StealthGas Plans to Capitalize on U.S. Gas Exports

Bloomber.com
Tuesday, April 02, 2013

Athens-based StealthGas (GASS) Inc. redeployed tankers as far as 13,500 miles to capitalize on record U.S. exports of liquefied petroleum gas, Bloomberg.com reported.

StealthGas will reportedly increase its presence in the Americas crom the current 15% of its fleet to 25% by the December. This is due to the surge in cargoes exceeding the supply of ships from the Gulf of Mexico in the Caribbean and South America.

The U.S. Energy Department data shows a 33% rise in national LPG shipments, and they are estimated to reach 12 million metric tons in 2015, more than doubling in two years.

Bloomberg analysts estimate that shares of StealthGas which have doubled to $11.99 in the past year will climb 7% within a year to $12.83, leading the company to report a profit of $25.9 million this year and $33 million in 2014, according to predictions compiled by Bloomberg

“StealthGas operates 33 fully-pressurized vessels that can haul 3,200 to 7,500 cubic meters of LPG, giving it a 14% market share, company data show. Rates for ships with a 5,000- cubic-meter capacity climbed 5.3% to $300,000 a month since October, according to London-based Clarkson Plc, the world’s largest shipbroker. The owner also has four semi- refrigerated vessels that use a combination of cooling and pressure to keep cargoes in liquid form,” Bloomberg.com reported.
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

German Shipowner Worst Global Dumper -NSP

German shipowner Ernst Komrowski topped the list of the worst global dumpers with 14 end-of-life vessels sold to the beaches, according to a press release from NGO Ship-breaking Platform (NSP).

Energy

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1569 sec (6 req/sec)