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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001317861-06-000293.txt : 20061122
<SEC-HEADER>0001317861-06-000293.hdr.sgml : 20061122
<ACCEPTANCE-DATETIME>20061122171115
ACCESSION NUMBER:		0001317861-06-000293
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061121
FILED AS OF DATE:		20061122
DATE AS OF CHANGE:		20061122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StealthGas Inc.
		CENTRAL INDEX KEY:			0001328919
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51559
		FILM NUMBER:		061237075

	BUSINESS ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 625 2849

	MAIL ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gass6k112106.htm
<TEXT>
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<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><FONT FACE="Arial" COLOR=#000000><B>&nbsp;</B></FONT></P>
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<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><FONT FACE="Times New Roman"><B>FORM 6-K </B></FONT></P>
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<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="line-height:15.5pt; margin:0pt; font-size:13.5pt" align=center>Washington, D. C. 20549 </P>
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<P style="margin:0pt" align=center>Report of Foreign Private Issuer </P>
<P style="margin:0pt" align=center>Pursuant to Rule 13a-16 or 15d-16 of </P>
<P style="margin:0pt" align=center>the Securities Exchange Act of 1934 </P>
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<P style="margin:0pt" align=center>For the month of November 2006 </P>
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<P style="margin:0pt" align=center>STEALTHGAS INC.</P>
<P style="margin:0pt" align=center>331 KIFISSIAS AVENUE</P>
<P style="margin:0pt" align=center>ERITHREA 14561</P>
<P style="margin:0pt" align=center>ATHENS, GREECE</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>(011)(30)(210) 625 2849</P>
<P style="margin:0pt" align=center>(Address, including zip code, and telephone number,</P>
<P style="margin:0pt" align=center>including area code, of registrant's principal executive offices)</P>
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<P style="margin:0pt" align=center>Indicate by check mark whether the registrant files or will file annual reports </P>
<P style="margin:0pt" align=center>under cover Form 20-F or Form 40-F. </P>
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<P style="margin:0pt" align=center><B>Form 20-F [X] Form 40-F [_] </B></P>
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<P style="margin:0pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
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<P style="margin:0pt">Yes [_] No [X] </P>
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<P style="margin:0pt"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT </B></P>
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<P style="margin:0pt">Attached hereto as Exhibit 1 is a copy of the release issued by Stealthgas, Inc. on November 21, 2006 </P>
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<P style="margin:0pt" align=center><img src="gass6k112106002.gif" alt="[gass6k112106002.gif]" align=top height=86.6 width=160.067></P>
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<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><FONT FACE="Verdana"><B>STEALTHGAS INC. REPORTS THIRD QUARTER</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><B>AND NINE MONTHS 2006 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>ATHENS, GREECE, November 21, 2006</B></FONT>. &nbsp;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 third quarter and nine-month period ended September 30, 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Third Quarter 2006 Results </B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the third quarter ended September 30, 2006, net revenues amounted to $18.7 million and net income was $2.1 million. Earnings per share, basic and diluted, calculated on 14.2 million weighted average number of shares outstanding, were $0.15. EBITDA for the third quarter of 2006 was $7.4 million. &nbsp;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the third quarter 2006, the Company reported an unrealized, non-cash loss of $1.5 million on three previously disclosed interest rate swap arrangements. Before these non cash charges, net income was $3.6 million, or $0.25 per diluted share.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>An average of 28 vessels were owned and operated in the third quarter 2006 earning an average time-charter-equivalent rate of approximately $6,675 per day. &nbsp;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Nine-Month 2006 Results </B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the nine-month period ended September 30, 2006, net revenues amounted to $52.8 million and net income was $13.7 million. Earnings per share, basic and diluted, calculated on 14.1 million weighted average number of shares outstanding, were $0.97. EBITDA for the nine-months of 2006 was $26.5 million.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the nine-month period 2006, the non-cash unrealized loss on the above mentioned swap arrangements was $0.2 million. Before these non-cash charges, net income for the nine month period was $13.9 million or $0.98 per diluted share.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>An average of 25.2 vessels were owned and operated in the nine-months of 2006 earning an average time-charter-equivalent rate of approximately $7,117 per day. &nbsp;&nbsp;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CEO Harry Vafias commented: &#147;During the third quarter of 2006, we achieved strong operational results despite the unusually heavy dry docking costs of $ 1.3 million which affected our profitability. We dry docked four vessels, or one fifth of the twenty vessels in our fleet for which we are responsible for dry docking and special survey costs, whereas for our eight vessels that operate under bareboat charter, it is the charterer who is responsible for these costs. I would also like to reiterate that we take all our dry docking costs directly to our Profit and Loss account at the time they are incurred.&#148;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&#147;We have and will continue to pursue and secure period employment on the majority of our fleet to first class charterers. In this context, approximately 61% of our fleet is already fixed for 2007. However, overall rates have been softer over the past few months, as can be seen from the decline in our average daily time charter equivalent (TCE) rate per vessel from $6,922 in the second quarter 2006 to $6,675 in the third quarter 2006. Nevertheless, I am pleased to report that at a time of ever increasing costs in the shipping sector, we are still managing to operate our vessels with the highest standards of safety and quality at costs below the industry average. Our total vessel operating expenses per day have been reduced from $2,519 in the second quarter 2006 to $2,076 in the third quarter 2006, thereby more than offsetting the decline in the daily TCE rate. In this softer rate environment, we are paying very close
 attention to keeping our costs under control, and in this regard, as previously announced, by the middle of next year, we expect to have our affiliate Stealth Maritime manage between eight and ten of our vessels.&#148;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CFO Andrew Simmons commented: &#147;Whilst the third quarter from a results standpoint was expected to be our least buoyant quarter in 2006, due to the heavy dry docking schedule, we have managed to strengthen the company&#146;s financial structure with cash having increased from $10 million at the end of the second quarter 2006 to $17.5 million at the end of the third quarter 2006. In addition, at the end of the third quarter of 2006 our net debt to capitalization stood at 43% down from 46% at the end of the second quarter. Thus the Company has significant flexibility to continue its fleet expansion if attractive opportunities arise.&#148;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Quarterly Dividend</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>At its latest meeting held on the 21<SUP>st</SUP> November 2006, the Company&#146;s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on the December 5, 2006 to shareholders of record on the December 1, 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>This is the fourth consecutive quarterly dividend since the company went public in October 2005 and since then STEALTHGAS has declared quarterly dividends aggregating $0.75 per common share. </P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Latest Fleet Developments</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following time charter arrangements have been made since those announced in our latest press release of November 11, 2006.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The &#147;Gas Czar&#148; has extended its existing time charter for one additional year ending November 2007 at the rate of $190,000 per calendar month, if she trades in the Far East, or at the rate of $210,000 per calendar month, if she trades elsewhere. