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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001317861-07-000054.txt : 20070223
<SEC-HEADER>0001317861-07-000054.hdr.sgml : 20070223
<ACCEPTANCE-DATETIME>20070223165241
ACCESSION NUMBER:		0001317861-07-000054
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070223
FILED AS OF DATE:		20070223
DATE AS OF CHANGE:		20070223

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:		07646375

	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>gass6k022307.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 February 2007 </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 February 23 2007</P>
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<P style="margin:0pt">EXHIBIT 1 </P>
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<P style="margin:0pt" align=center><img src="gass6k022307002.gif" alt="[gass6k022307002.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 FOURTH QUARTER</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><B>AND FULL YEAR 2006 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>ATHENS, GREECE, February 23, 2007</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 fourth quarter and full-year period ended December 31, 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>Fourth Quarter 2006 Results </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>For the fourth quarter ended December 31, 2006, net revenues amounted to $20.4 million and net income was $4.8 million. Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.33. EBITDA for the fourth quarter of 2006 was $10.2 million. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the fourth quarter of 2006, the Company reported an unrealized, non-cash loss of $28,777 on three previously disclosed interest rate swap arrangements. Before these non-cash charges, net income was $4.8 million, or $0.34 per share, basic and diluted.</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 fourth quarter of 2006, earning an average time-charter-equivalent rate of approximately $7,323 per day. &nbsp;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Full-Year 2006 Results </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>For the twelve-month period ended December 31, 2006, net revenues amounted to $73.3 million and net income was $18.5 million. Earnings per share, basic and diluted, calculated on 14,161,096 weighted average number of shares outstanding, were $1.31. EBITDA for the twelve-months of 2006 was $36.7 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the full-year 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 year was $18.7 million or $1.32 per share, basic and diluted.</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 25.9 vessels were owned and operated in the full-year of 2006 earning an average time-charter-equivalent rate of approximately $7,174 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: &quot;We are very pleased to report an improvement in our financial performance in the fourth quarter of 2006 as compared to the previous two quarters of 2006, mainly due to an improvement in charter rates during the latter part of the fourth quarter and continued tight management of our operating costs. The company's financial performance compared to the previous two quarters also benefited from a lower number of dry dockings. These costs are taken directly to our profit and loss account at the time they are incurred, and are not amortized.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>I would also note that currently the outlook in terms of charter rates for the handy size LPG sector has improved dramatically over the past several weeks, particularly in the semi refrigerated sector, where for instance the Gas Crystal is currently trading on a spot basis and is earning very attractive charter hires. About 74% of our fleet days for 2007 are already fixed in terms of their employment for the Fiscal year of 2007, and we expect to derive benefits from this upturn in rates through vessels that are currently trading in the spot market, and from those whose charters are due for renewal in the coming weeks.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>In terms of 2006 overall, this proved to perhaps be a more challenging year than we anticipated, as two dull quarters in terms of charter rates, in the second and third quarter, plus a heavy dry docking schedule at the same time, slowed down our performance, however as mentioned previously this has rebounded quite well in the fourth quarter.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We have continued our policy of majority period employment for our vessels and I am pleased that 74% of the fleet's charter days are already fixed for 2007. We have as previously announced been rationalizing the management of our vessels, reducing the number of out sourced third party managers down to the more cost efficient ones, and also bringing more vessels under the management of our affiliate, Stealth Maritime Corp, which I believe will allow us to continue to deliver operating expenses that are below the industry norm. I should add, however that, as with most sectors of shipping, but in particular the gas sector, we are facing intense cost pressures with regard to crewing due to a scarcity of qualified sea farers and this is an area that is some cause for concern in my view going forward, not just from a STEALTHGAS standpoint, but the industry overall.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We have continued our dividend policy during 2006 which I believe is a commendable one from a yield standpoint when we consider how rapidly the company has grown in just the 14 months since we went public in October of 2005. I am also proud to state that all of the strategic developments that were outlined to potential investors at the time that we went public have been met.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We have invested in upgrading our computer and accounting systems and we intend to maintain and develop the highest levels of corporate governance within our organization. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We look forward to our continued development in 2007, and in this context, on February 1<SUP>st,</SUP> 2007, we took delivery of our first newbuilding, and expect to take delivery of the second newbuilding in October 2007&#148;. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CFO Andrew Simmons commented: &#147;Our rapid growth has not been at the expense of our balance sheet structure and we have remained with a relatively modest level of leverage throughout 2006. We have been able to secure further bank financing from our two main banks at very competitive levels of pricing, and several other lenders have shown a strong interest in assisting us with our financing needs in the future.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As such with the existing structure of the business both financially and commercially we believe we are well placed to move forward over the course of 2007 and beyond&quot;.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Quarterly Dividend</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>At its latest meeting held today, the Company&#146;s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on March 12, 2007 to shareholders of record on March 5, 2007.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>This is the fifth consecutive quarterly dividend since the company went public in October 2005 and since then STEALTHGAS has declared quarterly dividends aggregating $0.9375 per common share. </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>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=65.6></TD><TD width=52.05></TD><TD width=46.7></TD><TD width=40.75></TD><TD width=59></TD><TD width=73.9></TD><TD width=62.6></TD><TD width=56.95></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=87.467><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=69.4><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=62.267><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=54.333><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=75.933><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Monthly Rate (1*) US$</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=610.067 colspan=8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>CURRENT FLEET </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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Chios(4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Flawless</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>6,300</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62.267><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=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>2007</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-07</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>Feb-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>299,000</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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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>June-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Birgit Kosan(6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Catterick</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>402,800</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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Courchevel </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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>Mar-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>390,000</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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prophet (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Shanghai (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Czar</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Fortune</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Eternity (7)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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>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-10</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>122,500</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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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>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=75.933><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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Prodigy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><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=62.267><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=54.333><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=75.933><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=87.467><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=69.4><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=62.267><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=54.333><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>Jan-09</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=75.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>140,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=87.467><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=69.4 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>126,769</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=62.267 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=54.333 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=75.933 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" valign=top width=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>29 VESSELS</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=610.067 colspan=8><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>Additional Vessels (with expected delivery date)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify>Gas Haralambos</P>
