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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001317861-07-000231.txt : 20070814
<SEC-HEADER>0001317861-07-000231.hdr.sgml : 20070814
<ACCEPTANCE-DATETIME>20070814110036
ACCESSION NUMBER:		0001317861-07-000231
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070814
FILED AS OF DATE:		20070814
DATE AS OF CHANGE:		20070814

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:		071052171

	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>gass6k081407.htm
<TEXT>
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<TITLE>STEALTHGAS INC</TITLE>
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<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>FORM 6-K </B></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 August 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 August 14, 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="gass6k081407002.gif" alt="[gass6k081407002.gif]" align=middle height=107.133 width=196.4></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 SECOND QUARTER AND SIX MONTHS</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><B>2007 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE</B></P>
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<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>ATHENS, GREECE, </B></FONT></P>
<P style="line-height:13pt; margin:0pt; text-indent:108pt; font-family:Arial; font-size:11pt" align=justify><B>August 14, 2007</B>. &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 quarter and six months ended June 30, 2007. </P>
<P style="margin:0pt" align=justify><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Second Quarter 2007 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 quarter ended June 30, 2007, net revenues amounted to $19.9 million and net income was $5.7 million an increase of $2.7 million or 15.7% and an increase of $1.1 million or 23.9% respectively from net revenues of $17.2 million and net income of $4.6 million for the quarter ended June 30, 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.40 for the quarter ended June 30, 2007 as compared to earnings per share of $0.33, basic and diluted, calculated on 14,000,000 weighted average number of shares outstanding for the second quarter of 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>Adjusted EBITDA for the second quarter of 2007 was $11.7 million, an increase of $2.8 million or 31.5%, from $8.9 million for the same period of 2006. &nbsp;A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below. &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 second quarter of 2007, the Company reported an unrealized, non-cash gain of $0.3 million on two previously disclosed interest rate swap arrangements as compared to the second quarter 2006 where the company reported a non-cash gain of $0.7 million. Before this non-cash item, net income was $5.4 million, or $0.37 per share, basic and diluted for second quarter 2007 as compared to $3.9 million, or $0.28 per share, basic and diluted for the second quarter of 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>An average of 29.3 vessels were owned and operated in the second quarter of 2007, earning an average time-charter-equivalent rate of approximately $7,075 per day as compared to 25.1 vessels and earning an average of $6,922 per day for the same period of 2006. &nbsp;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Half 2007 Results: </B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the six months ended June 30, 2007, net revenues amounted to $40.6 million and net income was $12.3 million an increase of $6.4 million or 18.7% and a increase of $0.7 million or 6% respectively from net revenues of $34.2 million and net income of $11.6 million for the six months ended June 30, 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.85 for the six months ended June 30, 2007 as compared to earnings per share of $0.83, basic and diluted, calculated on 14,000,000 weighted average number of shares outstanding for the six months of 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>Adjusted EBITDA for the period ended June 30, 2007 was $24.0 million, an increase of $5.0 million or 26.3%, from $19.0 million for the same period of 2006. &nbsp;A reconciliation of Adjusted EBITDA to Net Income and to Net Cash provided by operating activities is set forth below. &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 six months of 2007, the Company reported an unrealized, non-cash gain of $0.3 million on two previously disclosed interest rate swap arrangements as compared to the first half of 2006, where the Company reported a non-cash gain of $1.3 million. Before this non-cash item, net income was $12.0 million, or $0.83 per share, basic and diluted for six months ended June 30, 2007 as compared to $10.3 million, or $0.73 per share, basic and diluted for the first half of 2006.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>An average of 29.9 vessels were owned and operated in the six months of 2007, earning an average time-charter-equivalent rate of approximately $7,308 per day as compared to 23.8 vessels and earning an average of $7,377 per day for the same period of 2006.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Management Commentary:</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CEO Harry Vafias commented: &quot;The second quarter of 2007 was on an overall basis satisfactory. We continued to expand our fleet and kept our operating expenses under very tight control. The quarter was marred by the unfortunate incident involving the M/V Gas Shanghai, that has been reported previously, for which we deeply regret the loss of life involved. The loss of revenue from this incident coupled with the &#147;seasonal&#148; softening of the spot market led to the $0.9 million decline in revenues compared to the first three months of the year. However, year on year, we have produced improved EBITDA, Net Income and Earnings Per Share and with some 92% of our fleet days fixed for the remainder of 2007, about 63% for 2008 and 22% for 2009, along with our successful follow on offering in July, we look forward with confidence to the remainder of this year and beyond.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We firmly believe that the fundamentals for our sector are very positive going forward. We believe that the recent re-hiring of three of our vessels by their current charterers, some six months ahead of the expiration of their existing contracts, and at rates about 25% higher than their current rates, is a testament to the favorable outlook for our sector.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Finally I am pleased to confirm that we will be paying our seventh consecutive dividend since we went public in October 2005. This dividend will also include our recently expanded shareholder base further to our follow on offering. We would like to thank both our previously existing and our new shareholders for their support and faith in our Company. We look forward to continuing to expand our Company and proving that your faith has been well placed.&#148; &nbsp;&nbsp;&nbsp;

&nbsp;

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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CFO Andrew Simmons commented: &#147;With the proceeds from our upsized follow-on offering the Company now has the resources to continue its growth cementing its #1 position in the Handysize LPG sector, while at the same time continuing to have a prudently structured balance sheet along with the strong period coverage as highlighted by Harry. This strategy enables us to generate stable and predictable cash flows sustaining our profitability and dividend policy. Continuing our policy of having circa 50% of our debt on a fixed rate basis at all times, in June of this year, we entered into an additional $25 million five year interest rate swap. We are also pleased to note that in the period since the conclusion of our follow-on offering the daily trading volume of our stock has increased significantly.&#148;</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Quarterly Dividend:</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>At today&#146;s meeting, the Company&#146;s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on August 31, 2007 to shareholders of record on August 24, 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>This is the seventh consecutive quarterly dividend since the company went public in October 2005. Since then, STEALTHGAS has declared quarterly dividends aggregating $1.3125 per common share. </P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Completion of Follow-on Offering:</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>In July 2007, the Company concluded a follow-on offering of 7,660,105 shares of common stock, including 460,105 over-allotment shares, resulting in net proceeds, after deducting the underwriting discounts and commissions and the estimated offering expenses, of approximately $129.6 million. The shares were sold to the public at a price of $18.00 per share. The final number of shares offered represented an increase of 1,200,000 shares from the originally proposed offering size.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
