BP Amoco Shipping and BIMCO Develop a New Tank Charterparty
Last week it was announced that BP Amoco Shipping and BIMCO had developed a new charterparty, as the BIMCO Documentary Committee gave its approval to a new standard tank time charterparty, code named BPTIME3. BP Amoco Shipping, which has a long tradition of developing tank charterparties, saw it as its objective to draft a new time charterparty applying clear language and striking a good balance between the two parties. "We wanted to draw up a charterparty that is easy to read, easy to use and reflects the interests of both parties," said Adrian McMahon, BP Amoco Shipping's Manager Chartering and Operations. "We felt that in order to ensure that the right balance was struck it was important to bring the ship owners into the process…
Stelmar Shipping Announces New Managing Director
Stelmar Shipping Ltd. announced that Adrian McMahon will join Stelmar Tankers (UK) Ltd. as Managing Director, to replace Bruce Ogilvy, who has elected to retire by the end of 2002. Adrian will join the Company in September of 2002. McMahon joins Stelmar after an impressive chartering career with BP Shipping, BP Oil USA and BP Amoco Shipping, culminating in the position of Manager of Chartering and Operations. He has had a wide range of commercial shipping experience, including organizational restructuring and emergency response management. He is regularly involved with prominent shipping industry organizations and has lectured at academic institutions in the United Kingdom and the Netherlands.
Stelmar Announces Charters For Newbuildings
Stelmar Shipping Ltd. has announced that it has signed two year time charter contracts for two double-hull Panamax newbuildings expected to be delivered in late 2003 and early 2004. The two Panamax tankers, which were signed at profitable rates, are part of the Stelmar's 2003 and 2004 newbuilding program for five Panamax tankers. The newbuilding program will make Stelmar the largest owner of modern Panamax tankers and position the Company for future growth in 2004 and 2005. Stelmar also announced that it has renewed the profitable time charter contract for the Fulmar, a 1989 double hull product tanker, for an additional year at a higher rate.
