Adam Maritime Corporation News

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.

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.

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.

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.

Stelmar Shipping Ltd. has renewed an existing time charter for the Primar and an existing time charter for the Petromar. The company also announced that it has signed a new time charter for the Allenmar, which had been trading in the spot market since the end of October, after being redelivered in late October from its previous time charter. Primar, a 1988 double sided product tanker, has been renewed on a six-month time charter with Adam Maritime Corporation at a rate of $11,250 per day. The Allenmar, a 1989 double sided product tanker, has been signed to a one-year time charter with NYK at a rate of $12,500 per day. The Petromar, a 2001 double hull product tanker…

Stelmar Shipping Ltd. announced that it has secured time charter contracts for two of its existing double hull Panamax tankers, the Polys and the Cleliamar. Both tankers, which are currently under time charters until the end of 2002, have been renewed on one-year profitable contracts with Adam Maritime Corporation. Peter R. Goodfellow, CEO and president commented, "Stelmar has exceeded its time charter coverage goal for 2002 and is now focused on increasing its coverage for 2003 and beyond. We will continue to sign profitable time charters for appropriate periods that enable us to provide our shareholders with significant earnings visibility, while allowing us to benefit from higher rates when the market rebounds.