STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2011 Financial and Operating Results

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| Source: StealthGas Inc.

ATHENS, Greece, Feb. 23, 2012 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2011.

Fourth Quarter 2011 Results:

  • Voyage revenues for the three months ended December 31, 2011, amounted to $28.9 million, a decrease of $0.2 million, or 0.7%, compared to voyage revenues of $29.1 million for the three months ended December 31, 2010.
  • Voyage expenses and vessels' operating expenses for the three months ended December 31, 2011 were $4.7 million and $7.8 million, respectively, compared to $4.1 million and $9.7 million for the three months ended December 31, 2010. The increase of voyage expenses was due primarily to higher fuel costs for our vessels under spot charters. The decrease in vessels' operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2011 period.
  • Net income for the three months ended December 31, 2011 was $4.4 million, or $0.22 per share, an increase of $0.1 million, from net income of $4.3 million, or $0.21 per share for the three months ended December 31, 2010.
  • Included in the fourth quarter results are net losses from interest rate and foreign exchange derivatives instruments of $0.2 million. This amount includes $1.2 million or $0.06 per share, of interest paid on recurring interest rate swap arrangements. Excluding non- recurring items, adjusted net income was $3.4 million or $0.17 per share compared to $2.4 million or $0.11 per share for the same period last year.
  • Adjusted EBITDA for the three months ended December 31, 2011 amounted to $12.6 million. A reconciliation of adjusted EBITDA to Net Income is set forth below.

An average of 37 vessels were owned by the Company in the three months ended December 31, 2011, earning an average time-charter equivalent rate of approximately $7,404 per day as compared to 38 vessels, earning an average time-charter equivalent rate of $7,195 per day for the same period of 2010.

Twelve Months 2011 Results

  • Voyage revenues for the twelve months ended December 31, 2011, amounted to $118.3 million an increase of $6.9 million, or 6.2%, from voyage revenues of $111.4 million for the twelve months ended December 31, 2010.
  • Voyage expenses for the twelve months ended December 31, 2011 amounted to $17.8 million, an increase of $4.1 million, or 29.9%, from $13.7 million for the twelve months ended December 31, 2010. The increase in voyage expenses during the year was due to the increased activity of our vessels operating in the spot market and higher fuel costs. Vessels' operating expenses for the twelve months ended December 31, 2011 amounted to $36.6 million, a decrease of $1.7 million, or 4.4%, from operating expenses of $38.3 million for the twelve months ended December 31, 2010. The decrease in operating expenses during the year was primarily due to the increase in the number of vessel under bareboat charters.
  • Net income for the twelve months ended December 31, 2011 was $8.5 million or $0.41 per share, a decrease of $2.6 million, from net income of $11.1 million, or $0.51 per share, for the twelve months ended December 31, 2010.
  • Included in the twelve months ended December 31, 2011 results are losses incurred on interest rate and foreign exchange derivatives instruments of $2.9 million. This amount includes $5.5 million or $0.26 per share, on interest paid on recurring interest rate swap arrangements. The Company also realized a $5.7 million loss on sale of vessels. Excluding non-recurring items, adjusted net income was $11.6 million or $0.56 per share compared to $8.4 million or $0.39 per share for the twelve months ended December 31, 2010.
  • Adjusted EBITDA for the twelve months ended December 31, 2011 amounted to $47.6 million. A reconciliation of adjusted EBITDA to Net Income is set forth below.

An average of 37.6 vessels were owned by the Company in the twelve months ended December 31, 2011, earning an average time-charter equivalent rate of approximately $7,514 per day as compared to 38.6 vessels, earning an average time-charter equivalent rate of $7,064 per day for the same period in 2010.

CEO Harry Vafias commented

We are pleased to announce another profitable quarter for the Company. Our financial and operational results have strengthened compared to the previous quarter and the same quarter of last year, reflective of the recovery in the LPG shipping market. As expected we have seen chartering activity pick up during the winter months. Our strategic focus on this niche LPG segment has allowed us to report solid results in contrast to the continued weakness in most shipping segments. Our adjusted net income for the fourth quarter was $3.4 million compared to $2.4 million for the same period last year, while for the twelve month period our adjusted net income was $11.6 million compared to last year's $8.4 million.

