1/7/08

StealthGas (GASS)

Website: www.stealthgas.com

Providing International Seaborne Transportation Services to LPG Producers and Users.

Overview

StealthGas (Nasdaq: GASS) is an international shipping transportation company specializing in the transportation of various petroleum and petrochemical gas products in liquefied form. 

It vessels carry various petroleum and petrochemical gas products including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of oil and natural gas. These products are transported in liquefied form in order to reduce their volume and to facilitate their handling. 

StealthGas owns 39 vessels, which includes 38 currently under operation and 1 that is expected to be delivered in February 2008. StealthGas has also agreed to sell three of its existing vessels for delivery in January 2008. With the expected delivery of the remaining vessel by February 2008 and the sale of the three vessels in January 2008, the average age of the fleet will be 11.0 years compared to an industry average of 18 years and the total carrying capacity will be 160,268 cbm. StealthGas ranks number 1 in owned vessels in the 3,000 to 8,000 cbm segment which is its niche. 

StealthGas serves industrial companies, as well as national and independent energy companies and energy traders. StealthGas was founded in 2004 and is headquartered in Athens, Greece.

• Announced that it has entered into contracts to acquire, from an unaffiliated party, two new 47,000 deadweight M.R. type product tankers for delivery in February and April 2008 respectively. Upon their delivery to the Company they will be deployed on seven year charters to an international oil trader.
• Reported 3Q revenues of $23.2 million and net income of $4.0 million an increase of $4.6 million or 24.4% and an increase of $1.9 million or 91.0% respectively from net revenues of $18.7 million and net income of $2.1 million for the 3Q ended September 30, 2006.
• For the nine months ended September 30, 2007, net revenues amounted to $63.9 million and net income was $16.3 million an increase of $11.1 million or 21.0% and an increase of $2.46 million or 19.0% respectively from net revenues of $52.8 million and net income of $13.7 million for the nine months ended September 30, 2006.
• An average of 35.1 vessels were owned by the Company in the third quarter of 2007, earning an average time-charter-equivalent rate of approximately $6,747 per day.
• GASS has announced eight consecutive quarterly dividend since the company went public in October 2005.

For the latest Quote and News on GASS Click Here.

StealthGas, Inc.
331 Kifissias Avenue
Erithrea
Athens,  14561
Greece
Phone: 30 210 62 52 849

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