STEALTHGAS INC. Announces New Charter Arrangements For Five Vessels, An Update Regarding The Financing Of The Five New Building LPG Vessels Being Constructed In Japan And The Departure Of Chief Financial Officer Mr. Andrew Simmons
ATHENS, Greece, Dec. 28, 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 Arctic, Gas Czar, Gas Icon, Gas Emperor and Gas Moxie.
New Charter Arrangements:
Commencing in December 2010, the Gas Arctic will commence a one year time charter to a chemical company.Commencing in December, the Gas Czar commenced a 30 to 90 days time charter to a Far Eastern trading house. Commencing in December, the Gas Icon commenced a series of short time charters to an international LPG trader. These will run until mid February or mid March 2011. Commencing in December, the Gas Emperor commenced a series of short term time charters to an international LPG trader. These will run until mid February or mid March 2011. Commencing in December, the Gas Moxie commenced a two month time charter to a Far East trading group. The charter has the option to extend for a further month. The average time charter equivalent rate for the above five charters is $249,338 per calendar month or $8,202 per day. Financing of LPG new buildings. The Company announced today that it has secured committed financing for the post delivery finance for the first three LPG new buildings to be delivered in February, March and July 2011 from one of its existing lenders. The Company has also signed a term sheet agreeing terms with a new lender for the post delivery financing of the fourth and fifth vessels due for delivery in November 2011 and May 2012. This facility has been approved by the Bank's Credit Committee and is awaiting final ratification by the Bank's Board of Directors which is expected to be received shortly.
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