StealthGas postpones LPG newbuilding delivery dates

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Nasdaq-listed StealthGas Inc has finalised negotiations with shipyards that has resulted in the delivery of five of its ordered LPG Carriers being postponed until 2011 and 2012 with no vessels now being delivered to the Company during 2010.

In a separate move, it is also considering legal action against Genoa-based Societa Cooperative di Navigazione G. Giulietti, one of the charterers, to recover losses after it terminated the bareboat charter of one of its vessels, the Gas Ice.

StealthGas said in a statement: “StealthGas is currently exploring all legal means at its disposal with respect to such actions by G. Giulietti, and the Company (StealthGas) 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 Harry Vafias (pictured) controlled company also announced a number of 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 while the Lyne, which is currently deployed under a bareboat charter that expires in May 2009, 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 while the time charter of the Gas Sikousis has been extended by a year to May 2010.

The average time charter equivalent rate for the above four charters is $232,894 per calendar month or $7,661 per day.

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