SOURCE: StealthGas Inc.

November 29, 2005 15:09 ET

STEALTHGAS Announces Delivery of "Catterick"

ATHENS, GREECE -- (MARKET WIRE) -- November 29, 2005 -- STEALTHGAS INC. (NASDAQ: GASS) today announced that it has taken delivery of "Catterick," a vessel that it had previously agreed to acquire, with special survey and drydock freshly passed.

"Catterick" is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1995 with a capacity of 5,000 cubic meters (cbm). Catterick will be deployed under a time charter with a major gas trader for a period of 14 months ending in February 2007 and with a monthly rate of $ 300,000.

As announced on November 14, 2005, "Catterick" is an additional vessel beyond the ten identified vessels that STEALTHGAS intended to acquire as outlined in the company's IPO Prospectus. STEALTHGAS currently has a fleet of 17 vessels and anticipates taking delivery of a further two vessels in December 2005, followed by the "Gas Eternity" in February 2006, for a fleet total of 20 vessels.

Furthermore, to ensure its compliance with the applicable provisions of the Sarbanes-Oxley Act, STEALTHGAS announces the appointment of Ernst & Young as consultants.

The table below describes our fleet development and deployment as of today:

          Vessel                          Monthly
          Size    Vessel Year  Delivered Employment Charter       Rate
Vessel    (cbm)   Type   Built To GASS    Status   Expiration    (1*) $
CURRENT FLEET (Initial Fleet plus Identified Vessels already delivered
to GASS)
Gas                                      Time
Cathar     7,517   F.P.  2001  Oct 2005  Charter   Feb 2006       335,000
Gas                                      Time
Chios      6,562   F.P.  1991  Oct 2005  Charter   Feb 2006       300,000
Marathon   6,550   F.P.  1995  Nov 2005  Bareboat  Oct 2007       220,000
Gas                                      Time
Amazon     6,526   F.P.  1992  May 2005  Charter   May 2006       420,000
Gas                                      Time
Emperor    5,013   F.P.  1995  Feb 2005  Charter   Feb 2006       350,000
Kosan      5,012   F.P.  1994  Apr 2005  Bareboat  April 2007     190,000
Catterick  5,000   F.P   1995  Nov 2005  Charter   Feb. 2007      300,000
Gas                                      Time
Courchevel 4,109   S.R.  1991  Nov 2004  Charter   Jan 2006       335,000
Gas                                      Time
Sincerity  4,100   F.P.  2000  Nov 2005  Charter   July 2006      285,000
Gas                                      Time
Prophet    3,556   F.P.  1996  Oct 2004  Charter   Jan 2006       253,750
Gas                                      Time
Shangai    3,526   F.P.  1999  Dec 2004  Charter   Feb 2006       275,000
Gas                                      Time
Legacy     3,500   F.P.  1998  Oct 2005  Charter   April 2007     250,000
Artic      3,434   S.R.  1992  Apr 2005  Bareboat  April 2009     190,000
Ice        3,434   S.R.  1991  Apr 2005  Bareboat  April 2008     174,250
Crystal    3,211   S.R.  1990  Nov 2005  Spot      N/A
Gas                                      Time
Prodigy    3,014   F.P.  1995  Oct 2005  Charter   March 2006     125,000
Gas                                      Time
Tiny       1,320   S.R.  1991  Oct 2004  Charter   Nov 2006       120,000
Subtotal -
17 vessels 75,384
REMAINING IDENTIFIED VESSELS (with expected delivery period)
Sweet                                    Time
Dream(2)   5,018   F.P.  1997  Dec 2005  Charter   May/June 2007  295,000
Eternity   3,500   F.P.  1998  Feb 2006  Spot      N/A
Gas                                      Time
Oracle     3,014   F.P.  1990  Dec 2005  Charter   May 2006       118,000
Subtotal -
3 vessels 11,532
20 VESSELS 86,916cbm

-  F.P.: Fully Pressurized
-  S.R.: Semi-Refrigerated
-  (1): To calculate daily rate divide by 30.4
-  (2): Sweet Dream is under a bareboat charter with a rate of $ 195,000
   per month ending Dec 2005/Jan 2006. The time charter in the table
   commences thereafter.

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 17 LPG carriers, and intends to acquire 3 additional LPG carriers. Once these acquisitions are completed, STEALTHGAS's fleet will be composed of 20 LPG Carriers with a total capacity of 86,916 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.

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Contact Information

  • Company Contact:
    Andrew J. Simmons
    Chief Financial Officer
    E-mail: Email Contact

    Investor Relations/Media:
    Nicolas Bornozis
    Capital Link, Inc.(New York)
    Tel. 212-661-7566
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