Vessel Delivered Charter Monthly
Size Vessel Year To Employment Expir- Rate
Vessel (cbm) Type Built GASS Status ation (1*) $
-------- ------ ------ -------- ------------ ------ --------
CURRENT FLEET (Initial Fleet plus Identified & Additional Vessels already
delivered to GASS)
-------- ------ ------ -------- ------------ ------ --------
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter Aug-07 355,000
-------- ------ ------ -------- ------------ ------ --------
Gas Marathon 6,572 F.P. 1995 Nov-05 Bareboat Oct-07 220,000
-------- ------ ------ -------- ------------ ------ --------
Gas Chios (8) 6,562 F.P. 1991 Oct-05 Time Charter Mar-07 300,000
-------- ------ ------ -------- ------------ ------ --------
Gas Amazon 6,526 F.P. 1992 May-05 Time Charter Nov-07 252,500
-------- ------ ------ -------- ------------ ------ --------
Gas Monarch 5,018 F.P. 1997 Dec-05 Time Charter Jun-07 295,000
-------- ------ ------ -------- ------------ ------ --------
Gas Nemesis 5,016 F.P. 1995 Jun-06 Time Charter Jun-07 225,000
-------- ------ ------ -------- ------------ ------ --------
Lyne (2) 5,014 F.P. 1996 May-06 Bareboat May-09 163,636
-------- ------ ------ -------- ------------ ------ --------
Gas Emperor 5,013 F.P. 1995 Feb-05 Time Charter Jun-07 245,000
-------- ------ ------ -------- ------------ ------ --------
Birgit Kosan 5,012 F.P. 1995 Apr-05 Bareboat Apr-07 190,000
-------- ------ ------ -------- ------------ ------ --------
Catterick (10) 5,001 F.P 1995 Nov-05 Time Charter Jan-08 217,000
-------- ------ ------ -------- ------------ ------ --------
Sir Ivor (3) 5,000 F.P. 2003 May-06 Bareboat May-09 163,636
-------- ------ ------ -------- ------------ ------ --------
Gas Sincerity 4,123 F.P. 2000 Nov-05 Time Charter Jul-07 245,000
-------- ------ ------ -------- ------------ ------ --------
Gas Spirit 4,112 F.P. 2001 Dec-05 Time Charter Jun-07 250,000
-------- ------ ------ -------- ------------ ------ --------
Gas Zael 4,111 F.P. 2001 Dec-05 Spot N/A N/A
-------- ------ ------ -------- ------------ ------ --------
Gas Courchevel
(6) 4,109 S.R. 1991 Nov-04 Time Charter Jan-07 405,000
-------- ------ ------ -------- ------------ ------ --------
Gas Prophet
(9) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09 110,000
-------- ------ ------ -------- ------------ ------ --------
Gas Shangai 3,526 F.P. 1999 Dec-04 Time Charter Mar-07 194,000
-------- ------ ------ -------- ------------ ------ --------
Gas Czar(4) 3,510 F.P. 1995 Feb-06 Time Charter Nov-07 190,000
-------- ------ ------ -------- ------------ ------ --------
Gas Legacy 3,500 F.P. 1998 Oct-05 Time Charter Apr-07 250,000
-------- ------ ------ -------- ------------ ------ --------
Gas Fortune(5) 3,500 F.P. 1995 Feb-06 Time Charter Dec-07 186,000
-------- ------ ------ -------- ------------ ------ --------
Gas Eternity 3,500 F.P. 1998 Mar-06 Time Charter Mar-07 194,000
-------- ------ ------ -------- ------------ ------ --------
Gas Artic 3,434 S.R. 1992 Apr-05 Bareboat Apr-09 190,000
-------- ------ ------ -------- ------------ ------ --------
Gas Ice 3,434 S.R. 1991 Apr-05 Bareboat Apr-08 174,250
-------- ------ ------ -------- ------------ ------ --------
Batangas 3,244 F.P. 1995 Jun-06 Bareboat Jul-08 106,000
-------- ------ ------ -------- ------------ ------ --------
Gas Crystal 3,211 S.R. 1990 Nov-05 Spot N/A N/A
-------- ------ ------ -------- ------------ ------ --------
Gas Oracle 3,014 F.P. 1990 Dec-05 Spot N/A N/A
-------- ------ ------ -------- ------------ ------ --------
Gas Prodigy
(7) 3,014 F.P. 1995 Oct-05 Time Charter Dec-07 180,000
-------- ------ ------ -------- ------------ ------ --------
Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Dec-06 120,000
-------- ------ ------ -------- ------------ ------ --------
FLEET TOTAL 120,469
28 VESSELS cbm
-------- ------ ------ -------- ------------ ------ --------
F.P.: Fully-Pressurized
S.R.: Semi-Refrigerated
(1) To calculate daily rate divide by 30.4. All rates are quoted on a
gross basis and do not take into account chartering commissions.
