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StealthGas CEO Discusses Q3 2010 Results - Earnings Call Transcript

As you have seen from our results our time-charter equivalent rate was $7040 per vessel per day compared to $6,564 in the corresponding course of last year which represents an increase of about 7.3% on a year-to-year basis albeit to the smaller fleet (inaudible) rate per day at $7,017 compared to $6840 per day at the end of Q3 2009.

While these improvements are both welcome and encouraging we continue to face challenges in the near term from a trading standpoint as we continue to have high number of vessels trading at the spot market as was the case particularly between 2005 and 2008.

We have also again included in our adjusted time-charter equivalent on a blending basis in our slide presentation for both the LPG vessels and all the tankers as if none of these vessels were on bareboat charters. This not only gives you a more realistic figure in terms of the average time-charter equivalent achieved by the fleet but we also have adjusted the vessel operating expense line later in the presentation as if it were to be responsible for the operating expenses of all the vessels in the fleet.

On this basis, the daily PC was $7792 in Q3 2010 against $7802 for the same time last year. The third quarter of each year is traditionally the shortest one for our company in terms of the seasonal trade and therefore it’s encouraging to see a little bit of stability in the average rates achieved by the fleet for the third quarter on a year-to-year basis.

I am also pleased to report that yet again we continue to remain comfortably above our net income breakeven level as we will discuss later in the presentation.

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