3rd Quarter 2013 Results

November 22th , 2013

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of applicable

federal securities laws. Such statements are based upon current expectations that

involve risks and uncertainties. Any statements contained herein that are not statements

of historical fact may be deemed to be forward-looking statements. For example, words

such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are

intended to identify forward-looking statements. Actual results and the timing of certain

events may differ significantly from the results discussed or implied in the forward-looking

statements. Among the factors that might cause or contribute to such a discrepancy

include, but are not limited to the risk factors described in the Company’s Registration

Statement filed with the Securities and Exchange Commission, particularly those

describing variations on charter rates and their effect on the Company’s revenues, net

income and prof i tabi l i ty as wel l as the value of the Company’s f leet .

1

1 Market share data for 3,000 – 8,000 cbm LPG vessels only

Fully-Pressurized LPG Fleet Market Share1

2

Leading owner of Handysize LPG vessels

Maintain a modern fleet. Average age of current LPG fleet 11 years.

Maintain moderate leverage with net debt to cap around 55-60%.

Maintain a visible revenue stream: 90% voyage days fixed for 2013, 64% for 2014 and 31% for 2015

Maintain cost efficient operations with the lowest breakeven operating cost in the industry

StealthGas has significantly greater scale than its second largest competitor

and expects to continue to capture market share

Business Strategy

Current Fleet: 38 LPG Vessels

Current Fleet 38 + 15 NBs LPG vessels

Targeted Fleet: ~55-60 LPG Vessels

Remaining Capex: $240mil

Available cash: $90mil

Leverage: 60-70% ($200mil)

Built-In Growth (15 NBs LPG)

1

Fleet Development

Current fleet of 38 LPG vessels, 3 product tankers and 1 aframax tanker

Contracted 15 eco-type LPG vessels

Investments in modern vessels and newbuilding LPG carriers

3

2013 Q3 Income Statement

4

In US$ 000, except

per share

amounts

Q3 2012 Q3 2013 9M 2012 9M 2013

Net Revenues $30,357 $29,738 $88,627 $89,449

Voyage Costs 3,547 2,895 8,848 10,984

Running Costs 7,699 9,852 22,858 26,514

Operating Income 9,448 6,132 29,447 21,429

Net Income 6,634 4,147 21,199 15,685

Net Income,

adjusted 5,793 3,700 17,469 13,462

Drydocking Costs 262,8 1,086 2,046 2,457

EBITDA 17,594 14,446 53,326 46,452

EPS 0.32 0.13 1.03 0.58

EPS, adjusted 0.28 0.11 0.85 0.49

Number of Shares,

diluted 20,552,568 32,052,568 20,552,568 26,997,623

Balance Sheet

5

December 31, September 30,

2012 2013

Cash and Cash Equivalents incl. restricted 50,913,655 104,822,265

Current Assets excl. cash 6,649,752 9,281,386

Advances for vessels under construction 19,321,045 46,283,936

Vessels, net 634,634,671 685,112,848

Other assets 1,519,908 1,994,165

Total Assets 713,039,031 847,494,600

Current portion of long term debt 35,787,544 72,873,605

Current Liabilities 20,021,170 22,126,786

Long Term Debt 309,564,768 281,673,584

Other Liabilities 5,632,107 3,792,450

Stockholders' Equity 342,033,442 467,028,175

Total Liabilities and Stockholders Equity 713,039,031 847,494,600

2013 Q3 Operating Highlights

* Assuming no vessels on Bareboat Charter

6

Fleet Data Q3 2012 Q3 2013 9M 2012 9M 2013

Average number of vessels in fleet 37.0 40.6 36.82 38.6

Period end number of vessels in fleet 37 42 37 42

Total calendar days for fleet 3,404 3,735 10,090 10,535

Total voyage days for fleet 3,388 3,665 9,941 10,376

Fleet utilization 99.5% 98.1% 98.5% 98.5%

Total charter days for fleet 2,883 3,025 8,714 8,531

Total spot market days for fleet 505 640 1,227 1,845

Fleet operational utilization 95.7% 87.0% 95.3% 91.4%

Average Daily Results (in $) Q3 2012 Q3 2013 9M 2012 9M 2013

Time Charter Equivalent – TCE $9,799* $8,817* $9,798* $9,135*

Vessel Operating Expenses 4,122 4,321* 4,155* 4,308*

Management Fees 317 341 318 332

General & Administrative Expenses 290 174 213 180

Total Vessel Operating Expenses 4,411* 4,496* 4,369* 4,488*

Fleet Employment Profile

7

39 vessels out of 42 on period charters to secure visible revenue stream

$183 million in secured revenues

8

What is LPG? StealthGas Seaborne Trade Model

Natural Gas (LNG) Production (~60%)

10% is LPG

Crude Oil Refining (~40%) 3% is LPG

Commercial/

Residential

(52%)

Industrial

(9%)

Engine

Fuel (8%)

Refinery

(6%)

Other

(2%)

StealthGas hub and spoke model

VLGCs transport LPG on longhaul trade vs StealthGas does regional trade and transports LPG/Petchem

Currently ~60% of our ships trade in the Far East, ~30% in Europe and ~10% in the Gulf of Mexico / Caribbean

