Ladies and gentlemen, thank you for standing by. And welcome to the StealthGas First Quarter 2012 Results Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. (Operator Instructions) I must advise you the conference is being recorded today on Wednesday the 23 of May, 2012. And I would now like to hand over to your speaker today, Mr. Harry Vafias, [CFO]. Please go ahead, sir.

Thank you and good morning, everyone. Welcome to our conference call and webcast to discuss the results for the first quarter of 2012. I’m Harry Vafias, the CEO of StealthGas, and I would like to remind you that we will be discussing forward-looking statements in today’s call and presentation. 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 first quarter results. With me today is Mr. Sistovaris, our CFO, and if you need any further information on the conference call or the presentation, please contact to Konstantinos or myself. Before I start with the slides I would like to comment on the results we released yesterday. These are the best results we had over the last 24 months. Our bottom line income of $0.36 a share or $0.25 a share, excluding the gain on the vessel sale and hedging showed a significant improvement in the LPG market filtering down to our earnings. This is in contrast with the continuing difficult environment for more shipping companies, whereby fuel our reporting earnings at all. As a result of our focus on the initial LPG market we continue to operate profitability and we have laid solid foundations for the company avoiding any difficult financial position as far many other shipping companies are already in. Slide number two. As we have said in the past, our medium-term goal is to renew our fleet, buying new vessels and selling older ones. During 2011, we took delivery of the three newbuilding vessels which we then fixed on long-term time-charters. We also proceeded with the sale of four older ships with an average age of 16 years. During 2012, so far we have sold two vessels, the Gas Tiny…

Thank you, Harry. Good morning, everyone. So let me continue the presentation with slide number four, the financial highlights for the first quarter of 2012. With an average of 37 vessels owned and operated in the first quarter, we realized net income of $7.4 million on voyage revenues of $29.1 million. EBITDA was $16.8 million and earnings per share for the quarter were $0.36. Included in the net income figure is $0.8 million non-cash gain on interest rate swaps fair value changes and $1.3 million gain on the sale of the vessel, the Gas Tiny. Excluding these items, our adjusted net income for the quarter was $5.2 million or $0.25 per share. The free cash balance at the end of the quarter was approximately $46.5 million. We also had about $7.6 million in restricted cash as part of our loan agreements. We now turn to slide number five for summary of our income statement in order to compare our results for the first quarter to the previous quarter and to last year's quarter. Compared to last year, when we had two more vessels in the fleet, our revenues decreased by $1.4 million, compared to the previous quarter with the same number of vessels in the fleet, they were slightly higher. However, the big difference is in the expense side. Compared to last year, our voyage costs were reduced by $1 million, while our operating costs were reduced by almost $3 million. Compared to the previous quarter, our voyage costs were reduced by approximately $2 million, while our operating costs were reduced by $0.1 million. The reason behind the reduction in our expenses is first that we had more vessels operating under bareboat charters, thus not incurring operating costs. And second, we had less vessels in the spot market, thus not…

Let's move to slide number nine. As we have said in the past, one of the key drivers in the LPG market is supply of the product. LPG is also byproduct of natural gas and we expect that as more natural gas producing facilities are being built there will be more LPG available for shipment especially since it's too costly to store. The Middle East is the main exporter of LPG and usually VLGCs are used to carry the product from the Middle East to the hubs in Asia such as Singapore where our vessels take care of the local distribution. Middle Eastern countries especially Qatar have increased their [quantity] produce and it’s expected that further increases will continue so that LPG ship on trade in total could reach 70 million tons by 2014. As a result, we see increased interest for business coming directly from Middle Eastern companies. On the other side of the equation, demand is steadily increasing in developing nations especially in the Far East where the majority of our fleet is trading. A recent trend we have seen increasing demand for LPG from petrochemical plants due to the high pressure of naphtha. Both naphtha and LPG are fixed [optional] production of chemicals and as naphtha prices have recently been very high, it seems to be a switch from naphtha to LPG as a cheaper alternative. Although this may be temporary, it could provide good support for LPG seaborne trade. Slide number 10. In this slide, we show you one-year time-charter rates for the average size ship of our fleet. We have updated the slide to last year rates, current rates and future estimates. Looking at our vessel, the 5000 CBM pressurized ship, the rates in the first quarter of 2012 were $290,000 per month. That is…

Thank you. (Operator Instructions) We have a question from the line from Jeff Geygan from Milwaukee. Please ask your question. Jeff Geygan – Milwaukee: Good morning, Harry. Very nice quarter.

Thank you, Jeff. Jeff Geygan – Milwaukee: Will you book a gain or loss on the sale of the Gas Kalogeros?

It’s going to be small gain we expect, small gain. Jeff Geygan – Milwaukee: All right. When you’re giving fleet statistics, you exclude the Chinese fleet, why is that, and you know the size of that fleet?

We don’t compete with the Chinese fleet and the Chinese fleet does not trade internationally, because they don’t have whole major approvals. We don’t know their numbers, because these are Chinese build ships, with Chinese engines, Chinese pumps, Chinese cruise and it’s very difficult to get information on that. Jeff Geygan – Milwaukee: All right. Appreciate it. Strategically speaking with respect to the ships that you have in spot market, would it be, are your intention to trying employee more of your ships out of the spot market in a rising rate environment?

If we can get good numbers for short-term charters, yeah. Jeff Geygan – Milwaukee: And my last question for today. What is the impact of a Greek bank default and/or Greek exit of the EU?

It’s going to be actually good news for StealthGas, because we have some euro cost, if Greek exit the euro is going to be drachma, which is going to be devalued, therefore our euro cost component will fall considerably. Excluding our office, we have nothing else in Greece. Our ships do not come to Greece. We don’t have a Greek charters. We have minor business with Greek banks and we hold very little deposits in Greek banks. So I gather the impact would be neutral to slightly positive. Jeff Geygan – Milwaukee: Great. Thank you. Keep up the nice work.

Thank you.

Thank you. The next question comes from the line of George Berman from JP Turner & Co. Your line is open. George Berman – JP Turner & Co.: Good morning, gentlemen, and congratulations for great quarter.

Thank you. George Berman – JP Turner & Co.: One quick question, in the current turmoil that is going on overall the shipping industry except for UA area, with the amount of cash you have messed, you’ve also bought a significant amount of stock back. Where do you see opportunities to deploy this cash other than in buybacks?

We will -- as we said, if the stock remains at this level we will buyback more stock. But other than that we will look to buy some more ships. George Berman – JP Turner & Co.: Okay. Great. Just to comment, all the best to the turmoil getting through the situation at least for you and your families, and your company.

Thank you. George Berman – JP Turner & Co.: Bye-bye.

(Operator Instructions) We have no further questions, sir, if you wish to continue.

We would like to thank you 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 conference call for our second quarter results in August. Thank you very much.

Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you all for participating. And you may now disconnect.