</TD><TD style="border-right:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">7,000</P>
</TD><TD style="border-right:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000" width=98.533>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=83.467>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=75.933>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=87.467><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" width=69.4 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>133,769 cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000" width=62.267 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=54.333 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=78.667 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=98.533 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=83.467 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=75.933 rowspan=2>&nbsp;</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=87.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>30 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 per calendar month. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717 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">(3) Sir Ivor is employed under a bareboat charter until May 2009 at the rate of USD 163,636 per calendar month. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year at the rate of USD 171,717 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">(4) 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">(5) Gas Prophet has for the three year duration of her bareboat 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">(6) Birgit Kosan is currently employed under a bareboat charter to an international owner of LPGs expiring in April 2007. This bareboat charter has been extended for 6 months from April 2007 to October 2007 at a rate of USD 150,000 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 Eternity will, from the commencement of her three year bareboat charter in March 2007, be renamed the M.T Yu Tian 9.</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 Shanghai is currently employed under a time charter until March 2007. Thereafter she will be employed on a further six month time charter at the rate of USD 225,000 per calendar month.</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><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 fourth quarter ended December 31, 2006 and December 31, 2005. </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>Q4 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>Q4 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>17.2</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>21.0</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>1,585</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>2,564</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>1,581</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>99.5%</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>99.7%</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>2,281</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>1,532</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>283</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>49</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>Q4 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>Q4 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>$7,323</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>$8,125</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>2,113</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>2,092</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>320</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>337</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>568</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>272</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>2,682</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>2,364</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 full-year period ended December 31, 2006 and December 31, 2005. </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>12M 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>12M 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>25.9</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>11.9</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>21.0</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>9,451</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>4,334</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>9,346</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>4,288</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>98.9%</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>98.9%</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>8,209</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>4,105</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>1,137</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>183</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>12M 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>12M 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>$7,174</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>$7,919</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>2,061</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>2,099</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>325</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>340</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>366</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>180</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>2,426</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>2,279</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 fourth quarter ended December 31, 2006 and December 31, 2005: </B></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>Q4 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>Q4 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>$5,978,537</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>$7,061,620</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>612,443</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>(2,741,425)</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-right:3.6pt; font-family:Arial; font-size:11pt" align=right>1,652,483</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>3,081,893</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>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6>&nbsp;</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>(226,324)</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>(454,235)</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, net</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>2,239,484</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>1,123,095</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>(8,829)</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>(24,805)</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 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>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>(16,947)</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>(28,777)</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>7,000</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=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>$10,219,017</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>$8,036,196</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>Q4 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>Q4 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>$4,817,976</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>$5,658,423</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>2,239,484</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>668,860</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>(226,324)</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>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=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>3,607,787</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>1,708,913</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>(219,906)</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>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=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>$10,219,017</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>$8,036,196</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 full-years ended December 31, 2006 and December 31, 2005: </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>12M 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>12M 