StealthGas acquires two LPG carriers

StealthGas acquires two LPG carriers

StealthGas, a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today as part of its fleet expansion program the acquisition of two newbuilding LPG vessels.

The company exercised the acquisition options with a Korean yard and the additions to the fleet consist of two 22,000 cbm semi refrigerated eco LPG carriers scheduled to be delivered in the second and third quarter of 2017, respectively. The company expects that the acquisition of these larger semi refrigerated eco LPG carriers that can load LPG with high ethane content, will complement well its already leading position in pressurized vessels. Moreover in StealthGas’ option vessels can be fitted with exhaust scrubbers and ice class notation making them even more versatile commercially.

With the addition of these two vessels in the expansion plan the company remains to acquire a total of 19 newbuilding LPG carriers. Total capital expenditure for all the acquisitions amounts to approximately $500 million. The acquisition of these vessels will be funded with a combination of debt financing and already available cash. With these additions total asset value of the fleet will amount to approximately $1.15 billion.

Michael Jolliffe, StealthGas Chairman commented 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 program to the ongoing benefit of its shareholders.”

 

Press Release, September 4, 2014; Image: StealthGas

Share this article

Follow LNG World News

One thought on “StealthGas acquires two LPG carriers”

Comments are closed.

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >