Including the product tankers and the Aframax and the newbuilding vessels that we are building, we estimate that at the end of 2011, our fleet will have an average age of about 10.5 years. We continue to believe that, within our core sector, this gives us a competitive advantage, as younger vessels have less operating expenses, consume less bunkers and are more appealing to blue chip charters, and that’s the factor which will be more important as we move forward into 2012 and beyond.Our next objective has been to maintain close customer relations. The quality of our customer relationship is exemplified by the quality of our charters, which also lowers our counterparty risk. Out of a total fleet of 37 vessels as we previously announced, we had only one incident whereby we agreed a minor rate reduction. Because of the strength of the LPG market and the participation of more established names in it, we don’t expect to have any issues with our counterparties.
StealthGas' CEO Discusses Q3 2011 Results - Earnings Call Transcript
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