SOURCE: StealthGas Inc.

October 28, 2005 09:00 ET

STEALTHGAS Announces Delivery of Two Vessels, "Gas Cathar" and "Gas Legacy"

ATHENS, GREECE -- (MARKET WIRE) -- October 28, 2005 -- STEALTHGAS INC. (NASDAQ: GASS) today announced that it has taken delivery of two vessels "Gas Cathar" and "Gas Legacy," which it had previously agreed to acquire.

"Gas Cathar" is a Fully Pressurized (F.P.) LPG carrier built in Japan in 2001 with a capacity of 7,517 cubic meters (cbm). It is deployed under a time charter to a gas trader terminating around February 2006.

"Gas Legacy" is a Fully Pressurized (F.P.) LPG carrier built in Japan in 1998 with a capacity of 3,500 cubic meters (cbm). It is deployed under a time charter to an oil major until April 2007.

"Gas Cathar" and "Gas Legacy" are two of the ten identified vessels which STEALTHGAS intended to acquire as outlined in the company's IPO Prospectus. As outlined therein, STEALTHGAS anticipates taking delivery of a further five vessels by the end of November 2005, followed by the "Gas Eternity" in February 2006.

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

Vessel        Vessel Vessel Year  Delivered  Employment Charter    Monthly
              Size   Type   Built to GASS    Status     Expiration Rate
              (cbm)                                                (1*) $

CURRENT FLEET (Initial Fleet plus Identified Vessels already
 delivered to GASS)

Gas
 Cathar       7,517  F.P.   2001  Oct        Time       Feb        335,000
                                  2005       Charter    2006
Gas
 Chios        6,562  F.P.   1991  Oct        Time       Feb        300,000
                                  2005       Charter    2006
Gas
 Amazon       6,526  F.P.   1992  May        Time       May        420,000
                                  2005       Charter    2006
Gas
 Emperor      5,013  F.P.   1995  Feb        Time       Feb        350,000
                                  2005       Charter    2006
Birgit
 Kosan        5,012  F.P.   1994  April      Bareboat   April      190,000
                                  2005                  2007
Gas
 Courchevel   4,109  S.R.   1991  Nov        Time       Dec        335,000
                                  2004       Charter    2005
Gas
 Shangai      3,526  F.P.   1999  Dec        Time       Feb        275,000
                                  2004       Charter    2006
Gas
 Prophet      3,556  F.P.   1996  Oct        Time       Jan        253,750
                                  2004       Charter    2006
Gas
 Legacy       3,500  F.P.   1998  Oct        Time       April      250,000
                                  2005       Charter    2007
Gas
 Artic        3,434  S.R.   1992  Apr        Bareboat   April      190,000
                                  2005                  2009
Gas
 Ice          3,434  S.R.   1991  Apr        Bareboat   April      174,250
                                  2005                  2008
Gas
 Prodigy      3,014  F.P.   1995  Oct        Time       March      125,000
                                  2005       Charter    2006
Gas
 Tiny         1,320  S.R.   1991  Oct        Time       Nov        120,000
                                  2004       Charter    2006
Subtotal
 - 13 vessels 56,523

REMAINING IDENTIFIED VESSELS (with expected delivery period)

Gas
 Marathon     6,550  F.P.   1995  Oct-Nov    Bareboat   Oct        220,000
                                  2005                  2007
Sweet
 Dream        5,018  F.P.   1997  Oct-Nov    Bareboat   May        195,000
                                  2005                  2007
Gas
 Sincerity    4,100  F.P.   2000  Oct-Nov    Time       July       285,000
                                  2005       Charter    2006
Gas
 Eternity     3,500  F.P.   1998  Feb        Spot       N/A
                                  2006
Gas
 Crystal      3,211  S.R.   1990  Oct-Nov    Spot       N/A
                                  2005
Gas
 Oracle       3,014  F.P.   1990  Oct-Nov    Time       May        118,000
                                  2005       Charter    2006
Subtotal
 - 6 vessels  25,393
FLEET TOTAL
 19 VESSELS   81,916
              cbm

-       F.P. : Fully Pressurized
-       S.R. : Semi-Refrigerated
-       (1)  : To calculate daily rate divide by 30.4
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 13 LPG carriers, and intends to acquire 6 additional LPG carriers. Once these acquisitions are completed, STEALTHGAS's fleet will be composed of 19 LPG carriers with a total capacity of 81,916 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