Citigroup Global Markets Inc. and Cantor Fitzgerald &amp; Co. acted as the joint bookrunning managers in the offering. Johnson Rice &amp; Company L.L.C., Morgan Keegan &amp; Company, Inc., DVB Capital Markets LLC and Scotia Capital (USA) Inc. acted as co-managers.</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 Company has used a portion and intends to use the remaining net proceeds of the offering to pay the remaining balance of the purchase price for five LPG carriers which it had previously agreed to acquire (three of which have now been delivered to the Company), repay outstanding indebtedness incurred to acquire certain vessels in its current fleet, and for general corporate purposes.</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Fleet Developments:</B></P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the second quarter 2007, the Company took delivery of four LPG Carriers it had previously agreed to acquire, the M/V M/V &#147;Sea Bird II&#148; on May 18, 2007, the M/V &#147;Gas Renovatio&#148; on May 29, 2007, the M/V &#147;Gas Icon&#148; on June 27, 2007, and the M/V &#147;Chiltern&#148; on June 28, 2007, expanding its fleet to 33 vessels, with a carrying capacity of 141,912 cbm. </P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>On August 10, 2007, the Company announced that it took delivery of three PLG carriers it had previously agreed to acquire, the M/V &#147;Gas Evoluzione&#148; on July 23, 2007, M/V &#147;Gas Kalogeros&#148; on July 27, 2007, and the M/V &#147;Gas Sikousis&#148; on August 3, 2007, thereby expanding its current fleet to 36 vessels, with a carrying capacity of 153,929 cbm. </P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As previously announced, the Company has also agreed to acquire three additional LPG carriers, the M/V &#147;Gas Haralambos,&#148; a 2007 built new building resale 7,000 cbm Fully Pressurized (&#147;F.P.&#148;) vessel, the M/V &#147;Gas Sophie,&#148; a 1995 built 3,500 Fully Pressurized (&#147;F.P.&#148;) vessel, both with expected delivery in October 2007 and the M/V &#147;Gas Premiership&#148;, a 2001 built, 7,200 cbm Fully Pressurized (&#147;F.P&#148;) vessel with expected delivery in February 2008. Once these acquisitions are complete, the Company&#146;s fleet will be composed of 39 LPG carriers with a total capacity of 171,629 cubic meters (cbm).</P>
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<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>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 show the Company&#146;s fleet development and deployment as of today: </P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=111.45></TD><TD width=50.75></TD><TD width=45.7></TD><TD width=38.8></TD><TD width=59></TD><TD width=73.9></TD><TD width=78.8></TD></TR>
<TR><TD style="border:0.5pt solid #000000" width=148.6><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=67.667><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=60.933><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=51.733><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=78.667><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=98.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><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" width=105.067><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt" align=center><B>Charter Expiration(1)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=611.2 colspan=7><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" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Cathar (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">7,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Aug-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Marathon (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,572</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Chios</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,562</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Amazon (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov -08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Flawless</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,300</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2007</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Monarch</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,018</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Nemesis </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,016</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Lyne (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Emperor </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,013</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Birgit Kosan(6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,012</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-11</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Catterick (7)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sir Ivor (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2003</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Icon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1994</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Kalogeros</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2007</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sincerity</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,123</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Spirit</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,112</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Zael </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,111</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><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" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,109</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Prophet (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sep-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Shanghai (10)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1999</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sep-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sea Bird II</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,518</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Evoluzione</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Aug-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Czar</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,510</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Legacy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Fortune (11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Eternity (12)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sikousis (13)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Aug-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Artic</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Ice</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Renovatio</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,313</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Chiltern</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,312</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><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" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,244</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Crystal</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,211</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Oracle</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Prodigy (14)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Tiny</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1,320</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>153,929</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>Cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>36 VESSELS</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" width=611.2 colspan=7><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; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Premiership (15)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">7,200</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-08</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-12</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Haralambos (16)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><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; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><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; border-bottom: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; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sophie</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933><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; border-bottom:0.5pt solid #000000" width=51.733><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom: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; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=center>-</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=67.667 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>171,629 cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=60.933 rowspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=51.733 rowspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667 rowspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533 rowspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=105.067 rowspan=2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=148.6><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>39 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="margin:0pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(1)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt">Earliest date charters could expire. &nbsp;Most charters include options to shorten or extend their term.