LPG is the World’s Most Multi-Purpose Energy:

accessible, environmentally friendly, available supply, less expensive than other fuel sources

LPG Shipping is a Resilient and Growing Sector

Source: MSI, EIA

9

GDP growth in emerging economies

Growth in demand for LNG creates by-product that needs to be shipped (too expensive to store)

Increasing distance between feedstock supplies, LPG production and end-users

U.S. shale gas driving increased trade volumes

Key Drivers

LPG Production by Region 2012 & 2016 LPG Consumption by Region 2012 & 2016

LPG Seaborne Trade 2005 – 2016 Forecast

LPG Imports and Exports

10

Regions Exporting LPG

Regions Importing U.S LPG

The Middle East continues to account for >50% of total exports

U.S. market share of global seaborne LPG exports is steadily increasing and forecasted to triple by 2016 to 12.1mm tons (11% global total), up from 4.5mm tons in 2011 (4% global total)

U.S. LPG exports primarily going to Mexico, Central and South America and Europe.

Increased demand likely to come from the Far East

The Panama Canal will play a key role in reducing vessel travel time and increase the likelihood of U.S. LPG exports to Asia

Source: IHS, Facts Global Energy

U.S. Shale Gas - The Game Changer

11

U.S. Net Exports of LPG 2005 -2040

• EIA projects that the U.S. will continue to be a net exporter of LPG through 2040, mainly because of continued increases in natural gas and oil production.

LPG needs to be shipped due to limited domestic demand, high storage cost and the Kyoto Protocol’s prohibition of gas flaring

The price differential between US propane, the Far East and Europe is ~ 40-45% which keeps inquiry for exports rather high

US exports of propane have averaged 250,000 bpd vs 165,000 bpd during the first half of 2013 and 120,000 bpd during 2012

Global Propane Price

U.S. LPG Trade: International Prices Support Exports

Source: EIA, Argus

Limited LPG Fleet Growth

Orderbook as % of Fleet1

12

Our niche LPG shipping segments remains smaller than other sector

More than 20% of the 3,000 – 8,000 cbm fleet is 20+ years old

Small orderbook and strong demand dynamics support stable charter rates

2

31,0%

19,8%19,0%

12,8%

9,7% 9,2%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

LNG Container Dry Bulk Product

Tankers

Crude

Tankers

LPG (3-8k

cbm)

Age Profile

1 By number of vessels

2 Fully-pressurized fleet and semi-ref

2

Source: Banchero Costa, Clarksons Research Services

$0

$500

$1,000

$1,500

$2,000

$2,500

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings

13

LPG Timecharter Rates Historically Less Volatile

($ Thousands / Month)

LPG time charter rates have remained far more stable than those of peer sectors

2

LPG time charter rates have remained far more stable than those of peer sectors

The small orderbook and strong demand dynamics support stable charter rates and high utilization

LPG charter rates volatility history: $7,000 during the bottom of the cycle vs $13,000 at the peak

Average all inclusive Breakeven is at ~$6,000

Limited LPG Fleet Growth Has Led to Greater Charter Rate Stability

Source: Clarksons Research Services

Q & A

Appendix - Indicative EBITDA calculator

Fleet Data Q1-Q2-Q3

2013

Q4 2013

Contracted Gross revenues $89.5mil $28.2mil

Spot Revenues N/A ?

Commissions (Voyage Expenses) $2.4mil ?

Other Voyage Expenses (Spot vessels) $8.6mil ?

Total Days 10,535 3863

Available Days 10,376 3823

Spot Days N/A 370

Bareboat Days N/A 1290

TCE Revenues $78.5mil ?

-Operating Expenses $26.5mil $10.0

-Dry-dock $2.5mil $0.75

-Management Fees $3.5mil $1.3

-G&A $1.8mil $0.6

EBITDA (adj) $46.5mil

Average Daily Results (in $)

Operating Expenses (excl vsls on bb) 4,308

Dry-dock 5 vessels 2 vessels

Appendix – Listed Companies Comparables

Company P/NAV

EV/EBITDA

2015

P/EPS

2014

GASLOG (GLOG) 115.7% 7.8x 13.6x

GOLAR LNG (GLNG) 143.4% 7.5x 23.1x

SCORPIO TANKERS (STNG) 155.7% 4.2x 24.5x

CAPITAL PRODUCT PARTNERS (CPLP) 168.1% 10.8x 20.3x

TEEKAY TANKERS (TNK) 153.7% 11.3x 69.0x

SAFE BULKERS (SB) 153.9% 7.1x 9.6x

DYNAGAS LNG (DLNG) 153.9% 11.6x 9.6x

AVANCE GAS (AGHL) 137.0% 9.5x 13.4x

DORIAN LPG (DORIAN LPG) 120.0% 13.0x 46.6x

STEALTHGAS (GASS) 94.0% 5.9x 10.2x

Contacts

Weekly LPG Market Report updated every Monday

Comprehensive Investor Relations Information

Visit our Website at: www.stealthgas.com

Company Contact:

Harry Charogiannis

Chief Financial Officer

StealthGas Inc.

011-30-210-6250-001

E-mail: info@stealthgas.com