SOURCE: StealthGas Inc.

July 06, 2007 09:36 ET

STEALTHGAS INC. Takes Delivery of Four LPG Carriers and Announces Updated Fleet Time and Bareboat Charters

ATHENS, GREECE--(Marketwire - July 6, 2007) - STEALTHGAS INC. (NASDAQ: GASS) (the "Company"), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it took delivery of the M/V "Sea Bird II" on May 18, 2007, the M/V "Gas Renovatio" on May 29, 2007, the M/V "Gas Icon" on June 27, 2007, and the M/V "Chiltern" on June 28, 2007, four LPG carriers that it had previously announced its agreement to acquire, thereby expanding its current fleet to 33 vessels, with a carrying capacity of 141,912 cbm.

The M/V "Sea Bird II" is a 1996 built, 3,518 cbm Fully Pressurized ("F.P.") LPG carrier and is employed under a two-year bareboat charter until May 2009 to an international gas trader.

The M/V "Gas Renovatio" is a 1997 built, 3,313 cbm Fully Pressurized ("F.P.") LPG carrier. Upon its delivery to the Company, it was deployed under a 7-month time charter until January 2008 to an international gas trader.

The M/V "Gas Icon" is a 1994 built, 5,000 cbm Fully Pressurized ("F.P.") LPG carrier and is employed under a 12-month time charter until July 2008 to an oil major.

The M/V "Chiltern" is a 1997 built 3,312 cbm, Fully Pressurized ("F.P.") LPG carrier and is employed under an 11-month bareboat charter until May 2008 to an international ship operator.

The aggregate purchase price for the above four delivered vessels was $37.65 million.

In addition, as previously announced, the Company has agreed to acquire two LPG carriers the M/V "Gas Kalogeros," a 2007 built 5,000 cbm Fully Pressurized ("F.P."), and the M/V "Gas Sikousis," a 2006 built 3,500 cbm Fully Pressurized ("F.P."), which are expected to be delivered to the Company in July 2007. Also as previously announced, the Company has entered into agreements to acquire three additional second-hand LPG carriers the M/V "Gas Evoluzione," a 1996 built 3,517 cbm Fully Pressurized ("F.P.), with expected delivery in July 2007, the M/V "Gas Haralambos," a 2007 built new building resale 7,000 cbm Fully Pressurized ("F.P."), and the M/V "Gas Sophie," a 1995 built 3,500 Fully Pressurized ("F.P."), both with expected delivery in October 2007. Once these acquisitions are complete, the Company's fleet will be composed of 38 LPG carriers with a total capacity of 164,429 cubic meters (cbm).

Time and Bareboat Charter Agreements:

The Company also announced that it has entered into new time charter arrangements for the M/V "Gas Crystal" and the M/V "Gas Evoluzione." In addition, the Company has extended the respective charters for the M/V "Gas Amazon" and the M/V "Gas Marathon."

The M/V "Gas Crystal" has entered into a new time charter for 12 months which commenced in July 2007 to an oil major with an option for the charter to be extended for a further 12-month period commencing July 2008.

The M/V "Gas Evoluzione," upon delivery to the Company scheduled for July 2007, will be deployed on a time charter for 12 months to an oil major.

The M/V "Gas Amazon" has extended its existing time charter for an additional 12 months, commencing in November 2007, to an international gas trader.

The M/V "Gas Marathon" has extended its existing bareboat charter for an additional 24 months, commencing in October 2007, to an international gas trader.

The aggregate revenue per calendar month for the above mentioned five time charters is $1,295,250. In addition, the aggregate revenue per calendar month for the above mentioned three bareboat charters is $410,750.

Following the above arrangements and based on the current fleet, 95% of the Company's fleet days for the remainder of 2007 and 55% of its fleet days for 2008 are covered by fixed employment.

