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StealthGas' CEO Discusses Q4 2011 Results - Earnings Call Transcript

We announced earnings per share of $0.22 for the quarter and $0.41 for the year. These include some non-recurring and non-cash items related to the swaps and the fair values of our swaps and foreign exchange and book losses on the sales of our vessels in the second quarter.

Excluding these our fourth quarter earnings per share was $0.17 and full year were $0.66 compared to $0.41 last year. I believe that we have started seeing the improvement in the LPG market filtering down to our earnings. This is a very difficult environment for shipping companies and few are reporting earnings at all and as a result of our focus on the LPG market we continue to operate profitably and have laid solid foundations for the company, avoiding any difficult financial position that so many other shipping companies are already in.

So let’s start with slide number two. Our midterm goal is to renew our fleet with the delivery of five new building gas ships. During the first three quarters of 2011 we took delivery of the first three ships, which we then fixed on long term time charters. We also proceeded with the sale of four older vessels.

The average age of the four vessels sold was 16 years and three of them were operating in the spot market. Last month we sold Gas Tiny the smallest vessel in our fleet also operating in the spot market and this month we agreed to sell the Gas Kalogeros, also operating in the spot market.

From the sale of Gas Kalogeros we expect to book a small profit in the second quarter, voyage deliveries due. During January of this year we took delivery from a yard of for first 7,500cbm new building, the Gas Husky, which were immediately deployed on a five year bareboat charters to a Middle Eastern state oil company.

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