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The &#147;Catterick&#148; has extended its existing time charter for one additional year from January 2007 at the rate of $217,000 per calendar month. </P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Updated Fleet Profile and Fleet Deployment:</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The table below describes our fleet development and deployment as of today: </P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=75.9></TD><TD width=47.85></TD><TD width=44.3></TD><TD width=37.05></TD><TD width=59></TD><TD width=73.9></TD><TD width=62.6></TD><TD width=51.4></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=101.2><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><FONT FACE="Verdana"><B>Vessel</B></FONT></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Size (cbm)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Type</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Year Built</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Delivered To GASS</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Employment Status</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Charter Expiration</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Monthly Rate (1*) $</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=602.667 colspan=8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>CURRENT FLEET (Initial Fleet plus Identified &amp; Additional Vessels already delivered to GASS)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Cathar</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>7,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Aug-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>355,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Marathon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,572</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>220,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Chios (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,562</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>300,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Amazon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov -07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>252,500</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Monarch</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,018</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>295,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Nemesis &nbsp;&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,016</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>225,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Lyne (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>163,636</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Emperor</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,013</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>245,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Birgit Kosan</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,012</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>190,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Catterick (10)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jan-08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>217,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Sir Ivor (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2003</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>May-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>163,636</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Sincerity</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,123</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>245,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Spirit</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,112</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>250,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Zael </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,111</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Courchevel (6) </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>4,109</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jan-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>405,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prophet (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Sep-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>110,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Shangai</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1999</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>194,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Czar(4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,510</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>190,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Legacy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>250,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Fortune(5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>186,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Eternity</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>194,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Artic</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>190,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Ice</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Apr-08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>174,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Batangas</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,244</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Jul-08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>106,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Crystal</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,211</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Oracle</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>N/A</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prodigy (7)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>180,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Tiny</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1,320</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Dec-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>120,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=63.8 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>120,469</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=59.067 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=49.4 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=68.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=101.2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>28 VESSELS</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">F.P.: Fully-Pressurized</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">S.R.: Semi-Refrigerated</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(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</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(2) Lyne is employed under a bareboat charter until May 2009 at the rate of USD 163,636. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(3) Sir Ivor is employed under a bareboat charter until May 2009 at the rate of USD 163,636. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717. </FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(4) Gas Czar is employed until November 2007 at the rate of USD 190,000 per month if she trades in the Far East, or at the rate of USD 210,000 per month if she trades elsewhere.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(5) Gas Fortune is employed until December 2006 at the rate of USD 184,000 per month. Thereafter Gas Fortune will be employed for a further one-year period at the rate of USD 186,000 per month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(6) Gas Courchevel is employed under a fixed time charter agreement with an international gas trader for a period of three and a half to six months, which commenced in late September 2006. For the first three and half months the rate is USD 405,000 per calendar month. Thereafter, at charterer&#146;s option, the charter can be extended for an additional two and half months at the rate of USD 390,000 per calendar month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(7) Gas Prodigy is currently employed under a fixed time charter agreement expiring in December 2006 at the rate of USD 219,000 per calendar month. Thereafter, its charter has been extended for an additional twelve-month period at the rate of USD 180,000 per month.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(8) 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.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(9) Gas Prophet has for the three year duration of her bare boat charter been renamed the M.T. Ming Long</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(10) Catterick is employed under a time charter until January 2007 at the rate of USD 300,000 per calendar month. As of January 2007, the charter has been renewed for an additional twelve month period at the rate of USD 217,000 per month. &nbsp;</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>Fleet Data </B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following key indicators highlight the Company&#146;s operating performance during the third quarter ended September 30, 2006 and September 30, 2005. (Please note that statistics for the third quarter 2005 include Vafias Group vessels).