ATHENS, Greece, March 31, 2009 (GLOBE NEWSWIRE) -- StealthGas Inc. (Nasdaq:GASS) (the "Company"), a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that following amicable negotiations with the builder, deliveries of the five LPG carriers to be constructed by them have been rescheduled to now occur during 2011 and 2012, with no vessels now being delivered to the Company during 2010. The Company is also pleased to announce that the above amended agreement was concluded at no cost to StealthGas Inc.
The Company also announced that the charter to Societa Cooperative di Navigazione a.r.l. "G. Giulietti" of Genoa, Italy, the bareboat charterer under which the Gas Ice was deployed, has been improperly terminated by G. Giulietti. The Company is currently exploring all legal means at its disposal with respect to such actions by G. Giulietti, and the Company has already had ships owned or controlled by G. Giulietti arrested as a means of securing monies owed to the Company as a consequence of the improper termination of the bareboat charter.
The Company also announced the following new charter arrangements:
The Gas Astrid will, upon her delivery to the Company on April 16, 2009, commence a one-year time charter to a major Far Eastern LPG operator.
The Lyne is currently deployed under a bareboat charter that expires in May 2009, which has been extended with her current charterer until December 2009.
The Sir Ivor is currently deployed under a bareboat charter that expires in May 2009, which has been extended with her current charterer until December 2009.
The Gas Sikousis is currently deployed under a time charter that expires in May 2009, which has been extended with her current charterer until May 2010.
The average time charter equivalent rate for the above four charters is $232,894 per calendar month or $7,661 per day.
Fleet Profile and Fleet Deployment:
The table below show the Company's fleet development and deployment
as of today:
LPG Carrier Fleet
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Vessel Vessel Vessel Year Delivered Employment Charter
Size Type Built To GASS Status Expir-
(cbm) ation (1)
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CURRENT FLEET
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Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Sep-09
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Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter Jan-12
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Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter Oct-09
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Gas Marathon 6,572 F.P. 1995 Nov-05 Bareboat Oct-09
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Gas Chios 6,562 F.P. 1991 Oct-05 Time Charter Mar-10
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Gas Amazon 6,526 F.P. 1992 May-05 Spot -
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Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-11
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Gas Monarch 5,018 F.P. 1997 Dec-05 Bareboat Jun-10
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Lyne 5,014 F.P. 1996 May-06 Bareboat Dec-09
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Gas Emperor 5,013 F.P. 1995 Feb-05 Bareboat Jun-12
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Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Oct-11
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Catterick 5,001 F.P. 1995 Nov-05 Spot Mar-09
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Sir Ivor 5,000 F.P. 2003 May-06 Bareboat Dec-09
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Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter Jul-10
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Gas Kalogeros 5,000 F.P. 2007 Jul-07 Time Charter Apr-10
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Gas Defiance 5,000 F.P. 2008 July-08 Time Charter Jul-09
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Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter Oct-10
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Gas Sincerity 4,123 F.P. 2000 Nov-05 Time Charter Jul-09
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Gas Spirit 4,112 F.P. 2001 Dec-05 Time Charter Jun-10
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Gas Zael 4,111 F.P. 2001 Dec-05 Spot May-09
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Gas Courchevel 4,109 S.R. 1991 Nov-04 Spot Apr-09
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Gas Prophet (2) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09
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Gas Shanghai 3,526 F.P. 1999 Dec-04 Time Charter Sep-09
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Sea Bird II 3,518 F.P. 1996 May-07 Bareboat May-09
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Gas Evoluzione 3,517 F.P. 1996 Jul-07 Time Charter Jul-09
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Gas Czar 3,510 F.P. 1995 Feb-06 Time Charter Jun-09
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Gas Sophie 3,500 F.P. 1995 Oct-07 Spot Apr-09
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Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter Apr-10
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Gas Fortune 3,500 F.P. 1995 Feb-06 Time Charter May-09
