StealthGas Invests $200m in New LPG Carriers

StealthGas INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector, has made a decision to expand its LPG fleet with nine new vessels that will be built at Japanese yards for a total investment of $200 million.

The decision to acquire new LPG carriers was announced at the 2013 annual general meeting of its shareholders held on September 23, 2013.

As part of its fleet expansion program the company will acquire four 3,500cbm LPG carriers, four 5,000cbm vessels and one 7,200cbm newbuild. Six out of the nine newbuildings have been ordered by the company directly, while three have been acquired as resale contracts from third parties.

The company has already made a deposit for the vessels that are under construction and intends to fund the remaining capital expenditure with bank finance and available cash.

Delivery of the vessels will start from the second half of 2014 with the last scheduled for the second half of 2015.

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Shipbuilding Tribune Staff, October 2, 2013