Greece: StealthGas Announces Charter Arrangements for Ten Vessels

STEALTHGAS INC. GASS, a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today an update on its chartering arrangements.

Chartering Update

The company has concluded the following chartering arrangements:

A four year time charter for its 46,000dwt, built 2009, product tanker, Alpine Endurance (which will be renamed), to an affiliated company. There is an option to extend the charter for a further one year. The charter rate for the firm period is $15,800 per day and for the optional period $1,200 more per day.

A five year time charter for its 7,500cbm, newbuilding LPG carrier, Gas Esco, to an affiliated company. The charter will commence upon the delivery of the vessel from the yard in June 2012.

A bareboat charter of approximately three and a half years for its 5,018cbm, built 2011, LPG carrier, Gas Elixir to a middle eastern oil company.

The time charter for its 5,000cbm, built 2008, LPG carrier, Gas Shuriken, to an international gas trader, has been extended for two years until November 2014.

The time charter for its 5,000cbm, built 2008, LPG carrier, Gas Defiance, to an international gas trader, has been extended for two years until January 2015.

The time charter for its 7,500cbm, built 2001, LPG carrier, Gas Cathar, to an international gas trader, has been extended for one year until May 2013.

The time charter for its 6,300cbm, built 2007, LPG carrier, Gas Flawless, to an international oil trader has been extended for six months until November 2012.

The time charter for its 7,500cbm, built 2001, LPG carrier, Gas Premiership, to an national oil company, has been extended until May 2012.

A two month time charter for its 3,200cbm, built 1990, LPG carrier, Gas Crystal, to an international gas trader, until June 2012. The charterer has an option to extend the charter for a further 4 months.

The time charter for its 6,500cbm, built 1992, LPG carrier, Gas Moxie, has previously been extended for two months and expires in April 2012.

With the above charter arrangements the Company will secure future revenues of approximately $13.5 million for 2012 and $58 million thereafter.

The average time charter equivalent rate for the LPG carrier charters above is approximately $10,800 per day.

Contracted coverage for the fleet is elevated to 80% for 2012 and 55% for 2013.

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Source: STEALTHGAS, April 20, 2012