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Stelmar Shipping News

01 Dec 2003

Stelmar Announces Delivery of First of Eleven New Vessels

Stelmar Shipping Ltd. has received the Cabo Hellas, a 2003-built double-hull Panamax tanker. The newbuilding is the first of the eleven new vessels that Stelmar expects to receive in late 2003 through September 2004. This program will enable Stelmar to grow its operating days by 29% in 2004 and an additional 9% in 2005. As previously announced, the Cabo Hellas was signed to a two-year profitable time charter contract with Cape Tankers. Peter R. Goodfellow, Chief Executive Officer and President of Stelmar Shipping Ltd., commented, "We are extremely pleased to receive delivery of this new vessel, which will immediately contribute to our earnings.

08 Dec 2003

Stelmar Shipping Ltd. Announces Sale-Lease Back of Two Aframax Vessels

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…

09 Jun 2004

OMI Withdraws Offer to Merge with Stelmar

OMI Corporation said that it has withdrawn its previously announced offer to merge with Stelmar Shipping following Stelmar's rejection of its merger proposal and its decision to refrain from entering into discussions with OMI. The company intends to file an amended 13D with the Securities and Exchange Commission. Craig H. Stevenson, Chairman and CEO of OMI said, "Based on the actions of the Stelmar Board, specifically their complete unwillingness to discuss our offer with us and their deliberate decision to thwart shareholders' rights by purporting to amend the Company's bylaws, we have decided to withdraw our offer. Since we made our offer, we have received overwhelming support from Stelmar shareholders.

20 Jul 2004

Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003. Net income for the quarter included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process.

28 Jan 2002

Stelmar Shipping Delivers M/T Pearlmar

Stelmar Shipping Ltd., announced that it has taken delivery of the M/T Pearlmar, a newly built 69.2 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Limited in South Korea. The first of a series of four sister ships being constructed by Daewoo, the M/T Pearlmar vessel has entered into a previously announced two-year time charter with Adam Maritime Corporation. Including these vessels, Stelmar now has twenty vessels on time charter. Including the three other Panamax tankers and the product tanker, which are all scheduled to be delivered in the first half of 2002, Stelmar has 27 ships with a total of 1,526,178 dwt cargo carrying capacity.

12 Mar 2002

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.

08 Apr 2002

Stelmar Reports 1Q Results

Stelmar Shipping Ltd. announced operating results for the first quarter ended March 31, 2002. For the first quarter, the Company reported net income of $7,962,000, or $0.67 per basic share, compared with $3,970,000 or $0.72 per basic share, for the first quarter of 2001. The weighted average number of basic shares used in the computations was 11,874,750 and 5,535,861 respectively as the Company completed its initial public offering in 2001. Operating income increased to $12,296,000 from $7,280,000 in the first quarter of 2001. EBITDA for the quarter was $19,892,000 compared with $11,016,000 for last year's first quarter. On a time charter basis…

26 Apr 2002

Stelmar Shipping Receives DH Tanker

Stelmar Shipping Ltd. has taken delivery of the Rubymar, a new 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd. of South Korea. The Rubymar has entered into a previously announced 24-month time charter with SONAP (National Oil Company of Chile) for $17,500 per day. Rubymar is a sister ship to the Jademar and the Pearlmar, which were delivered in the first quarter and entered into previously announced 24-month time charters with Adam Maritime Corporation. On April 17, 2002 Stelmar announced that it priced its secondary offering. Including the over-allotment option exercised by its underwriters, Stelmar sold 4.9 million shares of the Company's common stock at $14.00 per share.

29 Apr 2002

Stelmar Shipping Gets Contract For Panamax Tankers

Stelmar Shipping Ltd. announced it has signed a new contract with Daewoo Shipbuilding and Marine Engineering Company Ltd. of South Korea to purchase a series of five Panamax newbuildings. These five tankers are sister ships to Stelmar's three Panamax tankers already delivered in 2002 and the three to be delivered during second quarter of 2002. Peter Goodfellow, Chief Executive Officer and President commented, "This newbuilding program for five additional Panamax tankers will make Stelmar the largest owner of modern Panamax tankers. The Company is positioned to benefit from attractive long-term fundamentals of the Panamax market, with almost 50 percent of the world Panamax fleet being over 20 years old and expected to be phased out.

