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Stealthgas also announces the delivery of the Gas Astrid, new charter
arrangements for two existing vessels and a review of its dividend
policy.
Earnings Release: Thursday, May 14, 2009, Before Market Opens
Conference Call and Webcast: Thursday, May 14, 2009, at 11:00 am EDT
ATHENS, GREECE, May 5, 2009. STEALTHGAS INC. (NASDAQ: GASS) (the
“Company”), a ship-owning company primarily serving the liquefied
petroleum gas (LPG) sector of the international shipping industry,
announced today that it will release its first quarter results for the
period ended March 31, 2009 on Thursday, May 14, 2009 before the
opening of the market in New York.
On Thursday, May 14, 2009 at 11:00 A.M. EDT, the company’s management
will host a conference call to discuss the results and the company’s
operations and outlook.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled
time using the following numbers: 1866 239 0750 (US Toll Free Dial In)
or 0800 559 3282 (UK Toll Free Dial In).
In case of any problems with the above numbers, please dial +1 718 354
1157 (US Toll Dial In), or +44 (0)2071380813 (Standard International
Dial In). Please quote "3004629".
A telephonic replay of the conference call will be available until May
21, 2009 by dialing 1866 239 0765 (US Toll Free Dial In), 0800 358 7743
(UK Toll Free Dial In) or +44 (0)207 806 1970 (Standard International
Dial In). Access Code: 3004629#
Slides and audio webcast:
There will also be a live-and then archived webcast of the conference
call, through the STEALTHGAS INC. website (www.stealthgas.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
The Company also announced that it took delivery of the Gas Astrid a
2009 - built 3,500 fully pressurized LPG carrier on April 16, 2009.
Upon her delivery she was immediately deployed under a one year time
charter to a major Far Eastern LPG operator.
Stealthgas Inc announced the following new charter arrangements.
The Gas Exelero will, upon her delivery to the Company in June 2009
commence a one year time charter to a major Far Eastern LPG operator.
The Sea Bird II is currently employed under a bareboat that expires in May 2009, which has now been extended until May 2010.
The Gas Fortune is currently employed under a time charter that expires
in May 2009, which has now been extended until July 2009.
The average time charter equivalent rate for the above three charters is approx $ 200,000 per calendar month or $6,562 per day.
The Company also announced that prior to the above earnings release
date management and its board of directors will be undertaking a
review as to its ongoing dividend policy, further details of any
decisions taken will be announced either prior to or on May 14,2009.
Fleet Profile and Fleet Deployment:
The table below show the Company’s fleet development and deployment as of today:
LPG Carrier Fleet
Product Tanker Fleet
• F.P.: Fully-Pressurized
• S.R.: Semi-Refrigerated
• M.R.: Medium Range
(1) Earliest date charters could expire. Most charters include options to shorten or extend their term.
(2) Gas Emperor is deployed under a bareboat charter
to a major international LPG operator that expires in August 2012. The
charterer has an option in August 2010 and 2011 to cancel the
existing charter upon the payment of a cancellation
fee in the amount of $228,000, if exercised in 2010, or $180,000 if
exercised in 2011.
(3) Birgit Kosan is deployed under a bareboat charter
to a major international LPG operator that expires in October 2011. The
charterer has an option to cancel the existing charter upon the payment
of a cancellation fee in the amount of $192,000, if exercised in 2009,
or $108,000 if exercised in 2010.
(4) Gas Prophet has for the three-year duration of bareboat charter been renamed the M.T. Ming Long.
(5) Gas Eternity has for the duration of its bareboat charter been renamed the M.T. Yu Tian 9.
(6) Gas Sikousis is currently employed under a time charter
until May 2010. Thereafter, at the Charterer’s option, the time charter
can be extended for an additional one-year period of, if not exercised,
we would have the option to charter the vessel for an additional one –
year period to the charterer at the then-prevailing
rate.
(7) Gas Natalie, upon her delivery, continued to be
deployed under an existing bareboat charter to a major international
LPG operator that expires in September 2011. The charterer has an
option in September 2009 and 2010 to cancel the existing charter upon
the payment of a cancellation fee in the amount of $336,000, if
exercised in 2009, or $180,000, if exercised in 2010.
(8) Gas Exelero upon her delivery in June 2009 will
be deployed on a one year time charter to a major Far East LPG operator
(9) The Stealth S.V. a 46,000 deadweight M.R. type
product carrier is expected to be delivered to the Company in May 2009,
whereupon she will commence a three-year time charter.
(10) The Stealth Argentina, a 50,500 deadweight
M.R. type product carrier, is expected to be delivered to the Company
in November 2009, whereupon she will commence a three-year bareboat charter
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning
company serving primarily the liquefied petroleum gas (LPG) sector of
the international shipping industry. STEALTHGAS INC. currently
has a fleet of 40 LPG carriers with a total capacity of 176,999 cubic
meters (cbm) and two M.R. product tankers. In addition, the
company has entered into agreements to acquire one resale new building
LPG carrier the Gas Exelero, with expected delivery in June 2009, plus
five new building LPG carriers with expected delivery from February
2011 through May 2012 and two resale new building M.R. product carriers
with expected delivery in May and November 2009. Once these
acquisitions are completed, STEALTHGAS INC.’S fleet will be composed of
46 LPG carriers with a total capacity of 210,499 cubic meters (cbm) and
four M.R. product tankers with a total capacity of 190,500 deadweight
tons (dwt). STEALTHGAS INC’S shares are listed on the NASDAQ
Global Select Market and trade under the symbol “GASS”.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts. The
forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management’s examination of
historical operating trends, data contained in our records and other
data available from third parties. Although STEALTHGAS INC. believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, STEALTHGAS INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charter hire rates and
vessel values, charter counterparty performance, changes in demand that
may affect attitudes of time charterers to scheduled and unscheduled
dry dockings, changes in STEALTHGAS INC.’s operating expenses,
including bunker prices, dry-docking and insurance costs, our ability
to obtain financing and comply with covenants in our financing
arrangements, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by
STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Visit our website at www.stealthgas.com
Company Contact:
Andrew J. Simmons
Chief Financial Officer
STEALTHGAS INC.
011-30-210-6250-001
E-mail:
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