Stealthgas pens sale and leaseback agreement for LPG carrier

Stealthgas said that it has entered into a sale and leaseback agreement for one of its vessels, and concluded five new charter arrangements.

The company entered into a sale and leaseback agreement for the 7,517cbm, 2001 built, LPG carrier Gas Cathar in the fourth quarter of 2014. The proceeds from the sale of the vessel are $14.3 million and net proceeds after debt repayment are approximately $7 million. The company will continue to operate the vessel and entered into an agreement to bareboat charter back the vessel for four years.

Stealthgas also concluded five chartering arrangements, namely a one-year time charter extension for its 3,434 cbm, 1991 built, LPG carrier, Gas Ice, to an established owner-operator, a one-year time charter for its 5,000 cbm, 2011 built, LPG carrier, Gas Myth, to a European oil major, with a charterer’s option to extend for a further two years.

The company also concluded a three-month time charter extension for its 3,500 cbm, 2014 built, LPG carrier, Eco Corsair, a three-month time charter for its 5,018 cbm, 1997 built, LPG carrier, Gas Monarch and a three-month time charter for its 3,500 cbm, 2015 built, LPG carrier, Eco Lucidity, to an international trading house starting with the delivery of the vessel in January 2015.

With these charters, Stealthgas has contracted revenues for its fleet of approximately $220 million. Total voyage days of its fleet are 65% covered for 2015 and 31% for 2016. Seven vessels are currently operating in the spot market.

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LNG World News Staff; Image: Stealthgas

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