Greek LPG vessel owner StealthGas is losing its finance boss as Andrew Simmons decides to call it a day.
The sudden announcement of the departure was accompanied by news the Harry Vafias-led company has securing financing for a trio of newbuildings with more funds in the pipeline.
Amongst updates on newbuilding financing and a quintet of new charter deals, however, it was the news of Simmons' exit which stood out most.
"Following discussions regarding the renewal of our CFO Andrew Simmons' contract in 2011, Mr Simmons has indicated that he will not be renewing his contract next year and as a consequence his contract has been terminated by mutual consent," an announcement to the Nasdaq read on Tuesday.
"Mr Simmons will leave the company at the end of January 2011. The company would like to thank Andrew for his contribution to the growth of the company during his time with us and to wish him continued success in the future," it concluded.
Simmons has been at Athens-based StealthGas since 2005 having arrived from Heath Lambert where he served variously as general manager and director of the Bahrain office for three years. A veteran of the banking industry for 32 years, much of it spent specialising in shipping finance, Simmons has also worked for Talal Al Zawawi Enterprises, BHF Bank, Guiness Mahon & Co, Taib Bank and Mid-West Bank.
StealthGas also announced on Tuesday that it has sourced "committed financing" for a trio of LPG units due out of Kanrei Zosen between February and July next year. Although the lender was not identified it is one of the Greek's existing banks.
A new lender is also being lined up to provide similar financing for the fourth and fifth of StealthGas' newbuildings at the Japanese yard. In total the Greek has three 5,000-cbm units and two 7,500-cbm ships on order.
President and CEO Vafias wrote of the expected new financing deal: "We have seen significant appetite for these financings from a wide group of banks and I am particularly pleased it would seem we have added another lender to the company's banking profile".
The owner has also fixed its 3,434-cbm Gas Arctic (built 1992) for one year from December to an unnamed chemical company. Four other ships have been fixed for various shorter periods with the average daily time charter equivalent (TCE) rate for all five deals being $8,202 or $249,338 per calendar month.
