6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2013

Commission File Number 000-51559

STEALTHGAS INC.

(Translation of registrant’s name into English)

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7):  ¨

This Report on Form 6-K is hereby incorporated by reference into (1) the Registration Statement on Form S-8 (Reg. No. 333-144240) of StealthGas Inc. filed with the Securities and Exchange Commission (“SEC”) on June 29, 2007 and the reoffer prospectus, dated June 29, 2007, contained therein, (2) the Registration Statement on Form F-3 of StealthGas Inc. (Registration No. 333-143804) and (3) the Registration Statement on Form F-3 of StealthGas Inc. (Registration No. 333-189971), and in each case to be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

99.1	Consolidated Financial Statements (Unaudited) for the Nine Months Ended September 30, 2013
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
101*	Attached as Exhibit 101 to this report are the following Interactive Data Files, formatted in eXtensible Business Reporting Language (XBRL):
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 9, 2013

STEALTHGAS INC.
By:	/s/ Harry Vafias
Name:	Harry Vafias
Title:	Chief Executive Officer

3

EX-99.1

Exhibit 99.1

StealthGas Inc.

Unaudited Condensed Consolidated Financial Statements

Index to Unaudited Condensed Consolidated Financial Statements

	Pages
Unaudited Condensed Consolidated Balance Sheets – December 31, 2012 and September 30, 2013		2
Unaudited Condensed Consolidated Statements of Income for the Nine-month Periods Ended September  30, 2012 and 2013		3
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Nine-month Periods Ended September 30, 2012 and 2013		4
Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Nine-month Periods Ended September 30, 2012 and 2013		5
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine-month Periods Ended September  30, 2012 and 2013		6
Notes to the Unaudited Condensed Consolidated Financial Statements		7 – 16

1

StealthGas Inc.

Unaudited Condensed Consolidated Balance Sheets

As of December 31, 2012 and September 30, 2013 (Expressed in United States Dollars)

			December 31,		September 30,
	Note		2012		2013
Assets
Current assets
Cash and cash equivalents				42,273,000		95,856,697
Receivables from related party		3		—		96,717
Trade and other receivables				3,029,284		3,391,637
Claims receivable				32,835		1,748,496
Inventories		4		3,152,407		3,341,831
Advances and prepayments				435,226		702,705
Restricted cash		9		7,340,655		6,865,568
Total current assets				56,263,407		112,003,651
Non current assets
Advances for vessels under construction		5		19,321,045		46,283,936
Vessels, net		6		634,634,671		685,112,848
Other receivables				224,422		578,173
Restricted cash				1,300,000		2,100,000
Deferred finance charges		7		1,295,486		1,415,992
Total non current assets				656,775,624		735,490,949
Total assets				713,039,031		847,494,600
Liabilities and Stockholders’ Equity
Current liabilities
Payable to related party		3		7,288,899		7,944,631
Trade accounts payable				5,927,526		7,293,704
Accrued liabilities				2,855,170		3,459,375
Customer deposits				280,000		—
Deferred income		8		3,129,671		3,058,374
Fair value of derivatives		10		539,904		370,702
Current portion of long-term debt		9		35,787,544		72,873,605
Total current liabilities				55,808,714		95,000,391
Non current liabilities
Fair value of derivatives		10		5,409,337		3,240,319
Other non current liabilities				222,770		552,131
Long-term debt		9		309,564,768		281,673,584
Total non current liabilities				315,196,875		285,466,034
Total liabilities				371,005,589		380,466,425
Commitments and contingencies		14		—		—
Stockholders’ equity
Capital stock
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 21,179,642 shares issued and 20,627,329 shares outstanding at December 31, 2012 and 32,679,642 shares issued and 32,127,329 shares outstanding at September 30, 2013 with a par value of $0.01 per share		12		206,273		321,273
Additional paid-in capital		12		275,792,164		385,079,657
Retained earnings				66,016,627		81,701,724
Accumulated other comprehensive income/(loss)				18,378		(74,479	)
Total stockholders’ equity				342,033,442		467,028,175
Total liabilities and stockholders’ equity				713,039,031		847,494,600

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Income

For the Nine-month Periods Ended September 30, 2012 and 2013

(Expressed in United States Dollars)

			Nine-Month Periods Ended September 30,
	Note		2012			2013
Revenues
Revenues				86,735,515			82,108,144
Revenues – related party		3		1,891,884			7,340,891
Total revenues				88,627,399			89,449,035
Expenses
Voyage expenses				7,753,002			9,894,145
Voyage expenses – related party		3		1,094,730			1,089,651
Vessels’ operating expenses				21,972,357			23,447,417
Vessels’ operating expenses – related party		3		885,261			3,066,316
Dry-docking costs				2,045,656			2,456,614
Management fees – related party		3		3,207,885			3,502,450
General and administrative expenses				2,151,866			1,892,747
Depreciation		6		21,442,465			22,671,019
Net gain on sale of vessels				(1,372,409	)		—
Total expenses				59,180,813			68,020,359
Income from operations				29,446,586			21,428,676
Other income and (expenses)
Interest and finance costs				(7,250,396	)		(5,932,624	)
(Loss)/gain on derivatives		10		(1,153,309	)		64,611
Interest income				169,844			203,666
Foreign exchange loss				(13,316	)		(79,232	)
Other expenses, net				(8,247,177	)		(5,743,579	)
Net income				21,199,409			15,685,097
Earnings per share
- Basic		13		1.03			0.58
- Diluted		13		1.03			0.58
Weighted average number of shares
- Basic		13		20,552,568			26,997,623
- Diluted		13		20,552,568			26,997,623

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Comprehensive Income

For the Nine-month Periods Ended September 30, 2012 and 2013

(Expressed in United States Dollars)

			September 30,
	Note		2012		2013
Net Income				21,199,409		15,685,097
Other Comprehensive Income/(Loss)
- Cash flow hedges:
Reclassification adjustment		10		11,830		(92,857	)
Other Comprehensive Income/(Loss)				11,830		(92,857	)
Comprehensive Income				21,211,239		15,592,240

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Nine-month Periods Ended September 30, 2012 and 2013

(Expressed in United States Dollars, except for share data)

									Accumulated
	Capital stock								Other
	Number of				Additional		Retained		Comprehensive
	Shares		Amount		Paid-in Capital		Earnings		Income/(loss)			Total
Balance as of January 1, 2012		20,552,568		205,526		275,761,643		37,058,140		72,718			313,098,027
Net income for the period		—		—		—		21,199,409		—			21,199,409
Other comprehensive income		—		—		—		—		11,830			11,830
Balance, September 30, 2012		20,552,568		205,526		275,761,643		58,257,549		84,548			334,309,266
Balance as of January 1, 2013		20,627,329		206,273		275,792,164		66,016,627		18,378			342,033,442
Follow-on public offering net of issuance cost		11,500,000		115,000		109,068,623		—		—			109,183,623
Share based compensation						218,870							218,870
Net income for the period								15,685,097		—			15,685,097
Other comprehensive loss		—		—		—		—		(92,857	)		(92,857	)
Balance, September 30, 2013		32,127,329		321,273		385,079,657		81,701,724		(74,479	)		467,028,175

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the Nine-month Periods Ended September 30, 2012 and 2013

(Expressed in United States Dollars)

	Nine-Month Periods Ended September 30,
	2012			2013
Cash flows from operating activities
Net income for the period		21,199,409			15,685,097
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		21,442,465			22,671,019
Amortization of deferred finance charges		325,577			321,524
Unrealized exchange differences		92,138			(10,694	)
Share based compensation		—			218,870
Change in fair value of derivatives		(2,450,232	)		(2,431,077	)
Gain on sale of vessels		(1,372,409	)		—
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables		(1,038,642	)		(716,104	)
Claims receivable		(275,734	)		(1,922,975	)
Inventories		(198,666	)		(189,424	)
Advances and prepayments		119,337			(267,479	)
Increase/(decrease) in
Balances with related parties		107,632			559,015
Trade accounts payable		464,668			1,366,178
Accrued liabilities		(1,128,920	)		604,205
Other non current liabilities		—			329,361
Deferred income		(257,320	)		(71,297	)
Net cash provided by operating activities		37,029,303			36,146,219
Cash flows from investing activities
Insurance proceeds		792,137			207,314
Vessel acquisitions and advances for vessels under construction		(62,513,765	)		(100,112,087	)
Proceeds from sale of vessels, net		18,136,907			—
Decrease/(Increase) in restricted cash account		2,141,047			(324,913	)
Net cash used in investing activities		(41,443,674	)		(100,229,686	)
Cash flows from financing activities
Net proceeds from common stock issuance		—			109,183,623
Deferred finance paid		—			(442,030	)
Customer deposits returned		—			(280,000	)
Loan repayments		(41,048,198	)		(27,567,623	)
Proceeds from long-term debt		43,250,000			36,762,500
Net cash provided by financing activities		2,201,802			117,656,470
Effect of exchange rate changes on cash		(92,138	)		10,694
Net (decrease)/increase in cash and cash equivalents		(2,304,707	)		53,583,697
Cash and cash equivalents at beginning of year		43,539,303			42,273,000
Cash and cash equivalents at end of period		41,234,596			95,856,697

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

1. Basis of Presentation and General Information

The accompanying unaudited condensed consolidated financial statements include the accounts of StealthGas Inc. and its subsidiaries (collectively, the “Company”). StealthGas Inc. was formed under the laws of the Marshall Islands on December 22, 2004 and, as of September 30, 2013 owned a fleet of thirty eight (38) liquefied petroleum gas (LPG) carriers, three medium range (M.R.) type product carriers and one Aframax tanker providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. — Liberia (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3).

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 18, 2013.

These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2013, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013.

2. Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with SEC on April 18, 2013. There have been no material changes to these policies in the nine-month period ended September 30, 2013.

3. Transactions with Related Parties

The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and demurrage per vessel, effective after an amendment on January 1, 2007 to the Management Agreement. For the nine-month periods ended September 30, 2012 and 2013, total brokerage commissions of 1.25% amounted to $1,094,730 and $1,089,651, respectively, and were included in voyage expenses – related party in the unaudited condensed consolidated statements of income. For the nine-month periods ended September 30, 2012 and 2013, the management fees were $3,207,885 and $3,502,450, respectively. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 was charged for each additional day. For the nine-month periods ended September 30, 2012 and 2013, the superintendent fees amounted to $153,000 and $121,001, respectively, and are included in vessels’ operating expenses—related party in the unaudited condensed consolidated statements of income.

7

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

3. Transactions with Related Parties – Continued

The Manager also acts as a sales and purchase broker of the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. For the nine-month periods ended September 30, 2012 and 2013, commission fees of $634,479 and $723,500, respectively, were incurred and capitalized to the cost of the vessels. For the nine-month periods ended September 30, 2012 and 2013 the amounts of $192,000 and $0, respectively, were recognized as commission expenses relating to the sale of vessels and are included in the unaudited condensed consolidated statements of income under the caption “Net gain on sale of vessels”.

The Manager has subcontracted, during the nine months ended September 30, 2013, the technical management of some of the vessels to three unaffiliated ship-management companies, Selandia Ship Management (“Selandia”), Swan Shipping Corporation (“Swan”) and Bernhard Schulte Ship Management Ltd. (“BSM’) and to one affiliated ship-management company, Brave Maritime Corp. S.A (“Brave”). These companies provide technical management to the Company’s vessels for a fixed annual fee per vessel.

In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,220,548 and $868,477 for the nine-month periods ended September 30, 2012 and 2013, respectively, and are included in the unaudited condensed consolidated statements of income under the caption “General and administrative expenses”.

The current account balance with the Manager at December 31, 2012, and at September 30, 2013, was a liability of $7,288,899 and $7,944,631, respectively. The liability represents payments made by the Manager on behalf of the ship-owning companies.

