STEALTHGAS Announces Agreement to Acquire Two LPG Newbuildings

December 14, 2006 ATHENS, GREECE. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it has entered into an agreement to acquire two contracts for LPG carriers under construction, the M/V "Gas Flawless" and the M/V "Gas Haralambos", for a total consideration of USD 46.1 million.

The "Gas Flawless", a 6,300 cbm Fully Pressurized ("F.P.") LPG carrier hull number 595, is expected to be delivered to STEALTHGAS ex yard Higaki Zosen, Japan in early February 2007.

The "Gas Haralambos", a 7,000 cbm Fully Pressurized ("F.P.") LPG carrier hull number K408, is expected to be delivered to STEALTHGAS ex yard Kanrei Zosen, Japan in October 2007.

New Time Charter Agreements:

STEALTHGAS INC. announced that it has entered into new time charter arrangements for the "Gas Tiny" and the "Gas Oracle", has extended the existing time charter for the "Gas Czar" and has extended the existing bare boat charter for the "Birgit Kosan".

The "Gas Tiny" has entered into a new time charter with a European industrial group for a period of 24 months commencing in January 2007 at the rate of USD 140,000 per calendar month. The "Gas Tiny" is currently employed until the end of December 2006 on a time charter at the rate of USD 120,000 per calendar month.

The "Gas Oracle" has entered into a new time charter with a European industrial group for a period of 12 months commencing in December 2006 at the rate of USD 220,000 per calendar month. The "Gas Oracle" was previously employed on the spot market.

The "Gas Czar" has extended its existing time charter with a major oil company for a period of 12 months commencing in November 2006 at the rate of USD 190,000 per calendar month.

The "Birgit Kosan" has entered into an agreement to extend the bare boat charter with the existing charterers, a major owner of LPG vessels, for a further six months commencing in April 2007 at the rate of USD 150,000 per calendar month. The "Birgit Kosan" is currently employed until April 2007 on a bare boat charter at the rate of USD 190,000 per calendar month.

Update on Management Arrangements:

STEALTHGAS INC. also announced further details of vessels being brought under the operational and technical management of its affiliated management company Stealth Maritime Corp. On December 15, 2006 the "Gas Fortune" will be transferred to the management of Stealth Maritime Corp bringing the total number of vessels currently managed technically and operationally by the affiliated management company to five.

CEO Harry Vafias commented "With the acquisition of the "Gas Flawless" and the "Gas Haralambos" we further cement our leading position in the "handy size" segment, and we increase our presence in the "upper size" segment of our market where we believe we can secure attractive employment, through the deployment of these two brand new vessels next year, while at the same time we decrease the average age of our fleet. These two newbuildings will also enhance our policy of running a modern high tech fleet that is attractive to the high quality international charterers."

He continued "As previously announced in November 2006, we expect to have between eight and ten vessels managed by Stealth Maritime Corp by mid 2007. The transfer of the "Gas Fortune" on about the 15th of December 2006 is a further step in that process which we believe will add to our operational efficiency and the economic performance of our vessels".

"Furthermore with the announcement today of the updated fleet deployment secured so far for 2007, I am pleased to inform our shareholders that as of today we have 70% of our fleet days (excluding the two new acquisitions) fixed for 2007, thus continuing our conservative policy with regard to the employment of our ships and being able to secure a predictable and transparent earnings stream for our shareholders."

About STEALTHGAS INC.

Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 28 LPG carriers with a total capacity of 120,469 cubic meters (cbm). In addition, the company has agreed to acquire two newbuilding LPG carriers expected to be delivered to STEALTHGAS INC. in early February 2007 and October 2007. Once these acquisitions are completed, STEALTHGAS INC.’s fleet will be composed of 30 LPG carriers with a total capacity of 133,769 cubic meters (cbm). STEALTHGAS INC.’s shares are listed on NASDAQ and trade under the symbol "GASS".