Greece: StealthGas Announces Sale of Vessel and Update on Chartering Arrangements

STEALTHGAS INC., a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the sale of one vessel and an update on chartering arrangements.

Sale of Vessel

The Company has entered into an agreement to sell the smallest vessel in its fleet, the 1,320cbm, built 1991, LPG carrier, Gas Tiny. The delivery of the vessel to its new owners is scheduled towards the end of January. The Company expects to book a profit from the sale of approximately $1.3 million in the first quarter of 2012.

Chartering Update

The company has also concluded the following chartering arrangements:

The time charter for its 3,211cbm, built 1990, LPG carrier, Gas Crystal has been extended until April 2012.

The time charter for its 6,572cbm, built 1995, LPG carrier, Gas Marathon has been extended until January 2013. The charterer has an option to extend the charter for a further six months.

The time charter for its 6,300cbm, built 2007, LPG carrier, Gas Flawless has been extended until May 2012.

Two one-year time charters with a chemical company for its 3,434cbm, built 1992, LPG carrier,

Gas Arctic and its 3,434cbm, built 1991, LPG carrier, Gas Ice , commencing in January. The charterer has an option to extend the charters for a further one year.

A five-year bareboat charter with a middle eastern state company for its newbuilding 7,500cbm LPG carrier, Gas Husky, to be delivered in January.

A two year time charter with a middle eastern gas company for its 5,000cbm , built 1995, LPG carrier, Catterick. The charterer has an option to extend the charter for a further one year.

With the above charter arrangements the Company will secure future revenues of approximately $30 million.

Contracted coverage for the fleet is elevated to 71% for 2012 and 38% for 2013.

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World Maritime News Staff, January 10, 2012; Image: StealthGas