SOURCE: StealthGas Inc.

August 21, 2006 16:05 ET

STEALTHGAS INC. Reports Second Quarter and Six Months 2006 Results and Announces Quarterly Cash Dividend of $0.1875 per Common Share

ATHENS, GREECE -- (MARKET WIRE) -- August 21, 2006 -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six-month period ended June 30, 2006.

Second Quarter 2006 Results

For the second quarter ended June 30, 2006, net revenues amounted to $17.2 million and net income was $4.6 million. Earnings per share, basic and diluted, calculated on 14.0 million weighted average number of shares outstanding, were $0.33. EBITDA for the second quarter of 2006 was $8.9 million.

An average of 25.1 vessels were owned and operated in the second quarter 2006 earning an average time-charter-equivalent rate of approximately $6,922 per day.

Six-Month 2006 Results

For the six-month period ended June 30, 2006, net revenues amounted to $34.2 million and net income was $11.6 million. Earnings per share, basic and diluted, calculated on 14.0 million weighted average number of shares outstanding, were $0.83. EBITDA for the first six-months of 2006 was $19.0 million.

An average of 23.8 vessels were owned and operated in the first six-months of 2006 earning an average time-charter-equivalent rate of approximately $7,377 per day.

CEO Harry Vafias commented: "Our operations in the second quarter 2006 were affected by the softness in the spot market, where we operated five of our vessels, coupled with more extended drydockings for our fleet. We have since increased the fixed period employment of our fleet to 81% of our operating days for 2006 and to 43% for 2007 thereby further enhancing the stability and predictability of our earnings.

In the second quarter 2006 we completed the acquisition of four additional vessels. In fewer than nine months since our IPO in October 2005, we achieved our initial target of tripling our fleet to 28 vessels. These latest acquisitions reaffirm our leadership position as number one in owned vessels in the 3,000 to 8,000 cbm segment, the area of our strategic focus. All four additional vessels were acquired for a total of $46.6 million and came with contracted employment ranging from six-months to three years.

Since our IPO, we have continued with the consistent implementation of our strategy of fleet expansion, maintaining moderate leverage, securing a visible revenue stream, having cost efficient operations and paying stable dividends to our shareholders.

On Friday, August 18, we declared our third consecutive cash dividend of 18.75 cents per share payable on September 5, 2006 to shareholders of record on August 31, 2006. Since our IPO on October 2005, we have declared dividends totaling 56.25 cents per share. Our next dividend declaration is intended for November 2006.

Looking at the remainder of 2006, we expect our profitability to benefit from the increased employment of our fleet under fixed period contracts. We will also continue looking for accretive acquisitions and in this context we expanded our equity base by welcoming among our shareholders Nike Investments Corporation, which on August 3, 2006 acquired 400,000 newly issued shares of StealthGas for $ 5.0 million. Nike Investments Corporation is principally owned by Mr. Thanassis Martinos, one of the most prominent shipowners in Greece, who also serves on our Board of Directors. This investment confirms our company's positive outlook for the LPG shipping industry and our growth prospects."

CFO Andrew Simmons commented: "With all 28 vessels delivered, as of June 30, 2006 our net debt to capitalization remained at the moderate level of 45.6%, which affords us flexibility for further growth.

In May, we concluded a five year non amortizing interest rate swap with DNB NOR Bank in an amount of $25 million at a fixed rate of 5.42% per annum, effective as of September 11, 2006. Upon entering this interest rate swap, STEALTHGAS INC. will have covered $70 million of its debt through various interest rate hedging mechanisms."

