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Commencing in May 2010, the Gas Ice commenced a 30 to 40 day time charter to an international gas trader. Commencing in May 2010, the Gas Cathar commenced a two year time charter to an international gas trader. Commencing in May 2010, the Gas Spirit commenced a four to six week time charter to an LPG operator. Commencing in June 2010, the Gas Kalogeros commenced a one year time charter to an international gas trader. Commencing in June 2010, the Gas Shanghai commenced a four to six month time charter to an LPG operator. Commencing in September 2010, the Gas Pasha will extend her existing time charter for a further year to a Far Eastern LPG operator. The average time charter equivalent rate for the above seven charters is $292,100 per calendar month or $9,609 per day. CEO Harry Vafias commented: “I am pleased to announce several new time charter arrangements for our vessels a number of which have been operating in the spot market over recent months. As you can see from our fleet table below, these period contracts reduce our exposure to the spot market and return the Company back somewhat to the employment profile that we were seeing prior to the downturn that occurred towards the end of 2008. Overall I am relatively pleased with the rates achieved and we are hopeful that this improvement in charter coverage for our fleet will continue as we move into the latter part of 2010. I am also please to announce the acquisition of the M.T. Spike a brand new 115,804 dwt Aframax tanker we have purchased at an attractive price based upon historical values. Plus she will be deployed upon her delivery to us on a five year bare boat charter at a rate that represents an attractive premium over the prevailing TCE rates in this sector. Her acquisition will provide a stable cash flow to our business over the medium term, plus her acquisition extends the scope of the Company as a provider of efficient and modern tonnage to the energy related sector. Common Stock Repurchase Programme As of June 15, 2010, the Company had completed the repurchase of 689,954 shares of its common stock at an average price of $5.32 per share, under the common stock repurchase programme announced on March 22, 2010. About STEALTHGAS INC. Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 34 LPG carriers with a total capacity of 155,204 cubic meters (cbm) and three M.R. product tankers. The company has entered into an agreement to acquire in July 2010 a 115,804 dwt 2010 built resale Aframax oil tanker. The company has also entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC ’s fleet will be composed of 39 LPG carriers with a total capacity of 185,204 cubic meters (cbm) and three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). STEALTHGAS INC ’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”. StealthGas Inc. Press Release
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Stealthgas Inc. announces the purchase of a new crude aframax tanker