</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=213.4></TD><TD width=130.25></TD><TD width=106.9></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>FLEET DATA</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q3 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q3 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Average number of vessels (1)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>28.0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14.8</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Period end number of vessels in fleet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>28.0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>16.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total calendar days for fleet (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,576</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,360</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total voyage days for fleet (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,514</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,360</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fleet utilization (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>97.6%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total time charter days for fleet (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,142</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,220</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total spot market days for fleet (6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>372</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>140</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=214.45></TD><TD width=126.15></TD><TD width=107.85></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>AVERAGE DAILY RESULTS </B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q3 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q3 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Time Charter Equivalent &#150; TCE (7)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$6,675</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,278</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessel operating expenses (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,927</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,865</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>328</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>319</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>149</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>83</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total vessel operating expenses (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,076</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,948</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following key indicators highlight the Company&#146;s operating performance during the nine- month period ended September 30, 2006 and September 30, 2005. &nbsp;(Please note that statistics for the first 9 Months 2005 include Vafias Group vessels).</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=213.4></TD><TD width=130.25></TD><TD width=106.9></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>FLEET DATA</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>9M 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>9M 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Average number of vessels (1)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>25.2</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>10.4</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Period end number of vessels in fleet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>28.0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>16.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total calendar days for fleet (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,875</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,834</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total voyage days for fleet (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,782</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,834</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fleet utilization (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>98.7%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>100%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total time charter days for fleet (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,928</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,653</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total spot market days for fleet (6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>854</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>181</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=214.45></TD><TD width=126.15></TD><TD width=107.85></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>AVERAGE DAILY RESULTS </B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>9M 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>9M 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Time Charter Equivalent &#150; TCE (7)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,117</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,449</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessel operating expenses (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,041</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,040</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>326</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>331</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>290</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>123</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total vessel operating expenses (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,331</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,163</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>1) <U>Average number of vessels</U> 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>2) <U>Total calendar days</U> 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>3) <U>Total voyage days</U> 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>4) <U>Fleet utilization</U> 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>5) <U>Total time charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>6) <U>Total spot market charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>7) <U>Time charter equivalent, or TCE</U>, 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>8) <U>Vessel operating expenses</U>, 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.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>9) <U>Total vessel operating expenses, or TVOE</U>, 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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA Reconciliation </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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. &nbsp;The Company&#146;s definition of EBITDA may not be the same as that used by other companies in the shipping or other industries.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA reconciliation for the third quarter period ended September 30, 2006 and September 30, 2005: </B>(Please note that statistics for the third quarter 2005 include Vafias Group vessels).</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=261.35></TD><TD width=106.7></TD><TD width=78.45></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q3 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q3 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By (Used in) Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$10,656,686</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$7,636,824</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net increase in current assets, excluding cash</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>191,558</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,000,891</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net (increase) in current liabilities, excluding short-term portion of long term debt.