Thank you for standing by and welcome to the StealthGas Inc. Fourth Quarter 2011 Results Conference Call. (Operator Instructions). I must advise you that this conference is being recorded today Thursday the 23 of February 2012. I would now like to hand the conference over to your first speaker today, Harry Vafias. Please go ahead sir.

Thank you and good morning everyone. Welcome to our conference call and webcast to discuss the results for the fourth quarter and full year 2011. I’m Harry Vafias, the CEO of StealthGas, and I would like to remind you please that we will be discussing forward-looking statements in today’s call. And regarding the Safe Harbor language, I would like you to refer to slide number one of this presentation as well to our Press Release on our fourth quarter results. With me today is Konstantinos Sistovaris, our CFO, and if you need any further information on the call or the presentation, please contact Konstantinos or myself. Before I start with the slides I would like to comment on the results we released this morning. I am pleased with the results we announced today. Not only did we post profits for the quarter and the full year but our bottom line shows an improvement quarter-on-quarter and year-on-year in operations. 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…

Thank you, Harry. Good morning everyone. So let me continue the presentation with slide number five, the financial highlights for the fourth quarter of 2011. With an average of 37 vessels owned and operated in the fourth quarter, we realized net income of $4.4 million on voyage revenues of $28.9 million. EBITDA was $13.6 million and earnings per share for the quarter were $0.22. Included in the net income figure is a $0.2 million loss on derivatives including a $1.2 million on swap interest paid? Our adjusted net income for the quarter was $3.4 million or $0.17 per share. For the full year we realized net income of $8.5 million, on voyage revenues over $118 million. EBITDA for the year was $44.5 million and earnings per share $0.41. Again in order to present what we consider a more meaningful picture of our operational performance we adjust the net income figure for the $2.9 million loss on derivatives including a $5.5 million on swap interest paid and we adjust for $5.6 million loss on the sale of the vessels in the second quarter. Hence our adjusted net income for the year is $11.6 million or $0.56 per share. The free cash balance at the end of the quarter was approximately $45.5 million. We also had about $5.3 million in restricted cash as part of our loan agreement. We now turn to slide number six for a summary of our income statement in order to compare our results for the quarter and the year to last year’s. So in comparing our results from the fourth quarter of 2010, when we had an average of 38 vessels in our fleet to the fourth quarter of 2011 when we had an average of 37 vessels in the fleet revenues were essentially flat. The reason…

Slide number 10. In this slide we show you one year time charter rates for our market. We have updated this slide with last year’s rates current rates and future estimates. Looking at the 5,000 CBM pressure ship relating the Q4 ‘10 were 265,000 per month in Q4, 2011 310,000 per month and the forecast for this quarter is to go higher to 315,000 per month. In the segment, we operate which is a 3,000 to 8,000 CBM segment we have seen a strengthen in the margin compared to last year in the region of between 10% and 20% depending on the size and nature of the ship. On a short-term basis, the winter where still to come in most of the Northern Hemisphere so the market will state at decelerated levels. Lately, we have seen increased activity in Southeast and Northeast Asia where the majority of our vessels trade while in Europe where the winter has been mild that the market will slow to take off but there are signs that has been strengthening us colder weather set in. We believe that the softening in our market has allowed us to conclude new charters at the elevated levels as previously announced and most importantly for longer periods. At this point we only have 3 vessels operating in the spot market but because of our staggered employment profile we expect 13 vessels will come off charter during 2012 and we hope to renew them at higher levels. We are taking delivery of new buildings of 7,500 CBM ship in May and we are already seeing interest for chartering that ship on a long-term basis. Slide 11. as we’ve showed in the previous slide the charter rates have improved from last year and we believe that the fundamentals in our core…

We will now begin the question and answer session (Operator Instructions). Your first question comes from Natasha Boyden with Cantor Fitzgerald. Please ask your question. Natasha Boyden – Cantor Fitzgerald: Harry, what’s your strategy going forward now that you’ve got the majority of your new builds been delivered and I think you said in the presentation you have one last. I mean, do you find asset values in the LPG space attractive here or an intend to expand the fleet or is your focus now going to be more on cash flow generation and deleveraging?

I think we have a very low debt. So deleveraging won’t be a very clever idea, since our debt is very cheap anyway. So our strategy would be cautious growth. Natasha Boyden – Cantor Fitzgerald: Okay. And obviously primarily in the LPG space, but you do have vessels in a couple of other sectors; would you primarily be focusing on the LPG space and if so, what is the liquidity like in the LPG space given the very small order book and what not going forward?

