strong returns on capital for its shareholders. Both are core objectives of our fleet growth and renewal strategy that should enable Stelmar to build upon its 33 consecutive quarters of profitability and its greater than 10% five-year average return on capital employed, one of the highest within the tanker industry. With the sale, the Company also strengthens its position as having one of the youngest and most modern fleets in the world and enhances its ability to meet customers' needs in a changing regulatory environment."
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1138 sec (9 req/sec)