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Stealthgas buys up to six new LPG carriers, cancels two orders

Stealthgas buys up to six new LPG carriers, cancels two orders
Greek shipowner Stealthgas has added up to six new LPG carriers to its fleet and cancelled two existing orders under construction.

Stealthgas announced that it has purchased two 22,000 cu m refrigerated eco-LPG carriers due for delivery in the first quarter of 2017 from a Korean shipyard with options for another two vessels.

The shipowner has also agreed to cancel two 5,000 cu m pressurized newbuildings under construction in Korea and it will be refunded all amounts advanced to date for those vessels. These newbuilding orders will be replaced by a 7,500 cu m LPG carrier and a 7,200 cu m carrier, due for delivery in the first quarter and third quarter of 2016 respectively from a Japanese yard.

Stealthgas said it has paid deposits of $83m for 17 newbuilding LPG carriers and the company intends to fund the remaining capital expenditure of about $308m through bank finance and available cash.

“The company has concluded negotiations with banks for firm commitments to finance 13 of these vessels for an amount up to $171m, and is in discussions with financial institutions for additional bank finance of approximately $96m for the remaining vessels including the four newbuilding vessels whose acquisitions were announced today,” Stealthgas said.

“With these additions to the fleet our total asset value will amount to approximately $1.05bn.”

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