0001193125-14-271386.txt : 20140717 0001193125-14-271386.hdr.sgml : 20140717 20140717133553 ACCESSION NUMBER: 0001193125-14-271386 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140717 FILED AS OF DATE: 20140717 DATE AS OF CHANGE: 20140717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: StealthGas Inc. CENTRAL INDEX KEY: 0001328919 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51559 FILM NUMBER: 14979907 BUSINESS ADDRESS: STREET 1: 331 KIFISSIAS AVENUE STREET 2: ERITHREA 14561 CITY: ATHENS STATE: J3 ZIP: 00000 BUSINESS PHONE: 30 210 625 2849 MAIL ADDRESS: STREET 1: 331 KIFISSIAS AVENUE STREET 2: ERITHREA 14561 CITY: ATHENS STATE: J3 ZIP: 00000 6-K 1 d760532d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2014

Commission File Number 000-51559

 

 

STEALTHGAS INC.

(Translation of registrant’s name into English)

 

 

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7):  ¨

 

 

 


EXHIBIT INDEX

 

99.1    Press Release, dated July 17, 2014: StealthGas Inc. Announces New Vessel Acquisitions, Cancellations and New Employment for its Vessels

INCORPORATION BY REFERENCE

Exhibit 99.1 to this Report on Form 6-K (other than the section entitled “CEO Harry Vafias commented”) is hereby incorporated by reference into our registration statement on Form F-3, filed with the Securities and Exchange Commission on July 16, 2013 (Reg. No. 333-189971), to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, in each case as amended.

 

1


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 17, 2014

 

STEALTHGAS INC.
By:  

/s/ Harry Vafias

Name:   Harry Vafias
Title:   Chief Executive Officer
EX-99.1 2 d760532dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

STEALTHGAS INC. ANNOUNCES

NEW VESSEL ACQUISITIONS, CANCELLATIONS AND NEW

EMPLOYMENT FOR ITS VESSELS

ATHENS, Greece, July 17, 2014 – STEALTHGAS INC. (Nasdaq:GASS), 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 four newbuilding LPG vessels.

The additions to the fleet consist of two 22,000 cbm semi refrigerated eco LPG carriers scheduled to be delivered in the first quarter of 2017 from a Korean yard with owners options for another two vessels. The company has agreed to cancel two 5,000 cbm pressurized newbuildings under construction in Korea and the company will be refunded all amounts advanced to date for those vessels. These newbuilding orders will be replaced by a 7,500 cbm pressurized eco LPG carrier scheduled to be delivered in the first quarter of 2016 and a 7,200 cbm pressurized eco LPG carrier scheduled to be delivered in the third quarter of 2016. Both vessels will be built in Japan.

Under its fleet expansion program the company has agreed to acquire a total of 19 newbuilding LPG carriers, including two LPG carriers, the Eco Stream and the Eco Chios that were delivered on schedule in March 2014 and in May 2014, respectively. Deposits of $83 million have already been paid for the remaining 17 newbuilding LPG carriers and the company intends to fund the remaining capital expenditure of approximately $308 million through bank finance and available cash. The company has concluded negotiations with banks for firm commitments to finance 13 of these vessels for an amount up to $171 million, and is in discussions with financial institutions for additional bank finance of approximately $96 million for the remaining vessels including the four newbuilding vessels whose acquisitions were announced today. With these additions to the fleet our total asset value will amount to approximately $1.05 billion.

The Company also announced the conclusion of the following chartering arrangements:

A one year time charter for its 5,013 cbm, 1994 built, LPG carrier, Gas Emperor, to an international trading house until January 2016.

A four month time charter for its 5,000 cbm, 2003 built, LPG carrier, Gas Prodigy, to an international gas trader, until November 2014.

A one year extension of the current charter for its 5,000 cbm, 2011 built, LPG carrier, Gas Cerberus, to an international trading house until July 2015.

A one year extension of the current charter for its 5,000 cbm, 2006 built, LPG carrier, Gas Ethereal, to an international trading house until September 2015.


A one year time charter for its 3,500 cbm, 1998 built, LPG carrier, Gas Legacy, to an established owner-operator until May 2015.

A one year time charter for its 3,500 cbm, 2008 built, LPG carrier, Sakura Symphony, to an established owner-operator until September 2015.

A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Elysium, to be delivered August 2014, to an established owner-operator.

A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Royalty, to be delivered April 2015, to an established owner-operator.

A seven year bareboat charter for its newbuilding 3,500 cbm LPG carrier, Eco Loyalty, to be delivered May 2015, to an established owner-operator.

With these charters the Company is securing additional revenues of approximately $50 million, out of which 85% is generated by the 3,500 cbm LPG carriers, the smallest size vessels in the fleet. The company now has contracted revenues that amount to approximately $250 million.

CEO Harry Vafias commented

We are very excited to announce the ordering of new generation 22,000 cbm semi refrigerated eco LPG carriers in one of the best yards in the world that will complement well our leading pressurized fleet. Moreover the announcement of new employments especially three very long charters, only amplifies our belief that good times are ahead.