The Company rents office space that is owned by an affiliated company of the Vafias Group. Rental expense for the nine-month periods ended September 30, 2012 and 2013 amounted to $56,994 and $57,834, respectively.

In April 2012, the Company reached time charter agreements for two of the Company’s vessels with Emihar Petroleum Inc., an affiliate of the Vafias Group incorporated in the Marshall Islands. Revenue from the related party amounted to $1,891,884 and $7,340,891 for the nine-month periods ended September 30, 2012 and 2013, respectively, and is included in the unaudited condensed consolidated statements of income under the caption “Revenues – related party”. For the vessels’ operating expenses, the Company paid to the Manager amounts of $732,261 and $2,945,315 for the nine-month periods ended September 30, 2012 and 2013, respectively, which are included in the unaudited condensed consolidated statements of income under the caption “Vessels’ operating expenses – related party”.

On August 22, 2012, the Company entered into separate memoranda of agreements with an affiliated company to acquire four LPG carriers under construction which are scheduled to be delivered during the year 2015. The aggregate purchase price of these vessels was $96,000,000. As provided by the memorandum of agreements, an advance payment of 20% of the aggregate purchase price was paid on September 28, 2012.

4. Inventories

The amounts shown in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

	December 31, 2012		September 30, 2013
Bunkers		1,854,589		1,862,235
Lubricants		1,297,818		1,479,596
Total		3,152,407		3,341,831

8

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

5. Advances for Vessels Under Construction and Acquisitions

For the nine-month period ended September 30, 2013, the movement of the account, advances for vessels under construction and acquisitions, was as follows:

Balance, December 31, 2012	19,321,045
Advances paid	26,521,200
Capitalized interest	441,386
Capitalized expenses	305
Balance, September 30, 2013	46,283,936

On March 22, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are scheduled to be delivered in the first and second quarter of 2014, respectively. The total consideration payable for these vessels amounts to $50,000,000 and an advance payment of $12,500,000 was paid during the third quarter of 2013.

On August 1, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of four LPG carriers at an aggregate contract price of $62,316,400. The vessels are scheduled for delivery between August 2014 and May 2015. During the third quarter of 2013, the Company effected advance payments to the shipbuilding yard of $14,021,200.

6. Vessels, net

	Vessel cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2012		776,302,690		(141,668,019	)		634,634,671
Additions		73,149,196		—			73,149,196
Depreciation for the period		—		(22,671,019	)		(22,671,019	)
Balance, September 30, 2013		849,451,886		(164,339,038	)		685,112,848

Vessels with a carrying value of $666,204,617 as of September 30, 2013 are mortgaged as security for the term loans discussed in Note 9.

During the nine-month period ended September 30, 2013, the Company acquired the vessels “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony” for a total consideration of $73,149,196.

7. Deferred Finance Charges

Gross deferred finance charges amounting to $3,081,644 and $3,523,674 as of December 31, 2012 and September 30, 2013, respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet net of accumulated amortization. For the nine-month periods ended September 30, 2012 and 2013, the amortization of deferred finance charges amounted to $325,577 and $321,524, respectively, and is included in Interest and finance costs in the accompanying unaudited condensed consolidated statements of income. Accumulated amortization as of December 31, 2012 and September 30, 2013 amounted to $1,786,158 and $2,107,682, respectively.

8. Deferred Income

The amounts shown in the accompanying unaudited condensed consolidated balance sheets amounting to $3,129,671 and $3,058,374 represent time charter revenues received in advance as of December 31, 2012 and September 30, 2013, respectively.

9

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

9. Long-term Debt

Term Loans		Original		December 31,		Movement in 2013					September 30,
Issue Date	Maturity Date	amount		2012		Additions		Repayments			2013
December 5, 2005	May 30, 2016		100,067,500		40,421,883		—		(6,409,852	)		34,012,031
May 17, 2006	May 9, 2016		79,850,000		22,500,000		—		(3,000,000	)		19,500,000
June 6, 2006	June 28, 2016		6,580,000		2,710,960		—		(236,880	)		2,474,080
June 21, 2007	December 21, 2017		49,875,000		30,845,014		—		(2,200,500	)		28,644,514
February 12, 2008	February 19, 2020		40,250,000		26,875,000		—		(1,875,000	)		25,000,000
July 30, 2008	November 4, 2020		33,240,000		25,484,000		—		(969,500	)		24,514,500
October 9, 2008	October 9, 2020		29,437,000		10,210,000		—		(390,000	)		9,820,000
January 30, 2009	July 20, 2016		45,000,000		37,350,000		—		(2,550,000	)		34,800,000
February 18, 2009	July 5, 2014		32,200,000		23,616,259		—		(1,885,623	)		21,730,636
February 19, 2009	July 14, 2019		29,250,000		22,080,000		—		(1,170,000	)		20,910,000
June 25, 2009	July 2, 2014		26,700,000		17,434,196		—		(2,155,268	)		15,278,928
February 1, 2011	September 1, 2018		49,400,000		44,450,000		—		(2,475,000	)		41,975,000
March 1, 2011	June 20, 2020		43,250,000		41,375,000				(2,250,000	)		39,125,000
September 23, 2013	December 31, 2020		45,212,500		—		36,762,500		—			36,762,500
Total					345,352,312		36,762,500		(27,567,623	)		354,547,189
Current portion of long-term debt					35,787,544							72,873,605
Long term debt					309,564,768							281,673,584

On September 23, 2013, the Company entered into a term loan with a bank to partially finance the acquisition of the five LPG carriers, named “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony”, respectively, by five of the Company’s wholly owned subsidiaries. The term loan was drawn down in two tranches. The first tranche amounting to $36,762,500 was drawn down on September 30, 2013 and the second tranche amounting to $8,450,000 was drawn down on October 25, 2013.

The above term loans are secured by first priority mortgages over the vessels involved, plus the assignment of the vessels’ insurances, earnings and operating and retention accounts with the lenders, and the guarantee of ship-owning companies, as owners of the vessels. The term loans contain financial covenants requiring the Company to ensure that:

• the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 125% to 130%,

• the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets,

• the Interest Coverage Ratio of the Company defined as EBITDA to interest expense to be at all times greater than to 2.5:1,

• that at least a certain percentage of the Company is to always be owned by members of the Vafias family,

• the Company should maintain on a monthly basis a cash balance of a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance of $2,100,000 in the earnings account with the relevant banks,

• dividends paid by the borrower will not exceed 50% of the Company’s free cash flow in any rolling 12 month period.

The interest rates on the outstanding loans as of September 30, 2013 are based on Libor plus a margin which varies from 0.70% to 3.00%. The average interest rate (including the margin) on the outstanding loans for the nine-month periods ended September 30, 2012 and 2013 was 2.43% and 2.26%, respectively.

10

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

9. Long-term Debt – Continued

Bank loan interest expense for the above loans for the nine-month periods ended September 30, 2012 and 2013 amounted to $6,873,954 and $5,834,692, respectively. Of these amounts, for the nine-month periods ended September 30, 2012 and 2013, the amounts of $160,439 and $441,386, respectively, were capitalized to “Advances for vessels under construction”. Interest expense, net of interest capitalized, is included in interest and finance costs in the accompanying unaudited condensed consolidated statements of income.

As of September 30, 2013, the Company was not in compliance with the required value-to-loan ratio included in one facility under which a total of $25,000,000 was outstanding as of September 30, 2013. Value-to-loan ratio shortfalls do not constitute events of default that would automatically trigger the full repayment of the loan. Based on the loan agreements, upon receiving written notice of non-compliance from lenders, value-to-loan shortfalls may be remedied by the Company by providing additional collateral or repaying the amount of the shortfall. No such notice has been received from its lenders. Management has the intent and the ability to cure the shortfall by providing additional collateral to its lenders in the form of cash in the total amount of approximately $2,050,000 which has been classified as restricted cash as of September 30, 2013. Therefore this term loan, excluding the current portion of scheduled loan repayments, has been presented as long term liabilities on the Company’s unaudited condensed consolidated balance sheet.

The available unused amount under these facilities at September 30, 2013 was $8,450,000, which was drawn down on October 25, 2013 and the Company is required to pay a quarterly commitment fee of 0.98% per annum of the unutilized portion of the line of credit.

The annual principal payments to be made, for the fourteen term loans, after September 30, 2013 are as follows:

September 30,	Amount
2014		72,873,605
2015		36,668,555
2016		82,480,816
2017		20,261,930
2018		55,527,429
2019 & thereafter		86,734,854
Total		354,547,189

Commitment Letters: On September 6, 2012 the Company signed a commitment letter with a bank institution to partially finance the acquisition of four under construction LPG carriers in an amount equal to (i) the lesser of $67,200,000 or 70% of the fair market value of the vessels subject to the Minimum Employment Condition being met at the delivery date of each vessel or (ii) the lesser of $62,500,000 or 65% of the fair market value of the vessels if the Minimum Employment Condition will not be met at the delivery date of each vessel. The term loan will be drawn down in four tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in twenty eight consecutive quarterly installments plus a balloon payment payable together with the last installment.

On September 18, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery. The aggregate committed term loan is up to $35,000,000 and will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing six months after the drawdown, in fourteen consecutive semi-annual installments plus a balloon payment payable together with the last installment.

11

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

10. Derivatives and Fair Value Disclosures

The Company uses interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The Company is a party to three floating-to-fixed interest rate swaps with various major financial institutions covering notional amounts aggregating $54,492,179 at September 30, 2013 pursuant to which it pays fixed rates ranging from 2.77% to 4.73% and receives floating rates based on the London Interbank Offered Rate (“LIBOR”) (approximately 0.36% at September 30, 2013). These agreements contain no leverage features and have maturity dates ranging from July 2014 to March 2016. The Company had derivatives that qualified for hedge accounting up to October 1, 2009, subsequent to which the Company discontinued hedge accounting. In accordance with ASC 815-30-40 the unrealized results accumulated in “Accumulated other comprehensive income” for previously designated cash flow hedges, are being reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings.

The following tables present information on the location and amounts of derivatives’ fair values reflected in the unaudited condensed consolidated balance sheets.

		December 31, 2012		September 30, 2013
Derivatives not designated as hedging		Liability		Liability
instruments	Balance Sheet Location	Derivatives		Derivatives
Interest Rate Swap Agreements	Current liabilities—Fair value of derivatives		539,904		370,702
Interest Rate Swap Agreements	Non current liabilities—Fair value of derivatives		5,409,337		3,240,319
Total derivatives not designated as hedging instruments			5,949,241		3,611,021
Total derivatives			5,949,241		3,611,021

The effect of derivative instruments on the unaudited condensed consolidated statements of income for the nine- month periods ended September 30, 2012 and 2013 is as follows:

Derivatives not designated as hedging		Nine-month periods ended September 30,
instruments	Location of Gain / (Loss) Recognized	2012			2013
Interest Rate Swap—Reclassification from OCI	(Loss)/gain on derivatives		(11,830	)		92,857
Interest Rate Swap—Change in fair value	(Loss)/gain on derivatives		2,462,062			2,338,220
Interest Rate Swap—Realized loss	(Loss)/gain on derivatives		(3,603,541	)		(2,366,466	)
Total (loss)/gain on derivatives			(1,153,309	)		64,611

During the nine-month periods ended September 30, 2012 and 2013, the amounts transferred from other comprehensive income to the unaudited condensed consolidated statements of income were losses of $(11,830) and gains of $92,857, respectively. The estimated net amount of existing losses at September 30, 2013, that will be reclassified into earnings within the next twelve months relating to previously designated cash flow hedges is $74,479.

Fair Value of Financial Instruments and Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions.

