Stelmar Shipping takes delivery of two new Panamax tankers

July 2, 2002
Stelmar Shipping Ltd., Athens, has taken delivery of two new Panamax tankers, which completes Stelmar's newbuilding program for 2002. Both tankers already have multiyear charter contracts.

By OGJ editors

HOUSTON, July 2 -- Stelmar Shipping Ltd., Athens, has taken delivery of two new Panamax tankers, which completes Stelmar's newbuilding program for 2002. Both tankers already have multiyear charter contracts.

Daewoo Shipbuilding & Marine Engineering Co. Ltd. built the two double-hull tankers, the Rosemar and the Goldmar. The time-charter contract for the Rosemar is for 24 months at $17,500/day. The Goldmar contract is for 5 years at $18,500/day.

The Rosemar and Goldmar are sister ships to the Rubymar, Jademar, and the Pearlmar, which were delivered in the first 4 months of 2002 and have 24-month charters at an average rate of $18,000/day.

Stelmar Pres. and CEO Peter R. Goodfellow said, "Our Panamax newbuilding program has enabled us to create a strong presence in a 'niche market' that has an over-age and under-built fleet and to take advantage of the increasing oil trade from South America to the US."