StealthGas Secures Eco Wizard Payout, To Sell Damaged Ship; Gulf Vessel Exits Hormuz
GASS•StealthGas has received agreed insurance compensation for its damaged LPG carrier Eco Wizard and plans to sell the vessel in its current condition without recording further profit. The company also confirmed the single LPG ship stranded in the Persian Gulf exited the Strait of Hormuz safely.
1. Eco Wizard Insurance Settlement
StealthGas has finalized its insurance claim for the LPG carrier Eco Wizard, receiving the full agreed compensation for the damage sustained earlier this year. This settlement resolves the outstanding insurance issue and bolsters the company’s liquidity position.
2. Damaged Vessel Sale Plan
The company plans to sell Eco Wizard in its current damaged state to third-party buyers, with no additional financial gain recorded on its books. Management expects the sale to conclude pending market interest and suitable buyer terms.
3. Persian Gulf Vessel Safe Exit
StealthGas confirmed that its single LPG vessel stranded in the Persian Gulf exited the Strait of Hormuz safely without incident after recent hostilities. The smooth transit restores the vessel to trading routes without further disruption.
