Stealthgas Inc. Announces Date For The Release Of Third Quarter And Nine Months 2009 Results, Conference Call And Webcast And New Charter Arrangements For The Stealth Argentina, The Gas Cathar, The Birgit Kosan, The Gas Marathon And The Gas Zael
Earnings Release:Â Â Â Tuesday, November 17, 2009, Before Market Opens
Conference Call and Webcast:Â Tuesday, November 17, 2009, at 11:00 am EST
ATHENS,GREECE,November 13,2009.STEALTHGAS INC. (NASDAQ: GASS) (the âCompanyâ), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today 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.
On Tuesday, November 17, 2009 at 11:00 A.M. EST, the companyâs management will host a conference call to discuss the results and the companyâs operations and outlook.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1888 935 4577 (US Toll Free Dial In) or 0800 028 1277 (UK Toll Free Dial In).Â
In case of any problems with the above numbers, please dial +1 718 354 1387 (US Toll Dial In), or +44 (0)20 7136 6283 (Standard International Dial In). Please quote "6493080".
A telephonic replay of the conference call will be available until November 23, 2009 by dialing 1866 932 5017 (US Toll Free Dial In), 0800 358 7735 (UK Toll Free Dial In) or +44 (0)207 111 1244 (Standard International Dial In). Access Code: 6493080#
Slides and audio webcast:
There will also be a live-and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
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:
âWe 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 businessâ 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 âmain streamâ 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.â
Fleet Profile and Fleet Deployment:
The table below shows the Companyâs fleet development and deployment as of today:
LPG Carrier Fleet
Product Tanker Fleet
â¢Â F.P.: Fully-Pressurized
â¢Â S.R.: Semi-Refrigerated
â¢Â M.R.: Medium Range
(1)Â Earliest date charters could expire.Â Most charters include options to shorten or extend their term.
(2)Â From mid-January 2010 the Gas Zael will commence a new 12 month time charter to an oil major
(3)Â The Charterer of the Gas Evoluzione had the option of extending this charter for a further year upon its expiry in April 2010 but this was not exercised.
(4)Â Gas Eternity has for the duration of its bareboat charter been renamed the M.T. Yu Tian 9.Â
(5)Â Stealth Argentina, a 50,500 deadweight M.R. type product carrier, is expected to be delivered in November 2009.Â Upon her delivery she will be deployed under a three-year bareboat charter.
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About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry.Â STEALTHGAS INC. currently has a fleet of 40 LPG carriers with a total capacity of 176,999 cubic meters (cbm) and three M.R. product tankers.Â In addition, the company has entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012 and one resale new building M.R. product carrier with expected delivery in November 2009.Â Once these acquisitions are completed, STEALTHGAS INC.âS fleet will be composed of 45 LPG carriers with a total capacity of 206,999 cubic meters (cbm) and four M.R. product tankers with a total capacity of 190,500 deadweight tons (dwt).Â STEALTHGAS INC.âS shares are listed on the NASDAQ Global Select Market and trade under the symbol âGASSâ.
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, managementâs 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 INCâs 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
Andrew J. Simmons
Chief Financial Officer