Call Start: 11:00
Call End: 11:39
Q2 2011 Results
August 25, 2011 11:00 a.m. ET
Harry Vafias – President and CEO
Konstantinos Sistovaris – CFO
Natasha Boyden – Cantor Fitzgerald
Jeff Geygan – Milwaukee Private Wealth Management
George Berman - JP Turner
Jay Weinstein - Highline
Welcome to the StealthGas Inc. second quarter 2011 results conference call. [Operator instructions.] I would now like to hand the conference over to your speaker today, Harry Vafias. Please go ahead sir.
Thank you and good morning everyone. Welcome to our conference call and webcast to discuss the results for our second quarter ended June 2011. I’m Harry Vafias, the CEO of StealthGas, and I’d like to remind you that we will be discussing forward-looking statements in today’s conference call.
Regarding the Safe Harbor language, I would like you to refer to slide number one of this presentation as well as to our press release and our second quarter results. With me today is Konstantinos Sistovaris, our CFO, and if you need any further information on the conference call or the presentation, please contact Konstantinos or myself.
Let’s start with slide number two to review how we are implementing our business strategy. As previously announced, our medium-term goal is to renew our fleet for the delivery of five newbuilding gas carriers.
In February and April, we took delivery of the first two vessels, the 5,000 CBM Gas Elixir and Gas Cerberus, which we then fixed on long term time charters. Then, in the second quarter, we also proceeded with the sale of four older vessels. The average age of the four older vessels sold was 16 years, and three of them were operating in the spot market. We successfully delivered three of these vessels to their new buyers during the same quarter and the fourth was delivered in July.