Stealthgas Also Announces The Delivery Of The Alpine Endurance And New Charter Arrangements For The Catterick, The Gas Evoluzione And The Gas Sincerity.
Earnings Release:Â Â Â Thursday, August 20, 2009, Before Market Opens
Conference Call and Webcast:Â Thursday, August 20, 2009, at 11:00 am EDT
ATHENS, GREECE, August 4, 2009.Â 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 second quarter and six months results for the period ended June 30,2009 on Thursday, August 20, 2009 before the opening of the market in New York.
On Thursday, August 20, 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: 1888 935 4575 (US Toll Free Dial In) or 0800 028 1243 (UK Toll Free Dial In).Â
In case of any problems with the above numbers, please dial +1 718 354 1388 (US Toll Dial In), or +44 (0)2078061956 (Standard International Dial In). Please quote "6816401".
A telephonic replay of the conference call will be available until August 27, 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: 6816401#
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 on July14, 2009 it completed the previously announced acquisition from an unaffiliated entity of the M.T. âAlpine Enduranceâ ex âStealth S.V.,â a 2009 built 46,000 deadweight medium range product carrier, which was immediately deployed under a three-year bareboat charter to an international oil trader. Moreover the seller agreed to reduce the purchase price by $350,000.
The Company also announced the following new charter arrangements:
Commencing from mid-July 2009, the Catterick has been time chartered to an international gas trader for two and a half years until January 2012.
Commencing from September 2009 the Gas Evoluzione has been time chartered to a major international gas trader until April 2010, with the charterers having the option to extend for a further year at the same time charter rate. This option must be taken up by the charterer no later than October 15, 2009.
Commencing from mid- August 2009, the Gas Sincerity has been time chartered to an international gas trader for one year until August 2010.
The average time charter equivalent rate for the above four charters is $304,737 per calendar month or $10,024 per day.
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 Birgit Kosan will be redelivered in October 2009 upon payment of a cancellation fee of $192,000.
(3)Â Gas Prophet has for the three-year duration of bareboat charter been renamed the M.T. Ming Long.
(4)Â Gas Evoluzione will be deployed from September 2009 under a time charter to a major international gas trader. The Charterer has the option of extending this charter for a further year upon its expiry in April 2010. The Charterer must declare this option no later than October 15, 2009.
(4)Â Gas Eternity has for the duration of its bareboat charter been renamed the M.T. Yu Tian 9.Â
(5)Â 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.Â The charterer exercised an option to cancel the existing charter in September 2009 upon the payment of a cancellation fee of $336,000.
(6)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.
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
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.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