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. The Goldmar is the first vessel to be delivered from the recent offering. Peter R. Goodfellow, Chief Executive Officer and President commented, "Stelmar has completed its Panamax newbuilding program for 2002 on schedule and has begun receiving delivery of vessels from its recent secondary offering. . Goodfellow continued, "We expect to receive delivery of an additional Panamax tanker in the second quarter of 2002 and two Handymax tankers in the third quarter. Including these vessels, Stelmar now has 26 ships on time charters. 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, respectively."