Stelmar Set To Expand Fleet, Receives Tanker

Stelmar Shipping Ltd. has taken delivery of the Rubymar, a new 69,697 dwt Panamax tanker from the Daewoo Shipbuilding and Marine Engineering Company Ltd. of South Korea.

The Rubymar has entered into a previously announced 24-month time charter with SONAP (National Oil Company of Chile) for $17,500 per day.

Rubymar is a sister ship to the Jademar and the Pearlmar, which were delivered in the first quarter and entered into previously announced 24-month time charters with Adam Maritime Corporation.

Stelmar Shipping Ltd. — headquartered in Athens, Greece — announced, for the first quarter, a net income of $7.9 million, or $0.67 per basic share, compared with $3.9 million or $0.72 per basic share, for the first quarter of 2001.

Operating income increased to $12.2 million from $7.2 million in the first quarter of 2001. EBITDA for the quarter was $19.8 million compared with $11 million for last year's first quarter.

On a time charter basis, revenues for the quarter were $30 million, an increase of 93 percent over the $15.5 million recorded in the first quarter of last year, mainly due to the expansion of the fleet.

Time charter earned revenues for the first quarter of 2002 were $26.6 million approximately 89 percent of revenues, as opposed to $14.1 million or 91 percent of revenues, on a time charter basis, for the same period last year.

Including the two newbuildings to be delivered in the second quarter of 2002, Stelmar has 27 ships with a total of 1,528,438-dwt-cargo carrying capacity.

Twenty-four of these ships are deployed on time charter.

Seven time charters were signed during the first quarter of 2002, bringing time charter coverage to 77 percent and 43 percent of the net operating days for the fleet for 2002 and 2003 respectively.

The durations of the charters signed over the course of the quarter range from six months to 18 months.

The average hire for the six months time charters is approximately $12,000 per day with the longer duration time charters exceeding $13,500 per day.

Other stories from May 2002 issue

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