12

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

10. Derivatives and Fair Value Disclosures – Continued

The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. The carrying values of cash, accounts receivable and accounts payable are reasonable estimates of their fair value due to the short term nature of these financial instruments. The fair value of long term bank loans is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Their carrying value approximates their fair market value due to their variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. Additionally, the Company considers the creditworthiness of each counterparty when determining the fair value of the credit facilities. The Company’s interest rate swap agreements are recorded at fair value. The fair value of the interest rate swaps is determined using a discounted cash flow method based on market-based LIBOR swap yield curves. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swap and therefore are considered Level 2 items.

Fair Value Disclosures: The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2012:

			Fair Value Measurements Using
Description	Fair Value as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		5,949,241		—		5,949,241
Total		5,949,241		—		5,949,241		—

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of September 30, 2013:

			Fair Value Measurements Using
Description	Fair Value as of September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		3,611,021		—		3,611,021
Total		3,611,021		—		3,611,021		—

13

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

11. Share Based Compensation

During 2007, the Company’s board of directors adopted an Equity Compensation Plan (“the Plan”), under which the Company’s employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive stock-based awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock appreciation rights. The Plan is administered by the Compensation Committee of the Company’s board of directors and the aggregate number of shares of common stock reserved under this plan cannot exceed 10% of the number of shares of Company’s common stock issued and outstanding at the time any award is granted. The Company’s Board of Directors may terminate the Plan at any time. As of September 30, 2013, a total of 324,766 restricted shares had been granted under the Plan since the first grant in the first quarter of 2007. There were no changes in the status of the Company’s unvested shares for the nine month period ended September 30, 2013.

The remaining unrecognized compensation cost amounting to $292,628 as of September 30, 2013, is expected to be recognized over the remaining period of one year, according to the contractual terms of those nonvested share awards. The share based compensation recognized relating to the unvested shares was $218,870 for the nine month period ended September 30, 2013 (September 30, 2012: $0) and is included in the unaudited condensed consolidated statement of income under the caption “General and administrative expenses”.

12. Common Stock and Additional Paid-in Capital

The amounts shown in the accompanying consolidated balance sheets as additional paid-in capital, represent payments made by the stockholders for the acquisitions of the Company’s vessels, or investments in the Company’s common stock.

On April 30, 2013, the Company completed a follow-on public offering of 11,500,000 shares of common stock, par value of $0.01, for $10.00 per share. The gross proceeds from the offering amounted to $115,000,000, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $109,183,623.

13. Earnings per share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings.

The Company applies the two-class method of computing earnings per share (EPS) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed.

14

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

13. Earnings per share – Continued

For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date.

The Company calculates basic and diluted earnings per share as follows:

	Nine-month periods ended September 30,
	2012		2013
Numerator
Net income		21,199,409		15,685,097
Less: Undistributed earnings allocated to non-vested shares		—		(43,315	)
Net income attributable to common shareholders, basic		21,199,409		15,641,782
Denominator
Weighted average number of shares outstanding, basic and diluted		20,552,568		26,997,623
Earnings per share, basic and diluted		1.03		0.58

The Company excluded the dilutive effect of the 74,761 non-vested restricted shares in calculating dilutive EPS for the nine-month periods ended September 30, 2013, as they were anti-dilutive

14. Commitments and Contingencies

From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.

The Company has entered into separate agreements to acquire fifteen LPG carriers which are currently under construction, ten of which are described in Notes 3 and 5 and the remaining five are described in Note 14 below. As of September 30, 2013, the Company has future outstanding commitments for installment payments for these agreements as follows:

September 30,	Amount
2014		85,522,600
2015		176,072,600
		261,595,200

On September 11, 2013, the Company entered into a memorandum of agreement to acquire one LPG carrier under construction, which is scheduled to be delivered in the third quarter of 2015. The purchase price of this vessel amounts to $25,000,000 and an advance payment of $6,250,000 was paid on October 1, 2013.

15

StealthGas Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

14. Commitments and Contingencies – Continued

On September 25, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are each scheduled to be delivered in the second quarter of 2015. The total consideration of these vessels amounts to $39,000,000 and an advance payment of $9,750,000 was paid on October 10, 2013.

On September 27, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of two LPG carriers, named, at an aggregate contract price of $35,000,000. The vessels are scheduled for delivery in the third quarter of 2015. The Company effected advance payments to the shipbuilding yard of $7,875,000 on October 30, 2013.

Future minimum contractual charter revenue, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of September 30, 2013, amount to $90,287,234 for the twelve months ending September 30, 2014, $42,306,739 for the twelve months ending September 30, 2015, $23,538,080 for the twelve months ending September 30, 2016 and $3,867,250 for the twelve months ending September 30, 2017. These amounts do not include any assumed off-hire. Of these amounts, $9,814,000 for the twelve months ending September 30, 2014, $9,814,000 for the twelve months ending September 30, 2015, $8,850,200 for the twelve months ending September 30, 2016 and $3,035,250 for the twelve months ending September 30, 2017 relate to time charter agreements with Emihar Petroleum Inc. discussed in Note 3.

15. Subsequent Events

(a) On October 31, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery in an amount equal to (i) the lesser of $21,700,000 or 70% of the fair market value of the vessels subject to the specified vessel minimum employment condition being met at the delivery date of each vessel or (ii) the lesser of $20,150,000 or 65% of the fair market value of the vessels if the specified vessel minimum employment condition will not be met at the delivery date of each vessel. The term loan will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in thirty two consecutive quarterly installments plus a balloon payment payable together with the last installment.

16

EX-99.2

Exhibit 99.2

STEALTHGAS INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

The following is a discussion of our financial condition and results of operations for the nine months ended September 30, 2013. Unless otherwise specified herein, references to the “Company” or “we” shall include StealthGas Inc. and its subsidiaries. You should read the following discussion and analysis together with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our annual report on Form 20-F for the year ended December 31, 2012 filed with the U.S. Securities and Exchange Commission on April 18, 2013.

Overview

We own a fleet of liquefied petroleum gas (“LPG”) carriers providing international seaborne transportation services to LPG producers and users, as well as crude oil and product carriers chartered to oil producers refiners and traders. Our LPG carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of crude oil and natural gas. The medium range product carriers in our fleet are capable of carrying refined petroleum products such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, while our Aframax tanker is used for carrying crude oil. We believe that we have established a reputation as a safe, cost-efficient operator of modern and well-maintained LPG carriers.

Currently our fleet consists of 38 LPG carriers with an average age of 11.9 years, two 2008-built product carriers, one 2009-built product carrier and one 2010-built Aframax crude oil tanker. In addition, we have entered into agreements for 15 newbuilding LPG carriers, with deliveries scheduled for 2014 and 2015. We expect to finance the completion of these acquisitions with cash on hand, cash from operations and borrowings under committed credit facilities and additional credit facilities we will seek to arrange. Since 2011, our LPG carriers have generally experienced increases in charter rates underpinned by increasing demand for the products carried by our vessels and improving global economic conditions. However, for the remaining four vessels in our fleet, the three product carriers and the one Aframax crude oil tanker, the charter markets have experienced significant decline since 2008.

As of December 1, 2013, 90% and 65% of our anticipated fleet days are covered by period charter contracts (including time and bareboat charters) for the remainder of 2013 and for 2014, respectively. We have three LPG carriers operating in the spot market. The LPG carrier spot market continues to operate efficiently with vessels being regularly deployed at sustainable rates and, as noted above, we are currently deploying some of our vessels in this market pending their potential fixing on period employment.

Results of Operations

Nine months ended September 30, 2013 compared to the nine months ended September 30, 2012.

Selected Financial Data

(Expressed in United States Dollars)

	Nine Months Ended September 30,						Change
	2012			2013			Amount			%
Revenues
Voyage Revenues		86,735,515			82,108,144			(4,627,371	)		(5.3	)
Voyage Revenues – Related Party		1,891,884			7,340,891			5,449,007			288.0
Total Revenues		88,627,399			89,449,035			821,636			(0.9	)
Expenses
Voyage expenses		7,753,002			9,894,145			2,141,143			27.6
Voyage expenses – related party		1,094,730			1,089,651			(5,079	)		(0.5	)
Vessels’ operating expenses		21,972,357			23,447,417			1,475,060			6.7
Vessels’ operating expenses – related party		885,261			3,066,316			2,181,055			246.4
Dry-docking costs		2,045,656			2,456,614			410,958			20.1
Management fees- related party		3,207,885			3,502,450			294,565			9.2
General and administrative expenses		2,151,866			1,892,747			(259,119	)		(12.0	)
Depreciation		21,442,465			22,671,019			1,228,554			5.7
Net gain on sale of vessels		(1,372,409	)		—			1,372,409			—
Total expenses		59,180,813			68,020,359			8,839,546			14.9
Income from operations		29,446,586			21,428,676			(8,017,910	)		(27.2	)
Other (expenses)/income
Interest and finance costs		(7,250,396	)		(5,932,624	)		1,317,772			18.2
(Loss)/gain on derivatives		(1,153,309	)		64,611			1,217,920			105.6
Interest income		169,844			203,666			33,822			19.9
Foreign exchange loss		(13,316	)		(79,232	)		(65,916	)		(495.0	)
Other expenses, net		(8,247,177	)		(5,743,579	)		2,503,598			30.4
Net income		21,199,409			15,685,097			(5,514,312	)		(26.0	)

	As of December 31, 2012		As of September 30, 2013
BALANCE SHEET DATA
Current assets, including cash		56,263,407		112,003,651
Total assets		713,039,031		847,494,600
Current liabilities		55,808,714		95,000,391
Derivative liabilities, including current portion		5,949,241		3,611,021
Total long-term debt, including current portion		345,352,312		354,547,189
Total stockholders’ equity		342,033,442		467,028,175
Capital stock		206,273		321,273
Number of common shares outstanding		20,627,329		32,127,329

	Nine Months Ended September 30,
	2012			2013
OTHER FINANCIAL DATA
Net cash provided by operating activities		37,029,303			36,146,219
Net cash used in investing activities		(41,443,674	)		(100,229,686	)
Net cash provided by financing activities		2,201,802			117,656,470
FLEET DATA
Average number of vessels(1)		36.8			38.6
Total voyage days for fleet(2)		9,941			10,376
Total time and bareboat charter days for fleet(3)		8,714			8,531
Total spot market days for fleet(4)		1,227			1,845
Total calendar days for fleet(5)		10,090			10,535
Fleet utilization(6)		98.5	%		98.5	%
Fleet operational utilization(7)		95.3	%		91.4	%

2

(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

(2) Our total voyage days for our fleet reflect the total days the vessels were in our possession for the relevant periods, net of off-hire days associated with major repairs, dry-docking or special or intermediate surveys.

(3) Total time and bareboat charter days for fleet are the number of voyage days the vessels in our fleet operated on time or bareboat charters for the relevant period.

(4) Total spot market charter days for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.

(5) Total calendar days are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, dry-docking or special or intermediate surveys.

(6) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

(7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days (excluding commercially idle days) by fleet calendar days for the relevant period.

VOYAGE REVENUES — Total revenues for the nine months ended September 30, 2013 were $89.4 million compared to $88.6 million for the nine months ended September 30, 2012, an increase of $0.8 million or 0.9%. The increase in voyage revenues is primarily due to an increase in the average number of vessels in our fleet and the corresponding increase in the calendar days of our fleet from 10,090 for the nine months ended September 30, 2012 to 10,535 for the nine months ended September 30, 2013. It also reflects the change in the composition of the charters in our fleet whereby spot voyage days increased to 1,845 for the nine months ended September 30, 2013 compared to 1,227 for the nine months ended September 30, 2012, while bareboat charter days decreased from 3,893 for the nine months ended September 30, 2012 to 3,656 for the nine months ended September 30, 2013. Bareboat charters are generally for lower monthly rates, however, under bareboat charters we are not responsible for voyage or operating expenses or cash associated with dry-docking or repairs. Our fleet operational utilization was 91.4% and 95.3% for the nine months ended September 30, 2013 and September 30, 2012, respectively. The prevailing charter rates for our handy size LPG carriers for the nine months ended September 30, 2013 were generally at par with those of the nine months ended September 30, 2012, but lower fleet operational utilization attributable mainly to certain of our older vessels resulted in a relatively small increase in revenues despite the increase in the average number of vessels in our fleet.

