ATHENS, GREECE, August 2, 2010. 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 operating and financial results for the period ended June 30, 2010 on August 23, 2010 before the opening of the market in New York.
On August 23, 2010 at 11:00 am EDT, 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 +1 212 444 0412 (US Toll Dial In), or +44 (0)20 7806 1950 (Standard International Dial In). Please quote "4669369".
A telephonic replay of the conference call will be available until August 30, 2010 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: 4669369#
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.
Annual Meeting of Stockholders:
The Company announced that the Annual Meeting of Stockholders will be held at the Companyâs offices located at 331 Kifissias Avenue, Erithrea 14651, Athens, Greece on Monday, August 23, 2010 at 11:00 am Athens time. The Board has fixed the close of business Friday July 9, 2010 as the record date for the determination of the stockholders entitled to receive notice and to vote at the Annual General Meeting or any adjournments or postponements thereof.
Delivery of M.T. Spike:
The Company also announced that on July 26, 2010 it took delivery of a 2010 Korean built 115,804 dwt Aframax crude oil tanker named the M.T. Spike. Upon her delivery to the Company she was immediately deployed under a five-year bareboat charter to a European shipping company.
New Charter Arrangements
The Company also announced the following new charter arrangements:
Commencing in June 2010, the Gas Spirit commenced a six-month time charter to an international gas operator.
Commencing in June 2010, the Gas Nemesis (ex Sea-Bird II) commenced a 60-day time charter to a petroleum company.
Commencing in August 2010, the Gas Sincerity has extended her existing time charter for a further twelve months to an international LPG trader.
Commencing in October 2010, the Gas Legacy has extended her existing time charter for a further twelve months to a gas operator.
The average time charter equivalent rate for the above four charters is $225,513 per calendar month or $7,418 per day.
CEO Harry Vafias commented:
âI am pleased to announce four new time charter arrangements for our vessels, including renewals of existing time charters for the Gas Sincerity and the Gas Legacy, the first at her existing rate and the second at an improved one-year time charter rate. Overall I am relatively pleased with the rates achieved for these vessels.
I am also pleased to confirm the delivery of the M.T. Spike, a brand new 115,804 dwt Aframax tanker we have purchased, as we announced we would last month. I believe she has been acquired at an attractive price and we have deployed her on a five-year bareboat charter, thus providing a secure and stable earnings stream, at a rate which represents an attractive premium over the prevailing TCE rates in this sector.â
Common Stock Repurchase Programme
As of August 3, 2010, the Company had completed the repurchase of 1,205,229 shares of its common stock at an average price of $5.21 per share, under the $15 million common stock repurchase programme announced on March 22, 2010.
Fleet Profile and Fleet Deployment:
The table below shows the Companyâs fleet development and deployment as of today:
LPG Carrier Fleet
â¢Â Â Â F.P.: Fully-Pressurized
â¢Â Â Â S.R.: Semi-Refrigerated
â¢Â Â Â M.R.: Medium Range
(1) Earliest date charters could expire.Â
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 34 LPG carriers with a total capacity of 155,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker. The company has also entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC.âs fleet will be composed of 39 LPG carriers with a total capacity of 185,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker with a total capacity of 255,804 deadweight tons (dwt). 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 INC.âs 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