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January 26, 2009

No executive bonuses at StealthGas

Athens-headquartered StealthGas Inc. (NasdaqGS:GASS) today said that, despite the continuing solid deployment of its vessels, "in view of the prevailing uncertainty in the world economy," no cash bonuses or stock-based compensation will be granted to directors or officers for the fiscal year ending December 31, 2008. This will result in a write back to salaries and general and administrative costs of approximately $1.3 million in the fourth quarter of 2008.

StealthGas also announced that the previously disclosed sale of the Gas Amazon, a 1992-built 6,526 cbm fully pressurized LPG carrier, has been cancelled due to the non-performance of the buyer. The company intends to pursue legal remedies in seeking compensation from the buyer in regard to its non-performance under the sale contract. When StealthGas announced an agreement to sell the vessel, back in September last year, it said the agreed price was $11 million.

Meantime, the company says that that it took delivery of the Gas Shuriken, a 2008-built 5,000 cbm fully pressurized LPG carrier, on November 3, 2008. On delivery it was immediately deployed under a two-year time charter to an international gas trader, that expires in October 2010. On January 22, 2009, StealthGas took delivery of the Gas Natalie, a 1997-built 3,213 cbm fully pressurized LPG carrier. It continued to be deployed under an existing bareboat charter with a major international gas owner/operator, which expires in September 2011.

The company also announced new charter arrangements for three of its ships with an average time charter rate of $248,333 per calendar month or $8,168 per day.


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