Stelmar Sees Strong Future

Greek-based Stelmar Shipping Ltd. expects its tanker fleet to grow nearly 15 percent in the coming year, said Peter Goodfellow, CEO and President, in remarks to investors and analysts Monday, November 18 in New York. Goodfellow and Stamatis Molaris, CFO, lead a detailed presentation to discuss Stelmar's long-term growth outlook, which according to the company, is quite good for a number of reasons. The growing demand for product movement; its significant double hull 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. The company operates one of the world's largest and most modern Handymax and Panamax tanker fleets with an average age of approximately seven years. Goodfellow anticipates that its fleet will expand from 31 to 36 by the end of the first half of 2004. Stelmar - which loudly touts its modern fleet and unwavering commitments to maintenance and safety - deploys its fleet on profitable time charter contracts that range from three months to five years. Despite a slumping world economy and depressed tanker rates, Stelmar posted its 31st 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.