StealthGas
adds ships to fleet
Acquisitions bring fleet total to 34
 STEALTHGAS
INC. (NASDAQ: GASS), a ship-owning company
serving the liquefied petroleum gas (LPG)
sector of the international shipping
industry, announced today that it has
entered into agreements to acquire three
second-hand and one new building LPG
carriers for an aggregate purchase price
of $51 million. Upon completion of these
acquisitions and the delivery of a
previously announced newbuilding, the "Gas
Haralambos", STEALTHGAS fleet will consist
of 34 vessels in total with a carrying
capacity of 150,769 cbm.
The "Gas Icon", is a 1994 built, 5,000 cbm
Fully Pressurized ("F.P.") LPG carrier.
Upon its expected delivery to STEALTHGAS
in July 2007, it will be deployed under a
12 month time charter to an oil major.
The "Gas Sikousis", is a 2006 built, 3,500
cbm Fully Pressurized ("F.P.") LPG
carrier. Upon its expected delivery to
STEALTHGAS in July 2007, it will be
deployed under a time charter for 22
months to an oil major. The charter for
this vessel also includes, at the
charter�s option, two one-year extensions,
the first to be negotiated in May 2009
upon the expiration of the initial term of
the charter.
The "Gas Kalogeros", is a 5,000 cbm Fully
Pressurized ("F.P.") new building LPG
carrier was delivered ex-yard to her
original owners in March 2007 and is
expected to be delivered to STEALTHGAS
around July 2007. The vessel will be
delivered with a ten-month time-charter to
an oil major.
The "Gas Sophie", is a 1995 built 3,500
cbm, Fully Pressurized (�F.P.�) LPG
carrier and is expected to be delivered to
STEALTHGAS around October 2007.
The "Gas Kalogeros" and the "Gas Sikousis"
will be purchased from affiliated parties
whereas the "Gas Icon" and the "Gas
Sophie" will be purchased from
non-affiliated parties.
New Time Charter Agreements:
STEALTHGAS INC. also announced that it has
extended its time charters for 6 vessels,
the "Gas Zael", the "Gas Nemesis", the
"Gas Spirit", the "Gas Sincerity", the
"Gas Legacy" and the "Gas Shanghai" each
to an oil major as described below.
The "Gas Zael" has extended its time
charter for an additional 12 months which
commenced in March 2007 to an oil major.
Both the "Gas Nemesis" and the "Gas
Spirit" have extended their time charters
for 12 months, commencing from June 2007
to an oil major.
The "Gas Legacy" and the "Gas Sincerity"
have extended their time charters for 12
months, commencing in April and July 2007,
respectively, each to an oil major.
"The Gas Shanghai" has extended its time
charter for 12 months commencing in
September 2007 to an oil major.
The aggregate revenue per calendar month
for the above six time charters is
$1,413,250. In addition, the aggregate
revenue per calendar month of the time
charters for three of the new LPG carriers
that STEALTHGAS has agreed to acquire is
$713,250 per calendar month.
CEO Harry Vafias commented, "We are very
pleased to announce both the new
acquisitions to our fleet later in this
year along with the previously announced
"Gas Haralambos". With these acquisitions,
we will bring our fleet to 34 ships in
total, thus giving us approximately 13%
market share of the handysize LPG sector
of 3,000 to 8,000 cbm vessels while
lowering the average age of our fleet to
10.3 years against the industry average of
17 years. We have also continued our
policy of having the majority of our fleet
on period employment and are pleased to
announce the extensions of six charters
plus three out of the four new vessels we
are acquiring already have fixed
employment arranged for them. As of today,
we have 96% period coverage on our fleet
and in excess of 85% of our fleet days for
2007 are now covered by fixed employment."
Updated Fleet Profile and Fleet
Deployment:
The table below describes the company's fleet
development and deployment as of today:
- F.P.: Fully-Pressurized
- S.R.: Semi-Refrigerated
- (1) Lyne is employed under a
bareboat charter until May 2009.
Thereafter, at charterer�s option, the
bareboat charter can be extended for a
further one year.
- (2) Sir Ivor is employed under a
bareboat charter until May 2009.
Thereafter, at charterer�s option, the
bareboat charter can be extended for a
further one year.
- (3) Gas Prophet has for the three
year duration of her bareboat charter
been renamed the M.T. Ming Long.
- (4) Gas Eternity will, from the
commencement of her three year bareboat
charter in March 2007, be renamed the
M.T Yu Tian 9.
- (5) Gas Shanghai is currently
employed under a time charter until
September 2007. Thereafter she will be
employed on a further twelve months time
charter.
- (6) Gas Nemesis is currently
employed under a time charter until June
2007. Thereafter she will be employed on
a further twelve months time charter.
- (7) Gas Spirit is currently employed
under a time charter until June 2007 and
thereafter she will be employed for a
further twelve months time charter.
- (8) Gas Sincerity is currently
employed under a time charter until July
2007 and thereafter she will be employed
on a further twelve months time charter.
- (9) Gas Kalogeros upon delivery in
July 2007 will be employed under a time
charter for ten months with an oil major
- (10) Gas Icon upon delivery in July
2007 will be employed under a time
charter for twelve months with an oil
major
- (11) Gas Sikousis upon delivery in
July 2007 will be employed under a time
charter for twenty-two months with an
oil major
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