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 Shipping Reports 3Q Results
For the third quarter of 2002, the company reported net income of $12,300,000, or $0.73 per diluted share, compared with $11,947,000, or $1.00 per diluted share, for the third quarter of 2001. The weighted average number of diluted shares used in the computations was 16,870,434 and 11,944,273 for the third quarters of 2002 and 2001 respectively, as the Company completed a secondary offering in April of this year. Operating income increased to $17,343,000 from $16,621,000 in the third quarter of 2001. EBITDA for the quarter was $27,691,000 compared with $23,859,000 for last year's third quarter. On a time charter basis, revenues for the quarter were $41…
Stelmar Shipping Reports 2Q Results
Stelmar Shipping Ltd., announced operating results for the second quarter and the six months ended June 30, 2002. For the second quarter of 2002, the Company reported net income of $11,453,000, or $0.73 per diluted share, compared with $7,678,000, or $0.64 per diluted share, for the second quarter of 2001. The weighted average number of diluted shares used in the computations was 15,591,267 and 11,967,259 respectively, as the Company completed a secondary offering in April of this year. Operating income increased to $16,043,000 from $10,768,000 in the second quarter of 2001. EBITDA for the quarter was $24,878,000 compared with $15,384,000 for last year's second quarter.
Stelmar Shipping Ltd. Signs Time Charter
Stelmar Shipping Ltd. announced that it has signed a time charter contract for the Ambermar. The time charter for the Ambermar, a 2002 double-hull Handymax tanker, was renewed for another two years by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, at a rate of $14,000 per day. To date, Stelmar has secured 82.4% of the net operating days of its fleet on profitable time charters for 2003 and 39.2% for 2004, representing $138 million and $86 million in revenues, respectively. Peter Goodfellow, Chief Executive Officer and President, stated, "The execution of this contract marks another achievement under Stelmar's time charter strategy for allowing the Company to benefit in a strong rate environment.
Stelmar Shipping Announces Time Charter Contract
Stelmar Shipping Ltd. announced it has secured the Vessel Jamar, a double hull product carrier, on a one-year time charter contract for $12,500 per day. Peter Goodfellow, CEO and president commented, "We continue to sign profitable time charter contracts aimed at providing our shareholders with significant earnings visibility. 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 in revenue, respectively."
Stelmar Shipping Gets Contract For Panamax Tankers
Stelmar Shipping Ltd. announced it has signed a new contract with Daewoo Shipbuilding and Marine Engineering Company Ltd. of South Korea to purchase a series of five Panamax newbuildings. These five tankers are sister ships to Stelmar's three Panamax tankers already delivered in 2002 and the three to be delivered during second quarter of 2002. Peter Goodfellow, Chief Executive Officer and President commented, "This newbuilding program for five additional Panamax tankers will make Stelmar the largest owner of modern Panamax tankers. The Company is positioned to benefit from attractive long-term fundamentals of the Panamax market, with almost 50 percent of the world Panamax fleet being over 20 years old and expected to be phased out.
Keymar Goes Into Drydock
Stelmar Shipping announced that the Keymar, a 1993 built double-hull Aframax tanker, has gone into drydock and is expected to return to service by late August 2003. severe storm. There were no injuries to any crew members, nor was there any pollution as the vessel was not carrying any cargo at the time of the grounding. impact on earnings per share during the repair period is estimated to be roughly $0.20, out of which $0.06, $0.08 and $0.06 will be reflected in the first, second and third quarters respectively. The $0.06 impact, for the first quarter, will be offset by higher rates achieved from the portion of our Handymax fleet currently trading in the spot market, due to the significantly improved market conditions.
Stelmar Shipping Reports 2Q Results
Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2004. Stelmar reported its 38th consecutive quarter of profitability since inception and its 14th since going public in March of 2001. For the second quarter of 2004, the Company reported net income of $15,840,000, or $0.90 per fully diluted share, compared with net income of $4,489,000, or $0.26 per fully diluted share, for the second quarter of 2003. Net income for the quarter included a charge of $760,000, or $0.04 per fully diluted share, representing a monthly accrual for fees of financial advisors involved in the Company's strategic review process.