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-left:36pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(4,127,968)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(4,296,285)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Non-cash G&amp;A expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-left:36pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(48,750)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(157,130)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(136,880)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>2,374,728</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>923,885</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization of finance fees&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(17,964)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(5,797)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(1,482,343)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>315,300</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$7,437,567</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,389,188</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=177.15></TD><TD width=142.4></TD><TD width=126></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q3 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q3 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT COLOR=#000000><B>Net Income</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$2,094,180</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$4,418,492</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus net interest expense</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,374,728</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>923,885</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Less Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(157,130)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(136,880)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus depreciation </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,515,518</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,722,182</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(389,729)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(538,491)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$7,437,567</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,389,188</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA reconciliation for the nine-month period ended September 30, 2006 and September 30, 2005: </B>(Please note that the statistics for the nine months 2005 include Vafias Group vessels<B>).</B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=260.8></TD><TD width=106.7></TD><TD width=79></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>9M 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>9M 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By (Used in) Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$27,246,447</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$17,353,109</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net increase in current assets, excluding cash</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>1,381,546</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,246,809</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net (increase) in current liabilities, excluding short-term portion of long term debt.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-left:36pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(7,017,429)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(7,392,594)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Non-cash G&amp;A expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-left:36pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(243,750)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(508,766)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(326,199)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>5,466,118</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,562,112</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization of finance fees&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(37,251)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(16,539)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net income of vessel acquired from the Vafias Group</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>99,870</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(163,887)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(74,000)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=347.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$26,466,648</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=105.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$12,108,948</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=177.15></TD><TD width=142.4></TD><TD width=126></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>9M 2006</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>9M 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT COLOR=#000000><B>Net Income</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$13,674,533</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$8,877,628</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus net interest expense</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,466,118</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,562,112</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Less Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(508,766)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(326,199)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus depreciation </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>9,450,529</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,392,942</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,615,766)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,397,535)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$26,466,648</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$12,108,948</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call and Webcast:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As previously announced, on Wednesday, November 22, 2006 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. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call details</B>:</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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 &quot;STEALTHGAS&quot;. </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
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: &quot;STEALTHGAS&quot;. <BR>
<BR>
A telephonic replay of the conference call will be available until November 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# </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
Slides and audio webcast:</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC.</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Consolidated Statements of Income</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the quarters ended September 30, 2005 and September 30, 2006</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=11.8></TD><TD width=1.5></TD><TD width=55.1></TD><TD width=62.95></TD><TD width=42.7></TD><TD width=11.8></TD><TD width=86.75></TD><TD width=11.8></TD><TD width=90></TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=251.4 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Quarter Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=75.467 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2005</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=83.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(restated)*</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Revenues</B></P>
</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage revenues</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$11,130,867 </P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$18,682,207</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage expenses</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,233,078</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,898,450</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels' operating expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,536,446</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,963,545</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Dry-docking costs</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>194,240</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,265,014</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>434,050</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>844,928</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=230.067 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>113,380</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>383,049</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,722,182</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,515,518</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total expenses</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>6,233,376</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>12,870,504</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Income from operations</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$4,897,491</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$5,811,703</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=232.067 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other revenues and (expense)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs, net</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(923,885) </P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(2,374,728) </P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>315,300</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,482,343)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>136,880</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>157,130</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Foreign exchange loss</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(7,294) </P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(17,582) </P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other expenses, net</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(478,999)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(3,717,523)</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net income</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$4,418,492</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$2,094,180</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.8 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Earnings per share, basic and diluted</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.74</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>0.15</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=247.8 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, outstanding</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,000,000</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,239,130</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>*</B> During the course of 2005, the Company acquired a number of ship-owning companies from affiliated entities of the Vafias Group (&#147;The Vafias Group of LPG Carriers&#148;), 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 &#147;The Vafias Group of LPG Carriers&#148; were consolidated subsidiaries of the Company for the period presented.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC<BR>