Voyage revenues for the fourth quarter were at similar levels to last year even though we had one less vessel in the fleet and five of our vessels were deployed on bareboat charters instead of time or voyage charters. As a result of the bareboat charters, which produce less revenues but also incur less expenses, we managed to decrease our operating expenses in the quarter by close to $2 million compared to last year.

During the fourth quarter we concluded a number of new charters for our vessels. In addition to the nine previously announced charters, we also extended the charters on the Lyne and Sir Ivor for an additional year. As a result the forward coverage of our revenues has increased to 75% for 2012 and 40% for 2013. We will continue to seek opportunities to profitably employ our vessels on long term charters and if such opportunities arise with respect to bareboat charters this could result in us being treated as a passive foreign investment company for US federal income tax purposes for 2012 or in subsequent years.

In terms of sale and purchase activity we sold the smallest vessel in our fleet, the 1,320cbm Gas Tiny, which was delivered to the buyers in January 2012. That same month we also took delivery on schedule from the shipyard of the 7,500cbm Gas Husky that we employed on a five year charter. Finally, we recently agreed to sell the 5,000cbm Gas Kalogeros to a third party. As with the sale of the Gas Tiny, we anticipate recognizing a gain from the sale of the Gas Kalogeros. We still have one newbuilding vessel to take delivery of, the 7,500cbm Gas Esco in order to conclude our newbuilding program. We have already arranged for financing and we are currently evaluating employment opportunities for this vessel. With the sale of older vessels over the past couple of years we have improved our cash position. We are now in a position to expand and renew our fleet and will be looking at opportunities for modern vessels.

Finally, I would like to remark that while we have a solid balance sheet, moderate leverage and circa $50 million in cash as of today, our market capitalization continues to be below $100 million.

Conference Call details:

On February 23, 2012 at 11:00 am ET, the Company's management will host a conference call to discuss the results and the Company's operations and outlook.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1877 213 2455 (US Toll Free Dial In) or 0800 073 8917 (UK Toll Free Dial In).

In case of any problems with the above numbers, please dial +01 631 510 7498 (US Toll Dial In), or +44 (0)1452 551 089 (Standard International Dial In). Please quote "53229696".

A telephonic replay of the conference call will be available until March 2, 2012 by dialing 1866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 5500 00 (Standard International Dial In). Access Code: 53229696#

Slides and audio webcast:

There will also be a live-and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the LPG sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 33 LPG carriers with a total capacity of 159,268 cbm, three medium range (M.R.) product tankers and one Aframax oil tanker. The Company has also entered into agreement to acquire a new building LPG carrier with expected delivery in May 2012 and to sell one LPG carrier. Once this acquisition and the sale are completed, STEALTHGAS INC 's fleet will be composed of 33LPG carriers with a total capacity of 161,768 cbm, three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 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

Fleet Data:

The following key indicators highlight the Company's operating performance during the fourth quarters and twelve months ended December 31, 2010 and December 31, 2011.

FLEET DATA Q4 2010 Q4 2011 12M 2010 12M 2011
Average number of vessels (1) 38.0 37.0 38.6 37.6
Period end number of vessels in fleet 38 37 38 37
Total calendar days for fleet (2) 3,496 3,404 14,075 13,716
Total voyage days for fleet (3) 3,470 3,262 13,835 13,368
Fleet utilization (4) 99.3% 95.8% 98.3% 97.5%
Total charter days for fleet (5) 2,605 2,647 10,327 10,455
Total spot market days for fleet (6) 865 615 3,508 2,913
Fleet operational utilization (7) 92.2% 90.5% 87.3% 89.7%
         
AVERAGE DAILY RESULTS   Q4 2010 Q4 2011 12M 2010 12M 2011
Time Charter Equivalent – TCE (8) $7,195 $7,404 $7,064 $7,514
Vessel operating expenses (9) 2,781 2,281 2,724 2,665
Management fees 379 319 368 347
General and administrative expenses 235 198 215 193
Total operating expenses (10) 3,016 2,479 2,939 2,858
         

1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels in our fleet operated on time or bareboat charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

8) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.

9) Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.

