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Stelmar Shipping Ltd. (ID: 3829)
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Stelmar Shipping Ltd. has earned its excellent reputation for providing international product and crude oil transportation services to major oil companies, oil traders and state-owned oil companies. Headquartered in Athens, Greece, the Company owns and operates one of the world's largest and most modern Handymax and Panamax tanker fleets. On average, Stelmar's vessels are approximately seven years of age. The Company remains committed to maintaining a modern fleet and adhering to high safety and environmental standards. Mission Statement. What Stelmar strives to achieve. Business Strategy. How Stelmar aims to meet its targets. Company History. How Stelmar has developed since we were founded in 1992. Corporate Structure Organogram. An overview of our fully integrated structure. Corporate Directory. A list of our executive and non-executive directors. Competitive Advantages Financial Information Stock Information News and Events Meet The Board Contact Investor Relations Subscribe to E-mail alerts Welcoming message from the CEO Peter Goodfellow, Chief Executive Officer I am delighted to welcome you to Stelmar's investor relations website. We invite you to explore the site, which now provides more comprehensive information on the Company, as well as new features to keep you informed of Company developments. I hope you will find everything you need here to understand our strategy and evaluate our progress. The second quarter of 2003 marked Stelmar s 34th consecutive quarter of profitability, and our 10th since becoming a public company in 2001. We have been able to succeed in what continues to be a cyclical industry due to our philosophy of utilizing time charters to smooth out the tanker cycles and our commitment to growing a modern, focused fleet. Through the continued implementation of these strategies, we have achieved consistent profitable growth and maintained significant earnings visibility for our shareholders. We are well positioned to capitalize on trends occurring in both the Panamax and Handymax markets. The Panamax market continues to offer Stelmar the strategic opportunity to benefit from the aging profile of the Panamax fleet, as well as the increasing oil trade between South America and the United States. The Handymax market also makes strategic sense for Stelmar, due to reduced rate volatility and increased demand for the transport of petroleum products as a result of the limited refinery capacity in developed countries like the United States. We continued to successfully consolidate the fragmented Handymax maket. By the end of the third quarter of 2004, our fleet will grow to 41. In February 2003, Stelmar acquired six Handymax newbuildings that will increase our fleet size without adding new capacity to the market. The acquisition not only will reduce the average age of Stelmar s Handymax fleet to 8 from 11 years and overall fleet to six years, it will also be significantly accretive to EPS beginning in 2004. We are also pleased to report that as of July 2003, we have secured 83% of the fleet's net operating days for this year and 43% for 2004, equivalent to $140 million and $90 million in revenues, respectively. This high level of time charter coverage ensures our profitability for this year. For 2005, 25% of the fleet s net operating days have already been secured, equivalent to $60 million in revenues. We are focused on increasing time charter coverage for 2004 and beyond, while staggering the duration of the time charters to allow for upside potential. On behalf of Stelmar's management team, I would like to thank you for your continued interest and support of our Company. We hope you will be a frequent visitor to our site, as we look forward to sharing our continued success with you. Sincerely, Peter Goodfellow, President and Chief Executive Officer 27.35 (+0.27) Stelmar in the news Webcast link Search for Entire Site Company Profile Investor Relations The Fleet Safety STELMAR SHIPPING LTD. ANNOUNCES DELIVERY OF TWO ADDITIONAL NEWBUILDINGS (1/21/2004) STELMAR SHIPPING LTD. ANNOUNCES SALE-LEASE BACK OF TWO AFRAMAX VESSELS (12/8/2003) STELMAR SHIPPING LTD. ANNOUNCES DELIVERY OF FIRST OF ELEVEN NEW VESSELS (12/1/2003) STELMAR SHIPPING LTD. ANNOUNCES DELIVERY OF TWO ADDITIONAL NEWBUILDINGS STELMAR SHIPPING LTD. ANNOUNCES SALE-LEASE BACK OF TWO AFRAMAX VESSELS Contact Us Site Map Glossary General FAQ's Terms of Use (c) 2002, Stelmar Tankers Ltd., Powered and Hosted by Omnicom S.A. Stelmar s Fleet (updated May 2003) Stelmar Shipping owns and operates a fleet of 30 modern tankers, 26 of which were on time charters as of March 31, 2003. The size of Stelmar s fleet will grow to 41 by the end of the third quarter of 2004. The average age of the