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STEALTHGAS INC. Announces the Results of the 2012 Annual General Meeting, New Vessel Acquisitions, and New Charter Arrangements for Eight Vessels

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ATHENS, Greece, Oct. 31, 2012 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today the results of the 2012 annual general meeting of its shareholders held on Monday, October 15, 2012 at the Company's executive offices, updates on charter arrangements and other company news.

At the annual meeting each of the following proposals as set forth in more detail in the Notice and the Company's Proxy Statement were approved and adopted:

1) The re-election of Messrs. Harry N. Vafias and Markos Drakos as Class III Director of the Company to serve until the 2015 annual meeting of shareholders; and

2) The appointment of Deloitte Hadjipavlou Sofianos & Cambanis Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2012.

Newbuilding Program

The Company has purchased four newbuilding LPG carriers from an affiliated company for just under $100 million en bloc. The vessels are being built in a South Korean yard and are scheduled to be delivered from January to June 2014. The order encompasses four vessels, two 5,000cbm and two 6,500 cbm fully pressurized LPG carriers. The Company has already arranged for bank finance at the time of the vessels deliveries. These state of the art vessels have been designed to provide the industry with an ice-class, fuel-efficient and environment-friendly gas carrier, among other features enabling them to trade more widely.

Chartering Update

The company has concluded the following seven chartering arrangements:

The bareboat hire for both 47,000 dwt, 2008 built, Medium Range Tankers, Navig8 Fidelity and Navig8 Faith has been reduced for one year by approximately 13% and 16% respectively; but the chartering of both vessels has been extended for one more year until January and February 2016. In the last year of the charter the rate will have a floor with a 50/50 profit split for earnings above that level.

The time charter for its 5,000cbm, 1994 built, LPG carrier, Gas Icon, has been extended for two years to a major oil company, until August 2014.  

The time charters for both its 3,400cbm, LPG carriers, Gas Ice and Gas Arctic, built in 1991 and 1992 respectively, have been extended for one year, to an international petrochemical company, until January 2014.

The time charter for its 3,200cbm, 1990 built, LPG carrier, Gas Crystal, has been extended for one year, to an international gas trader, until October 2013.

The time charter for its 6,300cbm, 2007 built, LPG carrier, Gas Flawless, has been extended for two months to an international oil trader, until January 2013.

A two months time charter for its 7,200cbm, 2001 built, LPG carrier, Gas Premiership, to an oil company, until December 2012.

With the above charter arrangements the Company will secure additional future revenues of approximately $19 million.

Contracted coverage for the fleet is elevated to 86% for 2012 and 68% for 2013.

Fleet Profile and Fleet Deployment

The table below shows the company's fleet development and deployment as of today:

