This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs