Stealthgas to Acquire Additional Vessel
Stealthgas has entered into an agreement to acquire an additional vessel with expected delivery February 2006.
Islas Gas, which will be renamed the Gas Czar, is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1995 with a capacity of 3,500 cubic meters (cbm). It will be acquired for $9.83 million. Upon delivery, it will be deployed under an existing time charter to an oil major at a rate of $171,250 per calendar month until November 2006. Gas Czar will be deployed for a further 12 months to the same oil major at a per calendar month time charter rate ranging between a minimum of $190,000 and a maximum of $210,000.