The table below describes our fleet development and deployment as of today:
Monthly
Vessel Delivered Charter Rate
Size Vessel Year To Employment Expira- (1*)
Vessel (cbm) Type Built GASS Status tion US$
------- ------ ------- ------- ------------ ------- -------
CURRENT FLEET
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(4) 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 Flawless 6,300 F.P. 2007 Feb-07 Time Charter Feb-09 299,000
------- ------ ------- ------- ------------ ------- -------
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 June-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(6) 5,012 F.P. 1995 Apr-05 Bareboat Apr-07 190,000
------- ------ ------- ------- ------------ ------- -------
Catterick 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 Time Charter Mar-07 402,800
------- ------ ------- ------- ------------ ------- -------
Gas
Courchevel 4,109 S.R. 1991 Nov-04 Time Charter Mar-07 390,000
------- ------ ------- ------- ------------ ------- -------
Gas
Prophet(5) 3,556 F.P. 1996 Oct-04 Bareboat Sep-09 110,000
------- ------ ------- ------- ------------ ------- -------
Gas
Shanghai(8) 3,526 F.P. 1999 Dec-04 Time Charter Mar-07 194,000
------- ------ ------- ------- ------------ ------- -------
Gas Czar 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 3,500 F.P. 1995 Feb-06 Time Charter Dec-07 186,000
------- ------ ------- ------- ------------ ------- -------
Gas
Eternity(7) 3,500 F.P. 1998 Mar-06 Bareboat Apr-10 122,500
------- ------ ------- ------- ------------ ------- -------
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 Time Charter Dec-07 220,000
------- ------ ------- ------- ------------ ------- -------
Gas Prodigy 3,014 F.P. 1995 Oct-05 Time Charter Dec-07 180,000
------- ------ ------- ------- ------------ ------- -------
Gas Tiny 1,320 S.R. 1991 Oct-04 Time Charter Jan-09 140,000
------- ------ ------- ------- ------------ ------- -------
FLEET
TOTAL 126,769
29 VESSELS Cbm
------- ------ ------- ------- ------------ ------- -------
Additional Vessels (with expected delivery date)
Gas
Haralambos 7,000 F.P. Oct-07 Oct-07
FLEET
TOTAL 133,769
30 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 per calendar month. Thereafter, at charterer's option,
the bareboat charter can be extended for a further one year at the rate of
USD 171,717 per calendar month.
-- (3) Sir Ivor is employed under a bareboat charter until May 2009 at
the rate of USD 163,636 per calendar month. Thereafter, at charterer's
option, the bareboat charter can be extended for a further one year at the
rate of USD 171,717 per calendar month.
-- (4) 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.
-- (5) Gas Prophet has for the three year duration of her bareboat
charter been renamed the M.T. Ming Long.
-- (6) Birgit Kosan is currently employed under a bareboat charter to an
international owner of LPGs expiring in April 2007. This bareboat charter
has been extended for 6 months from April 2007 to October 2007 at a rate of
USD 150,000 per calendar month.
-- (7) Gas Eternity will, from the commencement of her three year
bareboat charter in March 2007, be renamed the M.T Yu Tian 9.
-- (8) Gas Shanghai is currently employed under a time charter until
March 2007. Thereafter she will be employed on a further six month time
charter at the rate of USD 225,000 per calendar month.
Fleet Data
The following key indicators highlight the Company's operating performance
during the fourth quarter ended December 31, 2006 and December 31, 2005.
FLEET DATA Q4 2006 Q4 2005
--------- ---------
Average number of vessels (1) 28.0 17.2
--------- ---------
Period end number of vessels in fleet 28.0 21.0
--------- ---------
Total calendar days for fleet (2) 2,576 1,585
--------- ---------
Total voyage days for fleet (3) 2,564 1,581
--------- ---------
Fleet utilization (4) 99.5% 99.7%
--------- ---------
Total time charter days for fleet (5) 2,281 1,532
--------- ---------
Total spot market days for fleet (6) 283 49
--------- ---------
AVERAGE DAILY RESULTS Q4 2006 Q4 2005
---------- ----------
Time Charter Equivalent - TCE (7) $ 7,323 $ 8,125
---------- ----------
Vessel operating expenses (8) 2,113 2,092
---------- ----------
Management fees 320 337
---------- ----------
General and administrative expenses 568 272
---------- ----------
Total vessel operating expenses (9) 2,682 2,364
---------- ----------
The following key indicators highlight the Company's operating performance
during the full-year period ended December 31, 2006 and December 31, 2005.