(2) Lyne is employed under a bareboat charter until May 2009 at the
rate of USD 163,636. Thereafter, at charterer's option, the
bareboat charter can be extended for a further one year at the
rate of USD 171,717.
(3) Sir Ivor is employed under a bareboat charter until May 2009 at
the rate of USD 163,636. Thereafter, at charterer's option, the
bareboat charter can be extended for a further one year at the
rate of USD 171,717.
(4) Gas Czar is employed until November 2007 at the rate of
USD 190,000 per month if she trades in the Far East, or at the
rate of USD 210,000 per month if she trades elsewhere.
(5) Gas Fortune is employed until December 2006 at the rate of
USD 184,000 per month. Thereafter Gas Fortune will be employed
for a further one-year period at the rate of USD 186,000 per month.
(6) Gas Courchevel is employed under a fixed time charter agreement
with an international gas trader for a period of three and a half
to six months, which commenced in late September 2006. For the
first three and half months the rate is USD 405,000 per calendar
month. Thereafter, at charterer's option, the charter can be
extended for an additional two and half months at the rate of
USD 390,000 per calendar month.
(7) Gas Prodigy is currently employed under a fixed time charter
agreement expiring in December 2006 at the rate of USD 219,000
per calendar month. Thereafter, its charter has been extended
for an additional twelve-month period at the rate of USD 180,000
per month.
(8) Gas Chios charter has been extended for an additional twelve-month
period at the rate of USD 252,500 per month. The charter will
commence in March 2007.
(9) Gas Prophet has for the three year duration of her bare boat charter
been renamed the M.T. Ming Long.
(10) Catterick is employed under a time charter until January 2007 at the
rate of USD 300,000 per calendar month. As of January 2007, the
charter has been renewed for an additional twelve month period at
the rate of USD 217,000 per month.
Fleet Data
The following key indicators highlight the Company's operating performance
during the third quarter ended September 30, 2006 and September 30, 2005.
(Please note that statistics for the third quarter 2005 include Vafias
Group vessels).
FLEET DATA Q3 2006 Q3 2005
----------- -----------
Average number of vessels (1) 28.0 14.8
----------- -----------
Period end number of vessels in fleet 28.0 16.0
----------- -----------
Total calendar days for fleet (2) 2,576 1,360
----------- -----------
Total voyage days for fleet (3) 2,514 1,360
----------- -----------
Fleet utilization (4) 97.6% 100%
----------- -----------
Total time charter days for fleet (5) 2,142 1,220
----------- -----------
Total spot market days for fleet (6) 372 140
----------- -----------
AVERAGE DAILY RESULTS Q3 2006 Q3 2005
------------ ------------
Time Charter Equivalent - TCE (7) $ 6,675 $ 7,278
------------ ------------
Vessel operating expenses (8) 1,927 1,865
------------ ------------
Management fees 328 319
------------ ------------
General and administrative expenses 149 83
------------ ------------
Total vessel operating expenses (9) 2,076 1,948
------------ ------------
The following key indicators highlight the Company's operating performance
during the nine-month period ended September 30, 2006 and September 30,
2005. (Please note that statistics for the first 9 Months 2005 include
Vafias Group vessels).
