Good afternoon ladies and gentlemen, thank you for standing by. Welcome to the StealthGas Fourth Quarter 2012 Results Conference Call. At this time all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions). I must advice you as well that this conference is being recorded today Thursday 21, February 2013 at 4:00pm UK Time. I would like to turn the conference over to your speaker today, CFO Harry Vafias. Please go ahead, sir.

Thank you and good morning, everyone. Welcome to our conference call and web cast to discuss the results for the fourth quarter and full year 2012. I’m Harry Vafias, CEO of StealthGas, and I would like to remind you please that we’d be discussing forward-looking statements in today’s call. Regarding the Safe Harbor language, I would like to refer you to slide number one of this presentation as well as to our press release on our fourth quarter results. With me today is, Konstantinos Sistovaris our CFO. And if you need any kind of information on the conference 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’m very delighted to announce that the fourth quarter of 2012 was the best quarter we had over the past four years. And before the full year of 2012, our performance has been excellent with every single quarter results have been stronger, in each respective quarter of 2011. We announced earnings per share of $0.30 for the quarter and $1.41 for the year. Due to some non-recurring and non-cash items related to the fair values of our swaps, and both gains from the sale of our ships in 2012. Excluding these our fourth quarter earnings per share was 30% and our full year was $1.18 comparing these to the $0.17 for the fourth quarter of ’11 and the $0.56 for the whole of 2011, we can see improvement in our bottom-line of 100% and 110% respectively. I believe that the strength of the LPG market combined conservative management and consistency have laid solid foundations for the company and our cash position, made for us to continue looking for strategic acquisitions to consolidate our fleet and…

Thank you, Harry. Good morning everybody. So, let me continue the presentation with Slide number five, the financial highlights for the fourth quarter of 2012. With an average of 37 vessels owned and operated in the fourth quarter, we realized the net income of $7.8 million on voyage revenues of $30.6 million. EBITDA was $17.2 million and earnings per share for the quarter was $0.38. Our adjusted net income for the quarter was $6.7 million or $0.33 per share, that’s after subtracting the non-cash gains of $1.1 million on the interest rate to fair-value changes. For the full year, we realized net income was $29 million on voyage revenues over $119.2 million. EBITDA for the year was $67 million and earnings per share was $1.41. Again in order to present what we consider a more meaningful picture of our operational performance, we adjusted net income figure by subtracting $3.5 million we gained from changes in fair-value of our swaps, and $1.4 million gain on the sale of the vessel in the second quarter to arrive to an adjusted net income figure for the year of $24.2 million or $1.18 per share. The free cash balance at the end of the quarter was $42.3 million. We also had about $8.6 million in restricted cash as part of our loan agreements. We’ll now turn to Slide number six, for a summary of our income statement in order to compare results for the quarter and year-on-year. In the fourth quarter of 2012 compared to last year, we had $3.3 million or 75% increase in net income which was mainly due to combination of lower voyage operating and drydocking cost and higher revenues. Voyage costs were lower by $0.8 million or 17%. This was primarily due to a lower number of vessels operating under…

Okay, slide number 10. In this slide, we show you one here, time charter rates for our market. We have updated this slide with last year’s rates, fine trades and future estimates. This has 5,000 CBM per share ship, which is the average size of our fleet, the variation to fleet 2012 was $306,000 per month, while Q4 2012 were $290,000 per month and the forecast for the first quarter to remain the same. In the segment we operate which is 2,000 to 8,000 CBM, we have seen it strengthen in the market comprised of 2011 in the region of 10% to 20% depending on the size and the age of the ships. On a short-term basis, winter was slow to come in the most of the Northern Hemisphere so that we could stay at these elevated levels. Later we had an increase in the South East and North East Asia where the majority of our vessels are trading. In Europe where the winter has been mild, the market was slow to take off but it has been strengthening our colder weather it is setting in. We believe that the strengthening in our market has allowed us to conclude new traces of elevated levels as previously announced and most importantly for longer periods. At this point, we have six vessels operating in the stock market, but because of our stronger employment profile we expect nine ships will come off with charters during 2013 and hopefully will be remained at much higher levels. Slide 11, global ship on LPG trade grew by 8% in 2012, for 2015, it is expected to increase by 16% from 2010 and rise by at least 5% annually through 2016. Growth was mostly driven by demand coming from emerging countries, thus people are gradually improving their…

Thank you very much sir. (Operator Instructions). Your first question comes from Natasha Boyden from Global Hunter. Please go ahead. Natasha Boyden – Global Hunter: Good Morning, Harry and Konstantinos how are you?

Good morning. Natasha Boyden – Global Hunter: Harry, you told us a lot about now will be in the right time to express the fleet, sure enough if you think considering all the new goals of the vessels, just going in the fleet the size you want rather enough high quality second half ships available out there?

