Stelmar Reports 1Q Results
Fleet Report
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% and 43% 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 eighteen 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. On April 3, 2002, Stelmar Shipping Ltd. announced that it has filed a registration statement with the Securities and Exchange Commission to sell approximately 3.6 million shares of the Company's common stock to the public. The Company primarily intends to use the net proceeds of this offering to fund a portion of the purchase of 2 modern secondhand Handymax tankers and 2 newly built Panamax tankers. The newly built Panamax tankers are fixed on five-year time charters. With these four tankers and the two newbuilding Panamax tankers scheduled to be delivered in the second quarter of 2002, Stelmar's fleet will consist of 31 tankers of which 19 are Handymax tankers, 8 are Panamax tankers and 4 are Aframax tankers.