Consolidated Statements of Income</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the nine months ended September 30, 2005 and September 30, 2006</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=11.8></TD><TD width=1.5></TD><TD width=55.1></TD><TD width=62.95></TD><TD width=42.7></TD><TD width=20.35></TD><TD width=72></TD><TD width=27></TD><TD width=72></TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=228 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Nine Months Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2005</B></P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=83.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>(restated)</B></P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Revenues</B></P>
</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage revenues</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$22,827,846</P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$52,835,170</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage expenses</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,717,809</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,564,964</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels' operating expenses</P>
</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,780,646</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,030,209</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Dry-docking costs</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>450,011</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,697,940</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>939,250</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,243,713</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=241.467 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>347,660</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,993,652</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,392,942</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>9,450,529</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total expenses</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>12,628,318</B></P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>33,981,007</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Income from operations</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$10,199,528</B></P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$18,854,163</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=232.067 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other revenues and (expense)</B></P>
</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs, net</P>
</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,562,112)</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(5,466,118)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=214.333 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(74,000)</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(163,887)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>326,199</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>508,766</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=157.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Foreign exchange loss</P>
</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(11,987)</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(58,391)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other expenses, net</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(1,321,900)</B></P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(5,179,630)</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=83.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=175.133 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net income</B></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.933><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$8,877,628</B></P>
</TD><TD valign=bottom width=36><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$13,674,533</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=259.2 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Earnings per share, basic and diluted</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$1.48</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.97</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=83.933>&nbsp;</TD><TD valign=bottom width=56.933>&nbsp;</TD><TD valign=bottom width=27.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD><TD valign=bottom width=36>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=259.2 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, outstanding</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,000,000</P>
</TD><TD valign=bottom width=36>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,080,586</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>&nbsp;(Expressed in United States Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC<BR>
Consolidated Balance Sheets</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>December 31, 2005 and September 30, 2006</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=13.9></TD><TD width=129.85></TD><TD width=48.05></TD><TD width=57.6></TD><TD width=52></TD><TD width=82.35></TD><TD width=13.9></TD><TD width=86.05></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=18.533>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=173.133>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=64.067>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=76.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=69.333>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>December 31,</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=18.533>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30,</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=173.133>&nbsp;</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>2005</B></P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=173.133><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=64.067><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=76.8><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center><B>&nbsp;</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=191.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Assets</B></P>
</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Current assets</B></P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Cash and cash equivalents</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$23,210,243</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$13,097,311</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Trade receivable</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>13,330</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>605,843</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Claim receivable</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>128,373</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Inventories</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>399,624</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>968,376</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Advances and prepayments</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>161,094</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>253,002</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=383.333 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fair value of above market acquired time charter</P>
