2001 Maritime

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July 23, 2001

Stelmar buys newbuilding product tanker
Athens-based Stelmar Shipping Ltd. has reached agreement to purchase D'Amico's newbuilding Hull 1071, currently under construction at Daedong Shipyard, South Korea.

The vessel is a 35,700 t double-hulled product carrier and a sister ship to the Petromar, which was delivered to Stelmar in June 2001. The new vessel was purchased for $30.75 million and will be delivered in February 2002.

"With the purchase of this new vessel, Stelmar’s fleet will expand to 27 (including newbuildings delivering next year) and will rank as one of the product tanker sector’s most modern and largest mainly double hull fleets in the world,” said CEO Peter Goodfellow.

Stelmar Shipping Ltd. has also continued with its policy of seeking time charters for tonnage acquired from Osprey and has announce the negotiation of a two-year charter for MT Luxmar (45,999mt, built 1998) with Munakata Kaiun Kaisha Ltd. of Japan. Five of the 11 vessels acquired since the company’s public offering earlier this year are now employed on time charter.

Goodfellow concluded, “With the signing of this new two-year agreement, we made considerable progress in implementing our time chartering strategy. Since product rates have been fairly stable, we have been negotiating charter rates consistent with our historical levels. We continue to negotiate time charter agreements for the rest of the vessels acquired from Osprey as we look to achieve our goal of generating 80% of our revenues from time chartering by the end of the year.”

Halter gets ATB order
Friede Goldman Halter's Halter Marine Inc.unit has signed a contract with Bouchard Coastwise Management, Inc., of Hicksville, New York, for construction of a 110,000-barrel, oceangoing, double-hulled articulating tug-barge (ATB). This is the 15th boat and 11th barge that Halter has built for Bouchard over the last 32 years. The 424-foot barge will be built at Halter Port Bienville, with additional support coming from Halter's Gulfport, Mississippi yard, and the tug will be built at Halter's Moss Point Marine shipyard, in Escatawpa, Mississippi. The contract also allows for an additional tug and barge unit option.

It is expected that the job will employ upwards of 200 people, and is scheduled to take approximately 15 months to complete.