FLEET DATA 9M 2006 9M 2005
----------- -----------
Average number of vessels (1) 25.2 10.4
----------- -----------
Period end number of vessels in fleet 28.0 16.0
----------- -----------
Total calendar days for fleet (2) 6,875 2,834
----------- -----------
Total voyage days for fleet (3) 6,782 2,834
----------- -----------
Fleet utilization (4) 98.7% 100%
----------- -----------
Total time charter days for fleet (5) 5,928 2,653
----------- -----------
Total spot market days for fleet (6) 854 181
----------- -----------
AVERAGE DAILY RESULTS 9M 2006 9M 2005
------------ ------------
Time Charter Equivalent - TCE (7) $ 7,117 $ 7,449
------------ ------------
Vessel operating expenses (8) 2,041 2,040
------------ ------------
Management fees 326 331
------------ ------------
General and administrative expenses 290 123
------------ ------------
Total vessel operating expenses (9) 2,331 2,163
------------ ------------
1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
2) Total calendar days are the total days the vessels were in our
possession for the relevant period including off-hire days associated with
major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels were in
our possession for the relevant period net of off-hire days associated with
major repairs, drydocks or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by dividing
voyage days by fleet calendar days for the relevant period.
5) Total time charter days for fleet are the number of voyage days the
vessels in our fleet operated on time charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days
the vessels in our fleet operated on spot market charters for the relevant
period.
7) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing voyage revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.
8) Vessel operating expenses, which include crew costs, provisions, deck
and engine stores, lubricating oil, insurance, maintenance and repairs is
calculated by dividing vessel operating expenses by fleet calendar days for
the relevant time period.
9) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses and general and administrative expenses. Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the relevant time
period.
EBITDA Reconciliation
EBITDA represents net earnings before interest, taxes, depreciation and
amortization. EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined by
United States generally accepted accounting principles, or U.S. GAAP, and
our calculation of EBITDA may not be comparable to that reported by other
companies.
EBITDA is included herein because it is a basis upon which we assess our
liquidity position and because we believe that it presents useful
information to investors regarding a company's ability to service and/or
incur indebtedness. The Company's definition of EBITDA may not be the same
as that used by other companies in the shipping or other industries.
EBITDA reconciliation for the third quarter period ended September 30, 2006
and September 30, 2005: (Please note that statistics for the third quarter
2005 include Vafias Group vessels).
(figures in US $) Q3 2006 Q3 2005
------------ ------------
Net Cash Provided By (Used in) Operating $ 10,656,686 $ 7,636,824
------------ ------------
Activities
------------ ------------
Net increase in current assets, excluding cash 191,558 2,000,891
------------ ------------
Net (increase) in current liabilities,
excluding short-term portion of long term
debt. (4,127,968) (4,296,285)
------------ ------------
Non-cash G&A expenses 0 (48,750)
------------ ------------
Interest income (157,130) (136,880)
------------ ------------
Interest and finance costs 2,374,728 923,885
------------ ------------
Amortization of finance fees (17,964) (5,797)
------------ ------------
Change in fair value of derivatives (1,482,343) 315,300
------------ ------------
EBITDA $ 7,437,567 $ 6,389,188
------------ ------------
(figures in US $) Q3 2006 Q3 2005
------------ ------------
Net Income $ 2,094,180 $ 4,418,492
------------ ------------
Plus net interest expense 2,374,728 923,885
------------ ------------
Less Interest income (157,130) (136,880)
------------ ------------
Plus depreciation 3,515,518 1,722,182
------------ ------------
Plus Amortization of fair value (389,729) (538,491)
------------ ------------
EBITDA $ 7,437,567 $ 6,389,188
------------ ------------
EBITDA reconciliation for the nine-month period ended September 30, 2006 and September 30, 2005: (Please note that the statistics for the nine months 2005 include Vafias Group vessels).
