The appointment of mr. John Kostoyannis to the board of directors.
ATHENS, GREECE, October 26, 2010. 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 will release its operating and financial results for the period ended September 30, 2010 on November 16, 2010 before the opening of the market in New York.
On November 16, 2010 at 11:00 am ET, the Company's management will host a conference call to discuss the results and the Company's 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 1299Â (UK Toll Free Dial In).
In case of any problems with the above numbers, please dial +1 212 444 0412 (US Toll Dial In), or +44 (0)20 7806 1953 (Standard International Dial In). Please quote "8961364#".
A telephonic replay of the conference call will be available until November 23, 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: 8961364#
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.
Appointment of Non-Executive Director.
With effect from October 1, 2010, the Company is pleased to announce that Mr. John Kostoyannis Managing Director of Allied Shipbroking Inc has joined the Company's Board of Directors as a Non - Executive Director. Following his appointment the Company is now in compliance with NASDAQ listing rules 5605(b)(1) and 5605 (c)(2) in regard to the majority independent director and audit committee composition requirements.
Born in November 1966, Mr. Kostoyannis graduated from the City of London Polytechnic in 1988 where he studied Shipping and Economics. He then worked for Elders Chartering IXL in London. From January 1991 until September 2001 Mr Kostoyannis worked in several prominent Chartering and Sale and Purchase broking houses in London and Piraeus before joining Allied in September 2001 where he is now Managing Director.New Charter Arrangements.
The Company also announced the following new charter arrangements:
Commencing October 2010, the Gas Nemesis commenced a six month time charter to an international trader. The charterer has an option, to be declared in January 2011, to extend the charter for further six months duration.
Commencing October 2010, the Gas Marathon commenced a nine month time charter to a Far Eastern gas operator. The charterer has an option, to be declared in November 2010, to extend the charter for further six months duration.
Commencing October 2010, the Gas Shuriken extended her existing time charter for a further two years to an international gas trader.
Commencing January 2011, the Gas Defiance will commence a two year time charter to an international gas trader.
Commencing in January 2011 the Gas Shanghai will extend for a further twelve months her existing time charter to an international LPG operatorÂ
Commencing in January 2011, the Gas Zael will commence a three year bareboat charter to an international gas operator.
Commencing in January 2011, the Gas Spirit will commence a five year bareboat charter to an international gas operator.
Commencing in April 2011, the Gas Astrid will commence a three year bareboat charter to an international gas operator.
Commencing in May 2011, the Gas Sikousis will commence a five year bareboat charter to an international gas operator.
Commencing in June 2011, the Gas Exelero will commence a three year bareboat charter to an international gas operator.
The average time charter equivalent rate for the above ten charters is $241,185 per calendar month or $8,016 per day.
CEO Harry Vafias commented:
"I am very pleased to announce these period charters covering ten vessels which represent 29% of our current fleet of 34 LPG vessels. The average duration for these charters is two and a half years and these period contracts will help underpin the performance of the Company over this period, which may well still be a challenging one from an economic standpoint. We are also pleased at the average time charter equivalent rate achieved by these contracts, as they will provide a strong and stable earnings stream for the foreseeable future. In addition, with five of the vessels beginning bare boat charters we will avoid, over the life of these contracts, any increases in crew and insurance costs, plus expenses relating to maintenance, will be for the charterer's account.
I would also like to welcome John Kostoyannis to our Board of Directors. John brings a wealth of shipping experience particularly in the area of sale and purchase and his knowledge of the shipping markets will be an invaluable addition to the mix of experiences that exist on our Board."Fleet Profile and Fleet Deployment:
The table below shows the Company's fleet development and deployment as of today:
About STEALTHGAS INC.
Â 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