FLEET DATA 12M 2006 12M 2005
--------- ---------
Average number of vessels (1) 25.9 11.9
--------- ---------
Period end number of vessels in fleet 28.0 21.0
--------- ---------
Total calendar days for fleet (2) 9,451 4,334
--------- ---------
Total voyage days for fleet (3) 9,346 4,288
--------- ---------
Fleet utilization (4) 98.9% 98.9%
--------- ---------
Total time charter days for fleet (5) 8,209 4,105
--------- ---------
Total spot market days for fleet (6) 1,137 183
--------- ---------
AVERAGE DAILY RESULTS 12M 2006 12M 2005
---------- ----------
Time Charter Equivalent - TCE (7) $ 7,174 $ 7,919
---------- ----------
Vessel operating expenses (8) 2,061 2,099
---------- ----------
Management fees 325 340
---------- ----------
General and administrative expenses 366 180
---------- ----------
Total vessel operating expenses (9) 2,426 2,279
---------- ----------
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 fourth quarter ended December 31, 2006 and
December 31, 2005:
(figures in US $) Q4 2006 Q4 2005
------------ ------------
Net Cash Provided By (Used in) Operating
Activities $ 5,978,537 $ 7,061,620
------------ ------------
Net increase in current assets, excluding cash 612,443 (2,741,425)
------------ ------------
Net (increase) in current liabilities,
excluding short-term portion of long term
debt. 1,652,483 3,081,893
------------ ------------
------------ ------------
Interest income (226,324) (454,235)
------------ ------------
Interest and finance costs, net 2,239,484 1,123,095
------------ ------------
Amortization of finance fees (8,829) (24,805)
------------ ------------
Net income of vessel acquired from the Vafias
Group 0 (16,947)
------------ ------------
Change in fair value of derivatives (28,777) 7,000
------------ ------------
EBITDA $ 10,219,017 $ 8,036,196
------------ ------------
(figures in US $) Q4 2006 Q4 2005
------------ -------------
Net Income $ 4,817,976 $ 5,658,423
------------ -------------
Plus net interest expense 2,239,484 668,860
------------ -------------
Less Interest income (226,324) 0
------------ -------------
Plus depreciation 3,607,787 1,708,913
------------ -------------
Plus Amortization of fair value (219,906) 0
------------ -------------
EBITDA $ 10,219,017 $ 8,036,196
------------ -------------
EBITDA reconciliation for the full-years ended December 31, 2006 and
December 31, 2005:
(figures in US $) 12M 2006 12M 2005
------------ ------------
Net Cash Provided By (Used in) Operating
Activities $ 33,224,984 $ 24,414,729
------------ ------------
Net increase in current assets, excluding cash 1,993,989 (742,021)
------------ ------------
Net (increase) in current liabilities,
excluding short-term portion of long term
debt. (5,364,946) (5,063,296)
------------ ------------
Non-cash G&A expenses 0 (243,750)
------------ ------------
Interest income (735,090) (780,434)
------------ ------------
Interest and finance costs, net 7,705,602 2,685,207
------------ ------------
Amortization of finance fees (46,080) (41,344)
------------ ------------
Net income of vessel acquired from the Vafias
Group 99,870 (16,947)
------------ ------------
Change in fair value of derivatives (192,664) (67,000)
------------ ------------
EBITDA $ 36,685,665 $ 20,145,144
------------ ------------
(figures in US $) 12M 2006 12M 2005
------------ ------------
Net Income $ 18,492,509 $ 14,536,051
------------ ------------
Plus net interest expense 7,705,602 2,685,207
------------ ------------
Less Interest income (735,090) (780,434)
------------ ------------
Plus depreciation 13,058,316 5,611,942
------------ ------------
Plus Amortization of fair value (1,835,672) (1,907,622)
------------ ------------
EBITDA $ 36,685,665 $ 20,145,144
------------ ------------
Conference Call and Webcast:
As previously announced, on Monday, February 26, 2007 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 March 5,
