Sale and leaseback, charter deals for Stealthgas

Stealthgas has sold and leased back an LPG carrier and revealed new charters for nine other vessels in its fleet.

Stealthgas has sold the 7,215 cu m, 2001-built, LPG carrier Gas Premiership for $14.2m and leased it back. Net proceeds from the sale after debt repayment for the company are $7m.

The tanker owner also revealed charters on nine vessels varying between three years and two months in length. The new charters increase Stealthgas’ contracted revenues to $235m.

“We are very satisfied to see continuous demand for our fleet, especially the two three year charters, despite the fact that Q4 hasn’t shown yet its typical strength,” said Harry Vafias ceo of Stealthgas.

The company also embarked on a $10m share buy back programme. “Since we are trading at a significant discount to our assessed NAV, we decided that it would be beneficial to our shareholders to restart our share buyback programme,” Vafias said.

Posted 27 November 2014

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Marcus Hand

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Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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