VOYAGE EXPENSES — Total voyage expenses were $11.0 million for the nine months ended September 30, 2013 compared to $8.8 million for the nine months ended September 30, 2012. Voyage expenses for the nine months ended September 30, 2013 consisted of bunker charges in the amount of $6.6 million, port expenses of $1.6 million, commissions charged by third parties of $1.3 million, commissions charged by related parties of $1.1 million and other voyage expenses of $0.4 million. Overall, the $2.2 million increase in voyage expenses for the nine months ended September 30, 2013 compared to the nine months ended September 30, 2012 resulted primarily from the increase in the number of spot voyage charter days undertaken by the fleet in the nine months ended September 30, 2013. Under spot charters, we are responsible for all of the above types of voyage expenses, whereas under time and bareboat charters we are not responsible for bunker, port and canal expenses.

VESSELS’ OPERATING EXPENSES — Total vessels’ operating expenses were $26.5 million for the nine months ended September 30, 2013 and were $22.9 million for the nine months ended September 30, 2012, an increase of $3.6 million, or 15.7%, due primarily to the increase in the number of vessels in our fleet operating under time charters, as four new vessels were added and two more vessels came off bareboat charters, compared to the nine months ended September 30, 2012. Under time charters, unlike bareboat charters, we are responsible for all of the operating expenses of the vessel, consisting primarily of crew costs, insurance and maintenance and repairs.

DRY-DOCKING COSTS — Dry-docking costs for the nine months ended September 30, 2013 were $2.5 million, which were related to the dry-docking of five of our vessels compared to dry-docking costs of $2.0 million for five vessels that were dry-docked during the nine months ended September 30, 2012.

MANAGEMENT FEES — Management fees were $3.5 million for the nine months ended September 30, 2013 compared to $3.2 million for the nine months ended September 30, 2012, an increase of $0.3 million, reflecting the increase in the number of vessels in our fleet and the higher number of vessels operating under time charters. There was no change in the amount of management fees per day per vessel; these remained at $440 per day for vessels under time or spot charter and $125 per day for those vessels under bareboat charter.

GENERAL AND ADMINISTRATIVE EXPENSES — General and administrative expenses were $1.9 million for the nine months ended September 30, 2013 compared to $2.2 million for the nine months ended September 30, 2012, a decrease of $0.3 million, due primarily to a decrease in compensation costs.

DEPRECIATION — Depreciation expenses for the 38.6 average number of vessels in our fleet for the nine months ended September 30, 2013 were $22.7 million compared to $21.4 million for the 36.8 average number of vessels in our fleet for the nine months ended September 30, 2012, an increase of $1.3 million primarily due to the increase in the average number of vessels in our fleet.

3

NET GAIN ON SALE OF VESSELS — We did not sell any vessels in the nine months ended September 30, 2013, while in the nine months ended September 30, 2012 we recorded a net gain on the sale of vessels of $1.4 million following the sale of two vessels, the Gas Kalogeros and the Gas Tiny.

INTEREST AND FINANCE COSTS — Interest and finance costs were $5.9 million for the nine months ended September 30, 2013 compared to $7.3 million for the nine months ended September 30, 2012, a decrease of $1.4 million, or 19.2%, due to a combination of lower prevailing interest rates and decreased average outstanding indebtedness.

GAIN/ LOSS ON DERIVATIVES — For the nine months ended September 30, 2013, we recognized a gain on derivatives of $0.06 million compared to a loss of $1.2 million for the nine months ended September 30, 2012. Included in the $0.06 million gain for the nine months ended September 30, 2013 is interest paid on recurring interest rate swaps of $2.4 million and a gain of $2.4 million due to the change in fair value of our interest rate swaps. Included in the $1.2 million loss for the nine months ended September 30, 2012 is interest paid on recurring interest rate swaps of $3.6 million and a gain of $2.45 million due to the change in fair value of our interest rate swaps. Generally, the fair value of our interest rate swap agreements decreased during both periods as a result of amortization of the notional amounts. We did not hold any foreign exchange currency forward contracts for the nine months ended September 30, 2013 or September 30, 2012.

INTEREST INCOME — Net interest income was $0.20 million for the nine months ended September 30, 2013, compared to $0.17 million for the nine months ended September 30, 2012, a $0.03 million increase due to higher average deposits during the 2013 period.

NET INCOME — As a result of the above factors, net income was $15.7 million for the nine months ended September 30, 2013, representing a decrease of $5.5 million, from net income of $21.2 million for the nine months ended September 30, 2012.

Cash Flows

Net cash provided by operating activities — was $36.1 million for the nine months ended September 30, 2013, compared to $37.0 million for the nine months ended September 30, 2012. This represents the net amount of cash, after expenses, generated by chartering our vessels. The decrease in net cash provided by operating activities was mainly due to an increase in both voyage and operating expenses due to an increase in the number of vessels in our fleet, coupled with lower fleet operational utilization attributable mainly to certain of our older vessels.

Net cash used in investing activities — was $100.2 million for the nine months ended September 30, 2013, consisting mainly of $73.2 million we paid for the acquisition of the Gas Alice, the Gas Enchanted, the Gas Inspiration, the Gas Ethereal and the Sakura Symphony and the $27.0 million of installments paid to shipyards and other costs with respect to our newbuilding vessels scheduled to be delivered to us in 2014 and 2015. For the nine months ended September 30, 2012 net cash used in investing activities was $41.4 million, consisting mainly of $62.5 million we paid for the acquisition of the Gas Husky and the Gas Esco and the deposit on the acquisition of four of the newbuilding vessels scheduled to be delivered to us in 2014, and $18.1 million of net proceeds from the sale of the Gas Kalogeros and Gas Tiny.

Net cash provided by financing activities — was $117.7 million for the nine months ended September 30, 2013 consisting of $109.2 million of net proceeds from our common stock offering completed on April 30, 2013, $36.8 million of borrowings used to finance the acquisition of the Gas Alice, Gas Enchanted, Gas Inspiration and Gas Ethereal, and $27.6 million in loan repayments under existing credit facilities. For the nine months ended September 30, 2012 net cash provided by financing activities was $2.2 million, consisting of $43.3 million of borrowings used to finance the delivery of the Gas Husky and Gas Esco and $41.0 million in loan repayments under existing credit facilities including $13.6 million of loan repayments due to sale of two vessels securing such debt.

Liquidity and Capital Resources

As of September 30, 2013, we had cash and cash equivalents of $95.9 million and $6.9 million of restricted cash classified as current assets.

Our principal sources of funds for our liquidity needs are cash flows from operations and long-term bank borrowings, as well as the net proceeds from our common stock offering in April 2013 which was our first equity offering since our follow-on public offering in the third quarter of 2007. Additional sources of funds include proceeds from vessel sales. Our principal use of funds has been to acquire our vessels, maintain the quality of our vessels, service our debt, implement our share repurchase program and fund working capital requirements.

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Our liquidity needs, as of September 30, 2013 through the end of 2015, primarily relate to scheduled debt repayments, funding expenses for operating our vessels, general and administrative expenses and capital expenditures related to the acquisition of 15 newbuilding LPG carriers, with scheduled deliveries in 2014 and 2015, for an aggregate of $307.3 million. As of September 30, 2013, we had made installment payments of approximately $45.7 million for our newbuilding vessels. Of the aggregate remaining acquisition cost of $261.6 million, $23.9 million was paid in the period from October 1 to December 1, 2013, $61.6 million is payable in 2014 and $176.1 million is payable in 2015. We expect to fund the remaining acquisition cost with bank debt, cash on hand and cash generated from operations. In that regard, we have signed commitment letters with three banks for credit facilities of up to approximately $124 million in the aggregate, subject to certain conditions including minimum employment requirements, to fund the remaining acquisition cost of eight newbuildings which will collateralize the facilities. The credit facilities for which we have signed these commitment letters remain subject to negotiation of and entry into definitive documentation. We may also consider equity issuances to fund these or additional vessel acquisitions as part of our strategic fleet expansion.

As of September 30, 2013, our aggregate debt outstanding was $354.5 million, of which $72.9 million was payable within 12 months. After giving effect to the drawdown of $8.45 million under our new credit facility in October 2013, we have no available undrawn borrowing capacity under our existing credit facilities. For a description of our credit facilities please refer to the discussion under the heading “ —Credit Facilities” below.

We believe that our working capital is sufficient for our present short-term liquidity requirements. We believe that, unless there is a major and sustained downturn in market conditions applicable to our specific shipping industry segment, that may restrict our ability to draw down the full amount of our committed credit facilities, which contains restrictions on the amount of cash that can be advanced to us based on the market value of the vessel in respect of which the advance is being made, our internally generated cash flows and the borrowings under the committed credit facilities will be sufficient to fund our operations, including working capital requirements, for at least 12 months taking into account our existing capital commitments and debt service requirements.

Of our fleet of 42 existing vessels as of December 1, 2013, three of our vessels, the Gas Crystal, the Gas Evoluzione and the Catterick were unencumbered. As a result, we may incur additional indebtedness secured by certain or all of these unencumbered vessels.

In 2009, we entered into a cash conservation approach, which included our cost containment strategy and our Board of Directors’ decision to suspend the payment of cash dividends as a result of market conditions at the time in the international shipping industry and the general uncertainties in the global economy. On March 22, 2010, our Board of Directors approved a stock repurchase program of up to $15.0 million. The program does not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time at our discretion and without notice. As of December 31, 2011, 1.8 million common shares had been repurchased at an aggregate cost of $8.5 million. No further share purchases have been made since that time.

Credit Facilities

The interest rates on our outstanding loans as of September 30, 2013 are based on LIBOR plus a margin which varies from 0.70% to 3.00%. The average interest rate (including the margin) on the outstanding loans for the nine-month period ended September 30, 2013 was 2.26%. For additional information on our credit facilities see “Item 5. Operating and Financial Review and Prospects — Loan Agreements” of our Annual Report on Form 20-F for the year ended December 31, 2012, filed with the SEC on April 18, 2013, Note 10, Long Term Debt, to our consolidated financial statements included in our Annual Report on Form 20-F for the year ended December 31, 2012 and Note 9, Long Term Debt, to our condensed consolidated interim financial statements included elsewhere in this report.

Our credit facilities require us to maintain specified financial ratios, satisfy financial covenants and contain cross-default clauses. These financial ratios and covenants include requirements that we:

• ensure that our leverage, which is defined as total debt net of cash/total market adjusted assets, does not at any time exceed 80%;

• maintain a ratio of the aggregate market value of the vessels securing the loan to the principal amount outstanding under such loan (which we sometimes refer to as the value, maintenance clause) at all times in excess of (i) 130% under our loan agreement with BNP-Paribas and NIBC Bank N.V., (ii) 125% under our loan agreements with DnB NOR Bank ASA, DVB Bank S.E., Nordic Branch, EFG Eurobank Ergasias S.A., Emporiki Bank, National Bank of Greece, Scotiabank and Commonwealth Bank of Australia (“CBA”); and

• ensure that our ratio of EBITDA to interest expense over the preceding twelve months is at all times more than 2.5 times.

