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Home arrow Investor Relations arrow STEALTHGAS INC. ANNOUNCES NEW CHARTER ARRANGEMENTS AND OTHER COMPANY NEWS
STEALTHGAS INC. ANNOUNCES NEW CHARTER ARRANGEMENTS AND OTHER COMPANY NEWS Print E-mail

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.

 

Chartering Update

   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

Vessel

Vessel Size (cbm)

Vessel Type

Year Built

Delivered To GASS

Employment Status

Charter Expiration (1)

CURRENT FLEET

 

Gas Cathar

7,517

F.P.

2001

Oct-05

Time Charter

  May-12

 

Gas Premiership

7,200

F.P.

2001

Mar-08

Time Charter

  Mar-12

 

Gas Haralambos

7,000

F.P.

2007

Oct-07

Time Charter

  Jun -13

 

Gas Marathon

6,572

F.P.

1995

Nov-05

Time Charter

  Jan -12

 

Gas Moxie

6,526

F.P.

1992

May-05

Spot

       -

 

Gas Flawless

6,300

F.P.

2007

Feb-07

Time Charter

  Nov-11

 

Gas Monarch

5,018

F.P.

1997

Dec-05

Spot

       -

 

Lyne

5,014

F.P.

1996

May-06

Bareboat

  May-12

 

Gas Emperor

5,013

F.P.

1995

Feb-05

Spot

       -

 

Catterick

5,001

F.P.

1995

Nov-05

Time Charter

  Jan-12

 

Sir Ivor

5,000

F.P.

2003

May-06

Bareboat

  May-12

 

Gas Icon

5,000

F.P.

1994

Jun-07

Time Charter

  Jul-12

 

Gas Kalogeros

5,000

F.P.

2007

Jul-07

Spot

       -

 

Gas Defiance

5,000

F.P.

2008

July-08

Time Charter

  Jan-13

 

Gas Shuriken

5,000

F.P.

2008

Oct-08

Time Charter

  Oct-12

 

Gas Elixir

5,000

F.P.

2011

Feb-11

Time Charter

  Dec-12

 

Gas Cerberus

5,000

F.P.

2011

Apr-11

Time Charter

   Jul-12

 

Gas Sincerity

4,123

F.P.

2000

Nov-05

Bareboat

  Aug-14

 

Gas Spirit

4,112

F.P.

2001

Dec-05

Bareboat

  Jan-16

 

Gas Zael

4,111

F.P.

2001

Dec-05

Bareboat

  Jan-14

 

Gas Kaizen

4,109

S.R.

1991

Nov-04

Spot

      -

 

Gas Evoluzione

3,517

F.P.

1996

Jul-07

Time Charter

  Aug -12

 

Gas Astrid

3,500

F.P.

2009

Apr-09

Bareboat

  Apr-14

 

Gas Legacy

3,500

F.P.

1998

Oct-05

Time Charter

  Oct-12

 

Gas Sikousis

3,500

F.P.

2006

Aug-07

Bareboat

 May-16

 

Gas Exelero

3,500

F.P.

2009

June-09

Bareboat

  Jun-14

 

Gas Arctic

3,434

S.R.

1992

Apr-05

Time Charter

  Dec-11

 

Gas Ice

3,434

S.R.

1991

Apr-05

Spot

      -

 

Chiltern

3,312

F.P.

1997

Jun-07

Bareboat

 May-13

 

Gas Pasha

3,244

F.P.

1995

Jun-06

Time Charter

 Sep-11  

 

Gas Crystal

3,211

S.R.

1990

Nov-05

Spot

      -

 

Gas Tiny

1,320

S.R.

1991

Oct-04

Spot

      -

 

FLEET TOTAL:

32 VESSELS

148,097

cbm

 

 

 

 

 

 

Additional Vessels (with expected delivery date)

 

Gas Myth

5,000

F.P.

2011

July-11

 

 

 

Gas Husky

7,500

F.P.

2011

Jan-12

 

 

 

Gas Esco

7,500

F.P.

2012

May-12

 

 

 

TOTAL  LPG CARRIER FLEET: 

35 VESSELS

168,097 cbm

 

 

 

 

 

 

                           

 

 

  Tanker Fleet

 

Vessel

Vessel Size (dwt)

Vessel Type

Year Built

Delivered To GASS

Employment Status

Charter Expiration(1)

Navig8 Fidelity

47,000

MR Product Tanker

2008

Jan-08

Bareboat

Jan-15

Navig8 Faith

47,000

 

MR Product Tanker

2008

Feb-08

Bareboat

Feb-15

  Alpine Endurance

46,000

MR

Product

Tanker

2009

Jul-09

Bareboat

Jul-12

Spike

115,804

Aframax Oil Tanker

2010

Jul-10

Bareboat

Jul-15

TOTAL

TANKER FLEET: 

4 VESSELS

255,804

dwt

 

 

 

 

 

 

·          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”.

 

 

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, 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:

Konstantinos Sistovaris

Chief Financial Officer

STEALTHGAS INC.

011-30-210-6250-001
E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

 
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