29 Apr 2002

Daewoo Gets $155M Order For Tankers

Daewoo Shipbuilding and Marine Engineering Co., Ltd. has won a $155 million order to build five oil tankers for Stelmar Shipping. Daewoo Shipbuilding will construct five crude oil tankers, which carry 69,000 tons of crude oil each. The ships will be delivered to the Greek company by the end of 2004, according Daewoo Shipbuilding.

08 May 2002

Targeting Greek Shipping's $16B Budget

Around the world, people involved with shipping are booking flights to Greece and preparing to do business at the Posidonia 2002 International Shipping Exhibition, held on the Piraeus waterfront from June 4-7, 2002. With the Greek market worth a conservative $16 billion per annum, there is plenty of incentive. The business week begins with The Posidonia Congress and a program of high level international presentations and debate, at the Megaron, Athens Concert Hall on Monday, June 3. Posidonia's attraction for exhibitors and visitors is not hard to see. Greek shipowners control the biggest fleet in the world. Their drive towards fleet renewal and regeneration is creating multi billion dollar opportunities throughout the international maritime industry.

10 May 2002

Stelmar Shipping Announces Time Charter Contract

Stelmar Shipping Ltd. announced it has secured the Vessel Jamar, a double hull product carrier, on a one-year time charter contract for $12,500 per day. Peter Goodfellow, CEO and president commented, "We continue to sign profitable time charter contracts aimed at providing our shareholders with significant earnings visibility. Stelmar has secured 77 percent of the net operating days on profitable time charters for 2002 and 44 percent for 2003, which is equivalent to $128 million and $87 million in revenue, respectively."

29 May 2002

Stelmar Shipping Announces Delivery of Panamax Tankers

Stelmar Shipping Ltd. today announced that it has taken delivery of two double-hull Panamax tankers, the Rosemar and the Goldmar, from the Daewoo Shipbuilding and Marine Engineering Company Ltd. Both tankers have entered into previously announced multi-year time charters. The time charter contract for the Rosemar is for twenty-four months at a rate of $17,500 per day. The contract for the Goldmar is for five years at a rate of $18,500 per day. The Rosemar and Goldmar are sister ships to the Rubymar, Jademar and the Pearlmar, which were delivered in the first four months of 2002, and entered into twenty-four month time charters at an average rate of $18,000 per day. The Rosemar is the last ship to be delivered as part of the 2002 Panamax newbuilding program.

07 Feb 2001

Osprey Maritime Sells 10 Ships

Osprey Maritime Ltd. agreed to sell 10 product tankers to Greek shipping company Stelmar Shipping Ltd. for $216 million. Osprey said that this is in line with its revised strategy of focusing on the ownership and operation of LNG carriers. Athens-based Stelmar was set up in 1992 by Haji-Ioannou, owner of cutprice airline easyJet. Separately, Osprey said it had also agreed to sell another tanker to U.S. OMI Corp. for $14 million. OMI will fund the purchase via cash of $7.7 million and an issue of 900,000 OMI shares at $7.00 each, which amounts to $6.3 million, Osprey said. Shipping magnate John Fredriksen, whose World Shipholding Group now holds a 91 percent stake in Osprey…

06 Feb 2001

Stelmar Shipping To Sell Shares In U.S.

Greek shipping company Stelmar Shipping Ltd. has filed with the U.S. Securities and Exchange Commission to sell 7 million common shares at $12 to $14 per share. The Athens-based company, which owns and operates oil and products tankers, said it plans to use the proceeds of the offering to partly fund its purchase of 10 Handymax tankers from Osprey Maritime Ltd. The lead manager for the offering is Jefferies & Co, Stelmar said.

