Stealthgas bags charters, signs newbuilds and hires execs

Due to be built in Japan, the newbuilds are a 5,000 cu m LPG carrier and a 3,500 c um LPG carrier expected to be delivered in the fourth quarter 2014 and first quarter of 2015 respectively.

Between March 2014 to August 2015 the company expects to take delivery of 17 LPG carriers totalling $345m. Of that price tag, $75m has been paid in deposits, $185m in bank finance has been concluded for 13 vessels and a further $50m of indicative offers for the remaining vessels has been received.

Of nine charter extensions announced today, two are for three months, one is for a year, a pair are for four years and four are for eight years. The extensions bring charter coverage to 75% for 2014 and 41% for 2015.

Excluding the eight year charters for the 7,200 cu m vessels, the average TCE rates for the extensions is $285,000 per month with the 7,200 cu m vessels reaching $335,000 per month.

Two senior executives have also joined the company, Stavros Papantonopoulos as finance manager and Diamantis Andriotis as cto.

"I would like to welcome both Mr. Papantonopoulos and Dr. Andriotis and believe that with their experience and vigor they will be valuable additions to our fast growing company," Stealthgas ceo Harry Vafias commented. "I would also like to thank Mr. Sistovaris for stepping in to provide his assistance at a time we needed to secure bank financing for our expanding fleet.

"We stay committed to growing this company further and in that respect have added two more eco-newbuilds to our orderbook at a time when markets have been improving compared to the seasonal weakness experienced in previous quarters and now with 17 eco LPG carriers under construction with prompt deliveries we offer great optionality to our shareholders".

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