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(2)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt">Gas <I>Cathar </I>is currently employed under a time charter with an initial term expiring in August 2007, which has been extended to August 2008.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(3)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt">Gas <I>Marathon </I>is currently employed under a bareboat charter with an initial term expiring in October 2007. Thereafter she will be re-employed on a bareboat charter October 2009.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(4)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Gas Amazon </I>is currently employed under a time charter with an initial term expiring in November 2007, which has been extended to November 2008.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(5)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Lyne</I> is employed under a bareboat charter until May 2009. Thereafter, at the charterer&#146;s option, the bareboat charter can be extended for an additional year.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(6)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Birgit Kosan</I> is currently employed under a bareboat charter until October 2007. Thereafter she will be re-employed on a bareboat charter until September 2011.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(7)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Catterick</I> is currently employed under a time charter with an initial term expiring in January 2008, which has been extended to January 2009.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(8)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Sir Ivor</I> is employed under a bareboat charter until May 2009. Thereafter, at the charter&#146;s option, the bareboat charter can be extended for an additional year.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(9)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Gas Prophet</I> has for the three year duration of bareboat charter been renamed the <I>M.T. Ming Long</I>.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(10)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Gas Shanghai </I>is currently employed under a time charter with an initial term expiring in September 2007, which has been extended to September 2008.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20pt; text-indent:-20pt; font-family:Verdana; font-size:8pt">(11)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20pt; font-family:Verdana; font-size:8pt"><I>Gas Fortune</I> is currently employed under a time charter with an initial term expiring in December 2007, which has been extended to December 2008. </P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20.15pt; text-indent:-20.15pt; font-family:Verdana; font-size:8pt">(12)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20.15pt; text-indent:-0.15pt; font-family:Verdana; font-size:8pt"><I>Gas Eternity</I> has for the duration of bareboat charter been renamed the <I>M.T. Yu Tian 9</I>.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20.15pt; text-indent:-20.15pt; font-family:Verdana; font-size:8pt">(13)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20.15pt; text-indent:-0.15pt; font-family:Verdana; font-size:8pt"><I>Gas Sikousis</I> is currently employed under a time charter until May 2009. Thereafter, at the charterer&#146; option, the time charter can be extended for two one-year period, the first one to be negotiated in May 2009.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:20.15pt; text-indent:-20.15pt; font-family:Verdana; font-size:8pt">(14)</P>
<P style="line-height:8pt; margin:0pt; padding-left:20.15pt; text-indent:-0.15pt; font-family:Verdana; font-size:8pt"><I>Gas Prodigy</I> is currently employed under a time charter with an initial term expiring in December 2007, which has been extended to December 2008.</P>
<P style="line-height:8pt; margin:0pt; padding-left:20.15pt; text-indent:-20.15pt; font-family:Verdana; font-size:8pt">(15) <I>Gas Premiership</I> will commence a four year charter upon expected delivery in February 2008 expiring in February 2012.</P>
<P style="line-height:8pt; margin:0pt; padding-left:20.15pt; text-indent:-20.15pt; font-family:Verdana; font-size:8pt">(16) <I>Gas Haralambos</I> will commence a two year charter upon expected delivery in October 2007 expiring in October 2009.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>Fleet Data: </B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following key indicators highlight the Company&#146;s operating performance during the quarters ended June 30, 2007 and June 30, 2006. </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>Q2 2007</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>Q2 2006</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>29.3</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>25.1</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>33.0</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>28.0</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>2,723</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,280</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>2,675</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,253</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>98.2%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>98.8%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">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>2,515</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>1,889</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>160</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>364</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<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>Q2 2007</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>Q2 2006</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>$7,075</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>$6,922</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>2,037</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>2,074</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>343</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>329</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>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>444</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 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>2,359</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>2,519</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 six months ended June 30, 2007 and June 30, 2006. </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>6M 2007</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>6M 2006</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>29.9</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>23.8</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Period end number of vessels in fleet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>33</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>28.0</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>5,302</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>4,299</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>5,254</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>4,268</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>99.1%</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>99.3%</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>4,980</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>3,786</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>274</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>482</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<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>6M 2007</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>6M 2006</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>$7,308</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>$7,377</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>2,044</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>2,109</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>347</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>325</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>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>375</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 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>2,364</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>2,484</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 operating expenses, or TOE</U>, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE 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>Adjusted 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>Adjusted EBITDA represents net earnings before interest, taxes, depreciation, amortization and amortization of fair value of acquired time charters. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by the accounting standards generally accepted in the United States of America, and our calculation of Adjusted EBITDA may not be comparable to that reported 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>Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and 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;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Adjusted EBITDA reconciliation for the quarters ended June 30, 2007 and June 30, 2006: </B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=283.8></TD><TD width=84.25></TD><TD width=78.45></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=378.4><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=112.