Stealthgas Inc. Announces Delivery Of The Gas Shuriken And The Gas Natalie.

STEALTHGAS INC. ANNOUNCES DELIVERY OF THE GAS SHURIKEN AND THE GAS NATALIE.

STEALTHGAS INC. ALSO ANNOUNCES THE CANCELLATION OF THE SALE OF THE GAS AMAZON, NEW CHARTER ARRANGEMENTS ON THREE EXISTING VESSELS, PLUS THE CANCELLATION OF BONUSES AND STOCK BASED COMPENSATION TO OFFICERS AND DIRECTORS IN 2008.

ATHENS, GREECE, Monday, January 26, 2009. 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 that it took delivery of the Gas Shuriken, a 2008-built 5,000 cbm fully pressurized LPG carrier, on November 3, 2008.  Upon her delivery she was immediately deployed under a two-year time charter to an international gas trader, which expires in October 2010.  On January 22, 2009, the Company took delivery of the Gas Natalie, a 1997-built 3,213 cbm fully pressurized LPG carrier. Upon her delivery to the Company she continued to be deployed under an existing bareboat charter with a major international gas owner/operator, which expires in September 2011.


Stealthgas Inc. Also Announces The Cancellation Of The Sale Of The Gas Amazon, New Charter Arrangements On Three Existing Vessels, Plus The Cancellation Of Bonuses And Stock Based Compensation To Officers And Directors In 2008.

ATHENS, GREECE, Monday, January 26, 2009. 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 that it took delivery of the Gas Shuriken, a 2008-built 5,000 cbm fully pressurized LPG carrier, on November 3, 2008.  Upon her delivery she was immediately deployed under a two-year time charter to an international gas trader, which expires in October 2010.  On January 22, 2009, the Company took delivery of the Gas Natalie, a 1997-built 3,213 cbm fully pressurized LPG carrier. Upon her delivery to the Company she continued to be deployed under an existing bareboat charter with a major international gas owner/operator, which expires in September 2011.

The Company has also announced that the previously disclosed sale of the Gas Amazon, a 1992-built 6,526 cbm fully pressurized LPG carrier, has been cancelled due to the non-performance of the buyer.  The Company intends to pursue legal remedies in seeking compensation from the buyer in regard to its non-performance under the sale contract.

The Company also announced the following new charter arrangements:

The Catterick is currently deployed under a time charter to an oil major until mid-March 2009.

The Gas Czar is currently deployed under a time charter to a major international energy trader until June 2009.

The Gas Flawless’s time charter has been extended with her current charterer, a major commodity trader, for a further two years until February 2011. 

The average time charter rate for the above three charters is $248,333 per calendar month or
$8,168 per day.

The Company also announced that despite the Company’s expectation that 2008 will be its most profitable year since its formation and the continuing solid deployment of its vessels as evidenced by the below fleet table, in view of the prevailing uncertainty in the world economy, the Company’s Compensation Committee, after discussions with the Company’s management, has determined that no cash bonuses or stock-based compensation will be granted to directors or officers of the Company for the fiscal year ending December 31, 2008.This action will result in a write back to salaries and general and administrative costs of approximately $1.3 million in the fourth quarter of 2008.   


Fleet Profile and Fleet Deployment:

The table below show the Company’s fleet development and deployment as of today:

LPG Carrier Fleet

vessels-26-01-09.jpg

tankers-26-01-09.jpg

 

• F.P.: Fully-Pressurized
• S.R.: Semi-Refrigerated
• M.R.: Medium Range


(1) Earliest date charters could expire.  Most charters include options to shorten or extend their term.
(2) Lyne is employed under a bareboat charter until May 2009. Thereafter, at the charterer’s option, the bareboat charter can be extended for an additional year.
(3) Sir Ivor is employed under a bareboat charter until May 2009. Thereafter, at the charter’s option, the bareboat charter can be extended for an additional year.
(4) Gas Prophet has for the three year duration of bareboat charter been renamed the M.T. Ming Long.
(5) Gas Eternity has for the duration of bareboat charter been renamed the M.T. Yu Tian 9.
(6) Gas Sikousis is currently employed under a time charter until May 2009. Thereafter, at the charterer’s option, the time charter can be extended for two one-year periods, the first one to be negotiated in May 2009.
(7) Gas Natalie, upon her delivery, continued to be deployed under an existing bareboat charter to a major international LPG operator that expires in September 2011.  The charterer has an option in September 2009 and 2010 to cancel the existing charter upon the payment of a cancellation fee in the amount of $336,000, if exercised in 2009, or $180,000, if exercised in 2010.
(8) The Stealth S.V., a 46,000 deadweight M.R. type product carrier, is expected to be delivered to the Company in April 2009, whereupon she will commence a three-year time charter.
(9) The Stealth Argentina, a 50,500 deadweight M.R. type product carrier, is expected to be delivered to the Company in November 2009, whereupon she will commence a three-year bareboat charter.

 

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry.  STEALTHGAS INC. currently has a fleet of 39 LPG carriers with a total capacity of 173,499 cubic meters (cbm) and two M.R. product tankers.  In addition, the company has entered into agreements to acquire two resale new building LPG carriers, the Gas Astrid and the Gas Exelero, with expected delivery in April and June 2009, respectively, plus five new building LPG carriers with expected delivery from September 2010 through December 2011 and two resale new building M.R. product carriers with expected delivery in April and November 2009.  Once these acquisitions are completed, STEALTHGAS INC.’S fleet will be composed of 46 LPG carriers with a total capacity of 210,499 cubic meters (cbm) and four M.R. product tankers with a total capacity of 190,500 deadweight tons (dwt).  STEALTHGAS INC’S shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.
 
Forward-Looking Statements

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, 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, 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
 
Company Contact:
Andrew J. Simmons

Chief Financial Officer
STEALTHGAS INC.
011-30-210-6250-001
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.


 

StealthGas Inc.
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