Stealthgas Inc. Announces Agreement To Construct Four New 156,000 Deadweight Suezmax Tankers STEALTHGAS INC. ALSO ANNOUNCES ENTRY INTO AN AGREEMENT TO ACQUIRE ITS FOURTH NEW M.R. TYPE PRODUCT CARRIER, THE DELIVERY OF THE GAS DEFIANCE, A 5,000 CBM RESALE LPG CARRIER, ON AUGUST 1, 2008, THE SALE OF THE GAS AMAZON IN NOVEMBER 2008, PLUS NEW CHARTER ARRANGEMENTS ON FIVE EXISTING VESSELS. ATHENS, GREECE, September 11, 2008. STEALTHGAS INC. (NASDAQ: GASS) (the “Company”), a ship owning company serving primarily the liquified petroleum gas (LPG) sector of the international shipping industry, announced today that it has ordered two new 156,000 deadweight Suezmax crude Oil Tankers with an option to order two additional such vessels. Delivery of the first vessel is expected in May-July 2011 and delivery of the second vessel in July-September 2011. If the Company exercises its option to construct the third and the fourth vessels, these will be delivered in the first and second quarters of 2012. The Company has also entered into an agreement to acquire from an unaffiliated entity its fourth new resale 50,500 deadweight M.R. type Product Carrier to be delivered in November 2009. Upon her delivery to the Company, she will be named the “Stealth Argentina” and will be deployed upon a three year bareboat charter to a far eastern shipping entity. The aggregate cost of the five vessels detailed above, which assumes the option on the two additional vessels is exercised, is circa U.S.$403 million. On August 1, 2008, the Company announced that it completed its previously announced purchase of the Gas Defiance, a 2008 Japanese newly built 5,000 cbm Fully Pressurized LPG carrier, which has been deployed on a one year time charter to an international gas trader. The Company also announced that it has entered into a Memorandum of Agreement to sell the Gas Amazon, a 6,526 cbm Fully Pressurized 1992 built LPG carrier, for U.S.$11.0 million to an unaffiliated entity for delivery in November 2008. The Company also announced the following new charter arrangements. The Gas Evoluzione extended its existing time charter in July 2008 for one year to an oil major at a rate representing a circa 13% increase over the previous time charter rate. In September 2008, the Gas Cathar will commence a new one year time charter to an oil refiner at a rate representing a circa 30% increase over the existing time charter rate. The current time charter on the Gas Tiny has been mutually terminated with its charterer effective October 2008 and upon her redelivery she will immediately commence a new two year time charter at her existing rate to a European oil company. The Gas Czar and the Gas Fortune, upon the expiry of their current time charters in December 2008, will both commence five year bareboat charters to a European gas owner and operator. The two new charter arrangements represent an average increase of circa 20% on a time charter equivalent (TCE) basis over the prevailing rates currently being earned by these two vessels. Commenting on the acquisitions, sale, the strategic move into the Suezmax sector and the new charter arrangements CEO Harry Vafias said: As I discussed on August 19th we have decided to acquire our fourth new M.R. Type Product Carrier for delivery towards the end of 2009, and already she is fixed on a three year bareboat arrangement, thus continuing our policy of having the vast majority of our fleet always under period employment. We have decided after lengthy study to strategically enter into the transportation of crude oil by ordering two and, optioning two, brand new 156,000 deadweight Suezmax Tankers. We believe the outlook for these vessels at the time of their expected delivery as detailed above is very positive. I am pleased to say that despite the current difficult conditions within the banking sector that our bankers both existing and new have supported us willingly in regard to these new investments with well structured and competitively priced facilities. Finally in regard to sale and purchase I am pleased to report the sale of the Gas Amazon, one of our older vessels, which will not only provide the Company with an attractive profit in November this year, which we will quantify upon her delivery, but will also free up cash resources, reduce somewhat our debt and help in keeping the average age of our fleet well below the industry average. I am also pleased to announce the details of five new charters on our LPG vessels, which have been contracted at attractive rates. Two are one year time charters, one is a two year time charter and the other two are five year bare boat arrangements. The one year time charters as stated above evidence good increases over the prevailing rates on those vessels, while the bareboat charters are not only at higher levels on a TCE basis compared to their current charter rates, but they provide us with medium term secure employment on these two ships, without the Company being exposed in particular to crew and maintenance expenses over the next five years. The new charter arrangement for the Gas Tiny, our smallest ship presents us with some different challenges in terms of her employment, while at the same rate as her current charter, does now mean that the vessel has secure employment for the next two years. We believe that all these new charter arrangements will be accretive to our earnings over the next twelve months and beyond. Finally, the announcements we have made today are a further step in the evolution of our company which in less than three years since going public has grown from nine to fifty three ships (including all newbuildings). Not only have we fully delivered upon the strategic plan we laid out in October 2005, but we continue to build upon the solid base provided by our business. About STEALTHGAS INC. Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 37 LPG carriers with a total capacity of 165,286 cubic meters (cbm) and two M.R. Product Tankers. In addition, the company has also entered into agreements to acquire one second-hand LPG carrier with expected delivery in September 2008; three resale new building LPG carriers with expected delivery from October 2008 until June 2009; five new building LPG carriers with expected delivery from September 2010 through December 2011, two resale new building M.R. Product Carriers with expected delivery in April and November 2009. The Company has also entered into agreements to construct in China two 156,000 deadweight Suezmax oil tankers for delivery in April and July 2011, respectively, plus it has an option to construct two additional such vessels for delivery in the first and second quarters of 2012. The Company has also contracted to sell one LPG carrier, the Gas Amazon, with delivery to its new owner scheduled for November 2008. Once these firm acquisitions and the sale are completed, STEALTHGAS INC’S fleet will be composed of 45 LPG carriers with a total capacity of 203,973 cubic meters (cbm), four M.R. Product Tankers with a total capacity of 190,500 deadweight tons (dwt) and two Suezmax Oil Tankers with a total capacity of 312,000 deadweight tons (dwt). STEALTHGAS INC’S shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”. StealthGas Inc. Press Release