Stamatis Molaris News

Stelmar Shipping Ltd. announced that it has completed, with the assistance of the Fortis Bank, a seven year sale-lease back transaction for two of its coated Aframax tankers, the 1998-built Takamar and the 1999-built Jacamar. The deal will produce net proceeds of $71 million. Both vessels will remain in the Stelmar fleet and will continue to earn in excess of $19,000 per day for the balance of their existing time charters of more than two years. Stelmar will realize net cash from the sale of $25 million and will record a non-operating book gain of $1 million. The sale-lease back arrangements will be completed during December 2003. Peter Goodfellow…

Quintana Maritime Limited has secured the final nine Kamsarmaxes under its master time charter with Bunge S.A. for 2010 at an average daily rate of approximately $22,000 per day, which is at the ceiling rate of the band for that period. With these fixtures, Quintana has completed its negotiations with Bunge for the entire term of the master time charter, ends December 31, 2010. Quintana expects to generate approximately $68 million of net revenues in 2010 from these nine vessels. Consequently, almost 68% of Quintana’s expected net operating days of the entire fleet are secured at fixed rates in 2010, corresponding to approximately $187 million in expected revenues for the fleet.

Quintana Maritime Limited announced that FR X Offshore, L.P. sold 2,000,000 shares of Quintana's common stock and that Joseph R. Edwards, who is affiliated with FR X Offshore, resigned from Quintana's board of directors. FR X Offshore, an affiliate of First Reserve Corporation, is a private equity fund specializing in the energy industry. Prior to the sale on May 17, which was conducted as a broker's transaction in compliance with Rule 144 under the Securities Act of 1933, as amended, First Reserve beneficially owned approximately 6.9% of Quintana's outstanding common stock through FR X Offshore. Following the sale, First Reserve beneficially owns approximately 3.2% of Quintana's outstanding common stock.

Quintana Maritime Limited priced its two remaining Kamsarmaxes, Iron Brooke (ex Bulk 16) and Iron Manolis (ex Bulk 17), under its master time charter with Bunge S.A. at an average daily rate of $25,000 per day for 2007. These vessels, which Quintana has agreed to acquire from Metrobulk, are expected to be delivered to Quintana ex yard between March and May 2007. Having priced these two Kamsarmaxes, Quintana Maritime has fixed the rates for all seventeen vessels it has acquired or has agreed to acquire from Metrobulk. For 2007, seven Kamsarmaxes and two Panamaxes have been fixed at an average daily rate of $23,000, five Kamsarmaxes have been fixed at an average daily rate of $20,000 and two Kamsarmaxes have been fixed at an average daily rate of $25,000.

Greek-based Stelmar Shipping Ltd. President, in remarks to investors and analysts Monday, November 18 in New York. according to the company, is quite good for a number of reasons. fleet, that are placed to take advantage of the opportunities that will follow the IMO legislation enforcing the phase out of single hull ships from 2003; and through the implementation of the time charter strategy. years. by the end of the first half of 2004. contracts that range from three months to five years. consecutive quarter of profitability. Stelmar was reportedly the first tanker company to gain ISO 9002 compliance, in addition to maintaining a record of safe and pollution-free operation.

Stelmar Shipping Ltd. has agreed to purchase six high specification double-hull Handymax newbuildings being constructed for privately owned Greek shipping interests. These new vessels will be delivered between December 2003 and September 2004 and will reduce the average age of Stelmar's Handymax fleet to 8.2 years from 10.8 years, and the average age of Stelmar's total fleet to 6 years from 7 years. The expected cost at delivery, which includes specifications enhancements, supervision and pre-delivery financing costs, is approximately $177 million. Stelmar will pay a one-time deposit for all six vessels of $23.7 million in cash. A further $6.4 million will be paid in Stelmar stock after registration of the shares with the SEC and no later than March 14, 2003.