Sir Ivor, a Stealth Gas-owned 5,000 cbm LPG carrier. Image: Stealth Gas
LPG shipper StealthGas INC. (Nasdaq:GASS) announced today it has exercised newbuild options for two 22,000 cubic meter semi-refrigerated LPG carriers from an undisclosed South Korean shipyard.
The deliveries are planned for Q2 and Q3 2017, respectively and these orders follow a similar order in mid-July. StealthGas now has 19 new LPG carriers on order at a total prices of around $500 million. The company’s existing fleet value stands at $1.15 billion.
The company expects that the acquisition of these larger semi refrigerated eco LPG carriers that can load LPG with high ethane content, will complement well its already leading position in pressurized vessels.
Helping to pay for this newbuild program are StealthGas’ existing and upcoming additions to their fleet, many of which have just signed new charters including:
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