</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>597,754</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>114,639</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Restricted cash</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,634,203</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,420,327</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=76.8><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>26,016,248</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B><I>&nbsp;</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>19,587,871</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=173.133>&nbsp;</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Non current assets</B></P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>983,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels, net</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>229,763,864</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>301,557,239</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Deferred finance charges</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>215,656</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>288,405</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=332.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total non current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>230,962,520</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>301,845,644</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=76.8><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>256,978,768</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>321,433,515</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=173.133>&nbsp;</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=401.867 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Liabilities and Stockholders' Equity</B></P>
</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Current liabilities</B></P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Overdraft facility</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>200,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Payable to related party</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,549,837</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,759,761</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Trade accounts payable</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>984,997</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,963,133</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Other accrued liabilities</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,635,040</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,700,101</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=383.333 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,443,989</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,327,108</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Deferred income</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,284,578</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,048,886</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Current portion of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>12,627,000</P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>16,867,520</P>
</TD></TR>
<TR><TD valign=bottom width=332.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total current liabilities</B></P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>20,725,441</B></P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>31,666,509</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=173.133>&nbsp;</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=332.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Non current liabilities</B></P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Derivative liability</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>67,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>230,887</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Guarantee payable</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,321,149</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Long-term debt</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>85,079,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>126,754,480</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total non current liabilities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=76.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>85,146,000</B></P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>128,306,516</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total liabilities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=76.8><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>105,871,441</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>159,973,025</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=173.133>&nbsp;</TD><TD valign=bottom width=64.067>&nbsp;</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=255.733 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Stockholders' equity</B></P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=383.333 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Capital stock 14,400,000 shares authorized and </P>
</TD><TD valign=bottom width=109.8>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=383.333 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;&nbsp;outstanding with a par value of $.01</P>
</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>140,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>144,000</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=314 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Additional paid-in capital</P>
</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>145,883,121</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>150,607,621</P>
</TD></TR>
<TR><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=237.2 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Retained earnings</P>
</TD><TD valign=bottom width=76.8>&nbsp;</TD><TD valign=bottom width=69.333>&nbsp;</TD><TD valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,084,206</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>10,708,869</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=332.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total stockholders' equity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=69.333><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$151,107,327</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$161,460,490</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=401.867 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total liabilities and stockholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$256,978,768</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$321,433,515</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC<BR>
Consolidated Statements of Cash Flows</B></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=16></TD><TD width=47.7></TD><TD width=61.35></TD><TD width=41.65></TD><TD width=34.2></TD><TD width=35></TD><TD width=95></TD><TD width=13.9></TD><TD width=99></TD></TR>
<TR><TD valign=bottom width=21.333><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=63.6><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=81.8><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=55.533><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=45.6><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2005</B></P>
</TD><TD valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>September 30, 2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=63.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=55.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=45.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=46.667>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(restated)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=222.267 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cash flows from operating activities</B></P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=200.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net income for the period</P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$8,877,628</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$13,674,533</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=441.2 colspan=7><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Items included in net income not affecting cash flows:</B></P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=166.733 colspan=3>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=246.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation and Amortization</P>
</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,409,481</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>9,487,780</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=246.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization of fair value of time charter</P>
</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,397,535)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,615,766)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=246.533 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Non cash general and administrative expenses</P>
</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>243,750</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=top width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net income of vessels acquired from the Vafias Group</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(99,870)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=200.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>74,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>163,887</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Changes in operating assets and liabilities:</B></P>
