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Note: Hire rates given as bareboat (ie. Opex subracted from TCE).
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Stealth’s founder, Harry Vafias, already has a stellar record in the shipping market whilst
being the youngest CEO in the industry. He has founded three shipping companies to
date, including taking one, StealthGas, to a very successful and three times oversubscribed
IPO on the NASDAQ market in October 2005.
The first company founded by Harry Vafias in 1999 was Stealth Maritime. The assets
were four Aframax tankers bought at the bottom of the market. In the space of four
years, the market capitalisation of Stealth Maritime had increased from $2m to
almost $400m.
Mr Vafias had realised that the LPG shipping sector promised substantial rewards above all
others and his next venture, Stealth Gas, fully capitalised on the latent opportunities in this
sector. Within a year of its incorporation, StealthGas had become the only LPG
shipping company listed on NASDAQ having increased in size from 2 ships to 23
ships. The offering generated $116m and was three times oversubscribed.
The StealthGas fleet now operates some 40 LPG carriers on long term time charters
running primarily East of Suez. The fleet represents 14% of the global Handysize fleet and
its customers are blue chip names; Royal Dutch Shell, Petredec, Statoil, Petrobras and
Exmar. The firm is the number one ranked company in the 3,000 cum to 8,000 cum
section of the market.
Mr Vafias’ next company, Stealth Petroleum, was formed as the holding company for 4 modern Aframax tankers trading in
the crude oil supply market. In 2007, the company purchased 4 product tankers and 1 chemical tanker. Mr Vafias’ strategy is
to lock these vessels into long term bare-boat charter contracts whilst acquiring new vessels as and when market conditions
are most opportune. His financial strategy will give the Company the flexibility needed to be at its most responsive when
market conditions dictate rapid acquisition.
Brave Bulk Transport, another shipping company, was founded by Mr Vafias in 2003 and the majority sold to Middle East
interests in 2005. Mr Vafias’ vision is to dynamically expand his businesses away from the family concerns. This sale of
equity is part of his long term strategy to eventually list one by one all the Vafias Group subsidiaries in different stock
markets over the next few years.
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