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q2 2007</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>Q2 2006</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$15,860,775</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>$7,298,018</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(270,412)</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>664,722</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=378.4><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" width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(6,599,852)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,328,190)</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(109,484)</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>(165,576)</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>2,477,626</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>1,734,096</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(17,410)</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>(9,368)</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>327,521</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>675,496</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$11,668,764</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>$8,869,198</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=296.75></TD><TD width=81></TD><TD width=76.6></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=395.667><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q2 2007</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=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q2 2006</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=395.667><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$5,689,025</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$4,621,660</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=395.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,477,626</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,734,096</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=395.667><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(109,484)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(165,576)</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=395.667><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,802,162</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,127,351</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=395.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value of acquired time charters</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(190,565)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(448,333)</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=395.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$11,668,764</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=102.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$8,869,198</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>Adjusted EBITDA reconciliation for the six months ended June 30, 2007 and June 30, 2006: </B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=283.8></TD><TD width=84.25></TD><TD width=78.45></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=378.4><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=112.333><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>6M 2007</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>6M 2006</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$24,670,519</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>$16,589,761</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(203,934)</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>1,189,988</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=378.4><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" width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(5,244,093)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(2,889,461)</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(371,528)</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>(351,636)</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>4,869,835</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>3,091,390</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(38,257)</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>(19,287)</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=378.4><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=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>301,576</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>1,318,456</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=378.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.333><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$23,984,118</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>$19,029,081</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=283.35></TD><TD width=81></TD><TD width=81.2></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=377.8><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>6M 2007</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=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>6M 2006</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=377.8><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$12,311,479</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$11,580,353</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=377.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus interest and finance costs</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,869,835</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,091,390</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=377.8><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(371,528)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(351,636)</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=377.8><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=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>7,463,993</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,935,011</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=377.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value of acquired time charters</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(289,661)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,226,037)</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=377.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Adjusted EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$23,984,118</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=108.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$19,029,081</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>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 today, August 14, 2007 at 11:30 A.M. EDT, 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="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>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(US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International Dial In). 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 problems with the above numbers, please dial 1866 223 0615 (US Toll Free Dial In), 0800 694 1503 (UK Toll Free Dial In) or +44 (0) 1452 586 513 (Standard International Dial In). Please quote &quot;STEALTHGAS&quot;.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;<BR>
A telephonic replay of the conference call will be available until August 21, 2007 by dialing 1866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 1452 550 000 (Standard International Dial In). 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 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.<FONT COLOR=#3F3F3F> </FONT></P>
<P style="margin:0pt" align=justify><BR></P>
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<P style="margin:0pt" align=justify><BR></P>
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<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>Condensed 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 June 30, 2006 and June 30, 2007</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=94.7></TD><TD width=86.75></TD><TD width=11.8></TD><TD width=96.05></TD></TR>
<TR><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=75.467 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=259.467 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=126.267><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>June 30, 2006</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=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>June 30, &nbsp;2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=75.467 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&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>(Unaudited)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></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=126.267><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>$17,215,045</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=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$19,880,050</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</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>Expenses</B></P>
</TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,618,689</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>958,144</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,729,458</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,545,968</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>432,926</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>750,986</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>932,890</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=389.4 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>1,013,422</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>878,355</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,127,351</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,802,162</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=126.267><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>11,672,832</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>12,117,519</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=126.267><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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></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=126.267><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>$5,542,213</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=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$7,762,531</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></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=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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</P>
</TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,734,096)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(2,477,626)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>675,496</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>327,521</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>165,576</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>109,484</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(27,529)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(32,885)</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=126.267><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>(920,553)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(2,073,506)</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=126.267><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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></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=126.267><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>$4,621,660</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=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$5,689,025</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=407.133 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>$0.33</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=128.067><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.40</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=126.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=128.067><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=407.133 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, 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>14,000,000</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=128.067><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" align=justify><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="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.</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Condensed Consolidated Statements of Income</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the six months ended June 30, 2006 and June 30, 2007</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=91.5></TD><TD width=86.75></TD><TD width=11.8></TD><TD width=110.65></TD></TR>
<TR><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=75.467 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=278.933 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Six Months 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=122><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>June 30, 2006</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=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>June 30, &nbsp;2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=75.467 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&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>(Unaudited)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></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=122><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>$34,152,963</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=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$40,624,156</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</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>Expenses</B></P>
</TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,666,514</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,233,592</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>9,066,664</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>10,838,762</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>432,926</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,398,785</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,840,850</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=385.133 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>1,610,603</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,696,030</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,935,011</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>7,463,993</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=122><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>21,110,503</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>24,073,227</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=122><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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></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=122><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>$13,042,460</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=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$16,550,929</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></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=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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</P>
</TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(3,091,390)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(4,869,835)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,318,456</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>301,576</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>351,636</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>371,528</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(40,809)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(42,719)</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=122><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>(1,462,107)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(4,239,450)</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=122><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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></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=122><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>$11,580,353</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=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$12,311,479</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=402.867 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>$0.83</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=147.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.85</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=73.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=107.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=82.467><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=147.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=402.867 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, 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>14,000,000</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=147.533><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" align=center><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="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:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>STEALTHGAS INC<BR>
Condensed Consolidated Balance Sheets</B></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As of December 31, 2006 and June 30, 2007</B></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=13.3></TD><TD width=334.85></TD><TD width=20.9></TD><TD width=11.9></TD><TD width=13.45></TD><TD width=69.45></TD><TD width=12.15></TD><TD width=65.65></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=446.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=27.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>June 30,</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=446.467><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=27.867><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=15.867><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>2006</B></P>
</TD><TD valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>2007</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=446.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=27.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>(Unaudited)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=464.2 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Assets</B></P>