In addition, our loan agreement with BNP Paribas Bank requires us to maintain a minimum cash balance equivalent to six months interest in a pledged account with the lender at all times; our loan agreements with Scotiabank, Deutsche Bank and CBA each require us to maintain a cash balance equivalent to $200,000 per vessel mortgaged to each one of them, as applicable, at all times; our loan agreement with Emporiki Bank requires us to maintain an average cash balance

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equivalent to $800,000 with Emporiki Bank at all times, our loan agreement with EFG Eurobank requires us to maintain an aggregate cash balance equivalent to $200,000 with EFG Eurobank at all times, our loan agreement with NIBC requires us to maintain an aggregate cash balance equivalent to $500,000 with NIBC at all times and to deposit on a monthly basis 1/6th of the relevant installment of principal and 1/3rd of the relevant fraction of the next interest payment. Our loan agreement with National Bank of Greece requires us to deposit on a monthly basis 1/6th of the relevant installment of principal and 1/6th of the relevant fraction of the next interest payment that are both due on a six monthly basis, our loan agreement with Scotia bank requires us to deposit on a monthly basis 1/6th of the relevant installment of principal and 1/6th of the relevant fraction of the next interest payment that are both due on a six monthly basis, our loan agreement with EFG Eurobank bank requires us to deposit on a monthly basis 1/3rd of the relevant installment of principal and 1/3rd of the relevant fraction of the next interest payment that are both due on a three monthly basis. Our loan agreements with DnB Nor Bank require us at all times to keep the equivalent of six months interest payable on deposit with the DnB Nor Bank, while our loan agreement with DVB Bank requires us to maintain at the end of each quarter a free cash balance of $10,000,000.

Our current loan agreements also require that members of the Vafias family at all times own at least 10% of our outstanding capital stock and certain of our loan agreements provide that it would be an event of default if Harry Vafias ceased to serve as an executive officer or director of our company, the Vafias family ceased to control our company or any other person or group controlled 25% or more of the voting power of our outstanding capital stock. In addition, our loan agreements include restrictions on the payment of dividends in amounts exceeding 50% of our free cash flow in any rolling 12-month period.

As of September 30, 2013, we were not in compliance with the required value-to-loan ratio included in one of our credit facilities under which a total of $25.0 million was outstanding as of September 30, 2013. Value-to-loan ratio shortfalls do not constitute events of default that would automatically trigger the full repayment of the loan. Under the terms of the loan agreement, upon receiving written notice of non-compliance from lenders, value-to-loan shortfalls may be remedied by us by providing additional collateral or repaying the amount of the shortfall. No such notice has been received from our lenders. Management has the intent and the ability to cure the shortfall by providing additional collateral to its lenders in the form of cash in the total amount of approximately $2.05 million which has been classified as restricted cash as of September 30, 2013. Therefore, the remaining amounts outstanding under this term loan, excluding the current portion of scheduled loan repayments, have been presented as long term liabilities on our unaudited condensed consolidated balance sheet.

Our credit facility agreements contain customary events of default with respect to us and our applicable subsidiaries, including upon the non-payment of amounts due under these credit facilities; breach of covenants; matters affecting the collateral under such facility; and the occurrence of any event that in light of which, the lenders consider there is a significant risk that the borrowers are, or will later become, unable to discharge their liabilities as they fall due.

Our credit facilities provide that upon the occurrence of an event of default, the lenders may require that all amounts outstanding under our credit facilities be repaid immediately and terminate our ability to borrow under any existing undrawn committed credit facility and foreclose on the mortgages over the vessels and any other related collateral. Our loan agreements also contain cross-default clauses.

Interest Rate Swaps

We have entered into interest rate swap agreements converting floating interest rate exposure into fixed interest rates in order to hedge our exposure to fluctuations in prevailing market interest rates. See Note 10 Derivatives and Fair Value Disclosures to our unaudited condensed consolidated financial statements included in this report.

Contractual Obligations

The following table sets forth our contractual obligations and their maturity dates as of September 30, 2013:

	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long-term debt obligations		354,547		72,874		119,149		75,789		86,735
Interest on principal amounts outstanding(1)		43,758		9,778		15,420		11,661		6,898
Management fees(2)		3,914		3,914		—		—		—
Vessel purchase agreements (3)		261,595		85,523		176,073		—		—
Total		663,814		172,089		310,642		87,450		93,633

(1) Based on assumed LIBOR rates of 0.2391% for 2014, 0.4019% for 2015, 0.9885% for 2016, 1.9486% for 2017, 2.9012% for 2018 and 3.5920% thereafter, and the effect of our interest rate swap arrangements.

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(2) Based on our management agreement with Stealth Maritime, we pay it $125 per vessel per day for vessels on bareboat charter and $440 per vessel per day for vessels not on bareboat charter for our existing fleet (but excluding our 15 contracted vessels). We will also pay 1.25% of the gross freight, demurrage and charter hire collected from employment of our ships and 1% of the contract price of any vessels bought or sold on our behalf.

(3) We have entered into separate memoranda of agreement or construction contracts for 15 newbuilding LPG carriers under construction. As of September 30, 2013, we had paid $45.7 million of the $307.3 million aggregate purchase price for these 15 vessels. During the period from October 1, 2013 and December 1, 2013, we paid $23.9 million of the $261.6 million aggregate remaining purchase price.

Recent Developments

For information relating to our recent developments, please see Note 15 to our unaudited interim condensed consolidated financial statements included elsewhere herein.

Significant Accounting Policies and Critical Accounting Policies

For a description of all of our significant accounting policies, see Note 2 to our audited financial statements included in our annual report on Form 20-F for the year ended December 31, 2012 and Note 2 to our unaudited interim condensed consolidated financial statements included elsewhere herein. For a discussion on our critical accounting policies please see Item 5 included in our annual report on Form 20-F for the year ended December 31, 2012.

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Price Range of Shares of Common Stock

Following our initial public offering in the United States in October 2005, our shares of common stock were quoted on the Nasdaq National Market, and are now listed on the Nasdaq Global Select Market, under the symbol “GASS”. The following table shows the high and low closing prices for our shares of common stock during the indicated periods.

	Price Range				Cash Dividend Per Share
	High		Low
For the Fiscal Year Ended
December 31, 2008	$	17.67	$	2.72	$	0.75
December 31, 2009		7.50		4.15		0.1875
December 31, 2010		7.99		4.05		—
December 31, 2011		8.37		3.55		—
December 31, 2012		8.23		4.00		—
For the Quarter Ended
March 31, 2011	$	8.37	$	5.76		—
June 30, 2011		6.90		4.15		—
September 30, 2011		4.74		3.55		—
December 31, 2011		4.25		3.60		—
March 31, 2012		6.20		4.00		—
June 30, 2012		6.69		5.25		—
September 30, 2012		6.87		5.78		—
December 31, 2012		8.23		6.40		—
March 31, 2013		11.99		8.10		—
June 30, 2013		11.69		9.70		—
September 30, 2013		11.01		8.57		—
For the Month:
June 2013	$	11.00	$	10.03		—
July 2013		11.01		9.99		—
August 2013		10.22		8.57		—
September 2013		9.43		8.74		—
October 2013		12.73		9.81		—
November 2013		12.88		11.56		—
December 2013 (through December 6, 2013)		12.03		11.80		—

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although StealthGas Inc. believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates, vessel values, and charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in StealthGas Inc.’s operating expenses, including bunker prices, dry-docking and insurance costs, our ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by StealthGas Inc. with the SEC.

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Note 10 - Derivatives and Fair Value Disclosures

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

10.   Derivatives and Fair Value Disclosures

The Company uses interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The Company is a party to three floating-to-fixed interest rate swaps with various major financial institutions covering notional amounts aggregating $54,492,179 at September 30, 2013 pursuant to which it pays fixed rates ranging from 2.77% to 4.73% and receives floating rates based on the London Interbank Offered Rate (“LIBOR”) (approximately 0.36% at September 30, 2013). These agreements contain no leverage features and have maturity dates ranging from July 2014 to March 2016. The Company had derivatives that qualified for hedge accounting up to October 1, 2009, subsequent to which the Company discontinued hedge accounting. In accordance with ASC 815-30-40 the unrealized results accumulated in “Accumulated other comprehensive income” for previously designated cash flow hedges, are being reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings.

The following tables present information on the location and amounts of derivatives’ fair values reflected in the unaudited condensed consolidated balance sheets.

		December 31, 2012		September 30, 2013
		Liability		Liability
Derivatives not designated as hedging instruments	Balance Sheet Location	Derivatives		Derivatives
Interest Rate Swap Agreements	Current liabilities - Fair value of derivatives		539,904		370,702
Interest Rate Swap Agreements	Non current liabilities - Fair value of derivatives		5,409,337		3,240,319
Total derivatives not designated as hedging instruments			5,949,241		3,611,021
Total derivatives			5,949,241		3,611,021

The effect of derivative instruments on the unaudited condensed consolidated statements of income for the nine- month periods ended September 30, 2012 and 2013 is as follows:

		Nine-month periods ended September 30,
Derivatives not designated as hedging instruments	Location of Gain / (Loss) Recognized	2012			2013
Interest Rate Swap - Reclassification from OCI	(Loss)/gain on derivatives		(11,830	)		92,857
Interest Rate Swap - Change in fair value	(Loss)/gain on derivatives		2,462,062			2,338,220
Interest Rate Swap - Realized loss	(Loss)/gain on derivatives		(3,603,541	)		(2,366,466	)
Total (loss)/gain on derivatives			(1,153,309	)		64,611

During the nine-month periods ended September 30, 2012 and 2013, the amounts transferred from other comprehensive income to the unaudited condensed consolidated statements of income were losses of $(11,830) and gains of $92,857, respectively. The estimated net amount of existing losses at September 30, 2013, that will be reclassified into earnings within the next twelve months relating to previously designated cash flow hedges is $74,479.

Fair Value of Financial Instruments and Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions.

The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. The carrying values of cash, accounts receivable and accounts payable are reasonable estimates of their fair value due to the short term nature of these financial instruments. The fair value of long term bank loans is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Their carrying value approximates their fair market value due to their variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. Additionally, the Company considers the creditworthiness of each counterparty when determining the fair value of the credit facilities. The Company’s interest rate swap agreements are recorded at fair value. The fair value of the interest rate swaps is determined using a discounted cash flow method based on market-based LIBOR swap yield curves. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swap and therefore are considered Level 2 items.

Fair Value Disclosures: The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2012:

			Fair Value Measurements Using
Description	Fair Value as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		5,949,241		-		5,949,241
Total		5,949,241		-		5,949,241		-

 The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of September 30, 2013:

			Fair Value Measurements Using
Description	Fair Value as of September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		3,611,021		-		3,611,021
Total		3,611,021		-		3,611,021		-

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Unaudited Condensed Consolidated Statements of Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Revenues
Revenues	$ 82,108,144	$ 86,735,515
Revenues – related party	7,340,891	1,891,884
Total revenues	89,449,035	88,627,399
Expenses
Voyage expenses	9,894,145	7,753,002
Voyage expenses – related party	1,089,651	1,094,730
Vessels' operating expenses	23,447,417	21,972,357
Vessels' operating expenses – related party	3,066,316	885,261
Dry-docking costs	2,456,614	2,045,656
Management fees – related party	3,502,450	3,207,885
General and administrative expenses	1,892,747	2,151,866
Depreciation	22,671,019	21,442,465
Net gain on sale of vessels		(1,372,409)
Total expenses	68,020,359	59,180,813
Income from operations	21,428,676	29,446,586
Other income and (expenses)
Interest and finance costs	(5,932,624)	(7,250,396)
(Loss)/gain on derivatives	64,611	(1,153,309)
Interest income	203,666	169,844
Foreign exchange loss	(79,232)	(13,316)
Other expenses, net	(5,743,579)	(8,247,177)
Net income	$ 15,685,097	$ 21,199,409
Earnings per share
- Basic (in Dollars per share)	$ 0.58	$ 1.03
- Diluted (in Dollars per share)	$ 0.58	$ 1.03
Weighted average number of shares
-Basic (in Shares)	26,997,623	20,552,568
-Diluted (in Shares)	26,997,623	20,552,568

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Note 3 -Transactions with Related Parties

9 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

3.   Transactions with Related Parties

The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and demurrage per vessel, effective after an amendment on January 1, 2007 to the Management Agreement. For the nine-month periods ended September 30, 2012 and 2013, total brokerage commissions of 1.25% amounted to $1,094,730 and $1,089,651, respectively, and were included in voyage expenses – related party in the unaudited condensed consolidated statements of income. For the nine-month periods ended September 30, 2012 and 2013, the management fees were $3,207,885 and $3,502,450, respectively. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 was charged for each additional day. For the nine-month periods ended September 30, 2012 and 2013, the superintendent fees amounted to $153,000 and $121,001, respectively, and are included in vessels’ operating expenses—related party in the unaudited condensed consolidated statements of income.