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>$33,224,984</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>$24,414,729</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>1,993,989</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>(742,021)</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>(5,364,946)</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>(5,063,296)</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>(735,090)</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>(780,434)</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, net</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>7,705,602</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>2,685,207</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>(46,080)</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>(41,344)</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>(16,947)</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>(192,664)</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>(67,000)</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>$36,685,665</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>$20,145,144</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>12M 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>12M 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>$18,492,509</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>$14,536,051</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>7,705,602</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>2,685,207</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>(735,090)</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>(780,434)</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>13,058,316</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>5,611,942</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>(1,835,672)</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>(1,907,622)</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>$36,685,665</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>$20,145,144</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 Monday, February 26, 2007 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 March 5, 2007 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>
<B>Slides and audio webcast:</B></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=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 December 31, 2005 and December 31, 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=80.4></TD><TD width=61.85></TD><TD width=28.7></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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><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>December 31, 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>December 31, 2006</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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></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=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD style="border-top: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>Revenues</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=107.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=82.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=38.267>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" 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=180.667 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=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=38.267><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>$13,816,745 </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>$20,424,199</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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage expenses</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>970,346</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>1,648,840</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=263.133 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels' operating expenses</P>
</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,314,930</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>5,444,135</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Dry-docking costs</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>20,373</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>545,455</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>533,830</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>824,896</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=301.4 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>431,879</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>1,464,036</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,219,000</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>3,607,787</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=198.4 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=82.467><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=38.267><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>7,490,358</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</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>13,535,149</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=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><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=198.4 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=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=38.267><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>$6,326,387</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>$6,889,050</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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=280.867 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other income and (expense)</B></P>
</TD><TD valign=bottom width=38.267>&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=263.133 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=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,123,095)</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>(2,239,484)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=263.133 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=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>7,000</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>(28,777)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>454,235</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>226,324</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Foreign exchange loss</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(6,104)</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>(29,137)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=198.4 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=82.467><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=38.267><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>(667,964)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</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>(2,071,074)</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=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><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=198.4 colspan=4><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=82.467><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=38.267><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>$5,658,423</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>$4,817,976</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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=319.133 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>$0.42</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>$0.33</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=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&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=319.133 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>13,565,217</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>14,400,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></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="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="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="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 years ended December 31, 2005 and December 31, 2006</B><br clear=all><B>&nbsp;(Expressed in United States Dollars)</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>


<br clear=all>

<br clear=all>
<br clear=all>


<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Twelve 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>December 31, 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>December 31, 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>&nbsp;</TD><TD valign=bottom width=36>&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" align=center><B>(Unaudited)</B></P>
</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>$36,644,591</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>$73,259,369</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>2,688,155</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>6,213,804</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>9,095,576</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>19,474,344</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>470,384</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>2,243,395</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>1,473,080</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>3,068,609</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>779,539</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>3,457,688</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>5,611,942</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>13,058,316</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>$20,118,676</B></P>
</TD><TD valign=bottom width=36>&nbsp;</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>$47,516,156</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>$16,525,915</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>$25,743,213</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>(2,685,207)</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>(7,705,602)</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>(67,000)</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>(192,664)</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>780,434</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>735,090</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>(18,091)</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>(87,528)</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 income, 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>(1,989,864)</B></P>