</TD><TD valign=bottom width=27.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=492.067 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Current assets</B></P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Cash and cash equivalents</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>$11,146,871</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>$5,962,161</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Trade receivables</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,096,645</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>870,071</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Claim receivable</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>289,922</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>30,378</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Inventories</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>746,874</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>770,951</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Advances and prepayments</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>270,370</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>264,355</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Fair value of above market acquired time charter</P>
</TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>23,718</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Restricted cash</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>4,317,338</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>4,671,745</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=492.067 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=15.867><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$17,891,738</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt"><B><I>&nbsp;</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$12,569,661</B></P>
</TD></TR>
<TR><TD valign=bottom width=492.067 colspan=3><P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Non current assets</B></P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,700,000</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Advances for vessels under construction</P>
</TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>3,483,750</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>2,355,000</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Vessels, net</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>297,950,257</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>352,506,132</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Restricted cash</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>200,000</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Deferred finance charges, net of accumulated amortization of $87,424 (as of December 31, 2006) </P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">and (as of June 30, 2007) &nbsp;$125,681</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>279,576</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>387,114</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Fair value of derivatives</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>368,119</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>804,816</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=507.933 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><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=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$302,081,702</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$357,953,062</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=492.067 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.867><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$319,973,440</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$370,522,723</B></P>
</TD></TR>
<TR><TD valign=bottom width=525.867 colspan=5><P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Liabilities and Stockholders' Equity</B></P>
</TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=492.067 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Current liabilities</B></P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Payable to related party</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>2,198,456</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>8,314,298</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Short-term bridge facility</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>18,000,000</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Trade accounts payable</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>2,049,456</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,940,369</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Other accrued liabilities</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>4,681,488</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>4,501,097</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Customer deposits</P>
</TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>660,000</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>643,500</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Deferred income</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>2,889,998</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>2,307,727</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.733><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Current portion of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>16,149,600</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>15,505,064</P>
</TD></TR>
<TR><TD valign=bottom width=507.933 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total current liabilities</B></P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$28,628,998</B></P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$51,212,055</B></P>
</TD></TR>
<TR><TD valign=bottom width=507.933 colspan=4><P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Non current liabilities</B></P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Fair value of derivatives</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>404,021</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>180,436</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Customer deposits</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,323,272</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>3,307,001</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,016,281</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>1,721,902</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Long-term debt</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>124,798,640</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>143,028,916</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=507.933 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><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=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$127,542,214</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$148,238,255</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=492.067 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total liabilities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=15.867><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$156,171,212</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$199,450,310</B></P>
</TD></TR>
<TR><TD valign=bottom width=492.067 colspan=3><P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Commitments and contingencies</B></P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=492.067 colspan=3><P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Stockholders' equity</B></P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Capital stock </P>
</TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 preferred shares authorized and zero outstanding with par value of</P>
</TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 per share 100,000,000 common shares authorized 14,400,000 shares</P>
</TD><TD valign=bottom width=92.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=508.133 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding with a par value of $0.01 per share</P>
</TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>144,000</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>144,000</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Additional paid-in capital</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>150,607,621</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>150,607,621</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=474.333 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Retained earnings</P>
</TD><TD valign=bottom width=15.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>12,826,845</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>19,738,324</P>
</TD></TR>
<TR><TD valign=bottom width=17.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=490.2 colspan=3><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt">Accumulated other comprehensive income</P>
</TD><TD valign=bottom width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>223,762</P>
</TD><TD valign=bottom width=16.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right>582,468</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=507.933 colspan=4><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total stockholders' equity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=17.933><P style="margin:0pt; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$163,802,228</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$171,072,413</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=525.867 colspan=5><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt"><B>Total liabilities and stockholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$319,973,440</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=16.2><P style="margin:0pt; font-family:Arial; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.533><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=right><B>$370,522,723</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC<BR>
