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March 31, 2009

StealthGas uses ship arrests after charterer defaults

StealthGas Inc. (Nasdaq:GASS) says it has had ships owned or controlled by Societa Cooperative di Navigazione a.r.l. "G. Giulietti" of Genoa, Italy, arrested. StealthGas says the arrests are as a means of securing monies owed it as a result of what it says is G. Giuletti's improper termination of the bareboat charter of the Gas Ice.

StealthGas also said "following amicable negotiations with the builder," deliveries of five LPG carrier newbuildings have been rescheduled to now occur during 2011 and 2012, with no vessels now being delivered to StealthGas during 2010. The amended agreement was concluded at no cost to StealthGas Inc.

The company also announced the following new charter arrangements:

The Gas Astrid will, upon delivery to the company on April 16, 2009, commence a one-year time charter to a major Far Eastern LPG operator.

The Lyne is currently deployed under a bareboat charter that expires in May 2009, which has been extended with the current charterer until December 2009.

The Sir Ivor is currently deployed under a bareboat charter that expires in May 2009, which has been extended with the current charterer until December 2009.

The Gas Sikousis is currently deployed under a time charter that expires in May 2009, which has been extended with the current charterer until May 2010.

The average time charter equivalent rate for the above four charters is $232,894 per calendar month or $7,661 per day.


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