|Stealthgas Inc. Announces Delivery Of A Newbuilding Lpg Carrier, New Charter Arrangements.|
STEALTHGAS INC. ANNOUNCES DELIVERY OF A NEWBUILDING LPG CARRIER, NEW CHARTER ARRANGEMENTS, SALE OF VESSELS AND DATE FOR THE RELEASE OF FIRST QUARTER 2011 FINANCIAL RESULTS, CONFERENCE CALL AND WEBCAST
ATHENS, GREECE, May 12, 2011. STEALTHGAS INC. (NASDAQ:GASS) (the "Company"), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast.
Update on Newbuilding Program :
On April 20, 2011,the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus, from the yard which has since been deployed in the spot market. This is the second Newbuilding in a series of five; the first one being the 5,000cbm Gas Elixir that was delivered on February 28th and deployed on a 22-month time charter. The third 5,000cbm Newbuilding, the Gas Myth, is scheduled to be delivered in July 2011. The Company also announced that the delivery of the fourth vessel the 7,500cbm Gas Husky was rescheduled from the end of November 2011 to the beginning of January 2012. The last vessel, the 7,500cbm Gas Esco is scheduled to be delivered in May 2012.
New Charter Arrangements:
Commencing in May, the existing bareboat charter of the Sir Ivor will be extended for one year to an international gas trader.
Commencing in May, the existing bareboat charter of the Lyne will be extended for one year to an international gas trader.
Commencing in August, the existing time charter of the Gas Evoluzione will be extended for one year to a major natural gas company.
The average time charter equivalent rate for the above three charters is approximately $300,000 per calendar month or approximately $10,000 per day.
Sale of Gas Shanghai, Gas Chios, Gas Czar and Gas Nemesis:
The Company also announced that it has entered into separate Memorandums of Agreement for the sale of four vessels to unaffiliated third parties. The vessels being sold are, the Gas Shanghai, a 3,526cbm LPG carrier, built 1999, the Gas Chios, a 6,562cbm LPG carrier, built 1991, the Gas Czar, a 3,510cbm LPG carrier, built 1995 and the Gas Nemesis, a 3,518cbm LPG carrier, built 1996. The aggregate sale price for these four vessels is approximately $26 million. The average age of the vessels being sold is 15.7 years. The Gas Shanghai was delivered to its new owners on May 8, 2011. The remaining vessels will be delivered to their new owners before the end of July 2011.
First Quarter 2011 Results:
The Company will release its results for the first quarter 2011 on Monday, May 16, 2011 before the opening of the market in New York.
On May 16, 2011 at 11:00 am 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 966 9439 (US Toll Free Dial In) or 0800 694 0257 (UK Toll Free Dial In).
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.
Fleet Profile and Fleet Deployment:
The table below shows the Company's fleet development and deployment as of today:
LPG Carrier Fleet
· F.P.: Fully-Pressurized
· S.R.: Semi-Refrigerated
· M.R.: Medium Range
(1) Earliest date charters could expire.
(2) We have agreed to sell this vessel with expected delivery in May 2011
(3) We have agreed to sell this vessel with expected delivery in June 2011
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 35 LPG carriers with a total capacity of 161,678 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker. The company has also entered into agreements to acquire three new building LPG carriers with expected delivery through May 2012. Once these acquisitions, and the announced sales are completed, STEALTHGAS INC 's fleet will be composed of 35 LPG carriers with a total capacity of 168,088 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). STEALTHGAS INC 's shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".
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, 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
Chief Financial Officer
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