Updated Fleet Profile and Fleet Deployment:

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 & Additional Vessels
already delivered to GASS)

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       6,562   F.P.  1991   Oct-05  Time Charter  Mar-07   300,000
Gas Amazon      6,526   F.P.  1992   May-05  Time Charter  May-07   300,000
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  Dec-06   201,500
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    5,012   F.P.  1995   Apr-05  Bareboat      Apr-07   190,000
Catterick       5,001   F.P.  1995   Nov-05  Time Charter  Feb-07   300,000
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  Aug-06   199,000
Gas Courchevel  4,109   S.R.  1991   Nov-04  Time Charter  Aug-06   395,000
Gas Prophet (6) 3,556   F.P.  1996   Oct-04  Bareboat      Sep-09   110,000
Gas Shangai     3,526   F.P.  1999   Dec-04  Spot          N/A      N/A
Gas Czar(4)     3,510   F.P.  1995   Feb-06  Time Charter  Nov-07   171,250
Gas Legacy      3,500   F.P.  1998   Oct-05  Time Charter  Apr-07   250,000
Gas Fortune(5)  3,500   F.P.  1995   Feb-06  Time Charter  Dec-06   184,000
Gas Eternity    3,500   F.P.  1998   Mar-06  Spot          N/A      N/A
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  Spot          N/A      N/A
Gas Prodigy     3,014   F.P.  1995   Oct-05  Time Charter  Dec-06   219,000
Gas Tiny        1,320   S.R.  1991   Oct-04  Time Charter  Dec-06   120,000
FLEET TOTAL     120,469
28 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. Thereafter, at charterer’s option, the bareboat charter
    can be extended for a further one year at the rate of USD 171,717.
(3) Sir Ivor is employed under a bareboat charter until May 2009 at the
    rate of USD 163,636. Thereafter, at charterer’s option, the bareboat
    charter can be extended for a further one year at the rate of
    USD 171,717.
(4) Gas Czar is employed until November 2006 at the rate of USD 171,250 per
    month. The rate for the 12 month period between December 2006 and
    November 2007 will be agreed upon no later than the commencement
    of the charter extension for the 12 months and will range between a
    minimum of USD 190,000 and a maximum of USD 210,000.
(5) Gas Fortune is employed until December 2006 at the rate of USD 184,000
    per month. Thereafter at charterer’s option it can be employed for a
    further one year period at the rate of USD 205,000 per month.
(6) Gas Prophet is currently trading on the spot market and as of September
    2006 it will be employed under a bareboat charter for a three year
    period to a Far Eastern State Affiliated Owner / Operator at the rate
    of USD 110,000 per calendar month.
Fleet Data

The following key indicators highlight the Company's operating performance during the second quarter ended June 30, 2006 and June 30, 2005. (Please note that statistics for the second quarter 2005 include Vafias Group vessels).

FLEET DATA                             Q2 2006      Q2 2005
Average number of vessels (1)            25.1         10.8
Period end number of vessels in fleet    28.0         13.0
Total calendar days for fleet (2)       2,280          979
Total voyage days for fleet (3)         2,253          979
Fleet utilization (4)                    98.8%         100%
Total time charter days for fleet (5)   1,889          943
Total spot market days for fleet (6)      364           36

AVERAGE DAILY RESULTS                 Q2 2006       Q2 2005
Time Charter Equivalent – TCE (7)      $6,922       $7,344
Vessel operating expenses (8)           2,074        1,983
Management fees                           329          314
General and administrative expenses       444          132
Total vessel operating expenses (9)     2,519        2,115
The following key indicators highlight the Company's operating performance during the six-month period ended June 30, 2006 and June 30, 2005. (Please note that statistics for the first 6 Months 2005 include Vafias Group Vessels).
FLEET DATA                             6M 2006      6M 2005
Average number of vessels (1)            23.8          8.2
Period end number of vessels in fleet    28.0         13.0
Total calendar days for fleet (2)       4,299        1,487
Total voyage days for fleet (3)         4,268        1,470
Fleet utilization (4)                    99.3%        98.9%
Total time charter days for fleet (5)   3,786        1,429
Total spot market days for fleet (6)      482           41


AVERAGE DAILY RESULTS                  6M 2006      6M 2005
Time Charter Equivalent – TCE (7)      $7,377       $7,627
Vessel operating expenses (8)           2,109        2,182
Management fees                           325          340
General and administrative expenses       375          158
Total vessel operating expenses (9)     2,484        2,339
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 second quarter period ended June 30, 2006 and June 30, 2005: (Please note that statistics for the second quarter 2005 include Vafias Group vessels).

