|STEALTHGAS INC. ANNOUNCES NEW CHARTER ARRANGEMENTS AND OTHER COMPANY NEWS|
ATHENS, GREECE, July 13, 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 successful delivery of three vessels and an update on chartering arrangements.
Delivery of vessels
The Company had previously announced on May 12, 2011 the sale of four LPG carriers and the delivery of one of them, the Gas Shanghai on May 8 to its new owners.
The Gas Chios was delivered to its new owners on June 1.
The Gas Czar was delivered to its new owners on June 15.
The Gas Nemesis was delivered to its new owners on July 13.
The Company has entered into a new one-year time charter agreement with an international gas trader for its 3,500cbm, built 1998, LPG carrier, Gas Legacy, commencing in October.
The Company has also entered into a new one-year time charter agreement with a European gas distributor, for its 5,000cbm, built 2011, LPG carrier, Gas Cerberus, commencing in July.
The Company has also entered into a new six-month time charter agreement with a international oil trader for its 6,300cbm, built 2007, LPG carrier, Gas Flawless, commencing in June.
The Company has also entered into a new six-month time charter agreement with a Far Eastern gas operator for its 6,572cbm, built 1995, LPG carrier, Gas Marathon, commencing in July. The charterer has an option to extend the charter for a further six months.
The Company has also entered, in direct continuation to its existing time charter, into one-year time charter agreement with a major international oil company for its 5,000cbm, built 1994, LPG carrier, Gas Icon, commencing in July.
The average rate for the above five time charters is approximately $300,000 per calendar month.
The Company has also agreed with the charterer of one of its tankers to reduce the bareboat charter rate by 10% starting from June.
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.
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 32 LPG carriers with a total capacity of 148,097 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 from July 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC ’s fleet will be composed of 35 LPG carriers with a total capacity of 168,097 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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