Condensed Consolidated Statements of Cash Flows</B></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=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=85.95></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=249.4 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=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><P style="font-size:2pt">&nbsp;</P></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="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>June 30, 2006</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=114.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>June 30, 2007</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.6><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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Net income for the period</P>
</TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$11,580,353</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>$12,311,479</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>5,954,298</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>7,502,250</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(1,226,037)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(289,661)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=414.333 colspan=6><P style="margin:0pt; font-family:Arial">Net (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>(99,870)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(1,318,456)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(301,576)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(285,579)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>226,574</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(179,489)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(4,578)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(694,342)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(24,077)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(30,578)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>6,015</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>1,213,020</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>6,115,842</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>972,456</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(109,087)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>765,388</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(180,391)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(61,403)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(582,271)</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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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>$16,589,761</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=114.6><P style="margin:0pt; font-family:Arial" align=right><B>$24,670,519</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>264,122</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(1,700,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(2,084,441)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(554,407)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(78,245,786)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(59,872,118)</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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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>$(80,330,227)</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=114.6><P style="margin:0pt; font-family:Arial" align=right><B>$(61,862,403)</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(287,500)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(5,250,000)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(5,400,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(110,000)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(145,795)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>1,967,229</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(47,706,000)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(9,481,760)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Proceeds from short-term bridge facility</P>
</TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>18,000,000</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>100,430,000</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>27,067,500</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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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>$46,876,500</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=114.6><P style="margin:0pt; font-family:Arial" align=right><B>$32,007,174</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=47.867><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=74.333><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=367.933 colspan=6><P style="margin:0pt; font-family:Arial">Net (decrease) in cash and cash equivalents</P>
</TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(16,863,966)</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>(5,184,710)</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 period</P>
</TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>11,146,871</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><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></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>$6,346,277</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=114.6><P style="margin:0pt; font-family:Arial" align=right><B>$5,962,161</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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Cash paid during the period for:</P>
</TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$2,624,695</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>$4,419,047</P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Non cash items:</P>
</TD><TD valign=bottom width=89.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=81><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=54.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=116.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=114.6><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=21.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=346.667 colspan=5><P style="margin:0pt; font-family:Arial">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=67.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$1,982,000</P>
</TD><TD valign=bottom width=18.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:3pt double #000000" valign=bottom width=114.6><P style="margin:0pt; font-family:Arial" align=right>$1,019,000</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="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="margin:0pt" align=justify><BR></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 36 LPG carriers with a total capacity of 153,929 cubic meters (cbm). In addition, the company has agreed to acquire one re sale newbuilding LPG carrier expected to be delivered to it in October 2007. It has also entered into agreements to acquire two additional second-hand LPG carriers with expected delivery between October 2007 and February 2008. Once these acquisitions are complete, STEALTHGAS INC.&#146;s fleet will be composed of 39 LPG carriers with a total capacity of 171,629 cubic meters (cbm). STEALTHGAS Inc.&#146;s shares are listed on NASDAQ and trade under the symbol &#147;GASS&#148;.<B> </B></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>Forward-Looking Statement </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>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="margin:0pt" align=justify><BR></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" align=justify><B>Company Contact:</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Andrew J. Simmons</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Chief Financial Officer</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>STEALTHGAS INC.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" 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"><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>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman"><B>SIGNATURES </B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">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.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B><U>Stealthgas, Inc. </U></B></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"><I>Dated: August 14, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>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;</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><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;</I></P>
<P style="margin:0pt; text-indent:180pt"><I>&nbsp;-----------------------</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><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; text-indent:180pt">Andrew J. Simmons</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:72pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt"><I>&nbsp;</I></P>
<P style="margin:0pt; text-indent:180pt"><I>&nbsp;</I>Chief Financial Officer</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