The Manager also acts as a sales and purchase broker of the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. For the nine-month periods ended September 30, 2012 and 2013, commission fees of $634,479 and $723,500, respectively, were incurred and capitalized to the cost of the vessels. For the nine-month periods ended September 30, 2012 and 2013 the amounts of $192,000 and $0, respectively, were recognized as commission expenses relating to the sale of vessels and are included in the unaudited condensed consolidated statements of income under the caption “Net gain on sale of vessels”.

The Manager has subcontracted the technical management of some of the vessels to three unaffiliated ship-management companies, Selandia Ship Management (“Selandia”), Swan Shipping Corporation (“Swan”) and Bernhard Schulte Ship Management Ltd. (“BSM’) and to one affiliated ship-management company, Brave Maritime Corp. S.A (“Brave”). These companies provide technical management to the Company’s vessels for a fixed annual fee per vessel.

In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,220,548 and $868,477 for the nine-month periods ended September 30, 2012 and 2013, respectively, and are included in the unaudited condensed consolidated statements of income under the caption “General and administrative expenses”.

The current account balance with the Manager at December 31, 2012, and at September 30, 2013, was a liability of $7,288,899 and $7,944,631, respectively. The liability represents payments made by the Manager on behalf of the ship-owning companies.

The Company rents office space that is owned by an affiliated company of the Vafias Group. Rental expense for the nine-month periods ended September 30, 2012 and 2013 amounted to $56,994 and $57,834, respectively.

In April 2012, the Company reached time charter agreements for two of the Company's vessels with Emihar Petroleum Inc., an affiliate of the Vafias Group incorporated in the Marshall Islands. Revenue from the related party amounted to $1,891,884 and $7,340,891 for the nine-month periods ended September 30, 2012 and 2013, respectively, and is included in the unaudited condensed consolidated statements of income under the caption “Revenues – related party”. For the vessels’ operating expenses, the Company paid to the Manager amounts of $732,261 and $2,945,315 for the nine-month periods ended September 30, 2012 and 2013, respectively, which are included in the unaudited condensed consolidated statements of income under the caption “Vessels' operating expenses – related party”.

On August 22, 2012, the Company entered into separate memoranda of agreements with an affiliated company to acquire four LPG carriers under construction which are scheduled to be delivered during the year 2015. The aggregate purchase price of these vessels was $96,000,000. As provided by the memorandum of agreements, an advance payment of 20% of the aggregate purchase price was paid on September 28, 2012.

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Note 5 - Advances for Vessels Under Construction and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2013

Advances For Vessels Under Construction And Acquisitions [Abstract]

Advances for Vessels Under Construction and Acquisitions [Table Text Block]

Balance, December 31, 2012	19,321,045
Advances paid	26,521,200
Capitalized interest	441,386
Capitalized expenses	305
Balance, September 30, 2013	46,283,936

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Note 11 - Share Based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

11.   Share Based Compensation

During 2007, the Company’s board of directors adopted an Equity Compensation Plan (“the Plan”), under which the Company’s employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive stock-based awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock appreciation rights. The Plan is administered by the Compensation Committee of the Company’s board of directors and the aggregate number of shares of common stock reserved under this plan cannot exceed 10% of the number of shares of Company’s common stock issued and outstanding at the time any award is granted. The Company’s Board of Directors may terminate the Plan at any time. As of September 30, 2013, a total of 324,766 restricted shares had been granted under the Plan since the first grant in the first quarter of 2007. There were no changes in the status of the Company’s unvested shares for the nine month period ended September 30, 2013.

The remaining unrecognized compensation cost amounting to $292,628 as of September 30, 2013, is expected to be recognized over the remaining period of one year, according to the contractual terms of those nonvested share awards. The share based compensation recognized relating to the unvested shares was $218,870 for the nine month period ended September 30, 2013 (September 30, 2012: $0) and is included in the unaudited condensed consolidated statement of income under the caption “General and administrative expenses”.

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Note 13 - Earnings Per Share (Details)	9 Months Ended
	Sep. 30, 2013
Earnings per share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	74,761

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Note 8 - Deferred Income (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Deferred Revenue Disclosure [Abstract]
Deferred Revenue, Current	$ 3,058,374	$ 3,129,671

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Note 10 - Derivatives and Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

		December 31, 2012		September 30, 2013
		Liability		Liability
Derivatives not designated as hedging instruments	Balance Sheet Location	Derivatives		Derivatives
Interest Rate Swap Agreements	Current liabilities - Fair value of derivatives		539,904		370,702
Interest Rate Swap Agreements	Non current liabilities - Fair value of derivatives		5,409,337		3,240,319
Total derivatives not designated as hedging instruments			5,949,241		3,611,021
Total derivatives			5,949,241		3,611,021

Derivative Instruments, Gain (Loss) [Table Text Block]

		Nine-month periods ended September 30,
Derivatives not designated as hedging instruments	Location of Gain / (Loss) Recognized	2012			2013
Interest Rate Swap - Reclassification from OCI	(Loss)/gain on derivatives		(11,830	)		92,857
Interest Rate Swap - Change in fair value	(Loss)/gain on derivatives		2,462,062			2,338,220
Interest Rate Swap - Realized loss	(Loss)/gain on derivatives		(3,603,541	)		(2,366,466	)
Total (loss)/gain on derivatives			(1,153,309	)		64,611

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			Fair Value Measurements Using
Description	Fair Value as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		5,949,241		-		5,949,241
Total		5,949,241		-		5,949,241		-

			Fair Value Measurements Using
Description	Fair Value as of September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities
Interest Rate Swap Agreements		3,611,021		-		3,611,021
Total		3,611,021		-		3,611,021		-

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Note 9 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Term Loans		Original		December 31,		Movement in 2013					September 30,
Issue Date	Maturity Date	amount		2012		Additions		Repayments			2013
December 5, 2005	May 30, 2016		100,067,500		40,421,883		-		(6,409,852	)		34,012,031
May 17, 2006	May 9, 2016		79,850,000		22,500,000		-		(3,000,000	)		19,500,000
June 6, 2006	June 28, 2016		6,580,000		2,710,960		-		(236,880	)		2,474,080
June 21, 2007	December 21, 2017		49,875,000		30,845,014		-		(2,200,500	)		28,644,514
February 12, 2008	February 19, 2020		40,250,000		26,875,000		-		(1,875,000	)		25,000,000
July 30, 2008	November 4, 2020		33,240,000		25,484,000		-		(969,500	)		24,514,500
Octrober 9, 2008	Octrober 9, 2020		29,437,000		10,210,000		-		(390,000	)		9,820,000
January 30, 2009	July 20, 2016		45,000,000		37,350,000		-		(2,550,000	)		34,800,000
February 18, 2009	July 5, 2014		32,200,000		23,616,259		-		(1,885,623	)		21,730,636
February 19, 2009	July 14, 2019		29,250,000		22,080,000		-		(1,170,000	)		20,910,000
June 25, 2009	July 2, 2014		26,700,000		17,434,196		-		(2,155,268	)		15,278,928
February 1, 2011	September 1, 2018		49,400,000		44,450,000		-		(2,475,000	)		41,975,000
March 1, 2011	June 20, 2020		43,250,000		41,375,000				(2,250,000	)		39,125,000
September 23, 2013	December 31, 2020		45,212,500		-		36,762,500		-			36,762,500
Total					345,352,312		36,762,500		(27,567,623	)		354,547,189
Current portion of long-term debt					35,787,544							72,873,605
Long term debt					309,564,768							281,673,584

Schedule of Maturities of Long-term Debt [Table Text Block]

September  30,	Amount
2014		72,873,605
2015		36,668,555
2016		82,480,816
2017		20,261,930
2018		55,527,429
2019 & thereafter		86,734,854
Total		354,547,189

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Note 11 - Share Based Compensation (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Note 11 - Share Based Compensation (Details) [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 292,628
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year
Share-based Compensation	$ 218,870	$ 0
The Plan [Member]
Note 11 - Share Based Compensation (Details) [Line Items]
Common Stock Reserved Percentage	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	324,766

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Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) - Advances for Vessels Under Construction and Acquisitions (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Advances for Vessels Under Construction and Acquisitions [Abstract]
Balance, December 31, 2012	$ 19,321,045
Balance, September 30, 2013	46,283,936
Advances paid	26,521,200
Capitalized interest	441,386	160,439
Capitalized expenses	$ 305

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Note 9 - Long-term Debt (Details) - Long-term Debt (USD $)	1 Months Ended		9 Months Ended
	Oct. 25, 2013	Sep. 30, 2013	Sep. 30, 2013
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
December 31,	$ 354,547,189		$ 345,352,312
Current portion of long-term debt	72,873,605		35,787,544
Current portion of long-term debt		72,873,605	72,873,605
Long term debt	281,673,584		309,564,768
Long term debt		281,673,584	281,673,584
Additions	8,450,000	36,762,500	36,762,500
Repayments			(27,567,623)
September 30,		354,547,189	354,547,189
Current portion of long-term debt	72,873,605		35,787,544
Current portion of long-term debt		72,873,605	72,873,605
Long term debt	281,673,584		309,564,768
Long term debt		281,673,584	281,673,584
Term Loan 1 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			May 30, 2016
Original Amount		100,067,500	100,067,500
December 31,			40,421,883
Repayments			(6,409,852)
September 30,		34,012,031	34,012,031
Term Loan 2 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			May 09, 2016
Original Amount		79,850,000	79,850,000
December 31,			22,500,000
Repayments			(3,000,000)
September 30,		19,500,000	19,500,000
Term Loan 3 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jun. 28, 2016
Original Amount		6,580,000	6,580,000
December 31,			2,710,960
Repayments			(236,880)
September 30,		2,474,080	2,474,080
Term Loan 4 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Dec. 21, 2017
Original Amount		49,875,000	49,875,000
December 31,			30,845,014
Repayments			(2,200,500)
September 30,		28,644,514	28,644,514
Term Loan 5 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Feb. 19, 2020
Original Amount		40,250,000	40,250,000
December 31,			26,875,000
Repayments			(1,875,000)
September 30,		25,000,000	25,000,000
Term Loan 6 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Nov. 04, 2020
Original Amount		33,240,000	33,240,000
December 31,			25,484,000
Repayments			(969,500)
September 30,		24,514,500	24,514,500
Term Loan 7 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Oct. 09, 2020
Original Amount		29,437,000	29,437,000
December 31,			10,210,000
Repayments			(390,000)
September 30,		9,820,000	9,820,000
Term Loan 8 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jul. 20, 2016
Original Amount		45,000,000	45,000,000
December 31,			37,350,000
Repayments			(2,550,000)
September 30,		34,800,000	34,800,000
Term Loan 9 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jul. 05, 2014
Original Amount		32,200,000	32,200,000
December 31,			23,616,259
Repayments			(1,885,623)
September 30,		21,730,636	21,730,636
Term Loan 10 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jul. 14, 2019
Original Amount		29,250,000	29,250,000
December 31,			22,080,000
Repayments			(1,170,000)
September 30,		20,910,000	20,910,000
Term Loan 11 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jul. 02, 2014
Original Amount		26,700,000	26,700,000
December 31,			17,434,196
Repayments			(2,155,268)
September 30,		15,278,928	15,278,928
Term Loan 12 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Sep. 01, 2018
Original Amount		49,400,000	49,400,000
December 31,			44,450,000
Repayments			(2,475,000)
September 30,		41,975,000	41,975,000
Term Loan 13 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Jun. 20, 2020
Original Amount		43,250,000	43,250,000
December 31,			41,375,000
Repayments			(2,250,000)
September 30,		39,125,000	39,125,000
Term Loan 14 [Member]
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]
Maturity Date			Dec. 31, 2020
Original Amount		45,212,500	45,212,500
Additions			36,762,500
September 30,		$ 36,762,500	$ 36,762,500

