STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the delivery of Gas Cerberus, new charter arrangements for three vessels, the sale of four vessels and first quarter 2011 financial results release date, conference call and webcast.
Update on Newbuilding Program:
On April 20, 2011, the Company took delivery of the 5,000cbm LPG carrier, Gas Cerberus, from the yard which has since been deployed in the spot market. This is the second Newbuilding in a series of five; the first one being the 5,000cbm Gas Elixir that was delivered on February 28th and deployed on a 22-month time charter. The third 5,000cbm Newbuilding, the Gas Myth, is scheduled to be delivered in July 2011. The Company also announced that the delivery of the fourth vessel the 7,500cbm Gas Husky was rescheduled from the end of November 2011 to the beginning of January 2012. The last vessel, the 7,500cbm Gas Esco is scheduled to be delivered in May 2012.
New Charter Arrangements:
Commencing in May, the existing bareboat charter of the Sir Ivor will be extended for one year to an international gas trader.
Commencing in May, the existing bareboat charter of the Lyne will be extended for one year to an international gas trader.
Commencing in August, the existing time charter of the Gas Evoluzione will be extended for one year to a major natural gas company.
The average time charter equivalent rate for the above three charters is approximately $300,000 per calendar month or approximately $10,000 per day.
Sale of Gas Shanghai, Gas Chios, Gas Czar and Gas Nemesis:
The Company also announced that it has entered into separate Memorandums of Agreement for the sale of four vessels to unaffiliated third parties. The vessels being sold are, the Gas Shanghai, a 3,526cbm LPG carrier, built 1999, the Gas Chios, a 6,562cbm LPG carrier, built 1991, the Gas Czar, a 3,510cbm LPG carrier, built 1995 and the Gas Nemesis, a 3,518cbm LPG carrier, built 1996. The aggregate sale price for these four vessels is approximately $26 million. The average age of the vessels being sold is 15.7 years. The Gas Shanghai was delivered to its new owners on May 8, 2011. The remaining vessels will be delivered to their new owners before the end of July 2011.
First Quarter 2011 Results:
The Company will release its results for the first quarter 2011 on Monday, May 16, 2011 before the opening of the market in New York.
On May 16, 2011 at 11:00 am EDT, the company's management will host a conference call to discuss the results and the company's operations and outlook.