10) Total operating expenses, or TOE, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

EBITDA represents net income before interest, income tax expense, depreciation and amortization. Adjusted EBITDA represents EBITDA before (gain)/loss on sale of assets, loss on derivatives excluding swap interest paid and non-cash exchange difference. EBITDA, adjusted EBITDA and adjusted net income are not recognized measurements under US GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis upon which we assess our financial performance, assist in comparability of our performance from period to period and provide additional information on fleet operational results. We also use EBITDA to assess our liquidity position and believe it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. 

     
(Expressed in United States Dollars,
except number of shares)
Fourth Quarter Ended
December 31st,
Twelve Months Period Ended
December 31st,
  2010 2011 2010 2011
Net Income - Adjusted Net Income        
Net income 4,343,326 4,445,791 11,093,191 8,549,791
Loss on derivatives 6,342 170,568 6,071,638 2,931,404
Less swap interest paid (1,316,112) (1,178,630) (6,087,631) (5,497,478)
(Gain)/loss on sale of vessels, net -- -- (960,696) 5,654,178
Unrealized exchange (gain)/loss (610,797) 308 (1,690,528) (6,868)
Adjusted Net Income 2,422,759 3,438,037 8,425,974 11,631,027
         
EBITDA - Adjusted EBITDA        
Net income 4,343,326 4,445,791 11,093,191 8,549,791
Plus interest and finance costs 1,997,220 2,239,728 7,672,848 8,510,516
Less interest income (15,286) (44,327) (315,517) (83,059)
Plus depreciation 6,906,772 6,973,119 26,624,098 27,562,120
EBITDA 13,232,032 13,614,311 45,074,620 44,539,368
         
Adjusted Net Income 2,422,759 3,438,037 8,425,974 11,631,027
Plus interest and finance costs 1,997,220 2,239,728 7,672,848 8,510,516
Less interest income (15,286) (44,327) (315,517) (83,059)
Plus depreciation 6,906,772 6,973,119 26,624,098 27,562,120
ADJUSTED EBITDA 11,311,465 12,606,557 42,407,403 47,620,604
         
EPS - Adjusted EPS        
Net income 4,343,326 4,445,791 11,093,191 8,549,791
Adjusted net income 2,422,759 3,438,037 8,425,974 11,631,027
Weighted average number of shares 21,088,608 20,552,568 21,539,331 20,909,154
EPS 0.21 0.22 0.51 0.41
Adjusted EPS 0.11 0.17 0.39 0.56
         
         
StealthGas Inc.        
Unaudited Statements of Income        
(Expressed in United States Dollars, except number of shares)    
         
         
  Quarters Ended
December 31,
Twelve Month Periods Ended
December 31,
  2010 2011 2010 2011
       
         
Revenues        
Voyage revenues 29,055,589 28,884,313 111,409,623 118,280,752
         
Expenses        
Voyage expenses 4,089,801 4,733,157 13,680,008 17,829,220
Vessels' operating expenses 9,722,266 7,766,222 38,338,063 36,558,153
Dry-docking costs 371,794 867,692 2,716,378 3,443,491
Management fees 1,326,245 1,087,000 5,184,055 4,760,865
General and administrative expenses 821,230 673,153 3,031,491 2,646,418
Depreciation 6,906,772 6,973,119 26,624,098 27,562,120
Charter termination fees  --  -- (228,000)  --
Net (gain)/loss on sale of vessels  --  -- (960,696) 5,654,178
Total expenses 23,238,108 22,100,343 88,385,397 98,454,445
         
Income from operations 5,817,481 6,783,970 23,024,226 19,826,307
         
Other income/(expenses)        
Interest and finance costs (1,997,220) (2,239,728) (7,672,848) (8,510,516)
Loss on derivatives (6,342) (170,568) (6,071,638) (2,931,404)
Interest income 15,286 44,327 315,517 83,059
Foreign exchange gain 514,121 27,790 1,497,934 82,345
Other expenses, net (1,474,155) (2,338,179) (11,931,035) (11,276,516)
         
Net income 4,343,326 4,445,791 11,093,191 8,549,791
         
Earnings per share         
- Basic 0.21 0.22 0.51 0.41
- Diluted 0.21 0.22 0.51 0.41
Weighted average number of shares         
-Basic 21,088,608 20,552,568 21,539,331 20,909,154
-Diluted 21,101,882 20,552,568 21,539,331 20,909,154
 
