Stealthgas also announces the delivery of the Gas Astrid, new charter arrangements for two existing vessels and a review of its dividend policy.
Stealthgas also announces the delivery of the Gas Astrid, new charter
arrangements for two existing vessels and a review of its dividend
Earnings Release: Thursday, May 14, 2009, Before Market Opens
Conference Call and Webcast: Thursday, May 14, 2009, at 11:00 am EDT
ATHENS, GREECE, May 5, 2009. STEALTHGAS INC. (NASDAQ: GASS) (the âCompanyâ), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it will release its first quarter results for the period ended March 31, 2009 on Thursday, May 14, 2009 before the opening of the market in New York.
On Thursday, May 14, 2009 at 11:00 A.M. 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: 1866 239 0750 (US Toll Free Dial In) or 0800 559 3282 (UK Toll Free Dial In).
In case of any problems with the above numbers, please dial +1 718 354 1157 (US Toll Dial In), or +44 (0)2071380813 (Standard International Dial In). Please quote "3004629".
A telephonic replay of the conference call will be available until May 21, 2009 by dialing 1866 239 0765 (US Toll Free Dial In), 0800 358 7743 (UK Toll Free Dial In) or +44 (0)207 806 1970 (Standard International Dial In). Access Code: 3004629#
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 that it took delivery of the Gas Astrid a 2009 - built 3,500 fully pressurized LPG carrier on April 16, 2009. Upon her delivery she was immediately deployed under a one year time charter to a major Far Eastern LPG operator.
Stealthgas Inc announced the following new charter arrangements.
The Gas Exelero will, upon her delivery to the Company in June 2009 commence a one year time charter to a major Far Eastern LPG operator.
The Sea Bird II is currently employed under a bareboat that expires in May 2009, which has now been extended until May 2010.
The Gas Fortune is currently employed under a time charter that expires in May 2009, which has now been extended until July 2009.
The average time charter equivalent rate for the above three charters is approx $ 200,000 per calendar month or $6,562 per day.
The Company also announced that prior to the above earnings release date management and its board of directors will be undertaking a review as to its ongoing dividend policy, further details of any decisions taken will be announced either prior to or on May 14,2009.
Fleet Profile and Fleet Deployment:
The table below show the Companyâs fleet development and deployment as of today:
LPG Carrier Fleet
Product Tanker Fleet
â¢ F.P.: Fully-Pressurized
â¢ S.R.: Semi-Refrigerated
â¢ M.R.: Medium Range
(1) Earliest date charters could expire. Most charters include options to shorten or extend their term.
(2) Gas Emperor is deployed under a bareboat charter to a major international LPG operator that expires in August 2012. The charterer has an option in August 2010 and 2011 to cancel the existing charter upon the payment of a cancellation fee in the amount of $228,000, if exercised in 2010, or $180,000 if exercised in 2011.
(3) Birgit Kosan is deployed under a bareboat charter to a major international LPG operator that expires in October 2011. The charterer has an option to cancel the existing charter upon the payment of a cancellation fee in the amount of $192,000, if exercised in 2009, or $108,000 if exercised in 2010.
(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 its bareboat charter been renamed the M.T. Yu Tian 9.
(6) Gas Sikousis is currently employed under a time charter until May 2010. Thereafter, at the Chartererâs option, the time charter can be extended for an additional one-year period of, if not exercised, we would have the option to charter the vessel for an additional one â year period to the charterer at the then-prevailing rate.
(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) Gas Exelero upon her delivery in June 2009 will be deployed on a one year time charter to a major Far East LPG operator
(9) The Stealth S.V. a 46,000 deadweight M.R. type product carrier is expected to be delivered to the Company in May 2009, whereupon she will commence a three-year time charter.
(10) 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 40 LPG carriers with a total capacity of 176,999 cubic meters (cbm) and two M.R. product tankers. In addition, the company has entered into agreements to acquire one resale new building LPG carrier the Gas Exelero, with expected delivery in June 2009, plus five new building LPG carriers with expected delivery from February 2011 through May 2012 and two resale new building M.R. product carriers with expected delivery in May and November 2009. Once these acquisitions are completed, STEALTHGAS INC.âS 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 INCâS 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, our 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