Wednesday, 01 April 2009
StealthGas Inc., a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that following amicable negotiations with the builder, deliveries of the five LPG carriers to be constructed by them have been rescheduled to now occur during 2011 and 2012, with no vessels now being delivered to the Company during 2010.
The Company is also pleased to announce that the above amended agreement was concluded at no cost to StealthGas Inc.The Company also announced that the charter to Societa Cooperative di Navigazione a.r.l. ``G. Giulietti'' of Genoa, Italy, the bareboat charterer under which the Gas Ice was deployed, has been improperly terminated by G. Giulietti. The Company is currently exploring all legal means at its disposal with respect to such actions by G. Giulietti, and the Company has already had ships owned or controlled by G. Giulietti arrested as a means of securing monies owed to the Company as a consequence of the improper termination of the bareboat charter.
The Company also announced the following new charter arrangements:The Gas Astrid will, upon her delivery to the Company on April 16, 2009, commence a one-year time charter to a major Far Eastern LPG operator.The Lyne is currently deployed under a bareboat charter that expires in May 2009, which has been extended with her current charterer until December 2009.The Sir Ivor is currently deployed under a bareboat charter that expires in May 2009, which has been extended with her current charterer until December 2009.The Gas Sikousis is currently deployed under a time charter that expires in May 2009, which has been extended with her current charterer until May 2010.The average time charter equivalent rate for the above four charters is $232,894 per calendar month or $7,661 per day.
Source: Stealth Gas Inc.
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