2007 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 December 31, 2005 and December 31, 2006
(Expressed in United States Dollars)
For the Quarter Ended
December 31, December 31,
2005 2006
(Unaudited) (Unaudited)
------------ ------------
Revenues
Voyage revenues $ 13,816,745 $ 20,424,199
------------ ------------
Expenses
Voyage expenses 970,346 1,648,840
Vessels' operating expenses 3,314,930 5,444,135
Dry-docking costs 20,373 545,455
Management fees 533,830 824,896
General and administrative expenses 431,879 1,464,036
Depreciation 2,219,000 3,607,787
------------ ------------
Total expenses 7,490,358 13,535,149
------------ ------------
Income from operations $ 6,326,387 $ 6,889,050
------------ ------------
Other income and (expense)
Interest and finance costs, net (1,123,095) (2,239,484)
Change in fair value of derivatives 7,000 (28,777)
Interest income 454,235 226,324
Foreign exchange loss (6,104) (29,137)
------------ ------------
Other expenses, net (667,964) (2,071,074)
------------ ------------
Net income $ 5,658,423 $ 4,817,976
------------ ------------
Earnings per share, basic and diluted $ 0.42 $ 0.33
============ ============
Weighted average number of shares, outstanding 13,565,217 14,400,000
============ ============
STEALTHGAS INC
Consolidated Statements of Income
For the years ended December 31, 2005 and December 31, 2006
(Expressed in United States Dollars)
For the Twelve Months
Ended
December 31, December 31,
2005 2006
(Unaudited)
------------ ------------
Revenues
Voyage revenues $ 36,644,591 $ 73,259,369
------------ ------------
Expenses
Voyage expenses 2,688,155 6,213,804
Vessels' operating expenses 9,095,576 19,474,344
Dry-docking costs 470,384 2,243,395
Management fees 1,473,080 3,068,609
General and administrative expenses 779,539 3,457,688
Depreciation 5,611,942 13,058,316
------------ ------------
Total expenses $ 20,118,676 $ 47,516,156
------------ ------------
Income from operations $ 16,525,915 $ 25,743,213
------------ ------------
Other revenues and (expense)
Interest and finance costs, net (2,685,207) (7,705,602)
Change in fair value of derivatives (67,000) (192,664)
Interest income 780,434 735,090
Foreign exchange loss (18,091) (87,528)
------------ ------------
Other income, net (1,989,864) (7,250,704)
------------ ------------
Net income
$ 14,536,051 $ 18,492,509
------------ ------------
Earnings per share, basic and diluted $ 1.84 $ 1.31
============ ============
Weighted average number of shares, outstanding 7,906,849 14,161,096
============ ============
STEALTHGAS INC
Consolidated Balance Sheets
As of December 31, 2005 and December 31, 2006
(Expressed in United States Dollars)
------------- -------------
December 31, December 31,
2005 2006
(Unaudited)
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 23,210,243 $ 11,146,871
Trade receivables 13,330 1,096,645
Claim receivable -- 289,922
Inventories 399,624 746,874
Advances and prepayments 161,094 270,370
Fair value of above market acquired time
charter 597,754 23,718
Restricted cash 1,634,203 4,317,338
------------- -------------
Total current assets $ 26,016,248 $ 17,891,738
------------- -------------
Non current assets
Advances for vessels acquisitions 983,000 --
Advances for vessels under construction -- 3,483,750
Vessels, net 229,763,864 297,950,257
Deferred finance charges 215,656 279,576
------------- -------------
Total non current assets $ 230,962,520 $ 301,713,583
------------- -------------
Total assets $ 256,978,768 $ 319,605,321
------------- -------------
Liabilities and Stockholders' Equity
Current liabilities
Overdraft facility 200,000 --
Payable to related party 1,549,837 2,198,456
Trade accounts payable 984,997 2,049,456
Other accrued liabilities 1,635,040 4,681,488
Customer deposits -- 660,000
Fair value of below market acquired time
charter 1,443,989 1,016,281
Deferred income 2,284,578 2,889,998
