STEALTHGAS INC. Vessel Released Following Collision

ATHENS, GREECE--(Marketwire - June 28, 2007) - STEALTHGAS INC. (NASDAQ: GASS) announced today that one of its vessels, the Gas Shanghai, was involved in a collision on May 15, 2007, when it struck a local vessel that came across its bow as the Gas Shanghai was leaving the port of Ho Chi Minh City, Vietnam, with a pilot on board, after discharging its cargo. While the Gas Shanghai sustained only minor damage, the other, smaller vessel sank and eight of its seamen were regrettably lost. On June 27th, the Gas Shanghai was permitted to leave the port and has re-entered the company's service. The vessel's captain and chief officer have been requested to remain in Ho Chi Minh City to assist in the completion of the investigation by the port authorities. The company has reached settlements with the families of six of the lost seamen and has secured the claims of the remaining two. The company has confirmed that its protection and indemnity insurers have provided security to cover the vessel's third party liabilities and will settle them according to the vessel's proportion of liability as and when they become due. The company does not expect these events to materially affect revenues for the second quarter.

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