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Tuesday, October 24, 2017

Peter Goodfellow News

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 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.

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 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.

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 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 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. 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…

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.

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 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.

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…

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".

Stelmar Selects Ernst & Young as Auditor

Stelmar Shipping Ltd. announced that the Company's Audit Committee, in consultation with the Board of Directors, has selected Ernst & Young as its new independent auditor. Stelmar does not expect this change to affect the filing of any of the Company's financial statements. Peter R. Goodfellow, CEO and president commented, "The selection of Ernst & Young follows a thorough search and evaluation process of several independent auditing firms. The audit committee, which consists of three non-executive directors, concluded that Ernst & Young LLP would bring the appropriate combination of skill and attention to the auditing effort. In keeping with best practices in corporate governance, Ernst & Young will only provide auditing related services to Stelmar."

Stelmar Announces Renewal of Contracts

Stelmar Shipping Ltd. announced that it has secured time charter contracts for two of its existing double hull Panamax tankers, the Polys and the Cleliamar. Both tankers, which are currently under time charters until the end of 2002, have been renewed on one-year profitable contracts with Adam Maritime Corporation. Peter R. Goodfellow, CEO and president commented, "Stelmar has exceeded its time charter coverage goal for 2002 and is now focused on increasing its coverage for 2003 and beyond. We will continue to sign profitable time charters for appropriate periods that enable us to provide our shareholders with significant earnings visibility, while allowing us to benefit from higher rates when the market rebounds.

Stelmar Shipping Delivers Jademar

Stelmar Shipping Ltd., announced that it has taken delivery of the Jademar, a newly built 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd of South Korea. The Jademar has entered into a previously announced 24-month time charter with Adam Maritime Corporation. The Jademar is a sister ship of the Pearlmar, which was delivered in January and also entered into a previously announced twenty four month time charter with Adam Maritime Corporation. Peter R. Goodfellow, Chief Executive Officer and President commented, ``With the delivery of the Jademar, Stelmar has successfully received delivery of three tankers in a series of five newbuildings for 2002 and have deployed all the ships on time charters.

Stelmar Announces Time Charter Contract

Stelmar Shipping Ltd. announced that it has renewed the Rimar, a 1998 double hull product tanker, on a six-month time charter contract for $13,500 per day. Peter R. Goodfellow, Chief Executive Officer and President commented, "In 2002, we have signed or renewed profitable time contracts for all seven tankers that have come off contract. We have also been able to sign new profitable time charter contracts for another two tankers that had been operating in the spot market. As we move into the second half of 2002, we have only four Handymax tankers operating in the spot market with another four coming up for renewal. We are confident in our continuing ability to sign profitable, short-term time charters at rates that exceed the current spot rate.

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.

Stelmar Announces Delivery of Second Panamax Tanker

Stelmar Shipping Ltd. announced that it has taken delivery of a double-hull Panamax tanker, the Silvermar, from the Daewoo Shipbuilding and Marine Engineering Company Ltd. The tanker has entered into a previously announced five year time charter at $18,500 per day. The Silvermar is sister ship to the Rubymar, Jademar, Pearlmar, and Rosemar which were delivered in the first five months of 2002, and entered into twenty-four month time charters at an average rate of $18,000 per day. The Silvermar is the second Panamax tanker purchased from the proceeds raised in Stelmar's recent secondary stock offering. Sister ship, The Goldmar, was delivered on May 29, 2002. Peter R.

Stelmar Announces Two Time Charter Contracts

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.

Ocean Change Requires Solutions: UN

 ​Fiji's Ambassador Peter Thomson, the UN Secretary General's Special Envoy for the Ocean (right), pictured with IMO Secretary-General Kitack Lim. Photo:  International Maritime Organization (IMO)

Solutions to address human-induced “Ocean Change” are needed to save life in the ocean and reverse the cycle of decline in which it is caught, according to Fiji's Ambassador Peter Thomson, the UN Secretary General's Special Envoy for the Ocean. Peter Thomson, who was visiting the International Maritime Organization (IMO) in London, said that as a Fijian, he had personally witnessed the degradation of the marine environment in his lifetime, citing marine litter and coral bleaching as just two examples. “As a grandfather I find these changes tragic.

Stelmar Announces Delivery of First of Eleven New Vessels

Stelmar Shipping Ltd. has received the Cabo Hellas, a 2003-built double-hull Panamax tanker. The newbuilding is the first of the eleven new vessels that Stelmar expects to receive in late 2003 through September 2004. This program will enable Stelmar to grow its operating days by 29% in 2004 and an additional 9% in 2005. As previously announced, the Cabo Hellas was signed to a two-year profitable time charter contract with Cape Tankers. Peter R. Goodfellow, Chief Executive Officer and President of Stelmar Shipping Ltd., commented, "We are extremely pleased to receive delivery of this new vessel, which will immediately contribute to our earnings.

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