Updated Fleet Profile and Fleet Deployment:

The table below describes the Company's fleet development and deployment as of today:

                      Vessel                Delivered             Charter
                       Size   Vessel  Year     To     Employment Expiration
Vessel                 (cbm)   Type   Built  Company    Status      (1)
                     -------- ------ ------ --------- ---------- ----------
CURRENT FLEET

                                                           Time
Gas Cathar (2)          7,517   F.P.   2001    Oct-05    Charter     Aug-08
                     -------- ------ ------ --------- ---------- ----------
Gas Marathon (3)        6,572   F.P.   1995    Nov-05   Bareboat     Oct-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Chios               6,562   F.P.   1991    Oct-05    Charter     Mar-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Amazon (4)          6,526   F.P.   1992    May-05    Charter     Nov-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Flawless            6,300   F.P.   2007    Feb-07    Charter     Feb-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Monarch             5,018   F.P.   1997    Dec-05    Charter     Jun-10
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Nemesis             5,016   F.P.   1995    Jun-06    Charter     May-08
                     -------- ------ ------ --------- ---------- ----------
Lyne (5)                5,014   F.P.   1996    May-06   Bareboat     May-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Emperor             5,013   F.P.   1995    Feb-05    Charter     Jun-08
                     -------- ------ ------ --------- ---------- ----------
Birgit Kosan (6)        5,012   F.P.   1995    Apr-05   Bareboat     Oct-11
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Catterick               5,001   F.P    1995    Nov-05    Charter     Jan-08
                     -------- ------ ------ --------- ---------- ----------
Sir Ivor (7)            5,000   F.P.   2003    May-06   Bareboat     May-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Icon                5,000   F.P.   1994    Jun-07    Charter     Jul-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Sincerity (8)       4,123   F.P.   2000    Nov-05    Charter     Jul-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Spirit              4,112   F.P.   2001    Dec-05    Charter     Jun-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Zael                4,111   F.P.   2001    Dec-05    Charter     Mar-08
                     -------- ------ ------ --------- ---------- ----------
Gas Courchevel          4,109   S.R.   1991    Nov-04       Spot          -
                     -------- ------ ------ --------- ---------- ----------
Gas Prophet (9)         3,556   F.P.   1996    Oct-04   Bareboat     Sep-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Shanghai (10)       3,526   F.P.   1999    Dec-04    Charter     Sep-08
                     -------- ------ ------ --------- ---------- ----------
Sea Bird II             3,518   F.P.   1996    May-07   Bareboat     May-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Czar                3,510   F.P.   1995    Feb-06    Charter     Nov-07
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Legacy              3,500   F.P.   1998    Oct-05    Charter     Apr-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Fortune             3,500   F.P.   1995    Feb-06    Charter     Dec-07
                     -------- ------ ------ --------- ---------- ----------
Gas Eternity (11)       3,500   F.P.   1998    Mar-06   Bareboat     Apr-10
                     -------- ------ ------ --------- ---------- ----------
Gas Artic               3,434   S.R.   1992    Apr-05   Bareboat     Apr-09
                     -------- ------ ------ --------- ---------- ----------
Gas Ice                 3,434   S.R.   1991    Apr-05   Bareboat     Apr-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Renovatio           3,313   F.P.   1997    May-07    Charter     Jan-08
                     -------- ------ ------ --------- ---------- ----------
Chiltern                3,312   F.P.   1997    Jun-07   Bareboat     May-08
                     -------- ------ ------ --------- ---------- ----------
Batangas                3,244   F.P.   1995    Jun-06   Bareboat     Jul-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Crystal             3,211   S.R.   1990    Nov-05    Charter     Jul-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Oracle              3,014   F.P.   1990    Dec-05    Charter     Dec-07

