SOURCE: StealthGas Inc.

November 14, 2005 08:25 ET

STEALTHGAS Announces Delivery of "Gas Sincerity" and Acquisition of One Additional LPG Carrier With a 14 Month Charter

ATHENS, GREECE -- (MARKET WIRE) -- November 14, 2005 -- STEALTHGAS INC. (NASDAQ: GASS) today announced that it has taken delivery of "Gas Sincerity," a vessel which it had previously agreed to acquire.

"Gas Sincerity" is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 2000 with a capacity of 4,100 cubic meters (cbm). Gas Sincerity will be deployed under a time charter with an oil major terminating around July 2006.

Furthermore, STEALTHGAS announced that it has agreed to acquire one additional vessel, "Catterick," for a total price of $ 12.75 million with expected delivery by the end of November 2005 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 cbm. It will be immediately 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.

"Gas Sincerity" is one of the ten identified vessels which STEALTHGAS intended to acquire as outlined in the company's IPO Prospectus, whereas "Catterick" is an additional vessel beyond the ten identified vessels. STEALTHGAS currently has a fleet of 16 vessels and anticipates taking delivery of a further three vessels by the end of November 2005, followed by the "Gas Eternity" in February 2006, for a fleet total of 20 vessels.

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

Vessel    Vessel  Vessel  Year    Delivered   Employ-   Charter     Monthly
          Size     Type   Built   To GASS      ment     Expiration  Rate
          (cbm)                               Status                (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 Chios 6,562   F.P.    1991    Oct 2005    Time      Feb 2006    300,000
                                               Charter
Gas
 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
Birgit
 Kosan    5,012   F.P.    1994    April 2005  Bareboat  April 2007  190,000
Gas Cour-                                     Time
 chevel   4,109   S.R.    1991    Nov 2004     Charter  Jan 2006    335,000
Gas Sin-                                      Time
 cerity   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
Gas Artic 3,434   S.R.    1992    Apr 2005    Bareboat  April 2009  190,000
Gas Ice   3,434   S.R.    1991    Apr 2005    Bareboat  April 2008  174,250
Gas
 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 Tiny  1,320   S.R.    1991    Oct 2004    Time      Nov 2006    120,000
                                               Charter
Subtotal
 - 16
 vessels  70,384
REMAINING IDENTIFIED VESSELS (with expected delivery period)
Sweet                                         Time      May/
 Dream(2) 5,018   F.P.    1997    Nov 2005     Charter   June 2007  295,000
Gas
 Eternity 3,500   F.P.    1998    Feb 2006    Spot      N/A
Gas                                           Time
 Oracle   3,014   F.P.    1990    Nov 2005     Charter  May 2006    118,000
Subtotal
 - 3
 vessels  11,532
ADDITIONAL VESSELS (with expected delivery period)
Catterick 5,000   F.P.    1995    Nov 2005    Time      Feb 2007    300,000
                                               Charter
FLEET
 TOTAL
20        86,916
 VESSELS   cbm

      -    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.
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 16 LPG carriers, and intends to acquire 4 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.

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: Email Contact

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