 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
     
  December 31,
  2010 2011
     
Assets    
Current assets    
Cash and cash equivalents 29,797,095 45,539,303
Trade and other receivables 2,414,008 1,545,658
Claims receivable 396,395 516,403
Inventories 1,840,092 2,416,108
Advances and prepayments 777,126 628,623
Restricted cash 4,495,198 4,954,363
Vessels held for sale  -- 921,285
Fair value of derivatives 5,407,633  --
Total current assets 45,127,547 56,521,743
     
Non current assets    
Advances for vessels under construction 37,273,199 22,347,811
Vessels, net 603,065,011 613,832,973
Other receivables 42,572  --
Restricted cash 1,550,000 1,300,000
Deferred finance charges, net of accumulated amortization of $978,574 and $1,374,020 1,318,070 1,707,624
Total non current assets 643,248,852 639,188,408
Total assets 688,376,399 695,710,151
     
Liabilities and Stockholders' Equity  
Current liabilities    
Payable to related party 9,515,372 7,874,990
Trade accounts payable 4,761,389 6,453,807
Other accrued liabilities 5,433,594 4,749,162
Customer deposits 285,000 275,000
Deferred income 2,754,630 2,789,186
Other current liability 2,687,500  --
Current portion of long-term debt 34,831,548 33,166,887
Current portion of long-term debt associated with vessel held for sale  -- 791,823
Total current liabilities 60,269,033 56,100,855
     
Non current liabilities    
Fair value of derivatives 11,602,213 9,401,798
Long-term debt 310,254,401 317,109,471
Total non current liabilities 321,856,614 326,511,269
Total liabilities 382,125,647 382,612,124
     
Commitments and contingencies  --  --
     
Stockholders' equity    
Capital stock   211,042  205,526
Additional paid-in capital 277,986,270 275,761,643
Retained earnings 28,508,349 37,058,140
Accumulated other comprehensive (loss)/income (454,909) 72,718
Total stockholders' equity 306,250,752 313,098,027
Total liabilities and stockholders' equity 688,376,399 695,710,151
 
 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
     
  December 31,
  2010 2011
   
Cash flows from operating activities    
Net income for the year 11,093,191 8,549,791
     
Items included in net income not affecting cash flows:    
Depreciation and amortization of deferred finance charges 27,132,784 27,957,566
Unrealized exchange gain (1,690,528) (6,868)
Share based compensation 154,442 4,071
Change in fair value of derivatives (15,993) 3,734,845
(Gain)/loss on sale of vessels, net (960,696) 5,654,178
     
Changes in operating assets and liabilities:    
(Increase)/decrease in    
Trade and other receivables (601,406) 910,922
Claims receivable (580,579) (715,934)
Inventories 306,827 (576,016)
Advances and prepayments (151,256) 148,503
Increase/(decrease) in    
Payable to related party 2,205,275 (1,640,382)
Trade accounts payable 537,841 1,692,418
Other accrued liabilities (661,728) (684,432)
Other current liability (8,062,500) (2,687,500)
Deferred income (889,333) 34,556
Net cash provided by operating activities 27,816,341 42,375,718
     
Cash flows from investing activities    
Insurance proceeds 678,036 595,926
Advances paid for vessels under construction and acquisitions of vessels (70,855,294) (54,981,190)
Proceeds from sale of vessels, net 37,100,890 25,001,033
Decrease in restricted cash account -- 250,000
Increase in restricted cash account (96,010) (459,165)
Net cash used in investing activities (33,172,378) (29,593,396)
     
Cash flows from financing activities    
Stock repurchase (6,280,327) (2,234,214)
Deferred finance charges (360,000) (785,000)
Customer deposits received  285,000 275,000
Customer deposits paid (3,522,287) (285,000)
Loan repayment (45,736,121) (43,417,768)
Proceeds from long-term debt 45,000,000 49,400,000
Net cash (used in)/provided by financing activities (10,613,735) 2,953,018
     
Effect of exchange rate changes on cash 1,690,528 6,868
     
Net increase in cash and cash equivalents (14,279,244) 15,742,208
Cash and cash equivalents at beginning of year 44,076,339 29,797,095
Cash and cash equivalents at end of year 29,797,095 45,539,303

