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Talking Point

Photography by Carlo Raciti

SHIP
The Supplier
Talks exclusively to:

Harry Vafias

President and CEO, StealthGas Inc.

Harry Vafias epitomises the entrepreneurial spirit of the younger generation of

Greek ship owners who have seen their fortunes rise and fall on the US stock

markets. Highly attuned to the vagaries of Wall Street, Vafias continues to do a

good job in wooing investors in an industry where fingers have already been burned
I
in the market collapse of mid-to-late 2008

n StealthGas’ case, a prudent fleet size and with demand for gas still already made a 10% return on his

strategy towards secured income outstripping tonnage supply, so assuring investment.

through the timecharter markets good forward freight rate prospects. “We are extremely proud that one
rather than gamble on the spot saw the With these market dynamics in of the richest and cleverest businessmen

company survive the worst that the place, no wonder billionaire investor in the US is our second largest
2008 shipping crisis could throw at it. Michael Dell recently parted with shareholder after the Vafias family. This

StealthGas is also fortunate in that it $33m of his own hard-earned cash to is fantastic because whatever we want
operates in a market with a lower than buy a 9.9% stake in StealthGas. to do, we know we are going to have a

average forward order book that According to Mr Vafias, since his powerful shareholder backing us up,”
represents only 6% of the total world
investment in February this year, he has
he said.

50 The SHIP Supplier Issue 61 2014