Stealthgas improves cover

Stealthgas Inc has entered into an agreement to sell the smallest vessel in its LPG tanker fleet, the 1991-built, 1,320 m³ Gas Tiny. The ship was expected to be delivered to its new owners by the end of January. Stealthgas will book a profit of some $1.3m on the deal in its first quarter figures.

Stealthgas also reports that it has recently concluded seven charter deals, raising contract coverage for the fleet as a whole to 71 per cent for 2012 and 38 per cent for 2013. These include a five-year bareboat charter on its 7,500 m³ newbuilding Gas Husky, due for delivery this month, to an unnamed Middle Eastern state-owned company. A Middle Eastern gas producer has taken the 1995-built, 5,000 m³ Catterick (to be renamed Gas Texiana) on a two-year timecharter with a one-year option to extend. Another chemical company charterer has taken the 3,400 m³ pair Gas Arctic and Gas Ice for a year, with a one-year option. Three other deals represent extensions to existing charters.

Stealthgas currently has a fleet of 33 LPG tankers, with a total capacity of some 153,000 m³. With two newbuildings due to join the fleet in January and May and the sale of Gas Tiny, the fleet will grow to 34 vessels with a total capacity of almost 167,000 m³. The company also owns three MR product carriers and one Aframax oil tanker.

www.stealthgas.com