(figures in US $)                                  Q2 2006      Q2 2005
Net Cash Provided By (Used in)
 Operating Activities                            $7,298,018    $8,515,405
Net increase in current assets, excluding cash      664,722    (1,615,002)
Net (increase) in current liabilities, excluding
 short-term portion of long term debt.           (1,328,190)   (2,909,745)
Non-cash G&A expenses                                     0       (97,500)
Interest income                                    (165,576)     (166,246)
Interest and finance costs                        1,734,096       604,132
Amortization of finance fees                         (9,368)      (10,742)
Net income of vessel acquired from the
 Vafias Group                                             0             0
Change in fair value of derivatives                 675,496      (389,300)
EBITDA                                           $8,869,198    $3,931,002


(figures in US $)                                  Q2 2006      Q2 2005
Net Income                                       $4,621,660    $2,822,222
Plus net interest expense                         1,734,096       604,132
Less Interest income                               (165,576)     (166,246)
Plus depreciation                                 3,127,351     1,161,367
Plus Amortization of fair value                    (448,333)     (490,473)
EBITDA                                           $8,869,198    $3,931,002
EBITDA reconciliation for the six-month period ended June 30, 2006 and June 30, 2005: (Please note that the statistics for the first six months 2005 include Vafias Group vessels).
(figures in US $)                                  6M 2006      6M 2005
Net Cash Provided By (Used in) Operating
 Activities                                      $16,589,761   $9,716,285
Net increase in current assets, excluding cash     1,189,988     (754,082)
Net (increase) in current liabilities, excluding
 short-term portion of long term debt.            (2,889,461)  (3,096,309)
Non-cash G&A expenses                                      0     (195,000)
Interest income                                     (351,636)    (189,319)
Interest and finance costs                         3,091,390      638,227
Amortization of finance fees                         (19,287)     (10,742)
Net income of vessel acquired from the Vafias Group   99,870            0
Change in fair value of derivatives                1,318,456     (389,300)
EBITDA                                           $19,029,081   $5,719,760


(figures in US $)                                  6M 2006      6M 2005
Net Income                                       $11,580,353   $4,459,136
Plus net interest expense                          3,091,390      638,227
Less Interest income                                (351,636)    (189,319)
Plus depreciation                                  5,935,011    1,670,760
Plus Amortization of fair value                   (1,226,037)    (859,044)
EBITDA                                           $19,029,081   $5,719,760

Conference Call and Webcast:

As previously announced, on Tuesday, August 22, 2006 at 10:00 A.M. EDT, 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 August 29, 2006 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 June 30, 2005 and June 30, 2006
                   (Expressed in United States Dollars)


                                               For the Three Months Ended
                                              June 30, 2005  June 30, 2006
                                               (restated)*
                                              -------------  -------------
Revenues
   Voyage revenues                            $   7,499,510  $  17,215,045
                                              -------------  -------------

Expenses
   Voyage expenses                                  309,829      1,618,689
   Vessels' operating expenses                    1,941,496      4,729,458
   Dry-docking costs                                     --        432,926
   Management fees                                  307,080        750,986
   General and administrative expenses              128,980      1,013,422
   Depreciation                                   1,161,367      3,127,351
                                              -------------  -------------
Total expenses                                    3,848,752     11,672,832
                                              -------------  -------------

Income from operations                        $   3,650,758  $   5,542,213
                                              -------------  -------------

Other revenues and (expense)
   Interest and finance costs, net                 (604,132)    (1,734,096)
   Change in fair value of derivatives             (389,300)       675,496
   Interest income                                  166,246        165,576
   Foreign exchange loss                             (1,350)       (27,529)
                                              -------------  -------------
Other expenses, net                                (828,536)      (920,553)
                                              -------------  -------------

