Peter R Goodfellow News

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.

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. 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.

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.

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.

Stelmar Shipping Ltd. announced that it has signed the Aquamar and the Maremar, two modern double hull Handymax vessels purchased from the proceeds of the company's recent offering, to profitable time charter contracts. Both tankers currently trade in the spot market and are expected to be deployed on these time charters during the second half of August 2002. The Aquamar, a 1998 double hull product tanker delivered on July 15, 2002, has been signed to a two-year time charter with Amerada Hess Shipping Corporation USA at a rate of $13,500 per day. Stelmar also announced that it has signed the Maremar, a 1998 double hull product tanker and sister ship to Aquamar, to a six-month charter with ST Shipping at $13,500 per day. The Maremar was delivered to Stelmar on June 27, 2002. Peter R.

Stelmar Shipping Ltd. announced that the Company's Audit Committee, in consultation with the Board of Directors, has selected Ernst & Young as its new independent auditor. Stelmar does not expect this change to affect the filing of any of the Company's financial statements. Peter R. Goodfellow, CEO and president commented, "The selection of Ernst & Young follows a thorough search and evaluation process of several independent auditing firms. The audit committee, which consists of three non-executive directors, concluded that Ernst & Young LLP would bring the appropriate combination of skill and attention to the auditing effort. In keeping with best practices in corporate governance, Ernst & Young will only provide auditing related services to Stelmar."

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 taken delivery of the Ambermar, a newly built 35,500 dwt Panamax tanker from the STX Shipbuilding Co. ltd (ex-Daedong) in South Korea. Ambermar has entered into a previously announced 18-month time charter with FAMM, the commercial division of ChevronTexaco. Peter R. Goodfellow, Chief Executive Officer and President commented, “We are pleased to have received delivery of the Ambermar. In the first and second quarters of 2002, our company will receive delivery of three more new Panamax tankers, all of which are on time charters. Including these vessels, we now have 22 vessels on time charter.

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.