StealthGas to seek shareholder approval for $255 million LPG vessel purchase

StealthGas, a shipping company in which Harry Vafiadis holds a 32.7% stake, is referring a proposed $255 million acquisition of four LPG vessels to its general assembly for shareholder approval. This decision follows a recommendation from independent board members, who stipulated that shareholders must approve the transaction because the four vessels belong to family-owned companies of Mr. Vafiadis.

The deal includes the Eco Enchanted, Eco Marlin, Eco Nebula, and Eco Texiana, which were built in Japan. If completed, the vessels are expected to be delivered without charter between March and September 2027. This move is seen as a measure to prevent potential opposition from activist shareholders.

Separately, Vafiadis's Stealth Maritime group has expanded its investment program with four new tanker orders from South Korean shipyards. These orders, which include two LR2 product tankers and two VLCC crude oil tankers, bring the group's total fleet to 110 vessels with a combined value of $4 billion. The group's order book now includes 20 vessels under construction, primarily through HD Hyundai and Hanwha Ocean.