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Note 13 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Numerator
Net income	$ 15,685,097	$ 21,199,409
Less: Undistributed earnings allocated to non-vested shares	(43,315)
Net income attributable to common shareholders, basic	$ 15,641,782	$ 21,199,409
Denominator
Weighted average number of shares outstanding, basic and diluted (in Shares)	26,997,623	20,552,568
Earnings per share, basic and diluted (in Dollars per share)	$ 0.58	$ 1.03

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Note 3 -Transactions with Related Parties (Details) (USD $)	9 Months Ended					9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 25, 2013	Sep. 11, 2013	Dec. 31, 2012	Sep. 30, 2013 Superintendent Fees [Member]	Sep. 30, 2012 Superintendent Fees [Member]	Sep. 30, 2013 Reimbursed Compensation Manager [Member]	Sep. 30, 2012 Reimbursed Compensation Manager [Member]	Sep. 30, 2013 Office Space Rent [Member]	Sep. 30, 2012 Office Space Rent [Member]	Sep. 30, 2012 Emihar Petroleum Inc [Member]	Sep. 28, 2012 Affiliated Company [Member]	Sep. 30, 2013 Commission Expenses [Member]	Sep. 30, 2012 Commission Expenses [Member]
Note 3 -Transactions with Related Parties (Details) [Line Items]
Management Fee Per Day Per Vessel	$ 440
Management Fee Per Day Per Vessel Under Bareboat Charter	125
Vessel Brokerage Commission Pecentage	1.25%
Vessel Brokerage Commission	1,089,651	1,094,730
Professional and Contract Services Expense	3,502,450	3,207,885
Vessels Visit Period Threshold	5 days
Charge for Each Additional Day for Vessels Visit	500
Related Party Transaction, Expenses from Transactions with Related Party	2,945,315	732,261				121,001	153,000
Sales and Purchase Broker Commission Fee Percentage		1.00%
Salesand Purchase Broker Commission Fee	723,500	634,479
Net (gain) loss on sale of vessels														0	192,000
General and Administrative Expense	1,892,747	2,151,866						868,477	1,220,548
Due to Related Parties, Current	7,944,631				7,288,899
Related Party Transaction, Amounts of Transaction										57,834	56,994
Revenue from Related Parties	7,340,891	1,891,884										1,891,884
Vessel Purchase Price			$ 39,000,000	$ 25,000,000									$ 96,000,000
Advances Percentage For Vessels Under Construction Acquisitions													20.00%

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Note 10 - Derivatives and Fair Value Disclosures (Details) - Financial Instruments (USD $)	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Interest Rate Swap Agreements	$ 370,702	$ 539,904
Interest Rate Swap Agreements	3,240,319	5,409,337
Total derivatives not designated as hedging instruments	3,611,021	5,949,241
Total derivatives	3,611,021	5,949,241
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swap Agreements	370,702	539,904
Interest Rate Swap Agreements	3,240,319	5,409,337
Total derivatives not designated as hedging instruments	3,611,021	5,949,241
Total derivatives	$ 3,611,021	$ 5,949,241

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Note 6 - Vessels, Net (Tables)

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	Vessel cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2012		776,302,690		(141,668,019	)		634,634,671
Additions		73,149,196		-			73,149,196
Depreciation for the period		-		(22,671,019	)		(22,671,019	)
Balance, September 30, 2013		849,451,886		(164,339,038	)		685,112,848

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Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2011	$ 205,526	$ 275,761,643	$ 37,058,140	$ 72,718	$ 313,098,027
Balance (in Shares) at Dec. 31, 2011	20,552,568
Net income for the period			21,199,409		21,199,409
Other comprehensive income				11,830	11,830
Share based compensation					0
Balance at Sep. 30, 2012	205,526	275,761,643	58,257,549	84,548	334,309,266
Balance (in Shares) at Sep. 30, 2012	20,552,568
Balance at Dec. 31, 2012	206,273	275,792,164	66,016,627	18,378	342,033,442
Balance (in Shares) at Dec. 31, 2012	20,627,329
Net income for the period			15,685,097		15,685,097
Other comprehensive income				(92,857)	(92,857)
Follow-on public offering net of issuance cost	115,000	109,068,623			109,183,623
Follow-on public offering net of issuance cost (in Shares)	11,500,000
Share based compensation		218,870			218,870
Balance at Sep. 30, 2013	$ 321,273	$ 385,079,657	$ 81,701,724	$ (74,479)	$ 467,028,175
Balance (in Shares) at Sep. 30, 2013	32,127,329

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Note 1 - Basis of Presentation and General Information

9 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.   Basis of Presentation and General Information

The accompanying unaudited condensed consolidated financial statements include the accounts of StealthGas Inc.and its subsidiaries (collectively, the “Company”). StealthGas Inc. was formed under the laws of the Marshall Islands on December 22, 2004 and, as of September 30, 2013 owned a fleet of thirty eight (38) liquefied petroleum gas (LPG) carriers, three medium range (M.R.) type product carriers and one Aframax tanker providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. — Liberia (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3).

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 18, 2013.

These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2013, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013.

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Note 4 - Inventories

9 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

4.   Inventories

The amounts shown in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

	December 31, 2012		September 30, 2013
Bunkers		1,854,589		1,862,235
Lubricants		1,297,818		1,479,596
Total		3,152,407		3,341,831

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Note 2 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2.   Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with SEC on April 18, 2013. There have been no material changes to these policies in the nine-month period ended September 30, 2013.

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Note 9 - Long-term Debt (Details) - Principal Payments (USD $)	Sep. 30, 2013	Dec. 31, 2012
Principal Payments [Abstract]
2014	$ 72,873,605
2015	36,668,555
2016	82,480,816
2017	20,261,930
2018	55,527,429
2019 & thereafter	86,734,854
Total	$ 354,547,189	$ 345,352,312

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Note 13 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings per share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Nine-month periods ended September 30,
	2012		2013
Numerator
Net income		21,199,409		15,685,097
Less: Undistributed earnings allocated to non-vested shares		-		(43,315	)
Net income attributable to common shareholders, basic		21,199,409		15,641,782
Denominator
Weighted average number of shares outstanding, basic and diluted		20,552,568		26,997,623
Earnings per share, basic and diluted		1.03		0.58

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Note 4 - Inventories (Details) - Inventories (USD $)	Sep. 30, 2013	Dec. 31, 2012
Inventories [Abstract]
Bunkers	$ 1,862,235	$ 1,854,589
Lubricants	1,479,596	1,297,818
Total	$ 3,341,831	$ 3,152,407

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Note 7 - Deferred Finance Charges (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Finance Costs, Gross	$ 3,523,674		$ 3,081,644
Amortization of Financing Costs	321,524	325,577
Accumulated Amortization, Deferred Finance Costs	$ 2,107,682		$ 1,786,158

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Note 14 - Commitments and Contingencies (Details) (USD $)	12 Months Ended									0 Months Ended		1 Months Ended	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 27, 2013	Sep. 25, 2013	Sep. 11, 2013	Aug. 31, 2013	Oct. 02, 2013 Subsequent Event [Member] LPG Vessels [Member]	Oct. 10, 2013 Subsequent Event [Member] LPG Vessels [Member]	Oct. 30, 2013 Subsequent Event [Member] LPG Vessels [Member]	Sep. 30, 2017 Scenario, Forecast [Member] Emihar Petroleum Inc [Member]	Sep. 30, 2016 Scenario, Forecast [Member] Emihar Petroleum Inc [Member]	Sep. 30, 2015 Scenario, Forecast [Member] Emihar Petroleum Inc [Member]	Sep. 30, 2014 Scenario, Forecast [Member] Emihar Petroleum Inc [Member]	Sep. 27, 2013 LPG Vessels [Member]
Note 14 - Commitments and Contingencies (Details) [Line Items]
Number of Vessels Under Construction					15	2	2	1	4
Vessel Purchase Price							$ 39,000,000	$ 25,000,000
Payments for Purchase of Other Assets										6,250,000	9,750,000	7,875,000
Contractual Obligation (in Dollars)																	35,000,000
Contractual Charter Revenue	$ 3,867,250	$ 23,538,080	$ 42,306,739	$ 90,287,234									$ 3,035,250	$ 8,850,200	$ 9,814,000	$ 9,814,000

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Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis (USD $)	Sep. 30, 2013	Dec. 31, 2012
Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis [Line Items]
Interest Rate Swap Agreements	$ 3,611,021	$ 5,949,241
Fair Value, Inputs, Level 2 [Member]
Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis [Line Items]
Interest Rate Swap Agreements	$ 3,611,021	$ 5,949,241

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Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common Stock Par Value (in Dollars per share)	$ 0.01	$ 0.01
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	32,679,642	20,627,329
Common Stock Shares Outstanding	32,127,329	20,627,329
Preferred Stock Shares Authorized	5,000,000	5,000,000
Preferred Stock Shares Outstanding	0	0
Preferred Stock Par Value (in Dollars per share)	$ 0.01	$ 0.01

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Note 7 - Deferred Finance Charges

9 Months Ended

Sep. 30, 2013

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

7.   Deferred Finance Charges

Gross deferred finance charges amounting to $3,081,644 and $3,523,674 as of December 31, 2012 and September 30, 2013, respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet net of accumulated amortization. For the nine-month periods ended September 30, 2012 and 2013, the amortization of deferred finance charges amounted to $325,577 and $321,524, respectively, and is included in Interest and finance costs in the accompanying unaudited condensed consolidated statements of income. Accumulated amortization as of December 31, 2012 and September 30, 2013 amounted to $1,786,158 and $2,107,682, respectively.

