Stealthgas to Acquire LPG Carrier

Friday, August 10, 2007
Stealthgas will acquire its 39th LPG carrier, the M/V Gas Premiership, a 2001 built, 7,200 cbm Fully Pressurized LPG carrier. Upon its expected delivery to the company in February 2008, the vessel will be deployed under a four-year time charter to an international gas trader. The company also announced that it took delivery of the M/V Gas Evoluzione on July 23, 2007, M/V Gas Kalogeros on July 27, 2007, and the M/V Gas Sikousis on August 3, 2007, three LPG carriers that it had previously announced its agreement to acquire, thereby expanding its current fleet to 36 vessels, with a carrying capacity of 153,929 cbm.

The M/V Gas Evoluzione is a 1996 built, 3,517 cbm Fully Pressurized LPG carrier. Upon its delivery, it was deployed on a time charter for 12-months to an oil major. The M/V Gas Kalogeros is a 5,000 cbm Fully Pressurized new building LPG carrier which was delivered ex-yard to her original owners in March 2007 and has been delivered to the Company with an attached 10-month time charter to an oil major. The M/V Gas Sikousis is a 2006 built, 3,500 cbm Fully Pressurized LPG carrier. Upon its delivery to the Company, it was deployed under a 22-month time charter to an oil major. The charter for this vessel also includes, at charter's option, two one-year extensions, the first to be negotiated in May 2009 upon the expiration of the initial term of the charter. The aggregate revenue per calendar month for the above mentioned four time charters, including the M/V Gas Premiership, is $997,250. Stealthgas has extended the time charters for 3 vessels, the M/V Catterick, the M/V Gas Fortune and the M/V Gas Prodigy each to an international gas trader.

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