Welcome to the StealthGas Inc. second quarter 2011 results conference call. [Operator instructions.] I would now like to hand the conference over to your 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 our second quarter ended June 2011. I’m Harry Vafias, the CEO of StealthGas, and I’d like to remind you that we will be discussing forward-looking statements in today’s conference call. Regarding the Safe Harbor language, I would like you to refer to slide number one of this presentation as well as to our press release and our second quarter results. With me today is Konstantinos Sistovaris, our CFO, and if you need any further information on the conference call or the presentation, please contact Konstantinos or myself. Let’s start with slide number two to review how we are implementing our business strategy. As previously announced, our medium-term goal is to renew our fleet for the delivery of five newbuilding gas carriers. In February and April, we took delivery of the first two vessels, the 5,000 CBM Gas Elixir and Gas Cerberus, which we then fixed on long term time charters. Then, in the second quarter, we also proceeded with the sale of four older vessels. The average age of the four older vessels sold was 16 years, and three of them were operating in the spot market. We successfully delivered three of these vessels to their new buyers during the same quarter and the fourth was delivered in July. We wish to maintain a strong focus on our operation side, and that is the reason behind the sale of these four older vessels. We believe that by removing them from the fleet and replacing them with brand new larger and higher specification ships, we will improve the overall performance of the company going forward. As far as our newbuilding program is concerned, we have three more vessels to take delivery of. One…

Thank you Harry. Good morning everybody. So let me continue the presentation with slide number five, the financial highlights for the second quarter of 2011. With an average of 39 vessels owned and operated in the second quarter, we realized a net loss of $3.6 million on voyage revenues of $31.4 million. Included in the net income figure is a $1.5 million expense due to the change in the fair value of derivatives. This consists of a cash loss of $1.2 million relating to payments under the interest rate swaps as well as a noncash loss of $0.3 million on interest rate swaps and currency hedging arrangements due to the movements in the fair value of these instruments. Also included in the net income figure is a noncash loss of $1 million on the valuation of foreign currency deposits in yen that we has and used for the payments of the delivery of newbuilding vessels. In relation to the sale of the four vessels, there is a noncash impairment loss of $2.6 million and a noncash loss from the sale of $3.1 million. Excluding the noncash items I just mentioned, our adjusted net income was $3.4 million or $0.16 per share, calculated on an average of 21.1 million shares outstanding. We believe this is a more meaningful number for investors to see what level of profits or losses we incur from the chartering of our vessels. The free cash balance at the end of the quarter was approximately $42.5 million versus $34 million at the end of last quarter. Our net debt to capitalization stood at 44.8% at the end of the quarter, similar to last quarter’s levels. We continue to believe that maintaining our leverage at moderate levels is important and believe that when all vessels have been delivered,…

Let’s move on with slide 10, where I will talk about the freight markets, and this slide will show you the one-year time charter rates for our market. The figures are based on independent estimates by [unintelligible]. We have updated this slide with last year’s rates, current rates, and future estimates. What you can deduce from the slide is what we’ve been experiencing in our chartering operations. In the segment, we operate 3,000-8,000 CBM. We have seen a strengthening in the market compared to last year, in the region of between 10% and 20% depending on the size. It was encouraging to see that rates in the larger categories, that are usually much more volatile, have been in an upward trajectory, approximately $800,000 per month rates for VLGCs, which are solely [numbers]. Although we do not own this type of vessel, we provide complementary services as VLGCs mostly trade on long haul routes, for example Middle East to Far East, and we perform the local distribution in the Far East. We believe that the strengthening in our market has allowed us to conclude charters at elevated levels as previously announced. Our fleet has a staggered employment profile, and as more vessels are coming of charters, we hope to renew them at higher levels. We have already seen an improvement in our operational figures and we expect to see more of it in the future. In this slide, we also show forecasts for the current quarter, where you can see that time charter rates are holding nicely. Otherwise, I have previously mentioned we normally expect rates mainly in the spot market to slightly ease during the summer months, but at elevated levels that keep our operations comfortably in profitable territory. Slide number 11. The first point I would like to make…

[Operator instructions.] Your final question comes from Natasha Boyden from Cantor Fitzgerald. Please go ahead. Natasha Boyden – Cantor Fitzgerald: Thank you for the presentation, but what is your general strategy going forward? Do you find asset values attractive where they are now and continue to expand the fleet, or do you think you’re going to focus more on cash flow generation and deleveraging?

It all depends on the markets, the general economic conditions, and the lending environment. At the moment, we are staying put. We’re not doing any new investments. We think the best opportunity to use our money is buying back stock since it’s so cheap. Obviously, if we see opportunities with bankrupt companies, fleets that are up for sale, or individual ships that are up for sale at very attractive prices, of course we will look at them. At the moment, we haven’t seen anything like this on the gas side. As you know very well, we have seen bankruptcies and auctions, mostly in the tanker and dry dock space. Natasha Boyden – Cantor Fitzgerald: Okay. And then you’ve obviously been busy selling some of your smaller, older ships. When you look at your fleet now, in total, are there other ships you’ll continue selling? Or do you think you’ve sold everything you’d like to sell for the time being?

If you see our fleet list, we still have some early mid-90s ships and obviously if we get reasonable prices for them, we would like this year or the next to sell them and keep only the mid to late 90s and younger ships.