Net income                                    $   2,822,222  $   4,621,660
                                              -------------  -------------

Earnings per share, basic and diluted         $        0.47           0.33
                                              =============  =============

Weighted average number of shares,
 outstanding                                      6,000,000     14,000,000
                                              =============  =============

* During the course of 2005, the Company acquired a number of ship-owning
companies from affiliated entities of the Vafias Group ("The Vafias Group
of LPG Carriers"), which is controlled by the Vafias family. Because the
Company and the Vafias Group are entities under common control, in
accordance with US GAAP, the consolidated financial statements of the
Company must be presented as if the ship-owning companies acquired were
consolidated subsidiaries of the Company and such accounting resulted in
the retroactive restatement of the historical financial statements of the
Company as if "The Vafias Group of LPG Carriers" were consolidated
subsidiaries of the Company for the period presented.
                              STEALTHGAS INC
                    Consolidated Statements of Income
         For the six months ended June 30, 2005 and June 30, 2006
                  (Expressed in United States Dollars)

                                                For the Six Months Ended
                                              June 30, 2005  June 30, 2006
                                                (restated)
                                              -------------  -------------
Revenues
   Voyage revenues                            $  11,696,979  $  34,152,963
                                              -------------  -------------

Expenses
   Voyage expenses                                  484,731      2,666,514
   Vessels' operating expenses                    3,244,200      9,066,664
   Dry-docking costs                                255,771        432,926
   Management fees                                  505,200      1,398,785
   General and administrative expenses              234,280      1,610,603
   Depreciation                                   1,670,760      5,935,011
                                              -------------  -------------
Total expenses                                   6,394,942     21,110,503
                                              -------------  -------------

Income from operations                       $   5,302,037  $  13,042,460
                                              -------------  -------------

Other revenues and (expense)
   Interest and finance costs, net                 (638,227)    (3,091,390)
   Change in fair value of derivatives             (389,300)     1,318,456
   Interest income                                  189,319        351,636
   Foreign exchange loss                             (4,693)       (40,809)
                                              -------------  -------------
Other expenses, net                                (842,901)    (1,462,107)
                                              -------------  -------------

Net income                                    $   4,459,136  $  11,580,353
                                              -------------  -------------

Earnings per share, basic and diluted         $        0.74  $        0.83
                                              =============  =============

Weighted average number of shares,
 outstanding                                      6,000,000     14,000,000
                                              =============  =============
                              STEALTHGAS INC
                        Consolidated Balance Sheets
                    December 31, 2005 and June 30, 2006
                   (Expressed in United States Dollars)


                                               December 31,     June 30,
                                                   2005           2006
                                                              (Unaudited)
                                              -------------- --------------
Assets
Current assets
   Cash and cash equivalents                  $   23,210,243 $    6,346,277
   Trade receivable                                   13,330        298,909
   Claim receivable                                       --        179,489
   Inventories                                       399,624      1,093,966
   Advances and prepayments                          161,094        191,672
   Fair value of above market acquired time
    charter                                          597,754        219,853
   Restricted cash                                 1,634,203      3,718,644
                                              -------------- --------------
Total current assets                              26,016,248     12,048,810
                                              -------------- --------------

Non current assets
   Advances for vessels acquisitions                 983,000             --
   Vessels, net                                  229,763,864    305,039,639
   Deferred finance charges                          215,656        306,369
   Derivative receivable                                  --      1,251,456
                                              -------------- --------------
Total non current assets                         230,962,520    306,597,464
                                              -------------- --------------
Total assets                                     256,978,768    318,646,274
                                              -------------- --------------

