Stelmar Shipping gets tanker contract with ChevronTexaco

Stelmar Shipping gets tanker contract with ChevronTexaco

   Stelmar Shipping Ltd., a New York stock exchange-listed tanker shipping group, has signed an 18-month time charter contract with ChevronTexaco.

   Expected to commence at the end of July, the charter contract is for a 1998-built double-hull Handymax tanker, the “Rimar.” The time charter contract is at a rate of $14,000 per day.

   ChevronTexaco’s decision to time charter the Rimar follows a recent move by Fuel and Marine Marketing LLC, a ChevronTexaco company, to renew time charter contracts for two other Stelmar vessels.

   “This contract underscores the strong demand we are experiencing from customers, who are seeking modern, double-hull vessels that adhere to the highest environmental and safety standards,” said Peter Goodfellow, chief executive officer and president of Stelmar.

   Stelmar has only one single-hull vessel in its fleet.

   It said that it is “very well positioned” to benefit from the change in European Union legislation, which will restrict and phase out the use of single-hull tankers in European waters.