ATHENS, Greece, Nov. 8, 2010 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS) (the "Company"), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the following new charter arrangements for the Gas Moxie, the Gas Sincerity and the Gas Evoluzione.
New Charter Arrangements:
Commencing in early November 2010, the Gas Moxie will commence a series of fixtures covering the period up to the 1 st week December 2010.Commencing November 2010, the Gas Evoluzione will commence a nine month time charter to a state owned natural gas company. The charterer has an option, to be declared in April 2011, to extend the charter for further three months duration. Commencing June 2011, the Gas Sincerity will commence three year bare boat charter to an international gas operator. The average time charter equivalent rate for the above three charters is $232,010 per calendar month or $7,632 per day. Rescue by Gas Kalogeros: On October 25, 2010 the officer on duty onboard the Gas Kalogeros sighted a white distress signal. After reaching the life raft from where the signal had been dispatched the captain and the crew of the Gas Kalogeros rescued four Chinese fishermen who had been adrift in their life raft for eight days following the sinking of their vessel in the South China Sea during typhoon "Migi". The crew then administered fist aid and nutrition to the fishermen who were safely put ashore on October 27, at Yantian in China. CEO Harry Vafias commented: "I am pleased to announce further period charters for three of our vessels following the announcement we made the week before last regarding ten of our ships. These fixtures now bring the total of ships fixed recently to thirteen, representing 38% of our LPG fleet. The period charters also enhance our fixed charter coverage for 2011 to around 60%. The charter of the Gas Evoluzione is particularly pleasing as she has been trading in the spot market for sometime. In addition, STEALTHGAS is starting a new relationship with this major charterer. This fixture, along with the appetite we have seen recently from charterers to take vessels on a period basis leads us to believe that positive signs may be beginning to emerge in our core market sector and I look forward to further discussing the outlook for our LPG fleet during our earnings call on November 16."