Stealthgas Aquires an Additional LPG Carrier

Thursday, February 16, 2006
Stealthgas Inc. announced that it has entered into an agreement to acquire one additional LPG carrier Gas Fortune for a consideration of $ 9.5 million with expected delivery end February/early March 2006. Gas Fortune"is a Fully-Pressurized (F.P.) LPG Carrier built in Japan in 1995 with a capacity of 3,500 cubic meters (cbm). Upon delivery, it will be immediately deployed under a time charter to an international gas trader at a rate of $175,000 per calendar month until about February 2007. Gas Fortune is an additional vessel beyond the 10 identified vessels outlined in the company's IPO. Stealthgas has taken delivery of Gas Czar, a vessel that it had previously agreed to acquire. Gas Czar is a Fully-Pressurized (F.P.) LPG carrier built in Japan in 1995 with a capacity of 3,500 cubic meters (cbm). It will be deployed under an existing time charter to an oil major at a rate of USD 171,250 per calendar month until November 2006.
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