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The Company has entered into an agreement to sell the smallest vessel in its fleet, the 1,320cbm, built 1991, LPG carrier, Gas Tiny. The delivery of the vessel to its new owners is scheduled towards the end of January. The Company expects to book a profit from the sale of approximately $1.3 million in the first quarter of 2012. Chartering Update The company has also concluded the following chartering arrangements: The time charter for its 3,211cbm, built 1990, LPG carrier, Gas Crystal has been extended until April 2012. The time charter for its 6,572cbm, built 1995, LPG carrier, Gas Marathon has been extended until January 2013. The charterer has an option to extend the charter for a further six months. The time charter for its 6,300cbm, built 2007, LPG carrier, Gas Flawless has been extended until May 2012. Two one-year time charters with a chemical company for its 3,434cbm, built 1992, LPG carrier, Gas Arctic and its 3,434cbm, built 1991, LPG carrier, Gas Ice , commencing in January. The charterer has an option to extend the charters for a further one year. A five-year bareboat charter with a middle eastern state company for its newbuilding 7,500cbm LPG carrier, Gas Husky, to be delivered in January. A two year time charter with a middle eastern gas company for its 5,000cbm , built 1995, LPG carrier, Catterick. The charterer has an option to extend the charter for a further one year. With the above charter arrangements the Company will secure future revenues of approximately $30 million. Contracted coverage for the fleet is elevated to 71% for 2012 and 38% for 2013. 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 33 LPG carriers with a total capacity of 153,088 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker. The company has also entered into agreements to acquire two new building LPG carriers with expected delivery in January and May 2012 and sell the Gas Tiny. Once these acquisitions are completed, STEALTHGAS INC ’s fleet will be composed of 34 LPG carriers with a total capacity of 166,777 cubic meters (cbm), 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 |
Stealthgas Inc. Announces New Charter Arrangements For Seven