StealthGas acquires two eco LPG vessels

4 September 2014 (Last Updated September 4th, 2014 18:30)

International shipping transportation company StealthGas has acquired two new LPG vessels from a Korean yard as part of its fleet expansion programme.

International shipping transportation company StealthGas has acquired two new LPG vessels from a Korean yard as part of its fleet expansion programme.

The two 22,000m³ semi-refrigerated eco LPG carriers were acquired following the exercise of options included as part of a previous contract with the shipyard. A combination of cash and debt financing will be used to fund the acquisition.

StealthGas intends to acquire a total of 19 newbuilding LPG carriers, for which the total expenditure will be approximately $500m. The total asset value of StealthGas’ fleet will amount to nearly $1.15bn.

"With this expansion into handy-size vessels, and with a total of 19 of the most modern eco type LPG ships on order, StealthGas will continue its carefully thought-out expansion programme."

These larger, semi-refrigerated eco LPG carriers are able to load LPG with high ethane content and can be fitted with exhaust scrubbers and ice-class notation.

StealthGas chairman Michael Jolliffe said: "StealthGas is now the prominent owner of pressurised LPG ships worldwide, and with this expansion into handy-size vessels, and with a total of 19 of the most modern eco type LPG ships on order, StealthGas will continue its carefully thought-out expansion programme to the on-going benefit of its shareholders."

The two new vessels are expected to be delivered in the second and third quarter of 2017, respectively.

At present, StealthGas has a fleet of 40 LPG carriers with a total capacity of 196,758m³, three MR product tankers and one Aframax oil tanker with a total capacity of 255,804dwt.

StealthGas will posses 59 LPG carriers with a total capacity of 359,158m³ after the completion of the acquisition.