(figures in US $) 9M 2006 9M 2005
------------ ------------
Net Cash Provided By (Used in) Operating
Activities $ 27,246,447 $ 17,353,109
------------ ------------
Net increase in current assets, excluding cash 1,381,546 1,246,809
------------ ------------
Net (increase) in current liabilities,
excluding short-term portion of long term
debt. (7,017,429) (7,392,594)
------------ ------------
Non-cash G&A expenses 0 (243,750)
------------ ------------
Interest income (508,766) (326,199)
------------ ------------
Interest and finance costs 5,466,118 1,562,112
------------ ------------
Amortization of finance fees (37,251) (16,539)
------------ ------------
Net income of vessel acquired from the Vafias
Group 99,870 0
------------ ------------
Change in fair value of derivatives (163,887) (74,000)
------------ ------------
EBITDA $ 26,466,648 $ 12,108,948
------------ ------------
(figures in US $) 9M 2006 9M 2005
------------ ------------
Net Income $ 13,674,533 $ 8,877,628
------------ ------------
Plus net interest expense 5,466,118 1,562,112
------------ ------------
Less Interest income (508,766) (326,199)
------------ ------------
Plus depreciation 9,450,529 3,392,942
------------ ------------
Plus Amortization of fair value (1,615,766) (1,397,535)
------------ ------------
EBITDA $ 26,466,648 $ 12,108,948
------------ ------------
Conference Call and Webcast:
As previously announced, on Wednesday, November 22, 2006 at 10:00 A.M. EST,
the company's management will host a conference call to discuss the results
and the company's operations and outlook.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1866 819 7111(from the US), 0800 953 0329
(from the UK) or +44 (0) 1452 542 301 (from outside the US). Please quote
"STEALTHGAS."
In case of any problem with the above numbers, please dial 1866 869 2352
(from the US), 800 694 1449 (from the UK) or +44 (0) 1452 560 304 (from
outside the US). Quote: "STEALTHGAS."
A telephonic replay of the conference call will be available until November
29, 2006 by dialing 1866 247 4222 (from the US), 0800 953 1533 (from the
UK) or +44 1452 550 000 (from outside the US). Access Code: 2201616#
Slides and audio webcast:
There will also be a live-and then archived-webcast of the conference call,
through the internet through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should register on
the website approximately 10 minutes prior to the start of the webcast.
STEALTHGAS INC.
Consolidated Statements of Income
For the quarters ended September 30, 2005 and September 30, 2006
(Expressed in United States Dollars)
For the Quarter Ended
September 30, September 30,
2005 2006
(restated)*
------------- -------------
Revenues
Voyage revenues $ 11,130,867 $ 18,682,207
------------- -------------
Expenses
Voyage expenses 1,233,078 1,898,450
Vessels' operating expenses 2,536,446 4,963,545
Dry-docking costs 194,240 1,265,014
Management fees 434,050 844,928
General and administrative expenses 113,380 383,049
Depreciation 1,722,182 3,515,518
------------- -------------
Total expenses 6,233,376 12,870,504
------------- -------------
Income from operations $ 4,897,491 $ 5,811,703
------------- -------------
Other revenues and (expense)
Interest and finance costs, net (923,885) (2,374,728)
Change in fair value of derivatives 315,300 (1,482,343)
Interest income 136,880 157,130
Foreign exchange loss (7,294) (17,582)
------------- -------------
Other expenses, net (478,999) (3,717,523)
------------- -------------
Net income $ 4,418,492 $ 2,094,180
------------- -------------
Earnings per share, basic and diluted $ 0.74 $ 0.15
============= =============
Weighted average number of shares,
outstanding 6,000,000 14,239,130
============= =============
* During the course of 2005, the Company acquired a number of ship-owning
companies from affiliated entities of the Vafias Group ("The Vafias Group
of LPG Carriers"), which is controlled by the Vafias family. Because the
Company and the Vafias Group are entities under common control, in
accordance with US GAAP, the consolidated financial statements of the
Company must be presented as if the ship-owning companies acquired were
consolidated subsidiaries of the Company and such accounting resulted in
the retroactive restatement of the historical financial statements of the
Company as if "The Vafias Group of LPG Carriers" were consolidated
subsidiaries of the Company for the period presented.
