Stealthgas Acquires LPG Carrier

Monday, June 19, 2006
Stealthgas Inc. has entered into an agreement to acquire its 28th LPG carrier, the M/V Batangas, for consideration of $9.4m with expected delivery in early July 2006. Batangas is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1995 with a capacity of 3,300 cubic meters (cbm). Upon delivery, it will be immediately deployed under a bareboat charter to a major gas trader at a rate of $106,000 per calendar month until July 2008.

Furthermore, Stealthgas Inc. announced that on June 15, 2006 it took delivery of the Gas Nemesis, a vessel it had previously agreed to acquire. The Gas Nemesis is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1995 with a capacity of 5,016 cubic meters (cbm) and upon its delivery was deployed under an existing time charter to a major oil company at the rate of USD 201,500 per calendar month until December 2006. Thereafter the "Gas Nemesis" will be chartered for a further one year period at a minimum rate of $200,000 pcm and a maximum rate of $260,000 pcm the rate to be fixed one month prior to the expiry of the current time charter.

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