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Note 6 - Vessels, Net

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6.	Vessels, net

	Vessel cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2012		776,302,690		(141,668,019	)		634,634,671
Additions		73,149,196		-			73,149,196
Depreciation for the period		-		(22,671,019	)		(22,671,019	)
Balance, September 30, 2013		849,451,886		(164,339,038	)		685,112,848

Vessels with a carrying value of $666,204,617 as of September 30, 2013 are mortgaged as security for the term loans discussed in Note 9.

During the nine-month period ended September 30, 2013, the Company acquired the vessels “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony” for a total consideration of $73,149,196.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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