ATHENS, Greece, Oct. 1, 2013 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today the results of the 2013 annual general meeting of its shareholders held on Monday, September 23, 2013 at the Company's executive offices, updates on charter arrangements, new vessel acquisitions and other company news.
At the annual meeting each of the following proposals as set forth in more detail in the Notice and the Company's Proxy Statement were approved and adopted: 1) the re-election of Messrs. Michael G. Jolliffe and John Kostoyannis as Class II Directors of the Company to serve until the 2016 annual meeting of shareholders; and 2) the appointment of Deloitte Hadjipavlou Sofianos & Cambanis Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2013.
New Vessel Acquisitions
As part of its fleet expansion program the Company has entered into agreements to acquire eleven LPG carriers.
Two vessels that were delivered to the company this month, a 5,000cbm LPG carrier built 2006 and a 3,500cbm LPG carrier built 2008. Both were immediately deployed on a 1 year time and bareboat charter respectively.
Two 3,500cbm LPG carriers scheduled to be delivered in the second half of 2014 from a Japanese yard.
Two 5,000cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.
Two 3,500cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.
One 7,200cbm LPG carrier scheduled to be delivered in the first half of 2015 from a Japanese yard.
Two 5,000cbm LPG carriers scheduled to be delivered in the second half of 2015 from a Japanese yard.
The acquisition of these vessels represent an investment by the Company of approximately $200 million of which about $50 million have already been paid for the delivery of the two vessels and deposits for the vessels under construction. Together with previously announced acquisitions this brings the total investments of the Company to approximately $400 million of which $125 million have already been paid. The remaining capital expenditure represents 15 newbuilding vessels scheduled to be added to the fleet by the end of 2015. The Company intends to fund the remaining capital expenditure with bank finance and available cash. The Company will pursue additional vessel acquisitions in order to expand its LPG fleet further. Of the nine additional Newbuildings purchased six have been ordered by the Company directly while three have been acquired as resale contracts from third parties.
The company has concluded the following chartering arrangements:
A one year time charter for its 5,000cbm, 2006 built, LPG carrier, Gas Inspiration, until August 2014.
A six month time charter for its 4,109cbm, 1991 built, LPG carrier, Gas Kaizen, until March 2014.
Six vessels are currently operating in the spot market, including the Gas Kaizen whose charter begins in October.
Charter coverage for the fleet is elevated to 88% for the remainder of 2013 and 55% for 2014.
Appointment of new Chief Financial Officer
The Company also announced an executive personnel change. Mr. Konstantinos Sistovaris has stepped down to pursue new challenges and opportunities at Stealth Maritime. Mr Harry Charogiannis has been appointed as the new CFO. Mr Charogiannis is a finance professional with over 9 years experience in the banking industry at various levels at Morgan Stanley, Eurobank EFG and the Hellenic Postal Savings Bank. He has also been employed as an economic advisor at the Greek Ministry of Merchant Marine and the Hellenic Parliament. Mr Charogiannis holds a Masters Degree from Harvard Kennedy School of Government and a Bachelors Degree from Columbia University.
Fleet Profile and Fleet Deployment
The table below shows the company's fleet development and deployment as of today:
LPG Carrier Fleet
|Vessel|| Vessel |
| Vessel |
|Year Built|| Employment |
| Charter |
|Gas Cathar||7,517||F.P.||2001||Time Charter||Jul-16|
|Gas Esco||7,500||F.P.||2012||Time Charter||Jun-17|
|Gas Haralambos||7,000||F.P.||2007||Time Charter||Jul-16|
|Gas Flawless||6,300||F.P.||2007||Time Charter||Jul-14|
|Gas Monarch||5,018||F.P.||1997||Time Charter||Jan-14|
|Gas Texiana||5,001||F.P.||1995||Time Charter||Jan 14|
|Gas Icon||5,000||F.P.||1994||Time Charter||Aug-14|
|Gas Defiance||5,000||F.P.||2008||Time Charter||Jan-15|
|Gas Shuriken||5,000||F.P.||2008||Time Charter||Oct-14|
|Gas Cerberus||5,018||F.P.||2011||Time Charter||Jul-14|
|Gas Myth||5,018||F.P.||2011||Time Charter||Nov-14|
|Gas Ethereal||5,000||F.P.||2006||Time Charter||Sep-14|
|Gas Inspiration||5,000||F.P.||2006||Time Charter||Aug-14|
|Gas Kaizen (2)||4,109||S.R.||1991||Spot||--|
|Gas Legacy||3,500||F.P.||1998||Time Charter||Mar-14|
|Gas Alice||3,500||F.P.||2006||Time Charter||May-14|
|Gas Enchanted||3,500||F.P.||2006||Time Charter||May-14|
|Gas Arctic||3,434||S.R.||1992||Time Charter||Jan-14|
|Gas Ice||3,434||S.R.||1991||Time Charter||Jan-14|
|Gas Galaxy||3,312||F.P.||1997||Time Charter||May-16|
|Gas Pasha||3,244||F.P.||1995||Time Charter||Jan-15|
|Gas Crystal||3,211||S.R.||1990||Time Charter||Oct-13|
| FLEET TOTAL: |
| 182,322 |
| TOTAL LPG CARRIER FLEET: |
|Vessel|| Vessel Size |
| Vessel |
|Year Built|| Delivered |
| Employment |
| Charter |
|Navig8 Fidelity||47,000||MR Product Tanker||2008||Jan-08||Bareboat||Jan-16|
|Navig8 Faith|| 47,000 ||MR Product Tanker||2008||Feb-08||Bareboat||Feb-16|
|Alpine Endurance||46,000|| MR Product |
|Spike||115,804||Aframax Oil Tanker||2010||Jul-10||Bareboat||Aug-15|
| TOTAL |
| 255,804 |
- F.P.: Fully-Pressurized
- S.R.: Semi-Refrigerated
- M.R.: Medium Range
(1) Earliest date charters could expire.
(2) Gas Kaizen time charter begins in October 2013 with 6 months duration.
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 38 LPG carriers with a total capacity of 182,322 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has purchased fifteen newbuilding LPG carriers with expected delivery by the end of 2015. Once the delivery of these acquisitions is completed, STEALTHGAS INC's fleet will be composed of 53 LPG carriers with a total capacity of 257,922 cubic meters (cbm). STEALTHGAS INC's shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, changes in STEALTHGAS INC's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Visit our website at www.stealthgas.com.
CONTACT: Company Contact: Harry Charogiannis Chief Financial Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: email@example.comSource:StealthGas Inc.