StealthGas Acquires Newbuild

StealthGas Inc. has entered into an agreement to acquire from an unaffiliated entity a resale new build Korean built 47,000 deadweight IMO 3 M.R. type Product Carrier. The purchase price of the vessel is $57.5 million and she will be financed through a combination of bank debt and internally generated cash resources. Upon her expected delivery to the Company in April 2009 she will be deployed on a three-year time charter to a Far Eastern based ship operator at a rate of $22,000 per day.
The company also announced that it completed on March 19, 2008 the previously announced purchase of the Gas Premiership Japanese built 7,200 cbm Fully Pressurized LPG carrier; she has been deployed on a near four-year time charter to an international gas trader. The time charter rate will increase annually in January 2009 by 4.0%, in January 2010 by 3.8% and in January 2011 by 3.7% respectively.The company also announced that it has completed the third of three previously announced sales of Handy Size LPG carriers. The Gas Renovatio was delivered to her new owners on March 19, 2008.
The company also announced that upon completion of her existing bare boat charter in mid-May the Chiltern will immediately commence a new five-year bare boat charter to a European LPG operator at a rate representing a circa 20 percent increase over the existing bare boat charter rate.