updated 11/8/2010 1:16:55 PM ET 2010-11-08T18:16:55

ATHENS, Greece, Nov. 8, 2010 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS) (the "Company"), a ship-owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today the following new charter arrangements for the Gas Moxie, the Gas Sincerity and the Gas Evoluzione.

New Charter Arrangements:

Commencing in early November 2010, the Gas Moxie will commence a series of fixtures covering the period up to the 1st week December 2010.

Commencing November 2010, the Gas Evoluzione will commence a nine month time charter to a state owned natural gas company. The charterer has an option, to be declared in April 2011, to extend the charter for further three months duration.

Commencing June 2011, the Gas Sincerity will commence three year bare boat charter to an international gas operator.

The average time charter equivalent rate for the above three charters is $232,010 per calendar month or $7,632 per day.

Rescue by Gas Kalogeros:

On October 25, 2010 the officer on duty onboard the Gas Kalogeros sighted a white distress signal. After reaching the life raft from where the signal had been dispatched the captain and the crew of the Gas Kalogeros rescued four Chinese fishermen who had been adrift in their life raft for eight days following the sinking of their vessel in the South China Sea during typhoon "Migi". The crew then administered fist aid and nutrition to the fishermen who were safely put ashore on October 27, at Yantian in China.

CEO Harry Vafias commented:

"I am pleased to announce further period charters for three of our vessels following the announcement we made the week before last regarding ten of our ships. These fixtures now bring the total of ships fixed recently to thirteen, representing 38% of our LPG fleet. The period charters also enhance our fixed charter coverage for 2011 to around 60%. The charter of the Gas Evoluzione is particularly pleasing as she has been trading in the spot market for sometime. In addition, STEALTHGAS is starting a new relationship with this major charterer. This fixture, along with the appetite we have seen recently from charterers to take vessels on a period basis leads us to believe that positive signs may be beginning to emerge in our core market sector and I look forward to further discussing the outlook for our LPG fleet during our earnings call on November 16."

"I am also pleased to report that our vessel the Gas Kalogeros performed a life saving rescue in the South China Sea in late October which resulted in the saving of four lives. We are very proud of the vessel's crew under the command of Captain Gerundio B. Vidal and we wish to express our thanks to him and his crew for their seamanship and expertise in conducting this rescue. This is the fourth time that a Stealthgas vessel has rushed to save people in distress!" 

Fleet Profile and Fleet Deployment:

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


Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company primarily serving the liquified petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 34 LPG carriers with a total capacity of 155,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker. The company has also entered into agreements to acquire five new building LPG carriers with expected delivery from February 2011 through May 2012. Once these acquisitions are completed, STEALTHGAS INC.'s fleet will be composed of 39 LPG carriers with a total capacity of 185,204 cubic meters (cbm), three M.R. product tankers and one Aframax crude oil tanker with a total capacity of 255,804 deadweight tons (dwt). 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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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