Fleet Profile and Fleet Deployment:

The table below shows the Company's fleet development and deployment as of today:

LPG Carrier Fleet

             
Vessel Vessel Size (cbm) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration (1)
CURRENT FLEET
Gas Cathar  7,517 F.P. 2001 Oct-05 Time Charter May-12
Gas Husky 7,500 F.P. 2011 Jan-12 Bareboat Jan-17
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter  Mar-12
Gas Haralambos  7,000 F.P. 2007 Oct-07 Time Charter Jun-13
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter Dec-12
Gas Moxie  6,526 F.P. 1992 May-05 Spot --
Gas Flawless 6,300 F.P. 2007 Feb-07 Time Charter May-12
Gas Monarch 5,018 F.P. 1997 Dec-05 Time Charter Mar-12
Lyne  5,014 F.P. 1996 May-06 Bareboat May-13
Gas Emperor 5,013 F.P. 1995 Feb-05 Time Charter Mar-12
Catterick 5,001 F.P. 1995 Nov-05 Time Charter Jan-14
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat May-13
Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter Jul-12
Gas Kalogeros (2) 5,000 F.P. 2007 Jul-07 Spot --
Gas Defiance  5,000 F.P. 2008 Jul-08 Time Charter Jan-13
Gas Shuriken  5,000 F.P. 2008 Oct-08 Time Charter Oct-12
Gas Elixir 5,000 F.P. 2011 Feb-11 Time Charter Dec-12
Gas Cerberus 5,000 F.P. 2011 Apr-11 Time Charter Jul-12
Gas Myth 5,000 F.P. 2011 Sep-11 Time Charter Nov-14
Gas Sincerity 4,123 F.P. 2000 Nov-05 Bareboat Aug-14
Gas Spirit 4,112 F.P. 2001 Dec-05 Bareboat Jan-16
Gas Zael  4,111 F.P. 2001 Dec-05 Bareboat Jan-14
Gas Kaizen  4,109 S.R. 1991 Nov-04 Spot --
Gas Evoluzione  3,517 F.P. 1996 Jul-07 Time Charter Aug-12
Gas Astrid  3,500 F.P. 2009 Apr-09 Bareboat Apr-14
Gas Legacy  3,500 F.P. 1998 Oct-05 Time Charter Oct-12
Gas Sikousis  3,500 F.P. 2006 Aug-07 Bareboat May-16
Gas Exelero  3,500 F.P. 2009 Jun-09 Bareboat Jun-14
Gas Arctic 3,434 S.R. 1992 Apr-05 Time Charter Jan-13
Gas Ice 3,434 S.R. 1991 Apr-05 Time Charter Jan-13
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat May-13
Gas Pasha  3,244 F.P. 1995 Jun-06 Time Charter Jan-15 
Gas Crystal 3,211 S.R. 1990 Nov-05 Time Charter Apr-12 
FLEET TOTAL: 159,268          
33 VESSELS Cbm          
Additional Vessels (with expected delivery date)
Gas Esco 7,500 F.P. 2012 May-12    
TOTAL LPG CARRIER FLEET:  166,768          
34 VESSELS cbm          
             

Tanker Fleet

             
Vessel Vessel Size (dwt) Vessel Type Year Built Delivered To GASS Employment Status Charter Expiration(1)
Navig8 Fidelity 47,000 MR Product Tanker 2008 Jan-08 Bareboat Jan-15
Navig8 Faith 47,000 MR Product Tanker 2008 Feb-08 Bareboat Feb-15
Alpine Endurance 46,000 MR Product Tanker 2009 Jul-09 Bareboat Jun-12
Spike 115,804 Aframax Oil Tanker 2010 Jul-10 Bareboat Jul-15
TOTAL            
TANKER FLEET:  255,804 dwt          
4 VESSELS            
  • F.P.: Fully-Pressurized
  • S.R.: Semi-Refrigerated
  • M.R.: Medium Range

(1) Earliest date charters could expire.  

(2) We have agreed to sell this vessel with expected delivery in May 2012

Konstantinos Sistovaris
Chief Financial Officer
STEALTHGAS INC.
011-30-210-6250-001
E-mail: