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International shipping transportation company StealthGas specializes in the transportation of petroleum and petrochemical gas products in liquefied form. The company owns 35 liquefied petroleum gas (LPG) carriers, of which 33 are in operation and two are scheduled to begin deliveries by 2012. The fleet’s total carrying capacity is 168,097 cubic meters. StealthGas ranks number one worldwide in owned vessels for the 3,000-to-8,000-cubic-meter LPG carrier range. The company also owns three MR. product tankers (capable of carrying 80,000 to 120,000 tons of refined products and general cargo), and one Aframax tanker (with capacity for 80,000 to 120,000 tons of major bulk or crude oil cargo).
Operating as a leader in the highly-regulated energy shipping business, StealthGas is committed to ensuring regulatory compliance at every level. As such, the company wanted to ensure proactive compliance with impending regulations by the U.S. securities and exchange commission (SEC) that would require all companies listed with the New York stock exchange (NYSE) and NASDAQ to submit eXtensible Business Reporting Language (XBRL)-tagged filings starting with fiscal year 2011.
StealthGas evaluated multiple solutions and selected Oracle Hyperion Disclosure Management and Oracle Hyperion Financial Management to enable in-house development and submission of SEC, XBRL-tagged filings. Using the Oracle solution, the company created an entire XBRL filing in one working day and gained improved financial insight.
StealthGas carried out an in-depth analysis of Oracle’s and a leading competitor’s solution for preparing XBRL-tagged filings. Oracle was chosen for its comprehensive functionality and solution strength, as well as its competitive price and the XBRL expertise of Oracle’s presales team.
“Oracle Hyperion Disclosure Management was far ahead of the competition in terms of functionality and ease of use. Our accountants with no technical knowledge adopted it very quickly and with minimal training. Choosing the competitor’s solution would have required us to employ a trainer for six months,” said Nina Pyndiah, Internal Auditor, StealthGas Inc.