Stealthgas Announces Deliveries of Vessels

Monday, November 19, 2007
Stealthgas, a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced the deliveries of the M/V Gas Sophie and the M/V Gas Haralambos, the sale of the M/V Gas Oracle, the M/V Gas Renovatio and the M/V Gas Nemesis, new chartering arrangements for the M/V Gas Emperor and the M/V Gas Tiny and the appointment to its Board of Directors of Lambros Babilis as an Executive Director and Deputy Chairman.

The company took delivery of the M/V Gas Sophie on October 15, 2007 and the M/V Gas Haralambos on October 31, 2007, two vessels it had previously contracted to acquire.

The M/V Gas Sophie is a 1995 built, 3,500 cbm Fully Pressurized LPG carrier. Upon its delivery, it was deployed on time charter for 12 months to an international gas trader. The M/V Gas Haralambos is a 2007 built, 7,000 cbm Fully Pressurized LPG carrier. Upon its delivery, it was deployed on a 2 year time charter to a major international commodity trader.

The company announced that it has reached an agreement to sell to an unaffiliated entity on an en bloc basis the M/V Gas Oracle, the M/V Gas Renovatio and the M/V Gas Nemesis. Each of these three vessels will be delivered to the purchaser, during January 2008 for an aggregate purchase price of approximately $27.3m.

New Chartering Arrangements: The M/V Gas Tiny has extended its existing time charter commencing October 2007 for 2 years to an international gas trader. The M/V Gas Emperor upon the expiry of its existing time charter in June 2008, has entered into a new bare boat charter for 4 years to a major international gas operator.

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