06 Apr 2001

Stelmar To Resume Discussions With First International

Tanker operator Stelmar Shipping said it was ready to revive talks with Bermuda-based First International to buy six petroleum tankers once the latter is free of an ownership dispute. "Yes, we're there to talk again, and would be interested in talking again for sure," a top Stelmar official said. Stelmar and First International reached a $140 million deal for the ships last year but it fell through in October when First International became embroiled in a bitter legal dispute with a minor lender. The tanker fleet has since become ensnared in a fresh dispute, this time between First International and bondholders, which provided most of the $257 million to build the fleet.

19 Jun 2002

Stelmar Announces Delivery of Second Panamax Tanker

Stelmar Shipping Ltd. announced that it has taken delivery of a double-hull Panamax tanker, the Silvermar, from the Daewoo Shipbuilding and Marine Engineering Company Ltd. The tanker has entered into a previously announced five year time charter at $18,500 per day. The Silvermar is sister ship to the Rubymar, Jademar, Pearlmar, and Rosemar which were delivered in the first five months of 2002, and entered into twenty-four month time charters at an average rate of $18,000 per day. The Silvermar is the second Panamax tanker purchased from the proceeds raised in Stelmar's recent secondary stock offering. Sister ship, The Goldmar, was delivered on May 29, 2002. Peter R.

24 Jul 2002

Stelmar Shipping Reports 2Q Results

Stelmar Shipping Ltd., announced operating results for the second quarter and the six months ended June 30, 2002. For the second quarter of 2002, the Company reported net income of $11,453,000, or $0.73 per diluted share, compared with $7,678,000, or $0.64 per diluted share, for the second quarter of 2001. The weighted average number of diluted shares used in the computations was 15,591,267 and 11,967,259 respectively, as the Company completed a secondary offering in April of this year. Operating income increased to $16,043,000 from $10,768,000 in the second quarter of 2001. EBITDA for the quarter was $24,878,000 compared with $15,384,000 for last year's second quarter.

16 Jul 2002

Stelmar Announces Time Charter Contract

Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market. As we move into the second half of 2002, we have only four Handymax tankers operating in the spot market with another four coming up for renewal. We are confident in our continuing ability to sign profitable, short-term time charters at rates that exceed the current spot rate.

06 Aug 2002

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.

21 Sep 2004

Fortress to Acquire Stelmar Shipping Ltd.

Stelmar Shipping Ltd. announced that its Board of Directors has unanimously approved a definitive agreement for Stelmar to be acquired by affiliates of Fortress Investment Group LLC (collectively "Fortress") in a merger transaction for $38.55 per share in cash. The total value of the transaction is approximately $677 million in cash. The price represents a premium of 55% over the closing price of Stelmar's common stock on May 14, 2004, the last trading day prior to the announcement by OMI Corporation of a proposal for a business combination involving Stelmar, and a premium of 8% over the closing price of Stelmar's common stock on September 17, 2004, the last trading day prior to this announcement.

15 Oct 2004

Stelmar Shipping Ltd. Commences Mailing of Proxy Materials in Connection with Pending Merger

Stelmar Shipping Ltd. announced that it has commenced mailing proxy materials relating to a special meeting of Stelmar shareholders to be held at InterContinental The Barclay New York, 111 East 48th Street, New York, New York on Tuesday, November 16, 2004 at 10:00 a.m. (EST) for the purpose of voting upon the approval and authorization of the previously announced merger agreement between Stelmar and affiliates of Fortress Investment Group LLC. Stelmar anticipates that the merger will become effective as promptly as practicable after the special meeting, subject to its approval by shareholders.

13 Dec 2004

OSG To Acquire Stelmar Shipping

Overseas Shipholding Group, Inc. transportation services with one of the world's largest and most modern Handymax and Panamax tanker fleets. Stelmar. value of the transaction is approximately $1.3 billion. Executive Officer of OSG. LNG sector," Mr. Arntzen continued. deadweight tons. international flag vessels totaling 12.9 million deadweight tons. double-sided," Arntzen concluded. segments. facilities." Mr. on crude transportation with spot orientation. and Panamaxes with time charter orientation. shareholders and satisfaction of customary closing conditions. transaction is expected to close by the end of January 2005. with the transaction.