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.