StealthGas, a major owner of small and midsize LPG carriers, has taken further steps towards selling some of its older and smaller vessels, as it is taking delivery of bigger newbuildings.
According to ship management sources in Athens, the Harry Vafias-led company agreed just before year-end to offload two such ships, bringing its total number of sales in 2022 — either alone or with joint venture partners — to six vessels.
The latest move by the US-listed owner is said to concern the 4,900-cbm Gas Prodigy (built 2003) and 4,100-cbm Gas Spirit (built 2001).
Several brokers reported the Gas Prodigy as sold to Indonesian interests for $5.1m.
The ship, however, has already emerged as Gas Madrid in the managed fleet of small Turkish outfit Petroxi Trading, a relatively new player in the business.
Set up in Istanbul in 2021, Petroxi made its first moves by acquiring two similar ships last year: one from StealthGas, the 5,000-cbm Gas Monarch (renamed Gas Milano, built 1997); and one from Navigator Gas, the 6,400-cbm Happy Bride (renamed Gas Houston, built 1999).
Another new player may be behind the purchase of the Gas Spirit. Brokers report that an unknown Ukrainian buyer paid StealthGas $5.7m for that ship.
StealthGas, which does not discuss commercial transactions outside official press releases and regular bourse filings, thus stands to have pocketed $10.8m from the sale of the two vessels.
Their divestment is in line with its long-standing strategy to part with older vessels while preparing to take delivery of newer, higher-value ships.
The Gas Prodigy sale stands out in that this was the only Chinese-built vessel in the StealthGas fleet. That leaves the company with tonnage built in Japan and South Korea.
The Vafias Group, which also owns several tankers and bulkers, in general prefers Japanese tonnage while making select exceptions for vessels built in South Korea.
The group last month took delivery of the 40,000-cbm newbuilding Eco Merlin (built 2023) from Hyundai Mipo Dockyard. Delivery of another such ship is awaited from the yard later this year.