LPG Carrier Fleet

Vessel Vessel
Size (cbm)
Vessel
Type
Year Built Delivered
to GASS
Employment
Status
Charter
Expiration (1)
CURRENT FLEET
Gas Cathar 7,517 F.P. 2001 Oct-05 Time Charter May-13
Gas Esco 7,500 F.P. 2012 Jun-12 Time Charter Jun-17
Gas Husky 7,500 F.P. 2011 Jan-12 Bareboat Jan-17
Gas Premiership 7,200 F.P. 2001 Mar-08 Time Charter Dec 12
Gas Haralambos 7,000 F.P. 2007 Oct-07 Time Charter Jun-13
Gas Marathon 6,572 F.P. 1995 Nov-05 Time Charter Dec-12
Gas Moxie 6,526 F.P. 1992 May-05 Spot --
Gas Flawless 6,300 F.P. 2007 Feb-07 Time charter Jan-13
Gas Monarch 5,018 F.P. 1997 Dec-05 Spot --
Lyne 5,014 F.P. 1996 May-06 Bareboat May-13
Gas Emperor 5,013 F.P. 1995 Feb-05 Spot --
Gas Texiana 5,001 F.P. 1995 Nov-05 Time Charter Jan 14
Sir Ivor 5,000 F.P. 2003 May-06 Bareboat May-13
Gas Icon 5,000 F.P. 1994 Jun-07 Time Charter Aug-14
Gas Defiance 5,000 F.P. 2008 Aug-08 Time Charter Jan-15
Gas Shuriken 5,000 F.P. 2008 Oct-08 Time Charter Oct-14
Gas Elixir 5,018 F.P. 2011 Feb-11 Bareboat Dec-15
Gas Cerberus 5,018 F.P. 2011 Apr-11 Time Charter Jul-13
Gas Myth 5,018 F.P. 2011 Sep-11 Time Charter Nov-14
Gas Sincerity 4,123 F.P. 2000 Nov-05 Bareboat Aug-14
Gas Spirit 4,112 F.P. 2001 Dec-05 Bareboat Jan-16
Gas Zael 4,111 F.P. 2001 Dec-05 Bareboat Feb-14
Gas Kaizen 4,109 S.R. 1991 Nov-04 Spot --
Gas Evoluzione 3,517 F.P. 1996 Jul-07 Spot --
Gas Astrid 3,500 F.P. 2009 Apr-09 Bareboat April-14
Gas Legacy 3,500 F.P. 1998 Oct-05 Spot --
Gas Sikousis 3,500 F.P. 2006 Aug-07 Bareboat May-16
Gas Exelero 3,500 F.P. 2009 Jun-09 Bareboat Jun-14
Gas Arctic 3,434 S.R. 1992 Apr-05 Time Charter Jan-13
Gas Ice 3,434 S.R. 1991 Apr-05 Time Charter Jan-13
Chiltern 3,312 F.P. 1997 Jun-07 Bareboat May-13
Gas Pasha 3,244 F.P. 1995 Jun-06 Time Charter Jan-15
Gas Crystal 3,211 S.R. 1990 Nov-05 Time Charter Oct-13
FLEET TOTAL:
33 VESSELS
161,822
cbm
         
Additional Vessels (with delivery date)
TBN 5,000 F.P 2014 Jan-14    
TBN 5,000 F.P 2014 Mar-14    
TBN 6,500 F.P 2014 Mar-14    
TBN 6,500 F.P 2014 Jun-14    
TOTAL LPG CARRIER FLEET:
37 VESSELS
184,822 cbm          

Tanker Fleet

Vessel Vessel Size
(dwt)
Vessel
Type
Year Built Delivered
To GASS
Employment
Status
Charter
Expiration (1)
Navig8 Fidelity 47,000 MR Product Tanker 2008 Jan-08 Bareboat Jan-16
Navig8 Faith 47,000
 
MR Product Tanker 2008 Feb-08 Bareboat Feb-16
Alpine Endurance 46,000 MR Product
Tanker
2009 Jul-09 Time Charter Jul-16
Spike 115,804 Aframax Oil Tanker 2010 Jul-10 Bareboat Aug-15
TOTAL
TANKER FLEET: 
4 VESSELS

255,804
dwt
         
  • F.P.: Fully-Pressurized
  • S.R.: Semi-Refrigerated
  • M.R.: Medium Range

(1)    Earliest date charters could expire. 

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 33 LPG carriers with a total capacity of 161,822 cubic meters (cbm), three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has purchased four newbuilding LPG carriers with expected delivery in 2014. Once the delivery of these acquisitions is completed, STEALTHGAS INC's fleet will be composed of 37 LPG carriers with a total capacity of 184,822 cubic meters (cbm). STEALTHGAS INC's shares are listed on the NASDAQ Global Select Market and trade under the symbol "GASS".

Forward-Looking Statements

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 charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry dockings, changes in STEALTHGAS INC's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, 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 U.S. Securities and Exchange Commission.

Visit our website at www.stealthgas.com

CONTACT: Konstantinos Sistovaris Chief Financial Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: sistovaris@stealthgas.com
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