Stealthgas a ship owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that is has entered into contracts to acquire, from an unaffiliated party, two new 47,000 deadweight M.R. type product tankers ex yard for delivery in February and April 2008 respectively. Upon their delivery to the Company they will be deployed on seven year bare boat charters to an international oil trader.
The total purchase price of the two vessels is $115m and this will be funded by a combination of equity from the Company's successful follow on offering completed in July 2007 and bank debt. The aggregate monthly income for the two vessels is $932,672 per calendar month.