Stealthgas Takes Delivery of LPG Carriers

Friday, July 06, 2007
Stealthgas Inc. 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, 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 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 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 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 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, the company agreed to acquire two LPG carriers the M/V Gas Kalogeros, a 2007 built 5,000 cbm Fully Pressurized and the M/V Gas Sikousis, a 2006 built 3,500 cbm Fully Pressurized 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 with expected delivery in July 2007, the M/V Gas Haralambos, a 2007 built new building resale 7,000 cbm Fully Pressurized and the M/V Gas Sophie, a 1995 built 3,500 Fully Pressurized 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).

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