Vafias Optimistic that “Good Times are Ahead”

gas defiance lpg carrier stealthgas
Gas Defiance, image: StealthGas

StealthGas announced today four new additions to their newbuilding program consisting of two Korean-built 22,000 cbm semi-refrigerated LPG carriers and two Japanese-built pressurized LPG carriers of 7,500 cbm and 7,200 cbm capacities, respectively.

With the additions came two deletions however, in the form of a pair of 5,000 cbm ships being constructed in Korea.

The ships are all scheduled to be delivered in 2016.

StealthGas’ fleet expansion program consists of 19 new LPG carriers, two of which have been delivered in March and May of this year already. The company notes the $308 million in financing for the remainder of the ships will come from a combination of bank financing and available cash.

Along with the newbuilding announcements, StealthGas notes a plethora of new charter party agreements including:

  • A one year time charter for its 5,013 cbm, 1994 built, LPG carrier, Gas Emperor, to an international trading house until January 2016.
  • A four month time charter for its 5,000 cbm, 2003 built, LPG carrier, Gas Prodigy, to an international gas trader, until November 2014.
  • A one year extension of the current charter for its 5,000 cbm, 2011 built, LPG carrier, Gas Cerberus, to an international trading house until July 2015.
  • A one year extension of the current charter for its 5,000 cbm, 2006 built, LPG carrier, Gas Ethereal, to an international trading house until September 2015.
  • A one year time charter for its 3,500 cbm, 1998 built, LPG carrier, Gas Legacy, to an established owner-operator until May 2015.
  • A one year time charter for its 3,500 cbm, 2008 built, LPG carrier, Sakura Symphony, to an established owner-operator until September 2015.
  • A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Elysium, to be delivered August 2014, to an established owner-operator.
  • A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Royalty, to be delivered April 2015, to an established owner-operator.
  • A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Loyalty, to be delivered May 2015, to an established owner-operator.

StealthGas’ CEO Harry Vafias expressed optimism that “good times are ahead” with the trio of 7-year bareboat charters and the new vessel orders.