StealthGas Inc. announced new charter arrangements.
StealthGas Inc., a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced Friday that it will release its third quarter and nine months results for the period ended September 30, 2009 on Tuesday, November 17, 2009 before the opening of the market in New York. The Company also announced the following new charter arrangements:
Commencing from October 29, 2009 the Gas Cathar commenced a time charter for between 20 to 50 days to an International Gas Trader.
Commencing from October 30, 2009 the Birgit Kosan extended her existing bare boat charter to an International LPG owner/operator for a further four months.
Commencing from mid-November 2009 the Gas Marathon will commence a new six month time charter to a Far Eastern owner/operator. The charterer has an option to extend the charter for two additional three month periods.
Commencing from mid-January 2010 the Gas Zael will commence a new 12 month time charter to an oil major.
Commencing from late November 2009 upon her delivery to the company the Stealth Argentina, a 2009 built 50,500 deadweight Medium Range Product Carrier, will commence a three year bare boat charter to an international shipping company.
The average time charter equivalent rate for the above five charters is $324,076 per calendar month or $ 10,802 per day.
CEO Harry Vafias commented: "We are again pleased to announce further period charters which are similar in value to those we announced in September. Plus the deployment of the Stealth Argentina on a secure medium term bare boat charter for three years. Further underpinning the relative stability that we believe characterise our business. Again all of the charters as outlined above are to high quality charterers.
"As I have previously stated we continue to be disappointed that the market is not differentiating our stock from the more 'main stream' shipping sectors which face considerable challenges in the coming year, while we continue to post solid results despite the prevailing economic climate, and our core sector exhibits relatively firm fundamentals. In addition as also previously stated, the company continues to have relatively low debt, particularly when measured against the market value of its fleet and, has no current need to issue dilutive equity to meet its ongoing obligations."