Nasdaq-listed liquefied petroleum gas specialist StealthGas Inc has agreed in principle to purchase back from one of its joint venture partners the remaining share (49.9%), which it does not already own, in the two vessels Eco Lucidity and Gas Haralambos.
The Harry N. Vafias-led company said the transaction is subject to entry into definitive documentation and customary conditions and is expected to take place within June 2025.
As it is reported, these two vessels will be consolidated within the fully owned fleet of the company and only one vessel will remain in a joint venture.
Furthermore, StealthGas signed an agreement to sell the vessel Gas Cerberus to a third party, with delivery expected to take place in the second quarter of 2025. The vessel is debt-free, StealthGas said, adding that the full proceeds from the sale will contribute to the company’s liquidity position.
Meanwhile, the company announced the conclusion of three chartering arrangements (of three or more months duration).
StealthGas reported a twelve-month time charter for its 2016-built LPG carrier Eco Dominator, until Mar 2026, a twelve-month time charter extension for its 2016-built LPG carrier Eco Nical, until May 2026 and a six-month time charter extension for the 2012-built LPG carrier Gas Esco, until Sep 2025.
As of June 2025, the company has total contracted revenues of approximately $165m, whilst for the remainder of the year, the company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $72m.Board Chairman
Michael Jolliffe, board charman, commented: “It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive.
“In this volatile environment Stealthgas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over $50 million in debt repayments during this year and having 27 out of 28 vessels unencumbered.”
StealthGas has a fleet of 31 LPG carriers, including three joint venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm).
