Stealthgas Announces Charter Renewals
Stealthgas has entered into new time charter agreements for M/V Gas Sophie, M/V Gas Czar and M/V Gas Nemesis. The company has entered into a new bareboat charter for M/V Gas Ice and extended time charters for M/V Gas Renovatio, M/V Gas Zael, M/V Gas Sincerity, M/V Gas Shanghai, M/V Gas Kalogeros, M/V Gas Legacy, M/V Gas Icon and the M/V Gas Spirit.The M/V Gas Sophie, upon its scheduled delivery in October 2007 will be deployed on a time charter for 12 months to an international gas trader. The vessel is a 1995 built 3,500 cbm, Fully Pressurized LPG carrier that the Company agreed to acquire in early April 2007. The M/V Gas Czar and M/V Gas Nemesis have entered into new time charters both for 12 months beginning in December 2007 and May 2008, respectively, to an international gas trader.
The M/V Gas Renovatio has extended its existing time charter for an additional 12 months, commencing in January 2008, to an international gas trader. The M/V Gas Zael and M/V Gas Sincerity have each extended their existing time charters for an additional 12 months to an oil major, commencing in March and July of 2008, respectively. The M/V Gas Shanghai has extended its existing time charter for an additional 12 months, commencing in September 2008, to an international gas trader. Both the M/V Gas Kalogeros and the M/V Gas Legacy have extended their existing time charters for an additional two years, both commencing in April 2008, and both to an oil major. The M/V Gas Spirit has extended its existing time charter for an additional two years commencing in June 2008 to an oil major. The M/V Gas Icon"has also extended its existing charter for two years commencing in July 2008 to an oil major. Lastly, the M/V Gas Ice upon the expiration of its current bareboat charter in April 2008, has entered into a new bareboat charter for a period of three years commencing in April 2008 to a European ship operator. The aggregate revenue per calendar month for the above detailed charters is $3,088,000.