Fleet Profile and Fleet Deployment

The table below shows the company’s fleet development and deployment:

LPG Carrier Fleet

 

Vessel

 

Vessel

Size

(cbm)

 

Vessel

Type

 

Year Built

 

Employment

Status

 

Charter

Expiration (1)

Gas Cathar

  7,517   F.P.   2001   Time Charter   Jul-16

Gas Esco

  7,500   F.P.   2012   Time Charter   Jun-17

Gas Husky

  7,500   F.P.   2011   Bareboat   Jan-17

Gas Premiership

  7,200   F.P.   2001   Time Charter   Oct-16

Eco Stream (2)

  7,200   F.P.   2014   Bareboat   Mar-22

Eco Chios (2)

  7,200   F.P.   2014   Bareboat   May-22

Gas Haralambos

  7,000   F.P.   2007   Time Charter   Jul-16

Gas Marathon

  6,572   F.P.   1995   Spot   —  

Gas Moxie

  6,562   F.P.   1992   Spot   —  

Gas Flawless

  6,300   F.P.   2007   Spot   —  

Gas Monarch

  5,018   F.P.   1997   Time Charter   Jan-15

Gas Nirvana (Lyne)

  5,014   F.P.   1996   Spot   —  

Gas Emperor

  5,013   F.P.   1994   Time Charter   Jan-16

Gas Texiana

  5,001   F.P.   1995   Spot   —  

Gas Prodigy (Sir_Ivor)

  5,000   F.P.   2003   Time Charter   Nov-14

Gas Icon

  5,000   F.P.   1994   Time Charter   Aug-14

Gas Defiance

  5,000   F.P.   2008   Time Charter   Jan-15

Gas Shuriken

  5,000   F.P.   2008   Time Charter   Oct-14

Gas Elixir

  5,018   F.P.   2011   Bareboat   Dec-15

Gas Cerberus

  5,018   F.P.   2011   Time Charter   Jul-15

Gas Myth

  5,018   F.P.   2011   Time Charter   Nov-14

Gas Ethereal

  5,000   F.P.   2006   Time Charter   Sep-15

Gas Inspiration

  5,000   F.P.   2006   Time Charter   Aug-14

Gas Sincerity (3)

  4,123   F.P.   2000   Bareboat   Aug-18

Gas Spirit (3)

  4,112   F.P.   2001   Bareboat   Jan-16

Gas Zael (3)

  4,111   F.P.   2001   Bareboat   Feb-18

Gas Kaizen

  4,109   S.R.   1991   Time Charter   Jan-15

Gas Evoluzione

  3,517   F.P.   1996   Spot   —  

Gas Astrid (3)

  3,500   F.P.   2009   Bareboat   Apr-22

Gas Legacy

  3,500   F.P.   1998   Time Charter   May-15

Sakura Symphony

  3,500   F.P.   2008   Bareboat-Time Charter   Sep-15

Gas Sikousis (3)

  3,500   F.P.   2006   Bareboat   May-16

Gas Exelero (3)

  3,500   F.P.   2009   Bareboat   Jun-22

Gas Alice

  3,500   F.P.   2006   Time Charter   July-14

Gas Enchanted

  3,500   F.P.   2006   Time Charter   Aug-14

Gas Arctic

  3,434   S.R.   1992   Time Charter   Jul-14

Gas Ice

  3,434   S.R.   1991   Time Charter   Jan-15

Gas Galaxy

  3,312   F.P.   1997   Time Charter   May-16

Gas Pasha

  3,244   F.P.   1995   Time Charter   Jan-15

Gas Crystal

  3,211   S.R.   1990   Spot   —  

FLEET TOTAL:

40 VESSELS

 

196,758

cbm

       

TBN

  22,000   F.P   2017    

TBN

  22,000   F.P   2017    

TBN

  7,200   F.P   2016    

TBN

  7,500   F.P.   2016    

TBN

  7,200   F.P   2015    

TBN

  5,000   F.P   2014    

TBN

  5,000   F.P   2015    

TBN

  5,000   F.P   2015    

TBN

  5,000   F.P   2015    

TBN

  5,000   F.P   2015    

TBN

  5,000   F.P   2015    

TBN

  5,000   F.P   2015    

TBN (4)

  3,500   F.P   2014   Bareboat   Aug-21

TBN

  3,500   F.P   2014    

TBN (4)

  3,500   F.P   2015   Bareboat   Apr-22

TBN (4)

  3,500   F.P   2015   Bareboat   May-22

TBN

  3,500   F.P   2015    

TOTAL LPG CARRIER

FLEET:

57 VESSELS

 

315,158

cbm

       


Tanker Fleet

 

Vessel

 

Vessel Size (dwt)

 

Vessel Type

 

Year Built

 

Employment Status

 

Charter Expiration (1)

Navig8 Fidelity

  47,000   MR Product Tanker   2008   Bareboat   Jan-16

Navig8 Faith

  47,000   MR Product Tanker   2008   Bareboat   Feb-16

Stealth Bahla

  46,000  

MR Product

Tanker

  2009   Time Charter   Jul-16

Spike

  115,804   Aframax Oil Tanker   2010   Bareboat   Aug-15

TOTAL

TANKER FLEET:

4 VESSELS

 

255,804

dwt

       

 

    F.P.: Fully-Pressurized

 

    S.R.: Semi-Refrigerated

 

    M.R.: Medium Range

 

(1) Earliest date charters could expire.
(2) Bareboat charter contract subject to a purchase option pursuant to which the charterer may purchase such vessel at any time during the charter at a price that declines overtime from the estimated market value of the vessel at the time of entering into the charter in the first quarter of 2014.
(3) Bareboat charter contract subject to purchase option pursuant to which charterer may purchase such vessel at the end of the charter.
(4) Schedule to commence bareboat charter contract subject to purchase option pursuant to which charterer may purchase such vessel at the end of the charter

Our website address is www.stealthgas.com

About StealthGas Inc.

Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 40 LPG carriers with a total capacity of 196,758 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire 17 LPG carriers with expected deliveries by 2017. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s LPG carrier fleet will be composed of 57 LPG carriers with a total capacity of 315,158 cubic meters (cbm). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Company Contact:

Stavros Papantonopoulos

Finance Manager

STEALTHGAS INC.

011-30-210-6250-001

E-mail: info@stealthgas.com

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