</TD><TD valign=bottom width=36>&nbsp;</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>(7,250,704)</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>$14,536,051</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>$18,492,509</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>$1.84</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>$1.31</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>7,906,849</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>14,161,096</P>
</TD></TR>
</TABLE>

<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman"></FONT></P>
<P style="line-height:10pt; 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><FONT FACE="Arial"><B>STEALTHGAS INC<BR>
Consolidated Balance Sheets</B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>As of December 31, 2005 and December 31, 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>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=14.6></TD><TD width=129.95></TD><TD width=53.85></TD><TD width=33.4></TD><TD width=38.4></TD><TD width=76.9></TD><TD width=14.65></TD><TD width=76.6></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=19.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=173.267>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=71.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=44.533>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=51.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=center><B>December 31,</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=19.533>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=center><B>December 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=19.467><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=173.267><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=71.8><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=44.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD valign=bottom width=19.533><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=173.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=71.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=44.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=51.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><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=192.733 colspan=2><P style="margin:0pt; font-family:Arial"><B>Assets</B></P>
</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current assets</B></P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>$23,210,243</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>$11,146,871</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Trade receivables</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>13,330</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>1,096,645</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Claim receivable</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>289,922</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>399,624</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>746,874</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Advances and prepayments</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>161,094</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>270,370</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of above market acquired time charter</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>597,754</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>23,718</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Restricted cash</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>1,634,203</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>4,317,338</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=44.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$26,016,248</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial"><B><I>&nbsp;</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$17,891,738</B></P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=173.267>&nbsp;</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Non current assets</B></P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>983,000</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels under construction</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>3,483,750</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Vessels, net</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>229,763,864</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>297,950,257</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>215,656</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>279,576</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=309.067 colspan=4><P style="margin:0pt; font-family:Arial"><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=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$230,962,520</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$301,713,583</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=44.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$256,978,768</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$319,605,321</B></P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=173.267>&nbsp;</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=360.267 colspan=5><P style="margin:0pt; font-family:Arial"><B>Liabilities and Stockholders' Equity</B></P>
</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current liabilities</B></P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Overdraft facility</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>200,000</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Payable to related party</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>1,549,837</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>2,198,456</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Trade accounts payable</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>984,997</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>2,049,456</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Other accrued liabilities</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>1,635,040</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>4,681,488</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>660,000</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>1,443,989</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>1,016,281</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Deferred income</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>2,284,578</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>2,889,998</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.467><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Current portion of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>12,627,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>16,149,600</P>
</TD></TR>
<TR><TD valign=bottom width=309.067 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total current liabilities</B></P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$20,725,441</B></P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$29,645,279</B></P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=173.267>&nbsp;</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=309.067 colspan=4><P style="margin:0pt; font-family:Arial"><B>Non current liabilities</B></P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Derivative liability</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>67,000</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>35,902</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>1,323,272</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Long-term debt</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>85,079,000</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>124,798,640</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=309.067 colspan=4><P style="margin:0pt; font-family:Arial"><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=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$85,146,000</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$126,157,814</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total liabilities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=44.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=51.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$105,871,441</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$155,803,093</B></P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=173.267>&nbsp;</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Commitments and contingencies</B></P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=173.267>&nbsp;</TD><TD valign=bottom width=71.8>&nbsp;</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=264.533 colspan=3><P style="margin:0pt; font-family:Arial"><B>Stockholders' equity</B></P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">Capital stock 14,400,000 shares authorized and</P>
</TD><TD valign=bottom width=102.533>&nbsp;</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133>&nbsp;</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=340.8 colspan=4><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;outstanding with a par value of $.01</P>
</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>140,000</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>144,000</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Additional paid-in capital</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>145,883,121</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>150,607,621</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=245.067 colspan=2><P style="margin:0pt; font-family:Arial">Retained earnings</P>
</TD><TD valign=bottom width=44.533>&nbsp;</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>5,084,206</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>12,826,845</P>
</TD></TR>
<TR><TD valign=bottom width=19.467>&nbsp;</TD><TD valign=bottom width=289.6 colspan=3><P style="margin:0pt; font-family:Arial">Accumulated other comprehensive income</P>
</TD><TD valign=bottom width=51.2>&nbsp;</TD><TD valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=19.533>&nbsp;</TD><TD valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right>223,762</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=309.067 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total stockholders' equity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=51.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$151,107,327</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$163,802,228</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=360.267 colspan=5><P style="margin:0pt; font-family:Arial"><B>Total liabilities and stockholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.533><P style="margin:0pt; font-family:Arial" align=right><B>$256,978,768</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=19.533><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102.133><P style="margin:0pt; font-family:Arial" align=right><B>$319,605,321</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman"></FONT></P>
