STEALTHGAS INC. Announces New Charter Arrangements for Ten Vessels
Also Announces Date for the Release of Third Quarter and Nine Months 2010 Operating and Financial Results, Conference Call and Webcast; the Appointment of Mr. John Kostoyannis to the Board of Directors
ATHENS, Greece, Oct. 26, 2010 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS - News) (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.
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 (pictured) 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 operator.
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."
Photo courtesy of Stealth Gas