Stelmar Sees Strong Future
Greek-based Stelmar Shipping Ltd. President, in remarks to investors and analysts Monday, November 18 in New York. according to the company, is quite good for a number of reasons. fleet, that are placed to take advantage of the opportunities that will follow the IMO legislation enforcing the phase out of single hull ships from 2003; and through the implementation of the time charter strategy. years. by the end of the first half of 2004. contracts that range from three months to five years. consecutive quarter of profitability. Stelmar was reportedly the first tanker company to gain ISO 9002 compliance, in addition to maintaining a record of safe and pollution-free operation.
News: Steel, Ship Prices Soar as Tankers Stay Firm
Soaring steel prices are now a major concern for leading shipbuilders. Uncertainty about spiraling material costs is even causing some yards to defer new orders, market reports indicate. "The lack of steel in some shipyards of the three major shipbuilding nations is causing newbuildings for 2007 and 2008 to be delayed," says New York tanker broker Poten & Partners in a recent market report. "Some shipyards are not accepting any more ship orders beyond late 2007 or 2008 delivery because of the lack of berth availability, insecurity stemming from the dollar's weakness, as well as uncertain steel cost," the broker says. China may as well build ships, says Poten, as "they're taking all the steel".
Steel, Ship Prices Soar
Soaring steel prices are now a major concern for leading shipbuilders. Uncertainty about spiraling material costs is even causing some yards to defer new orders, market reports indicate. “The lack of steel in some shipyards of the three major shipbuilding nations is causing newbuildings for 2007 and 2008 to be delayed,” says New York tanker broker Poten & Partners in a recent market report. “Some shipyards are not accepting any more ship orders beyond late 2007 or 2008 delivery because of the lack of berth availability…
Stelmar Shipping Announces 18-Month Time Charter With ChevronTexaco
Stelmar Shipping Ltd. today announced that it has signed an 18-month time charter contract for the Rimar, a 1998 double-hull Handymax tanker. The time charter is expected to commence at the end of July 2003. The time charter contract is with ChevronTexaco at a rate of $14,000 per day. As part of the contract, ChevronTexaco has options to replace the Rimar with one of the Company's Handymax newbuildings at $14,500 per day and to time charter a second vessel at $14,500 per day for a similar duration. These options will be declared by the end of September 2003. ChevronTexaco's decision to time charter the Rimar follows a recent move by Fuel and Marine Marketing LLC (FAMM), a ChevronTexaco company, to renew time charter contracts for two other Stelmar vessels.
Stelmar Shipping Reports 2Q Results
Stelmar Shipping Ltd. announced operating results for the second quarter ended June 30, 2003. Stelmar reported its 34th consecutive quarter of profitability since inception and 10th quarter since going public in March of 2001. For the second quarter of 2003, including a non-operating loss from the sale of a vessel, the Company reported net income of $4,489,000, or $0.26 per diluted share. Excluding the non-operating loss, the Company earned net income of $11,744,000, or $0.68 per fully diluted share. This compares with net income of $11,453,000, or $0.73 per fully diluted share, for the second quarter of 2002. The weighted average number of diluted shares used in the computations was 17,366,833 and 15,591,267 for the second quarters of 2003 and 2002, respectively.
Stelmar Shipping Ltd. Announces Sale-Lease Back of Two Aframax Vessels
Stelmar Shipping Ltd. announced that it has completed, with the assistance of the Fortis Bank, a seven year sale-lease back transaction for two of its coated Aframax tankers, the 1998-built Takamar and the 1999-built Jacamar. The deal will produce net proceeds of $71 million. Both vessels will remain in the Stelmar fleet and will continue to earn in excess of $19,000 per day for the balance of their existing time charters of more than two years. Stelmar will realize net cash from the sale of $25 million and will record a non-operating book gain of $1 million. The sale-lease back arrangements will be completed during December 2003. Peter Goodfellow…