Your next question comes from Jeff Geygan from Milwaukee Private Wealth Management. Please go ahead. Nick – Milwaukee Private Wealth Management: Hi, this is Nick. Jeff had to step away. I was wondering if you could give us a little bit more color on the reason why you gave a 10% discount on one of your product tanker charters.

Nobody has said it’s product tankers. I would like to rephrase your question and ask it on your behalf, and say why did you give a 10% discount? Nick – Milwaukee Private Wealth Management: Okay, sounds fair.

Okay. Because, as you can understand, and you read it in the shipping papers and in the maritime reviews, a lot of charters are having financial problems or are just bullying owners into accepting big discounts or other things that will make their situation easier. We always think of our shareholders interest first, and we thought that if we did not agree, we would have a long, drawn out court case, a very expensive court case, with not 100% sure results. And in the meantime, we would get zero. So we decided, together with the BOD, to better accept the 10% discount and get paid on time than having to fight a battle with no guaranteed success.

Your next question comes from George Berman from JP Turner. Please go ahead.

Got a quick question on your financial estimates on your slide show for the third and fourth quarter of 2011. Are all the revenues and expenses, etc., for the two quarters combined or in each individual quarter?

They are combined. The revenues are combined. The non-contracted voyage days are combined. The operating expenses as we’ve said, are $8 million per quarter. Dry dock expenses are combined, and interest rate swaps and depreciation also combined.

Okay, great. Also, maybe just a comment. I think as you alluded to in your presentation, the best use for your cash is probably buying back your stock. If you can buy an asset worth $14 for $4, I think that makes a lot of sense to take in as much as possible. I look forward to a further profitable future into 2012.

Your next question comes from Jay Weinstein from Highline. Please go ahead.

I have a quick question. I apologize if you mentioned it. For the latest stock repurchase this month, do you have a rough average price? It doesn’t have to be exact. And how much do you have left on the original authorization before you would have to do another one?

It’s about, off the top of my head, because I don’t have the data in front of me, $4.15.

And how much would that leave left on the original authorization?

About $7.5 million approximately.

Your next question comes from [Carl Thornoy]. He’s a private investor. Please go ahead. [Carl Thornoy]: Is there an opportunity in the gas trade versus the product LPG versus LNG? Is it so much a different market?

It’s a different market. [Carl Thornoy]: And you’re not geared up to enter that market?

I don’t understand the question. [Carl Thornoy]: Well, the liquid gas, the frozen gas, to trade versus the petroleum product. Your ships are all petroleum.

No, you have confused yourself. There are three different trades. There is a liquefied petroleum gas trade, which actually we are the leaders in it. There is the petroleum trade, petroleum products trade, which is a trade that the product tankers do, and we have a few ships of that. And there is also the liquid natural gas trade, which we don’t do. So for which trade of the three are you referring to? [Carl Thornoy]: I was referring to the liquid gas. The liquid gas.

LPG, or LNG? [Carl Thornoy]: Liquid natural gas.

Right. We are not operating in this trade. [Carl Thornoy]: Is that because it’s a wholly different technology trade to do?

No, actually the technology is exactly the same. It’s a matter of capital expenditure. A typical LPG ship costs approximately $25 million, and a typical LNG ship costs $200 million.

You have a followup question from the line of Jay Weinstein. Please go ahead.

I had a couple of questions about the noncash items, just to help me understand. When you take delivery next year of the last new LPG ship, essentially is that the end of the foreign currency part of the noncash items? Is that fair to say?

Yeah, that’s for sure. Yeah.

Okay, so I guess as you take delivery the fluctuations of that number will sort of decline over time until they’re gone next year, correct?

Correct.

That will make things slightly less complex. Would you remind repeating the statistics on the notional amount of your interest rate swaps versus your total debt? I know you mentioned it, but if you could repeat that.

Could you repeat that? I didn’t understand which number you meant.

I’m curious as to how much of your total debt you actually have fixed interest rate swaps on.

We have around 45% swapped out at around 3-3.5%.

What are the general maturity rates of those swaps? The realized cash loss for this quarter, was that as swaps kind of rolled off?

These swaps, we did them to cover our loan, so they are usually for many years we do these transactions. We have quite a few expiring in 2013, where, as I mentioned before, the 45% coverage will go down to around 30%.

Okay, so it’s a big slug. It’s not like they roll off a little bit every couple of quarters.

No, they do amortize, yeah.

Okay, so those fluctuations we’re likely to still see, some quarters up, some quarters down, right?

Yeah, we’re going to have these fluctuations unfortunately.

You have a followup question from George Berman. Please go ahead.

Quick question. Could you give us the geographic locations of where your 37 tankers are operating right now?

The majority are in the Far East, then approximately one-third is in Europe, and we have a couple of ships in South America.

Any of those regions project stronger growth versus the other?

Of course. The Far East.

You have a followup question from Jeff Geygan. Please go ahead. Jeff Geygan – Milwaukee Private Wealth Management: Going back again to the interest rate swaps, I know you’re fixed at about 45%. Is there a target you want to be at? Say you go back down to 35%, will you look to fix some of that interest rate back to get close to 50%?

It depends on our view of what will happen with the interest rates and the global economy, but obviously we don’t like to be exposed, meaning not having any hedges. We feel that at about 40% we are comfortable with a level such as that if the economy remains as it is now. Of course, this is evaluated every quarter.

There are no further questions at this time. Please continue.