STEALTHGAS INC.
Consolidated Statements of Income
For the nine months ended September 30, 2005 and September 30, 2006
(Expressed in United States Dollars)
For the Nine Months Ended
September 30, September 30,
2005 2006
(restated)
------------- -------------
Revenues
Voyage revenues $ 22,827,846 $ 52,835,170
------------- -------------
Expenses
Voyage expenses 1,717,809 4,564,964
Vessels' operating expenses 5,780,646 14,030,209
Dry-docking costs 450,011 1,697,940
Management fees 939,250 2,243,713
General and administrative expenses 347,660 1,993,652
Depreciation 3,392,942 9,450,529
------------- -------------
Total expenses 12,628,318 33,981,007
------------- -------------
Income from operations $ 10,199,528 $ 18,854,163
------------- -------------
Other revenues and (expense)
Interest and finance costs, net (1,562,112) (5,466,118)
Change in fair value of derivatives (74,000) (163,887)
Interest income 326,199 508,766
Foreign exchange loss (11,987) (58,391)
------------- -------------
Other expenses, net (1,321,900) (5,179,630)
------------- -------------
Net income $ 8,877,628 $ 13,674,533
------------- -------------
Earnings per share, basic and diluted $ 1.48 $ 0.97
============= =============
Weighted average number of shares,
outstanding 6,000,000 14,080,586
============= =============
STEALTHGAS INC.
Consolidated Balance Sheets
December 31, 2005 and September 30, 2006
(Expressed in United States Dollars)
December 31, September 30,
2005 2006
(Unaudited)
-------------- --------------
Assets
Current assets
Cash and cash equivalents $ 23,210,243 $ 13,097,311
Trade receivable 13,330 605,843
Claim receivable -- 128,373
Inventories 399,624 968,376
Advances and prepayments 161,094 253,002
Fair value of above market acquired time
charter 597,754 114,639
Restricted cash 1,634,203 4,420,327
-------------- --------------
Total current assets 26,016,248 19,587,871
-------------- --------------
Non current assets
Advances for vessels acquisitions 983,000 --
Vessels, net 229,763,864 301,557,239
Deferred finance charges 215,656 288,405
-------------- --------------
Total non current assets 230,962,520 301,845,644
-------------- --------------
Total assets 256,978,768 321,433,515
-------------- --------------
Liabilities and Stockholders' Equity
Current liabilities
Overdraft facility 200,000 --
Payable to related party 1,549,837 4,759,761
Trade accounts payable 984,997 2,963,133
Other accrued liabilities 1,635,040 2,700,101
Fair value of below market acquired time
charter 1,443,989 1,327,108
Deferred income 2,284,578 3,048,886
Current portion of long-term debt 12,627,000 16,867,520
-------------- --------------
Total current liabilities 20,725,441 31,666,509
Non current liabilities
Derivative liability 67,000 230,887
Guarantee payable -- 1,321,149
Long-term debt 85,079,000 126,754,480
-------------- --------------
Total non current liabilities 85,146,000 128,306,516
-------------- --------------
Total liabilities 105,871,441 159,973,025
-------------- --------------
Stockholders' equity
Capital stock 14,400,000 shares authorized
and outstanding with a par value of $.01 140,000 144,000
Additional paid-in capital 145,883,121 150,607,621
Retained earnings 5,084,206 10,708,869
-------------- --------------
Total stockholders' equity $ 151,107,327 $ 161,460,490
-------------- --------------
Total liabilities and stockholders' equity $ 256,978,768 $ 321,433,515
-------------- --------------
STEALTHGAS INC.
Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
September 30, September 30,
2005 2006
(restated)
------------- -------------
Cash flows from operating activities
Net income for the period $ 8,877,628 $ 13,674,533
Items included in net income not affecting
cash flows:
Depreciation and Amortization 3,409,481 9,487,780
Amortization of fair value of time charter (1,397,535) (1,615,766)
Non cash general and administrative
expenses 243,750 --
Net income of vessels acquired from the
Vafias Group -- (99,870)
Change in fair value of derivatives 74,000 163,887
Changes in operating assets and liabilities:
Decrease in receivable from related party 1,162,470 --
(Increase) in trade receivables (499,545) (592,513)
(Increase) in claim receivables -- (128,373)
(Increase) in inventories (209,391) (568,752)
(Increase) in advances and prepayments (1,080,005) (91,908)
(Increase) in deferred offering costs (620,338) --
Increase in payable to related parties 3,691,216 3,209,924
Increase in trade accounts payable 561,058 1,978,136
Increase in other accrued liabilities 1,513,171 1,065,061
Increase in deferred income 1,627,149 764,308
------------- -------------
Net cash provided by operating activities 17,353,109 27,246,447
------------- -------------
Cash flows from investing activities
Advances for vessels acquisitions (15,598,168) --
Short-term investment in time deposit (168,811) --
Increase in restricted cash account (909,736) (2,786,124)
Acquisition of vessels (122,226,365) (80,260,904)
Fair value of acquired time charter -- 1,982,000
------------- -------------
Net cash (used in) investing activities (138,903,080) (81,065,028)
------------- -------------
Cash flows from financing activities
Capital stock 6,500 4,000
Additional paid-in capital 64,008,877 5,012,000
Deemed dividends -- (287,500)
Dividends paid (10,000,000) (7,950,000)
Deferred finance charges (269,000) (110,000)
Overdraft facility -- (200,000)
Guarantee payable -- 1,321,149
Loan repayment (4,937,250) (54,514,000)
Proceeds from long-term debt 90,000,000 100,430,000
------------- -------------
Net cash provided by financing activities 138,809,127 43,705,649
------------- -------------
Net Increase (decrease) in cash and cash
equivalents 17,259,156 (10,112,932)
Cash and cash equivalents at beginning of
period -- 23,210,243
------------- -------------
Cash and cash equivalents at end of period $ 17,259,156 $ 13,097,311
------------- -------------
Supplemental Cash Flow Information:
Cash paid during the period for: interest
payments 1,193,198 4,656,306
============= =============
About STEALTHGAS INC.
Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company
serving the liquefied petroleum gas (LPG) sector of the international
shipping industry. STEALTHGAS INC. currently has a fleet of 28 LPG carriers
with a total capacity of 120,469 cubic meters (cbm). STEALTHGAS's shares
are listed on NASDAQ and trade under the symbol "GASS."
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are
other than statements of historical facts. The forward-looking statements
in this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data contained in
our records and other data available from third parties. Although
STEALTHGAS INC. believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, STEALTHGAS INC. cannot assure you that
it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include
the strength of world economies and currencies, general market conditions,
including changes in charterhire rates and vessel values, changes in demand
that may affect attitudes of time charterers to scheduled and unscheduled
drydocking, changes in STEALTHGAS INC.'s operating expenses, including
bunker prices, dry-docking and insurance costs, or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed by
STEALTHGAS INC. with the US Securities and Exchange Commission.
Visit our website at www.stealthgas.com
Contact Information: Company Contact: Andrew J. Simmons Chief Financial Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: simmons@stealthgas.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc.(New York) Tel. 212-661-7566 E-mail: nbornozis@capitallink.com