Current portion of long-term debt 12,627,000 16,149,600
------------- -------------
Total current liabilities $ 20,725,441 $ 29,645,279
Non current liabilities
Derivative liability 67,000 35,902
Customer deposits -- 1,323,272
Long-term debt 85,079,000 124,798,640
------------- -------------
Total non current liabilities $ 85,146,000 $ 126,157,814
------------- -------------
Total liabilities $ 105,871,441 $ 155,803,093
------------- -------------
Commitments and contingencies -- --
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 12,826,845
Accumulated other comprehensive income -- 223,762
------------- -------------
Total stockholders' equity $ 151,107,327 $ 163,802,228
------------- -------------
Total liabilities and stockholders' equity $ 256,978,768 $ 319,605,321
------------- -------------
STEALTHGAS INC
Consolidated Statements of Cash Flows
(Expressed in United States Dollars
December 31,
2005 2006
(Unaudited)
-------------- --------------
Cash flows from operating activities
Net income for the year $ 14,536,051 $ 18,492,509
Items included in net income not affecting
cash flows:
Depreciation and amortization 5,653,286 13,104,396
Amortization of fair value of time
charter (1,907,622) (1,835,672)
Non cash general and administrative
expenses 243,750 --
Net loss/(income) of vessel acquired
from the Vafias Group 16,947 (99,870)
Change in fair value of derivatives 67,000 192,644
Changes in operating assets and
liabilities:
(Increase)/Decrease in
Receivable from related party 1,162,470 --
Trade receivables 6,293 (1,083,315)
Claim receivable -- (454,148)
Inventories (274,778) (347,250)
Advances and prepayments (151,964) (109,276)
Increase/(Decrease) in
Payable to related party 1,549,837 648,619
Trade accounts payable 489,072 1,064,459
Other accrued liabilities 1,274,222 3,046,448
Deferred income 1,750,165 605,420
-------------- --------------
Net cash provided by operating activities $ 24,414,729 $ 33,224,984
-------------- --------------
Cash flows from investing activities
Insurance proceeds -- 164,226
Advances for vessels acquisitions (983,000) --
Advances for vessels under construction -- (3,483,750)
Increase in restricted cash account (1,634,203) (2,683,135)
Acquisition of vessels (196,074,506) (80,261,709)
Fair value of acquired time charter 911,000 1,982,000
-------------- --------------
Net cash (used in) investing activities $ (197,780,709) $ (84,282,368)
-------------- --------------
Cash flows from financing activities
Capital stock 80,000 4,000
Additional paid-in capital 62,752,877 5,012,000
Initial Public Offering 116,000,000 --
Issuance costs (8,694,657) --
Deemed dividends (6,312,500) (287,500)
Vafias group of LPG carriers (54,898,497) --
Dividends paid (10,000,000) (10,650,000)
Deferred finance charges (257,000) (110,000)
Overdraft facility 200,000 (200,000)
Customer deposits -- 1,983,272
Loan repayment (42,294,000) (57,187,760)
Proceeds from long-term debt 140,000,000 100,430,000
-------------- --------------
Net cash provided by financing activities $ 196,576,223 $ 38,994,012
-------------- --------------
Net Increase (Decrease) in cash and cash
equivalents 23,210,243 (12,063,372)
Cash and cash equivalents at beginning of
year -- 23,210,243
-------------- --------------
Cash and cash equivalents at end of period $ 23,210,243 $ 11,146,871
-------------- --------------
Supplemental Cash Flow Information:
Cash paid during the year for:
Interest payments $ 2,130,228 $ 5,968,892
============== ==============
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 29 LPG carriers
with a total capacity of 126,769 cubic meters (cbm). In addition, the
company has agreed to acquire one newbuilding LPG carrier expected to be
delivered to STEALTHGAS INC. in early October 2007. Once this acquisition
is complete, STEALTHGAS INC.'s fleet will be composed of 30 LPG carriers
with a total capacity of 133,769 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