</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=top width=21.333>&nbsp;</TD><TD valign=top width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Decrease in receivable from related party</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,162,470</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">(Increase) in trade receivables</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(499,545)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(592,513)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">(Increase) in claim receivables</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(128,373)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">(Increase) in inventories</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(209,391)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(568,752)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">(Increase) in advances and prepayments</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,080,005)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(91,908)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">(Increase) in deferred offering costs</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(620,338)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Increase in payable to related parties</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,691,216</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,209,924</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Increase in trade accounts payable</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>561,058</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,978,136</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Increase in other accrued liabilities</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,513,171</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,065,061</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Increase in deferred income</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,627,149</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>764,308</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net cash provided by operating activities</B></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>17,353,109</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>27,246,447</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cash flows from investing activities</B></P>
</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(15,598,168)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Short-term investment in time deposit</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(168,811)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Increase in restricted cash account</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(909,736)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(2,786,124)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Acquisition of vessels</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(122,226,365)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(80,260,904)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fair value of acquired time charter</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,982,000</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net cash (used in) investing activities</B></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(138,903,080)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(81,065,028)</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cash flows from financing activities</B></P>
</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=200.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Capital stock</P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>6,500</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,000</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=200.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Additional paid-in capital</P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>64,008,877</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,012,000</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Deemed dividends</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(287,500)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Dividends paid</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(10,000,000)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(7,950,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Deferred finance charges</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(269,000)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(110,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Overdraft facility</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(200,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Guarantee payable</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,321,149</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=145.4 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Loan repayment</P>
</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(4,937,250)</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(54,514,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=200.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Proceeds from long-term debt</P>
</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>90,000,000</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>100,430,000</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net cash provided by financing activities</B></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>138,809,127</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>43,705,649</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net Increase (decrease) in cash and cash equivalents</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>17,259,156</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(10,112,932)</P>
</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Cash and cash equivalents at beginning of period</P>
</TD><TD valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>23,210,243</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cash and cash equivalents at end of period</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$17,259,156</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.533><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$13,097,311</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=63.6>&nbsp;</TD><TD valign=bottom width=81.8>&nbsp;</TD><TD valign=bottom width=55.533>&nbsp;</TD><TD valign=bottom width=45.6>&nbsp;</TD><TD valign=bottom width=46.667>&nbsp;</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=314.533 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Supplemental Cash Flow Information:</B></P>
</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Cash paid during the period for: interest payments</P>
</TD><TD valign=bottom width=126.667>&nbsp;</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD valign=bottom width=132>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.333>&nbsp;</TD><TD valign=bottom width=293.2 colspan=5>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=126.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,193,198</P>
</TD><TD valign=bottom width=18.533>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=132><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,656,306</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt; page-break-before:always" align=center><BR></P>
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<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
<B>About STEALTHGAS INC. </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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&#146;s shares are listed on NASDAQ and trade under the symbol &#147;GASS&#148;.</P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>&nbsp;</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Forward-Looking Statement </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>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 be
yond 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. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the US Securities and Exchange Commission. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Visit our website at www.stealthgas.com</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify><FONT COLOR=#3F3F3F><B>Company Contact:</B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>Andrew J. Simmons</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>Chief Financial Officer</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>STEALTHGAS INC.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F" align=justify>011-30-210-6250-001<BR>
E-mail: simmons@stealthgas.com</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#3F3F3F"><B>Investor Relations/Media:<BR>
</B>Nicolas Bornozis<BR>
Capital Link, Inc.(New York)<BR>
Tel. 212-661-7566<BR>
E-mail: nbornozis@capitallink.com</P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>SIGNATURES </B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman"><B><U>Stealthgas, Inc. </U></B></FONT></P>
<P style="margin:0pt" align=center>(Registrant) </P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New"><I>Dated: &nbsp;November 21, 2006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrew J. Simmons &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;----------------------------------</I></P>
<P style="margin:0pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT FACE="Times New Roman">Andrew J. Simmons</FONT></P>
<P style="margin:0pt; font-family:Courier New" align=center><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT FACE="Times New Roman">Chief Financial Officer</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