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Gas Eternity (3) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10
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Gas Sikousis 3,500 F.P. 2006 Aug-07 Time Charter May-10
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Gas Arctic 3,434 S.R. 1992 Apr-05 Spot --
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Gas Ice 3,434 S.R. 1991 Apr-05 Spot --
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Chiltern 3,312 F.P. 1997 Jun-07 Bareboat May-13
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Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter Oct-10
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Gas Natalie (4) 3,213 F.P. 1997 Jan-09 Bareboat Sep-11
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Gas Crystal 3,211 S.R. 1990 Nov-05 Spot Mar-09
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Gas Prodigy 3,014 F.P. 1995 Oct-05 Spot May-09
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Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Oct-10
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FLEET TOTAL: 173,499
39 VESSELS cbm
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Additional Vessels (with expected delivery date)
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Gas Astrid (5) 3,500 F.P. 2009 Apr-09 Time Charter Apr-10
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Gas Exelero 3,500 F.P. 2009 June-09
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TBN 5,000 F.P. 2011 Feb-11
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TBN 5,000 F.P. 2011 Mar-11
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TBN 5,000 F.P. 2011 July-11
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TBN 7,500 F.P. 2011 Nov-11
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TBN 7,500 F.P. 2012 May-12
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TOTAL LPG
CARRIER
FLEET: 210,499
46 VESSELS cbm
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Product Tanker Fleet
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Vessel Vessel Vessel Year Delivered Employment Charter
Size Type Built To GASS Status Expir-
(dwt) ation (1)
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Navig8 MR
Fidelity 47,000 Product 2008 Jan-08 Bareboat Jan-15
Tanker
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MR
Navig8 Faith 47,000 Product 2008 Feb-08 Bareboat Feb-15
Tanker
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Stealth MR
S.V.(6) 46,000 Product 2009 Apr-09 Time Charter Apr-12
Tanker
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MR
Stealth 50,500 Product 2009 Nov-09 Bareboat Nov-12
Argentina(7) Tanker
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TOTAL MR
PRODUCT
TANKER FLEET: 190,500
4 VESSELS dwt
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* F.P.: Fully-Pressurized
* S.R.: Semi-Refrigerated
* M.R.: Medium Range
(1) Earliest date charters could expire. Most charters include
options to shorten or extend their term.
(2) Gas Prophet has for the three-year duration of bareboat charter
been renamed the M.T. Ming Long.
(3) Gas Eternity has for the duration of its bareboat charter been
renamed the M.T. Yu Tian 9.
(4) Gas Natalie, upon her delivery, continued to be deployed
under an existing bareboat charter to a major international LPG
operator that expires in September 2011. The charterer has an
option in September 2009 and 2010 to cancel the existing charter
upon the payment of a cancellation fee in the amount of $336,000,
if exercised in 2009, or $180,000, if exercised in 2010.
(5) Gas Astrid upon her delivery in April 2009 will be deployed on a
one year time charter to a Far East gas operator.
(6) The Stealth S.V. a 46,000 deadweight M.R. type product carrier is
expected to be delivered to the Company in April 2009, whereupon
she will commence a three-year time charter.
(7) The Stealth Argentina, a 50,500 deadweight M.R. type product
carrier, is expected to be delivered to the Company in November
2009, whereupon she will commence a three-year bareboat charter.
About StealthGas Inc.
Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 39 LPG carriers with a total capacity of 173,499 cubic meters (cbm) and two M.R. product tankers. In addition, the company has entered into agreements to acquire two resale new building LPG carriers, the Gas Astrid and the Gas Exelero, with expected delivery in April and June 2009, respectively, plus five new building LPG carriers with expected delivery from February 2011 through May 2012 and two resale new building M.R. product carriers with expected delivery in April and November 2009. Once these acquisitions are completed, StealthGas Inc.'s fleet will be composed of 46 LPG carriers with a total capacity of 210,499 cubic meters (cbm) and four M.R. product tankers with a total capacity of 190,500 deadweight tons (dwt). StealthGas Inc.'s shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although StealthGas Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, StealthGas Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, changes in StealthGas Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by StealthGas Inc. with the U.S. Securities and Exchange Commission.
Visit our website at www.stealthgas.com