StealthGas paying $200m for 11 LPG carriersStealthGas paying $200m for 11 LPG carriers

Following its annual general meeting last month Nasdaq-listed StealthGas said it had bought two secondhand LPG carriers and nine newbuildings from Japanese yards for a total investment of $200m.

The company has bought a 2006-built 5,000 cu m vessel and a 2008-built 3,500 cu m vessel which were delivered in September. The vessels have been deployed on a one-year time charter and a one-year bareboat charter.

It has also acquired four 3,500 cu m newbuildings to be delivered by undisclosed Japanese yards between second half 2014 and first half 2015, four 5,000 cu m newbuildings for delivery in 2015 also from Japanese yards, and a 7,200 cu m newbuilding from Japan for delivery in the first half of 2015.

The company has paid roughly $50m for the two secondhand vessels and newbuilding deposits.

With the latest series of orders StealthGas has become the largest owner of ships under construction in Japan, with 11 being built at the same time at three different yards plus a further four newbuildings at Korean yards.

The additional vessels bring StealthGas’ investments to $400m of which $125m has so far been paid.

“The company will pursue additional vessel acquisitions in order to expand its LPG fleet further. Of the nine additional newbuildings purchased six have been ordered by the company directly while three have been acquired as resale contracts from third parties,” StealthGas said.