Stealthgas Acquires LPG Newbuildings

Thursday, December 14, 2006
Stealthgas has entered into an agreement to acquire two contracts for LPG carriers under construction, the M/V Gas Flawless and the M/V Gas Haralambos, for a total consideration of $46m. The Gas Flawless, a 6,300 cbm Fully Pressurized (F.P.) LPG carrier hull number 595, is expected to be delivered to STEALTHGAS ex yard Higaki Zosen, Japan in early February 2007. The Gas Haralambos, a 7,000 cbm Fully Pressurized (F.P.) LPG carrier hull number K408, is expected to be delivered to STEALTHGAS ex yard Kanrei Zosen, Japan in October 2007.

STEALTHGAS INC. announced that it has entered into new time charter arrangements for the "Gas Tiny" and the "Gas Oracle", has extended the existing time charter for the "Gas Czar" and has extended the existing bare boat charter for the "Birgit Kosan". The "Gas Tiny" has entered into a new time charter with a European industrial group for a period of 24 months commencing in January 2007 at the rate of USD 140,000 per calendar month. The "Gas Tiny" is currently employed until the end of December 2006 on a time charter at the rate of $120,000 per calendar month. The "Gas Oracle" has entered into a new time charter with a European industrial group for a period of 12 months commencing in December 2006 at the rate of $220,000 per calendar month. The Gas Oracle was previously employed on the spot market.

The Gas Czar has extended its existing time charter with a major oil company for a period of 12 months commencing in November 2006 at the rate of USD 190,000 per calendar month. The Birgit Kosan has entered into an agreement to extend the bare boat charter with the existing charterers, a major owner of LPG vessels, for a further six months commencing in April 2007 at the rate of $150,000 per calendar month. The "Birgit Kosan" is currently employed until April 2007 on a bare boat charter at the rate of $190,000 per calendar month.

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