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.”