<P style="line-height:10pt; 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><FONT FACE="Arial"><B>STEALTHGAS INC<BR>
Consolidated Statements of Cash Flows</B></FONT></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=15.95></TD><TD width=35.9></TD><TD width=55.75></TD><TD width=66.8></TD><TD width=60.75></TD><TD width=40.8></TD><TD width=50.75></TD><TD width=87.45></TD><TD width=13.65></TD><TD width=80.05></TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=241.533 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>December 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=47.867><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=74.333><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=89.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=81><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD valign=bottom width=18.2><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=47.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><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=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from operating activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Net income for the year</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$14,536,051</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>$18,492,509</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Items included in net income not affecting</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=143.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;cash flows:</B></P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Depreciation and amortization</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>5,653,286</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>13,104,396</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Amortization of fair value of time charter</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(1,907,622)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,835,672)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Non cash general and administrative expenses</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>243,750</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=414.333 colspan=6><P style="margin:0pt; font-family:Arial">Net loss/(income) of vessel acquired from the Vafias Group</P>
</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>16,947</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(99,870)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>67,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>192,644</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Changes in operating assets and liabilities:</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial"><B>(Increase)/Decrease in</B></P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Receivable from related party</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>1,162,470</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Trade receivables</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>6,293</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,083,315)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Claim receivable</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(454,148)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(274,778)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(347,250)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Advances and prepayments</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(151,964)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(109,276)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial"><B>Increase/(Decrease) in</B></P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Payable to related party</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>1,549,837</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>648,619</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Trade accounts payable</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>489,072</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>1,064,459</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Other accrued liabilities</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>1,274,222</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>3,046,448</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Deferred income</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>1,750,165</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>605,420</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by operating activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$24,414,729</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$33,224,984</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from investing activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Insurance proceeds</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>164,226</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(983,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels under construction</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(3,483,750)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Increase in restricted cash account</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(1,634,203)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(2,683,135)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Acquisition of vessels</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(196,074,506)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(80,261,709)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of acquired time charter</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>911,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" 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=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash (used in) investing activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$(197,780,709)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$(84,282,368)</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from financing activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Capital stock</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>80,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>4,000</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Additional paid-in capital</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>62,752,877</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>5,012,000</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Initial Public Offering</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>116,000,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Issuance costs</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(8,694,657)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Deemed dividends</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(6,312,500)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(287,500)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Vafias group of LPG carriers</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(54,898,497)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(10,000,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(10,650,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(257,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(110,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Overdraft facility</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>200,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(200,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>1,983,272</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Loan repayment</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(42,294,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(57,187,760)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Proceeds from long-term debt</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>140,000,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" 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=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by financing activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$196,576,223</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$38,994,012</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=367.933 colspan=6><P style="margin:0pt; font-family:Arial">Net Increase (Decrease) in cash and cash equivalents</P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>23,210,243</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(12,063,372)</P>
</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of year</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" 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=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><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=54.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$23,210,243</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$11,146,871</B></P>
</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Supplemental Cash Flow Information:</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Cash paid during the year for:</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Interest payments</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$2,130,228</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>$5,968,892</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman"></FONT></P>
<P style="line-height:10pt; 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=justify><BR>
<FONT FACE="Arial"><B>About STEALTHGAS INC. </B></FONT></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 29 LPG carriers with a total capacity of 126,769 cubic meters (cbm). In addition, the company has agreed to acquire one newbuilding LPG carrier expected to be delivered to STEALTHGAS INC. in early October 2007. Once this acquisition is complete, STEALTHGAS INC&#146;s fleet will be composed of 30 LPG carriers with a total capacity of 133,769 cubic meters (cbm). &nbsp;&nbsp;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>
<P style="margin:0pt"><BR></P>
<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;February 23, 2007 &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>
<P style="margin:0pt" align=center><BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
