StealthGas Exercises Options for More Refrigerated LPG Carriers

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:

• A one year time charter extension for its 5,000 cbm, 2006 built, LPG carrier, Gas Inspiration, to an international trading house until August 2015.
• A one year time charter for its 6,300 cbm, 2007 built, LPG carrier, Gas Flawless, to a national energy company until August 2015.
• A one year time charter for its newbuilding 5,000 cbm, 2014 built, LPG carrier, Eco Invictus, to be delivered September 2014, to an established owner-operator.
• A two year minimum time charter for its newbuilding 5,000 cbm, LPG carrier, Eco Dream, to be delivered in the 2nd quarter 2015 to an international gas company, with a charterer’s option to extend the period.
• A two year minimum time charter for its newbuilding 5,000 cbm, LPG carrier, Eco Green, to be delivered in the 3rd quarter 2015 to an international gas company, with a charterer’s option to extend the period.
• A two months time charter for its 3,400 cbm, 1992 built, LPG carrier, Gas Arctic, to an established owner-operator.

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