New Vessel Acquisitions
As part of its fleet expansion program the Company has entered into agreements to acquire eleven LPG carriers.
Two vessels that were delivered to the company this month, a 5,000cbm LPG carrier built 2006 and a 3,500cbm LPG carrier built 2008. Both were immediately deployed on a 1 year time and bareboat charter respectively.
Two 3,500cbm LPG carriers scheduled to be delivered in the second half of 2014 from a Japanese yard.
Two 5,000cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.
Two 3,500cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.
One 7,200cbm LPG carrier scheduled to be delivered in the first half of 2015 from a Japanese yard.
Two 5,000cbm LPG carriers scheduled to be delivered in the second half of 2015 from a Japanese yard.
The acquisition of these vessels represent an investment by the Company of approximately $200 million of which about $50 million have already been paid for the delivery of the two vessels and deposits for the vessels under construction.. Together with previously announced acquisitions this brings the total investments of the Company to approximately $400 million of which $125 million have already been paid. The remaining capital expenditure represents 15 newbuilding vessels scheduled to be added to the fleet by the end of 2015. The Company intends to fund the remaining capital expenditure with bank finance and available cash. The Company will pursue additional vessel acquisitions in order to expand its LPG fleet further. Of the nine additional Newbuildings purchased six have been ordered by the Company directly while three have been acquired as resale contracts from third parties.
The company has concluded the following chartering arrangements:
A one year time charter for its 5,000cbm, 2006 built, LPG carrier, Gas Inspiration, until August 2014.
A six month time charter for its 4,109cbm, 1991 built, LPG carrier, Gas Kaizen, until March 2014.
Six vessels are currently operating in the spot market, including the Gas Kaizen whose charter begins in October.
Charter coverage for the fleet is elevated to 88% for the remainder of 2013 and 55% for 2014.
Appointment of new Chief Financial Officer
The Company also announced an executive personnel change. Mr. Konstantinos Sistovaris has stepped down to pursue new challenges and opportunities at Stealth Maritime. Mr Harry Charogiannis has been appointed as the new CFO. Mr Charogiannis is a finance professional with over 9 years experience in the banking industry at various levels at Morgan Stanley, Eurobank EFG and the Hellenic Postal Savings Bank. He has also been employed as an economic advisor at the Greek Ministry of Merchant Marine and the Hellenic Parliament. Mr Charogiannis holds a Masters Degree from Harvard Kennedy School of Government and a Bachelors Degree from Columbia University.
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 38 LPG carriers with a total capacity of 182,322 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 purchased fifteen newbuilding LPG carriers with expected delivery by the end of 2015. Once the delivery of these acquisitions is completed, STEALTHGAS INC’s fleet will be composed of 53 LPG carriers with a total capacity of 257,922 cubic meters (cbm). STEALTHGAS INC’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.
StealthGas Inc. Press Release