StealthGas, Inc. (GASS)
Q3 2010 Earnings Call Transcript
November 16, 2010 11:00 am ET
Harry Vafias – President and CEO
Andrew Simmons – CFO
Natasha Boyden – Cantor Fitzgerald
David Wheeler [ph] – Mantaro
Bill Frazier – Greenhill Capital
Jay Weinstein – Oak Forest Investment Management
Good day and welcome to the StealthGas Inc. third quarter and nine months 2010 results conference call. For your information, today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Harry Vafias, President and Chief Executive Officer. Please go ahead.
Thank you and good morning, everyone. Welcome to our conference call and webcast to discuss the results for the third quarter and nine months ended September 30, 2010. I am Harry Vafias, the CEO of StealthGas and will like to remind you that please I will be discussing forward-looking statements in today's conference call and presentation. Regarding the Safe Harbor language, I would like you to refer to slide number one of this presentation, as well to our press release in our third-quarter and nine months 2010 results.
With me today is Andrew Simmons, our CFO, and if you need any further information, please contact Andrew or myself.
Let’s begin from slide number two. We continue to operate a highly efficient and modern fleet primarily in the Handy Size LPG segment on secured employment contract with first-class charters that serve a very specific niche market. During the third quarter of 2010 we completed the purchase of one Aframax crude oil tanker which has been declared in the five-year bareboat charter. We were able to obtain this vessel at an attractive price, for value has already increased since the purchase, and we immediately (inaudible) secured long-term bareboat charter thereby providing favorable stable cash flow to the company going forward.