StealthGas forms JV to buy larger LPG carriers

Harry Vafias’s StealthGas has formed a new joint venture with an unspecified party and bought three medium-sized LPG carriers. The three ships are all 2010-built with a capacity of 35,000 cu m each, far larger than StealthGas’s normal smaller LPG focus.

Board chairman Michael Jolliffe commented: “In terms of our new projects, in an initiative to expand further across the LPG sector and accretively invest our cash-on-hand, while sharing the operational risk, we took the strategic decision to form a second joint venture arrangement with an unaffiliated third party to jointly acquire three secondhand vessels of an aggregate capacity of 105,641 cu m for a total of $80m.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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