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.