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  • STEALTHGAS INC. announces the sale and leaseback of one of its vessels, five new charter arrangements and an update on the share buy back program
  • 2015 January 9 12:09

    STEALTHGAS INC. announces the sale and leaseback of one of its vessels, five new charter arrangements and an update on the share buy back program

    STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today the sale and leaseback of one of its vessels, five new charter arrangements and an update on the share buy back program, the company said in its press release.

    Pursuant to its share repurchase program previously announced in November 2014 the Company has, up to today, repurchased 1,075,078 shares of its common stock at an average price of $6.28 per share for a total consideration of $6.8 million.

    The Company entered into a sale and leaseback agreement for one vessel in its fleet, the 7,517cbm, built 2001, LPG carrier, Gas Cathar in the fourth quarter of 2014. The proceeds from the sale of the vessel are $14.3 million and net proceeds after debt repayment are approximately $7 million. The Company will continue to operate the vessel and entered into an agreement to bareboat charter back the vessel for four years.

    The Company also announced the conclusion of the following chartering arrangements:
    A one year time charter extension for its 3,434 cbm, 1991 built, LPG carrier, Gas Ice, to an established owner-operator.
    A one year time charter for its 5,000 cbm, 2011 built, LPG carrier, Gas Myth, to an European oil major, with a charterer’s option to extend for a further two years.
    A three month time charter extension for its 3,500 cbm, 2014 built, LPG carrier, Eco Corsair, to an established operator.
    A three month time charter for its 5,018 cbm, 1997 built, LPG carrier, Gas Monarch, to an international trading house.
    A three month time charter for its 3,500 cbm, 2015 built, LPG carrier, Eco Lucidity, to an international trading house starting with the delivery of the vessel in January 2015.
    With these charters, the Company has contracted revenues for its fleet of approximately $220 million. Total voyage days of our fleet are 65 pct covered for 2015 and 31 pct for 2016. Seven vessels are currently operating in the spot market.

    About StealthGas Inc.
    Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 41 LPG carriers with a total capacity of 194,324 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has also agreed to operate two more LPG carriers, the Gas Premiership and the Gas Cathar, and to acquire 16 LPG carriers with expected deliveries ranging from 2015 to 2017. Giving effect to the delivery of these acquisitions, and including the Gas Premiership and Gas Cathar, StealthGas Inc.’s LPG fleet will be composed of 59 LPG carriers with a total capacity of 360,000 cubic meters (cbm). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.




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