Liabilities and Stockholders' Equity
Current liabilities
   Overdraft facility                                200,000             --
   Payable to related party                        1,549,837      2,762,857
   Trade accounts payable                            984,997      1,957,453
   Other accrued liabilities                       1,635,040      2,400,428
   Fair value of below market acquired time
    charter                                        1,443,989      1,822,051
   Deferred income                                 2,284,578      2,223,175
   Current portion of long-term debt              12,627,000     18,963,520
                                              -------------- --------------
Total current liabilities                         20,725,441     30,129,484

Non current liabilities
   Derivative liability                               67,000             --
   Long-term debt                                 85,079,000    131,466,480
                                              -------------- --------------
Total liabilities                                105,871,441    161,595,964
                                              -------------- --------------

Stockholders' equity
   Capital stock 100,000,000 shares authorized;
    14,000,000 shares outstanding with a par
    value of $.01                                    140,000        140,000
   Additional paid-in capital                    145,883,121    145,595,621
   Retained earnings                               5,084,206     11,314,689
                                              -------------- --------------
Total stockholders' equity                    $  151,107,327 $  157,050,310
                                              -------------- --------------
Total liabilities and stockholders' equity    $  256,978,768 $  318,646,274
                                              -------------- --------------
                              STEALTHGAS INC
                  Consolidated Statements of Cash Flows
                   (Expressed in United States Dollars)



                                              June 30, 2005  June 30, 2006
                                                (restated)
                                              -------------  -------------
Cash flows from operating activities
   Net income for the period                  $   4,459,136  $  11,580,353

Items included in net income not affecting
 cash flows:

   Depreciation and Amortization                  1,681,502      5,954,298
   Amortization of fair value of time charter      (859,044)    (1,226,037)
   Non cash general and administrative
    expenses                                        195,000
   Net income of vessels acquired from the
    Vafias Group                                                   (99,870)
   Change in fair value of derivatives              389,300     (1,318,456)

Changes in operating assets and liabilities:
   Decrease in receivable from related party      1,162,470             --
   (Increase) in trade receivables                  (37,037)      (285,579)
   Decrease (Increase) in claim receivables         124,846       (179,489)
   (Increase) in inventories                       (182,217)      (694,342)
   (Increase) in advances and prepayments          (313,980)       (30,578)
   Increase in payable to related parties         1,796,287      1,213,020
   Increase in trade accounts payable               332,270        972,456
   Increase in other accrued liabilities            432,340        765,388
   Increase (Decrease) in deferred income           535,412        (61,403)
                                              -------------  -------------
Net cash provided by operating activities
                                                  9,716,285     16,589,761
                                              -------------  -------------

Cash flows from investing activities
   Short-term investment in time deposit           (168,811)            --
   Increase in restricted cash account             (620,631)    (2,084,441)
   Acquisition of vessels                       (81,118,610)   (80,227,786)
   Fair value of acquired time charter                   --      1,982,000
                                              -------------  -------------
Net cash (used in) investing activities
                                                (81,908,052)   (80,330,227)
                                              -------------  -------------

Cash flows from financing activities
   Additional paid-in capital                    29,561,980             --
   Deemed dividends                                      --       (287,500)
   Dividends paid                                        --     (5,250,000)
   Deferred finance charges                        (204,000)      (110,000)
   Overdraft facility                                    --       (200,000)
   Loan repayment                                (3,580,500)   (47,706,000)
   Proceeds from long-term debt                  68,000,000    100,430,000
                                              -------------  -------------
Net cash provided by financing activities
                                                 93,777,480     46,876,500
                                              -------------  -------------

Net Increase (Decrease) in cash and cash
 equivalents                                     21,585,713    (16,863,966)
Cash and cash equivalents at beginning of
 period                                                  --     23,210,243
                                              -------------  -------------
Cash and cash equivalents at end of period    $  21,585,713  $   6,346,277
                                              -------------  -------------

Supplemental Cash Flow Information:
   Cash paid during the period for: interest
    payments
                                                    428,150      2,624,695
                                              =============  =============

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 28 LPG carriers with a total capacity of 120,469 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

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