                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Prodigy             3,014   F.P.   1995    Oct-05    Charter     Dec-07
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Tiny                1,320   S.R.   1991    Oct-04    Charter     Jan-09
                     -------- ------ ------ --------- ---------- ----------
FLEET TOTAL           141,912
33 VESSELS            cbm
                     -------- ------ ------ --------- ---------- ----------
Additional Vessels (with expected delivery date)
                     ------------------------------------------------------
                                                           Time
Gas Haralambos          7,000   F.P. Oct-07    Oct-07 Charter(12)    Oct-09
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Kalogeros           5,000   F.P. Jul-07    Jul-07 Charter(12)    May-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Evoluzione          3,517   F.P.   1996    Jul-07 Charter(12)    Jul-08
                     -------- ------ ------ --------- ---------- ----------
                                                           Time
Gas Sikousis (13)       3,500   F.P.   2006    Jul-07 Charter(12)    May-08
                     -------- ------ ------ --------- ---------- ----------
Gas Sophie              3,500   F.P.   1995    Oct-07          -          -
                     -------- ------ ------ --------- ---------- ----------
FLEET TOTAL           164,429
38 VESSELS            cbm
                     -------- ------ ------ --------- ---------- ----------

-  F.P.: Fully-Pressurized
-  S.R.: Semi-Refrigerated
-  (1)  Earliest date charters could expire. Most charters include options
   to shorten or extend their term.
-  (2)  Gas Cathar is currently employed under a time charter with an
   initial term expiring in  August 2007, which has been extended to
   August 2008.
-  (3)  Gas Marathon is currently employed under a bareboat charter with
   an initial term expiring in  October 2007. Thereafter she will be
   re-employed on a bareboat charter October 2009.
-  (4)  Gas Amazon is currently employed under a time charter with an
   initial term expiring in November 2007, which has been extended to
   November 2008.
-  (5)  Lyne is employed under a bareboat charter until May 2009.
   Thereafter, at the charterer's option, the bareboat charter can be
   extended for a an additional year.
-  (6)  Birgit Kosan is currently employed under a bareboat charter until
   October 2007. Thereafter she will be re-employed on a bareboat charter
   until September 2011.
-  (7)  Sir Ivor is employed under a bareboat charter until May 2009.
   Thereafter, at the charter's option, the bareboat charter can be
   extended for an additional year.
-  (8)  Gas Sincerity is currently employed under a time charter until
   July 2007. Thereafter she will be re-employed for an additional one
   year time charter.
-  (9)  Gas Prophet has for the three year duration of bareboat charter
   been renamed the M.T. Ming Long.
-  (10) Gas Shanghai is currently employed under a time charter with an
   initial term expiring in September 2007, which has been extended to
   September 2008.
-  (11) Gas Eternity has for the duration of bareboat charter been renamed
   the M.T. Yu Tian 9.
-  (12) Charter will commence upon delivery of vessel to us.
-  (13) Gas Sikousis will, upon its delivery to us, be employed under time
   charter until May 2008 as indicated in the above table. Thereafter, at
   the charterer's option, the time charter can be extended for an
   additional year.
About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 33 LPG carriers with a total capacity of 141,912 cubic meters (cbm). In addition, the company has agreed to acquire two newbuilding LPG carriers expected to be delivered to STEALTHGAS INC. in July and October 2007, respectively. It has also entered into agreements to acquire three additional second-hand LPG carriers with expected delivery between July and October 2007. Once these acquisitions are complete, STEALTHGAS INC.'s fleet will be composed of 38 LPG carriers with a total capacity of 164,429 cubic meters (cbm). STEALTHGAS Inc.'s shares are listed on NASDAQ and trade under the symbol "GASS."

Forward-Looking Statement

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 charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, 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 US Securities and Exchange Commission.

Visit our website at www.stealthgas.com.

Contact Information

  • Company Contact:
    Andrew J. Simmons
    Chief Financial Officer
    STEALTHGAS INC.
    011-30-210-6250-001
    E-mail: simmons@stealthgas.com

    Investor Relations/Media:
    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: nbornozis@capitallink.com