If we buy assets on the basis of just value; I guess we don’t have to go for LPG shares, because the values have not dropped and therefore, are not considered cheap. If we will go for tankers. If we go for cash flow generation, then we’ll go for LPG ships, because obviously, the rate that will be generated by the LPG ships in the next two, three years are generally speaking on a big pro-rata; much stronger than those of the tankers. So what we find then how the board will react. The very few LPGs are available for sale, definitely being the largest company in the segments; we are presented with the opportunities. If we don’t find anything interesting; I guess we have no choice but to go for new buildings. Natasha Boyden – Cantor Fitzgerald: So it’s sort of the newer second hand versus new builds more pleasurable to you at this point, because you can get them on the water immediately?

Definitely, but there is nothing for sale at the moment. Natasha Boyden – Cantor Fitzgerald: Okay, okay. Just moving over to your share repurchase program. You said you haven’t repurchased any shares this quarter, but you still have a fair amount available under that facility. Sort of what’s going on given your view that this stock is considerably unvalued? Are you sort of keeping the cash for asset acquisitions or what’s going on there with the share repurchase program?

The share price is very cheap as you can see yourself and from an NAV point of view; and from any other formula point of view. The point is, we don’t know what is best at the moment; buying back stock or buying ships. We want to keep our leading position in these segments. Our competitors are ordering ships, but not on the pressurized size; on the ethylene type primarily. So we probably going to buy ships if we can or if we buy new buildings and vessels of deliveries far forward; we’re definitely going to buy stock as well. Having bought close to 2 million shares, I don’t think that’s a small accomplishment. Natasha Boyden – Cantor Fitzgerald: Okay and then you just actually led it or right into my last question. Harry, what do you estimate that the NAV of StealthGas is currently?

Around $14. Natasha Boyden – Cantor Fitzgerald: Around $14?

Which is with the fresh evaluation taken in January.

Your next question comes from Jeff Geygan of Milwaukee Private. Please ask your question. Jeff Geygan – Milwaukee Private: The 13 ships that will be coming off of charter in 2012; do you have an estimate of the average TCE for that group?

No, because it’s a ship that had been on (ph) long run for charters, some are on bareboat, some are on TC. No, if you ask me completely off my head, just to guess it would be between $7,000 and $8,000. Jeff Geygan – Milwaukee Private: Okay, thank you. Second question, is some of the new charters you put in place have been through longer-terms and have enough experience historically with your company i.e. for five years; what do you think has changed in the mind of your charter that they’re willing to lease for such a period?

It’s obviously, as they are optimistic about the market. Jeff Geygan – Milwaukee Private: And the last question; the Kalogeros which you announced you’re selling is a relatively young ship built in 2007. Historically it seemed to me that you’re selling older ships to try and keep your average age around that 10 year or 11 year age; they just represent the change in your thinking on strategy?

No, we want to sell only older ships and buy only young ships. So this has been an exception in our strategy. Jeff Geygan – Milwaukee Private: Okay, thank you.

(Operator Instructions) The next question comes from (ph) Bruce Berger a private investor. Please ask your question.

Yes, I had a question regards to your statement with the passive foreign investment company. What are you planning to do to get around that and what are the (ph) replications to U.S. investors?

If you’re a PFIC, you cannot do anything to get around that. If you are one; you are one. The implication for U.S. investors is higher tax on the dividend. We are not giving any dividend and higher tax on capital gains. When you sell the stock, if you sell the stock and if we have been a PFIC, we stay a PFIC, because we might be a PFIC for the short while and then we might add more assets that are not passive assets and therefore get out of the PFIC. At the moment, we are not PFIC; we are just warning people because we don’t like surprising our investors.

(Operator Instruction) Your next question comes from Jay Weinstein of Highline Wealth. Please ask your question. Jay Weinstein – Highline Wealth: Hey, good morning. When you take delivery of your final new build I believe the book value of the assets would be around the vessels would be about $640 million. Approximately how much of that is allocated to the LPG fleet and how much is allocated to the four ships that are in the tanker segment? Hello?

Around one quarter. Jay Weinstein – Highline Wealth: I’m sorry, a quarter to which one?

A one quarter to the tankers and the rest is gas.

The next question comes from Bruce Berger. Please ask your question.

Yes Harry, I wanted to get your thoughts on products in Aframax tanker prices and your interest in purchasing at these levels?

I didn’t understand the question.

Do you think that the current valuations for Product Tankers is such that you want to start buying some with the cash that you have?

No, we would not buy product on just in any case.

What about Aframax?

Aframax; if you see brand new ships falling below 40 and it does make sense.

(Operator Instructions) There are no further question at this time. Please continue.

We would like to thank everyone for joining us at our conference call today and for your interest and trust in our company. We look forward to having you with us again at our next call for our first quarter results in May. Thank you.

That does conclude the conference for today, Thank you for participating. You may all disconnect.