StealthGas agrees $254.6m purchase of four LPG carriers

By Tom Whitfield

StealthGas has agreed to pay $254.6 million for four LPG carriers, a deal that would expand fleet capacity by 35% and add 102,000 cu m if shareholders approve the sale to four companies linked to chief executive and largest shareholder Harry Vafias’s family.

The Nasdaq-listed owner disclosed the acquisition in a US securities filing. The package comprises:

• Eco Enchanted — 2024-built, 40,000 cu m; built in South Korea.
• Eco Merlin — 2023-built, 40,000 cu m; built in South Korea.
• Eco Nebula — 2026-built, 11,000 cu m; built in Japan.
• Eco Texiana — 2025-built, 11,000 cu m; built in Japan.

If completed, the transaction would take StealthGas’s LPG fleet from 25 ships to 29 and lift total capacity to 387,017 cu m. The count would rise by four, or 16%, while StealthGas puts the capacity increase at 35%.

The sellers are four companies affiliated with members of the Vafias family. A committee of independent StealthGas directors approved the transaction and based the $254.6m price on average independent vessel valuations.

The sale still requires shareholder approval and other customary conditions. Until those conditions are met, the four ships and their 102,000 cu m remain outside StealthGas’s operating fleet.

StealthGas expects to take over the vessels free of existing charters between May and September 2027. The filing says the ships would be “free of existing charters,” which gives the owner control over their next commercial employment from takeover. The staggered handover means the capacity arrives through 2027 rather than on one delivery date.

The distinction matters for capacity planning. A ship handed over in May would be available before one handed over in September, while no part of the package adds tonnage to StealthGas’s fleet before takeover. For shippers and charter buyers, availability starts with each vessel’s handover date rather than the purchase agreement date.

StealthGas said it plans to “fund the purchase from existing liquidity.” Its filing showed cash, cash equivalents and short-term investments exceeding $270m as of November 5, a disclosed pool larger than the purchase price.

The agreement also allows payment to be deferred for up to one year from signing without interest. Together, the liquidity position and payment deferral reduce the immediate cash call, although StealthGas still must meet the purchase commitment and handover timetable.

The transaction marks a reversal in StealthGas’s fleet strategy. During much of 2025, the company paid down debt and disposed of older tonnage.

Earlier this year, Vafias outlined plans to modernize the fleet and move into larger LPG carriers when opportunities arose. By the end of 2025, StealthGas had repaid $350m over three years and brought its wholly owned fleet free of debt.

The purchase now redirects capital toward owned capacity rather than further debt reduction. It would also cut the average age of StealthGas’s LPG fleet from 12.1 years to 10.8 years, an improvement of 1.3 years.

What does this change for shippers and forwarders?

For LPG shippers, the practical change is the potential addition of modern, charter-free tonnage from late 2027. It does not create immediate shipping capacity: completion depends on shareholder approval and other customary conditions, and takeover runs from May through September 2027.

For carriers and forwarders, a larger modern fleet offers more vessels to operate or place on cargo. The two 40,000 cu m ships provide most of the new capacity, while the 11,000 cu m pair adds smaller units to the mix.

The filing sets out no freight-rate forecast, so any rate effect remains tied to market conditions when the ships enter service. If the shareholder vote passes and the handovers proceed as scheduled, StealthGas will add 102,000 cu m of charter-free capacity in 2027 and lower the average fleet age to 10.8 years; the filing sets no rate path.