vessels in the fleet is seven years, while according to industry sources, the average age of the world s tanker fleet is approximately 13 years. The tankers in Stelmar s current fleet have a total cargo carrying capacity of over 1.7 million dwt. Including the 11 new vessels to be delivered by the third quarter of 2004 Stelmar s fleet will have an average age of six years, and a total cargo carrying capacity of over 2.0 million dwt. Fleet Expansion Strategy We are developing our fleet with an emphasis on: Handymax tankers, which primarily transport refined petroleum ("clean") products Panamax tankers, which primarily transport crude oil ("dirty" cargo). Stelmar plans to expand its leadership in the Panamax and Handymax classes in order to take advantage of the long-term positive fundamentals in both sectors. The Handymax class makes strategic sense for Stelmar for two reasons. The rates for Handymax vessels are less volatile than other classes of ships since there is no direct correlation between OPEC decisions and Handymax rates. We are also able to capitalize on increasing oil demand with these vessels, given the limited refinery capacity in developed countries. With the recently announced acquisition of six new double-hull Handymax vessels, Stelmar continues to be a consolidator in the fragmented Handymax market. Once its 2003-2004 newbuilding program is completed, Stelmar will become the largest owner of modern Panamax tankers in the industry. The Panamax expansion program has enabled Stelmar to establish a strong position in a favorable niche market. In this class, almost 50% of the world's fleet is over 20 years old and is expected to be phased out over the next few years. Stelmar has one of the youngest Panamax fleets in the industry, with an average age of two years. Stelmar is now better positioned to capitalize on the opportunities resulting from the aging profile of the world's Panamax class. The Company achieved 100% utilization for its Panamax vessels in 2002. With its continued Panamax fleet expansion, the Company is also poised to take greater advantage of the increasing oil trade from South America to the United States. With 11 new vessels to be delivered between late 2003 and the third quarter of 2004, Stelmar s fleet will expand to 41 vessels: 24 Handymax, 13 Panamax, and 4 Aframax vessels. Many of Stelmar's vessels are sister ships. This increases Stelmar's operating efficiencies, provides better scheduling flexibility so that customer needs can best be met and gives the Company greater economies of scale. Please revisit this page regularly for updates on time charter coverage, and of course, new pictures of the fleet as they become available. Stelmar is committed to the safe transportation of oil and its products, and to the safety of our seafarers, the marine environment and the public at large. Stelmar's commitment to operating a safe and environmentally friendly fleet has enabled the Company to have very low incidents of injury and no incidents of spillage of cargo since the founding of the Company in 1992. By adhering to the strictest safety and environmental standards, Stelmar is able to maintain long-term relationships with both employees and customers. The implementation of the Stelmar Management System has been developed to ensure that we meet the expectations of our customers within the safety framework. We use a variety of management tools in this task, which include the following: Health, Safety and Environmental policy. Here we state our aims with regard to the protection of the world around us. Quality Assurance Policy. Stelmar has been ISO 9000 certified since 1994. Membership of marine environmental groups. Stelmar is a member of Helmepa and Cymepa. Monitoring of safety performance data. Amongst other key indicators, Stelmar measures time since the last time-loss accident on board. Crew recruitment, training and accident assessment. To run a safe company, Stelmar needs to attract the best seafarers, and to make sure they receive the best training and work in the safest possible environment. On October 26th, 2001 Stelmar became the first company in the world to achieve Ballast Water Management Plan certification from Lloyd's Register for the entire fleet, as part of our ongoing endeavours to protect the marine environment. For the full story, look for the press release dated November 20th 2001 via the Investor Relations page or the menu on the left. Quality Assurance Policy certificates Stelmar has been ISO 9000 certified since 1994. Our Quality Certificate (ISO 9000) is available for viewing. As a minimum, the Company's system of management will meet the requirements of EN ISO 9001:2000, ISO14001:1996 & the IMO International Safety Management Code. Stelmar Shipping Ltd. is committed to safely operating a fleet of Product and Panamax tankers. Stelmar Shipping Ltd.