Greek LPG carrier shipowner StealthGas has resolved an insurance matter regarding its damaged vessel Eco Wizard.
The Nasdaq-listed company StealthGas said the previously reported insurance matter relating to its vessel Eco Wizard has been satisfactorily concluded with the vessel’s insurers and the agreed compensation has been received.
Plans are underway to sell the vessel in its “current damaged condition to third parties,” though “no monetary value” will be gained for Stealthgas from such sale.
The company also announced an update regarding the single vessel that had been stranded inside the Persian Gulf following the eruption of hostilities. The vessel has safely exited the Strait of Hormuz without any incident occurring, according to a commercial update released by StealthGas.
On July 6, 2025, while the LPG tanker Eco Wizard was alongside at the port of Ust-Luga, Russia, during ammonia cargo loading operations, the master reported hearing two explosions. No injuries were reported.
After the incident, StealthGas said on August 25, 2025 in its unaudited financial and operating results report for the second quarter and six months ended June 30, 2025: “The vessel has sustained damage to the engine room and in one cargo tank and it is stable. Since then, the vessel has remained at the port for investigation and temporary repairs. The indications show that the explosions are due to external devices. This is also what has been the case with other similar incidents. It is expected that the vessel will be ready to depart Russia in September and then a plan and work scope for permanent repairs will be prepared. Due to the nature of the incident, the vessel’s relevant insurance underwriters have been notified as per the applicable policy. Ammonia is a common fertilizer and was destined for the EU.”
StealthGas later issued the following statement on December 16, 2025: “After having completed its temporary repairs and acquired the necessary licenses, the vessel left Russia under towage, and has arrived to a port in Latvia where further assessment can be performed.”
In an update on March 2, 2026, StealthGas reported: “The vessel Eco Wizard is currently at a port in Latvia where further assessments are being conducted following damage caused during the July incident. The company anticipates to be indemnified for the loss of the vessel in accordance with the insured value and applicable war risk coverage, subject to final adjustment and agreement with underwriters.”
The company’s fleet currently consists of 26 LPG carriers, including one joint venture vessel, in the water. These LPG vessels have a total capacity of 288,542 cubic meters (cbm).
