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STEALTHGAS INC. Announces The Results Of The 2013 Annual General Meeting, New Vessel Acquisitions, New Charter Arrangements And Appointment Of New CFO

Stocks in this article: GASS

ATHENS, Greece, Oct. 1, 2013 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (Nasdaq:GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today the results of the 2013 annual general meeting of its shareholders held on Monday, September 23, 2013 at the Company's executive offices, updates on charter arrangements, new vessel acquisitions and other company news.

At the annual meeting each of the following proposals as set forth in more detail in the Notice and the Company's Proxy Statement were approved and adopted: 1) the re-election of Messrs. Michael G. Jolliffe and John Kostoyannis as Class II Directors of the Company to serve until the 2016 annual meeting of shareholders; and 2) the appointment of Deloitte Hadjipavlou Sofianos & Cambanis Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2013.

New Vessel Acquisitions

As part of its fleet expansion program the Company has entered into agreements to acquire eleven LPG carriers.

Two vessels that were delivered to the company this month, a 5,000cbm LPG carrier built 2006 and a 3,500cbm LPG carrier built 2008. Both were immediately deployed on a 1 year time and bareboat charter respectively.

Two 3,500cbm LPG carriers scheduled to be delivered in the second half of 2014 from a Japanese yard.

Two 5,000cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.

Two 3,500cbm LPG carriers scheduled to be delivered in the first half of 2015 from a Japanese yard.

One 7,200cbm LPG carrier scheduled to be delivered in the first half of 2015 from a Japanese yard.

Two 5,000cbm LPG carriers scheduled to be delivered in the second half of 2015 from a Japanese yard.

The acquisition of these vessels represent an investment by the Company of approximately $200 million of which about $50 million have already been paid for the delivery of the two vessels and deposits for the vessels under construction. Together with previously announced acquisitions this brings the total investments of the Company to approximately $400 million of which $125 million have already been paid. The remaining capital expenditure represents 15 newbuilding vessels scheduled to be added to the fleet by the end of 2015. The Company intends to fund the remaining capital expenditure with bank finance and available cash. The Company will pursue additional vessel acquisitions in order to expand its LPG fleet further. Of the nine additional Newbuildings purchased six have been ordered by the Company directly while three have been acquired as resale contracts from third parties.

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