Bareboat bliss

StealthGas of Greece has fixed out three LPG newbuildings for seven-years amid positive market signs.

It said the 3,500-cbm sisters Eco Elysium, Eco Royalty and Eco Loyalty will be bareboated to an established owner-operator on delivery in August this year, April 2015 and May 2015 respectively.

All are being built at Kitanihon Zosen in Japan.

The company also announced deals for existing vessels, including three new one-year charters, two 12-month extensions and a four-month booking for a 2003-built carrier.

The company told TradeWinds that charterers think the market will be strong in the medium term and are keen to fix forward positions.

The deals lock in $50m of revenue, 85% of which comes from the bareboat charters.

It has a total of $250m in future contracted revenue.

CEO Harry Vafias: “The announcement of new employments, especially three very long charters, only amplifies our belief that good times are ahead.”

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