Depends on what you mean enough, all this while the market is hot, there is not too many good ships around for sale at reasonable prices. But being quite further and speaking to what we focus around the world, I think I maybe I will be able to find between two and five more than second hand vessels to buy. Natasha Boyden – Global Hunter: Okay, that’s very helpful. And what would you be willing to increase leverage to at this point in the cycle to grow, I mean, what is your idea on excess of that and damage for acquisitions?

I don’t think we would be increasing the debt that most 60% of the total value. Natasha Boyden – Global Hunter: Okay, all right, great. And then, lastly, have you given any thoughts, I’m sorry, I’m assuming that the cash repurchases are probably not as an attractive option as they were perhaps sometimes last year, give us what the stock price is down. I’m sure if you’ve given any thought to possibly payout dividend at this point?

Yes, dividend has been in our mind since the summer as we’ve discussed on the previous quarter. And I think that at the moment being bullish for the next 24 months our first priority is expansion so that’s my first priority right now. We want to see what we can find on the basis of those second hand ships in your buildings. And obviously then we can do the mass and see what dividend we can give because obviously when you start the dividend you must be able to keep the dividend. So, we don’t want to do something in a hurry and then have to stop it as other companies have done. So, we have to be very careful on what we can give in the long term. Natasha Boyden – Global Hunter: Okay, that’s it from me. Thank you.

Thank you.

Your next question comes from Robert Carlson from Janney Montgomery SC. Please go ahead. Robert Carlson – Janney Montgomery Sc: Congratulations on your quarter. I’m just – can you talk now a little bit, could you talk a little bit when you deliver product to the Far East, do those ships go back empty and where does the product come from primarily from the US?

The majority of our fleet are on time charters which means that whatever the ship does we still get paid. Even if the ship is idle, waiting for a cargo or even if this ship is balancing empty, somewhere we’re still getting paid. So, you shouldn’t worry about that. And number two, where does the cargo come from, the majority of the cargo comes from refineries in the middle and Middle East and Far East and also national gust adjusting companies, again both in the Middle East and Far East. Robert Carlson – Janney Montgomery Sc: Thank you.

(Operator Instructions). Your next question comes from George Orman from Orman Company. Please go ahead. George Orman – Orman Company: Good afternoon gentlemen, congratulations, fourth quarter great year.

Thank you George.

Thank you. George Orman – Orman Company: Quick question, the recent weakness of the Japanese Yen, how does that help you?

It helps us in the point that if we order more ships in Japan that will be slightly cheaper. George Orman – Orman Company: And they are the premier manufacturer of those types of ships, correct?

By far the biggest manufacturers. George Orman – Orman Company: Okay, so at the moment everything is coming our way?

It seems so. George Orman – Orman Company: Okay, great. Good luck for the future and thanks for at least considering the cash dividend, I think that would help the discrepancy between book value and actual share price.

Thank you for your suggestion.

Your next question comes from Jeff Giggin from Milwaukee Private. Please go ahead. Jeff Giggin – Milwaukee Private: Good morning Harry.

Hi Jeff. Jeff Giggin – Milwaukee Private: Couple of questions for you. The comments you made to Natasha about 2 to 5 potential ships to acquire in the second hand market, what were the probability be of new buildings in 2013 my impression being that those take some time to build?

As I said before if we acquire second hand ships, they will be delivered there fairly promptly for the buildings. Then if you order them in the next three months then the leverage will be in the middle of ’14. Jeff Giggin – Milwaukee Private: That’s what I thought. In your presentation you said you have about 120 million of firepower with your cash and your unencumbered ships. Are you, was that number assuming 50% debt to cap?

Something like that, yes. Jeff Giggin – Milwaukee Private: And finally and I appreciate your time here. You didn’t reference your product mix for Afromax at all and with regard to the situation developing in the US, is that an opportunity for more of your handy size or is this potentially an opportunity to look at larger ships?

I didn’t understand the question, are you asking your question about our (inaudible)? Jeff Giggin – Milwaukee Private: Two questions and you seldom make any comments about your product tankers and Afromax during your presentation?

Yes. Jeff Giggin – Milwaukee Private: Is there anything to update on those ships?

There is nothing to update because the ships have been a long term charter since we got delivery of them. Jeff Giggin – Milwaukee Private: Fair enough. Second part of the question with regards to changes going on in the US market, is there an opportunity for StealthGas to buy larger ships or will you approach the US market with the handy sized ships that you currently operate?

I cannot predict the future, but our decision right now is to stick with what is the best and what is the best is the needles in the segment. Jeff Giggin – Milwaukee Private: Thank you. And I appreciate your time today. And nice work for the year.

Thank you.

We don’t have any more questions at this moment sir. Please continue.

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

That does conclude for today. Thank you for participating. You may now disconnect.