Nasdaq-listed LPG carrier owner StealthGas Inc is keeping its fleet cover high with new charter contracts and extensions, and the sale agreement of an older vessel.
The Harry N. Vafias-led company entered into an agreement to sell the 2014-built vessel Eco Invictus to an undisclosed buyer subject to certain conditions being met, with delivery expected in the first quarter of 2026.
As informed, the vessel is debt-free and the full proceeds from the sale will contribute to the company’s liquidity position.
Following the completion of this sale the company’s fully owned fleet will consist of 27 LPG carriers, while one LPG carrier continues to be owned through a joint venture.
Meanwhile, the Greek shipowner confirmed the sale in November and delivery of the Gas Elixir to its new owners.
“We are always looking for opportunities to divest older assets, and as such we entered into an agreement for the third time this year to sell another one of our older vessels,” commented chief executive officer Harry Vafias.
Furthermore, the company sealed charter deals for five vessels with three or more months duration.
StealthGas reported a twelve-months time charter for its 2012-built LPG carrier Gas Husky until September 2026 including a charterer’s option to extend a further six months, a six-months time charter for its 2014-built LPG carrier Eco Chios until April 2026, and a three-months time charter for its 2018-built LPG carrier Eco Arctic until January 2026 including a charterer’s option to extend a further three months.
Also, a seven-months time charter extension is reported for its 2009-built LPG carrier Gas Astrid until April 2026 including a charterer’s option to extend a further eight months, and a six-months time charter extension for its 2012-built LPG carrier Gas Esco until March 2026 including a charterer’s option to extend a further six months.
As of end-November, the company has total contracted revenues of around $130m (excluding the JV vessel). For 2026 the company has circa 46% of fleet days secured under period contracts and contracted revenues of approximately $77m (excluding the JV vessel).
Harry Vafias commented: “During the summer months the market experienced a seasonal softening in spot rates but the drop in activity was relatively modest. Due to the high period coverage in our fleet we achieved another quarter of solid profits with a 10% increase compared to last year. So far in the current quarter charter rates have been increasing while the volatility in the geopolitical environment seems to have subsided somewhat, at least temporarily, resulting in increasing trade flows and improvement in sentiment.”
