Stelmar Shipping Delivers M/T Pearlmar

Stelmar Shipping Ltd., announced that it has taken delivery of the M/T Pearlmar, a newly built 69.2 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Limited in South Korea. The first of a series of four sister ships being constructed by Daewoo, the M/T Pearlmar vessel has entered into a previously announced two-year time charter with Adam Maritime Corporation. Including these vessels, Stelmar now has twenty vessels on time charter. Including the three other Panamax tankers and the product tanker, which are all scheduled to be delivered in the first half of 2002, Stelmar has 27 ships with a total of 1,526,178 dwt cargo carrying capacity. The fleet, together with the newbuildings, includes seventeen double side and double hull Handymax product tankers, six double side Panamax tankers, three double side and one single hull Aframax tankers, with an average age of approximately 9 years.