StealthGas plans LPG fleet expansion through four-vessel acquisition
StealthGas Inc. has agreed to acquire four modern liquefied petroleum gas (LPG) carriers from companies affiliated with the family of its chief executive and largest shareholder, Harry N. Vafias, in a transaction valued at approximately $254.6 million.
The proposed acquisition comprises two 40,000 cbm LPG carriers, the 2024-built Eco Enchanted and the 2023-built Eco Merlin, alongside two 11,000 cbm vessels, the 2026-built Eco Nebula and the 2025-built Eco Texiana. The four ships are expected to be delivered without existing charter commitments between May and September 2027, subject to shareholder approval and other closing conditions.
If completed, the transaction would expand StealthGas’ LPG carrier fleet from 25 to 29 vessels, adding 102,000 cbm of carrying capacity. This represents an increase of approximately 35%, bringing the fleet’s aggregate capacity to 387,017 cbm. The average fleet age would also decline from 12.1 years to 10.8 years, based on figures that include one LPG carrier owned through a joint venture.
Related-party transaction subject to shareholder approval
The sellers are entities affiliated with members of the family of Harry N. Vafias, who serves as StealthGas’ Chief Executive Officer, President, Chief Financial Officer, director and largest shareholder.
Given the related-party nature of the proposed acquisition, the transaction was reviewed and approved by a committee comprising the company’s independent directors. The committee determined the purchase price using the average of independent vessel valuations and made completion conditional upon shareholder approval and other customary requirements.
StealthGas intends to finance the acquisition using its existing cash resources. The company reported cash, cash equivalents and short-term investments exceeding $270 million at the time of its November disclosure, compared with $168.3 million at June 30, 2026.
Under the memorandum of agreement, StealthGas also has the option to defer payment for the vessels until one year after the agreement date, without incurring interest.
The acquisition would represent a substantial increase in the company’s LPG transportation capacity while introducing four relatively new vessels into its fleet. However, the transaction has not yet been completed, and the planned deliveries remain dependent on the required approvals and closing conditions.