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Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Net Income	$ 15,685,097	$ 21,199,409
Other Comprehensive Income/(Loss)
Reclassification adjustment	(92,857)	11,830
Other Comprehensive Income/(Loss)	(92,857)	11,830
Comprehensive Income	$ 15,592,240	$ 21,211,239

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Unaudited Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 95,856,697	$ 42,273,000
Receivables from related party	96,717
Trade and other receivables	3,391,637	3,029,284
Claims receivable	1,748,496	32,835
Inventories	3,341,831	3,152,407
Advances and prepayments	702,705	435,226
Restricted cash	6,865,568	7,340,655
Total current assets	112,003,651	56,263,407
Non current assets
Advances for vessels under construction	46,283,936	19,321,045
Vessels, net	685,112,848	634,634,671
Other receivables	578,173	224,422
Restricted cash	2,100,000	1,300,000
Deferred finance charges	1,415,992	1,295,486
Total non current assets	735,490,949	656,775,624
Total assets	847,494,600	713,039,031
Current liabilities
Payable to related party	7,944,631	7,288,899
Trade accounts payable	7,293,704	5,927,526
Accrued liabilities	3,459,375	2,855,170
Customer deposits		280,000
Deferred income	3,058,374	3,129,671
Fair value of derivatives	370,702	539,904
Current portion of long-term debt	72,873,605	35,787,544
Total current liabilities	95,000,391	55,808,714
Non current liabilities
Fair value of derivatives	3,240,319	5,409,337
Other non current liabilities	552,131	222,770
Long-term debt	281,673,584	309,564,768
Total non current liabilities	285,466,034	315,196,875
Total liabilities	380,466,425	371,005,589
Stockholders' equity
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 21,179,642 shares issued and 20,627,329 shares outstanding at December 31, 2012 and 32,679,642 shares issued and 32,127,329 shares outstanding at September 30, 2013 with a par value of $0.01 per share	321,273	206,273
Additional paid-in capital	385,079,657	275,792,164
Retained earnings	81,701,724	66,016,627
Accumulated other comprehensive income/(loss)	(74,479)	18,378
Total stockholders' equity	467,028,175	342,033,442
Total liabilities and stockholders' equity	$ 847,494,600	$ 713,039,031

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Note 14 - Commitments and Contingencies (Details) - Future Outstanding Commitments (USD $)	Sep. 30, 2013
Future Outstanding Commitments [Abstract]
2014	$ 85,522,600
2015	176,072,600
	$ 261,595,200

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Note 14 - Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Long-term Purchase Commitment [Table Text Block]

September 30,	Amount
2014		85,522,600
2015		176,072,600
		261,595,200

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Note 4 - Inventories (Tables)

9 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	December 31, 2012		September 30, 2013
Bunkers		1,854,589		1,862,235
Lubricants		1,297,818		1,479,596
Total		3,152,407		3,341,831

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Note 10 - Derivatives and Fair Value Disclosures (Details) - Effect of Derivative Instruments on the Statements of Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap - Reclassification from OCI	$ 92,857	$ (11,830)
Total (loss)/gain on derivatives	64,611	(1,153,309)
Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap - Reclassification from OCI	92,857	(11,830)
Interest Rate Swap - Change in fair value	2,338,220	2,462,062
Interest Rate Swap - Realized loss	$ (2,366,466)	$ (3,603,541)

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Note 9 - Long-term Debt (Details) (USD $)	1 Months Ended		9 Months Ended				1 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended	1 Months Ended
	Oct. 25, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 27, 2013 LPG Vessels [Member] Maximum [Member]	Sep. 30, 2013 Term Loan 5 [Member]	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Maximum [Member]	Sep. 30, 2013 Maximum [Member]	Sep. 30, 2012 Not To Exceed [Member]	Sep. 30, 2013 Not To Exceed [Member]	Sep. 30, 2012 Numerator [Member]	Sep. 30, 2012 Denominator [Member]	Sep. 30, 2012 Lesser of [Member] Condition Met At Delivery [Member]	Sep. 30, 2012 Lesser of [Member] Condition Not Being Met [Member]
Note 9 - Long-term Debt (Details) [Line Items]
Proceeds from Issuance of Debt	$ 8,450,000	$ 36,762,500	$ 36,762,500												$ 67,200,000	$ 62,500,000
Percentage Of Aggregate Market Value Exceeds Outstanding Debt							1.25		1.30
Percentage of Total Debt To Total Maket Value Adjusted Assets											80.00%
EBITDA To Interest Expense													2.50%	1.00%
Cash				2,100,000
Percentage of Dividends Paid To Free Cash Flow												50.00%
Debt Instrument, Basis Spread on Variable Rate								0.70%		3.00%
Debt, Weighted Average Interest Rate		2.26%	2.26%	2.43%
Interest Expense, Debt			5,834,692	6,873,954
Interest Costs Capitalized			441,386	160,439
Line of Credit Facility, Amount Outstanding		8,450,000	8,450,000			25,000,000
Cash Collateral for Borrowed Securities						2,050,000
Quarterly Commitment Fee Percentage		0.98%
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition															70.00%	65.00%
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition															70.00%	65.00%
Aggregate Indebtedness					$ 35,000,000

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Note 6 - Vessels, Net (Details) (USD $)	Sep. 30, 2013
Note 6 - Vessels, Net (Details) [Line Items]
Pledged Assets, Not Separately Reported, Other	$ 666,204,617
Gas Enchanted, Gas Alice, Gas Inspiration, Gas Ethereal, And Sakura Symphony [Member]
Note 6 - Vessels, Net (Details) [Line Items]
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	$ 73,149,196

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Note 6 - Vessels, Net (Details) - Vessels, Net and Vessels Held for Sale (USD $)			9 Months Ended		9 Months Ended		9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Vessel Cost [Member]	Dec. 31, 2011 Vessel Cost [Member]	Sep. 30, 2013 Vessel Accumulated Depreciation [Member]	Dec. 31, 2011 Vessel Accumulated Depreciation [Member]	Sep. 30, 2013 Vessel Net Book Value [Member]	Dec. 31, 2011 Vessel Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Balance, December 31, 2012				$ 776,302,690
Balance, December 31, 2012						(141,668,019)
Balance, December 31, 2012	685,112,848	634,634,671						634,634,671
Balance, September 30, 2013			849,451,886	776,302,690
Balance, September 30, 2013					(164,339,038)	(141,668,019)
Balance, September 30, 2013	685,112,848	634,634,671					685,112,848	634,634,671
Additions			73,149,196				73,149,196
Additions			73,149,196				73,149,196
Depreciation for the period					(22,671,019)
Depreciation for the period							$ (22,671,019)

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Note 6 - Vessels, Net

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6.   Vessels, net

	Vessel cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2012		776,302,690		(141,668,019	)		634,634,671
Additions		73,149,196		-			73,149,196
Depreciation for the period		-		(22,671,019	)		(22,671,019	)
Balance, September 30, 2013		849,451,886		(164,339,038	)		685,112,848

Vessels with a carrying value of $666,204,617 as of September 30, 2013 are mortgaged as security for the term loans discussed in Note 9.

During the nine-month period ended September 30, 2013, the Company acquired the vessels “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony” for a total consideration of $73,149,196.

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Note 1 - Basis of Presentation and General Information (Details)	Sep. 30, 2013
Liquified Petroleum Gas Vessel [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Number Of Vessels	38
MR Tankers Vessels [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Number Of Vessels	3
Aframax Tanker [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Number Of Vessels	1

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Note 10 - Derivatives and Fair Value Disclosures (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]
Derivative, Notional Amount	$ 54,492,179
Derivative, Reference Rate LIBOR	0.36%
Derivative Instruments Not Designated As Hedging Instruments Reclassification From OCI	92,857	(11,830)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 74,479
Minimum [Member]
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]
Interest Rate Swap, Fixed Rate	2.77%
Maximum [Member]
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]
Interest Rate Swap, Fixed Rate	4.73%

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Note 9 - Long-term Debt

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

9.   Long-term Debt

Term Loans		Original		December 31,		Movement in 2013					September 30,
Issue Date	Maturity Date	amount		2012		Additions		Repayments			2013
December 5, 2005	May 30, 2016		100,067,500		40,421,883		-		(6,409,852	)		34,012,031
May 17, 2006	May 9, 2016		79,850,000		22,500,000		-		(3,000,000	)		19,500,000
June 6, 2006	June 28, 2016		6,580,000		2,710,960		-		(236,880	)		2,474,080
June 21, 2007	December 21, 2017		49,875,000		30,845,014		-		(2,200,500	)		28,644,514
February 12, 2008	February 19, 2020		40,250,000		26,875,000		-		(1,875,000	)		25,000,000
July 30, 2008	November 4, 2020		33,240,000		25,484,000		-		(969,500	)		24,514,500
Octrober 9, 2008	Octrober 9, 2020		29,437,000		10,210,000		-		(390,000	)		9,820,000
January 30, 2009	July 20, 2016		45,000,000		37,350,000		-		(2,550,000	)		34,800,000
February 18, 2009	July 5, 2014		32,200,000		23,616,259		-		(1,885,623	)		21,730,636
February 19, 2009	July 14, 2019		29,250,000		22,080,000		-		(1,170,000	)		20,910,000
June 25, 2009	July 2, 2014		26,700,000		17,434,196		-		(2,155,268	)		15,278,928
February 1, 2011	September 1, 2018		49,400,000		44,450,000		-		(2,475,000	)		41,975,000
March 1, 2011	June 20, 2020		43,250,000		41,375,000				(2,250,000	)		39,125,000
September 23, 2013	December 31, 2020		45,212,500		-		36,762,500		-			36,762,500
Total					345,352,312		36,762,500		(27,567,623	)		354,547,189
Current portion of long-term debt					35,787,544							72,873,605
Long term debt					309,564,768							281,673,584

On September 23, 2013, the Company entered into a term loan with a bank to partially finance the acquisition of the five LPG carriers, named “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony”, respectively, by five of the Company’s wholly owned subsidiaries. The term loan was drawn down in two tranches. The first tranche amounting to $36,762,500 was drawn down on September 30, 2013 and the second tranche amounting to $8,450,000 was drawn down on October 25, 2013.

The above term loans are secured by first priority mortgages over the vessels involved, plus the assignment of the vessels’ insurances, earnings and operating and retention accounts with the lenders, and the guarantee of ship-owning companies, as owners of the vessels. The term loans contain financial covenants requiring the Company to ensure that:

· the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 125% to 130%,

· the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets,

· the Interest Coverage Ratio of the Company defined as EBITDA to interest expense to be at all times greater than to 2.5:1,

· that at least a certain percentage of the Company is to always be owned by members of the Vafias family,

· the Company should maintain on a monthly basis a cash balance of a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance of $2,100,000 in the earnings account with the relevant banks,

· dividends paid by the borrower will not exceed 50% of the Company’s free cash flow in any rolling 12 month period.

The interest rates on the outstanding loans as of September 30, 2013 are based on Libor plus a margin which varies from 0.70% to 3.00%.  The average interest rate (including the margin) on the outstanding loans for the nine-month periods ended September 30, 2012 and 2013 was 2.43% and 2.26%, respectively.

Bank loan interest expense for the above loans for the nine-month periods ended September 30, 2012 and 2013 amounted to $6,873,954 and $5,834,692, respectively. Of these amounts, for the nine-month periods ended September 30, 2012 and 2013, the amounts of $160,439 and $441,386, respectively, were capitalized to “Advances for vessels under construction”. Interest expense, net of interest capitalized, is included in interest and finance costs in the accompanying unaudited condensed consolidated statements of income.

As of September 30, 2013, the Company was not in compliance with the required value-to-loan ratio included in one facility under which a total of $25,000,000 was outstanding as of September 30, 2013. Value-to-loan ratio shortfalls do not constitute events of default that would automatically trigger the full repayment of the loan. Based on the loan agreements, upon receiving written notice of non-compliance from lenders, value-to-loan shortfalls may be remedied by the Company by providing additional collateral or repaying the amount of the shortfall. No such notice has been received from its lenders. Management has the intent and the ability to cure the shortfall by providing additional collateral to its lenders in the form of cash in the total amount of approximately $2,050,000 which has been classified as restricted cash as of September 30, 2013. Therefore this term loan, excluding the current portion of scheduled loan repayments, has been presented as long term liabilities on the Company’s unaudited condensed consolidated balance sheet.

The available unused amount under these facilities at September 30, 2013 was $8,450,000, which was drawn down on October 25, 2013 and the Company is required to pay a quarterly commitment fee of 0.98% per annum of the unutilized portion of the line of credit.

The annual principal payments to be made, for the fourteen term loans, after September 30, 2013 are as follows:

September  30,	Amount
2014		72,873,605
2015		36,668,555
2016		82,480,816
2017		20,261,930
2018		55,527,429
2019 & thereafter		86,734,854
Total		354,547,189

Commitment Letters: On September 6, 2012 the Company signed a commitment letter with a bank institution to partially finance the acquisition of four under construction LPG carriers in an amount equal to (i) the lesser of $67,200,000 or 70% of the fair market value of the vessels subject to the Minimum Employment Condition being met at the delivery date of each vessel or (ii) the lesser of $62,500,000 or 65% of the fair market value of the vessels if the Minimum Employment Condition will not be met at the delivery date of each vessel. The term loan will be drawn down in four tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in twenty eight consecutive quarterly installments plus a balloon payment payable together with the last installment.

On September 18, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery. The aggregate committed term loan is up to $35,000,000 and will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing six months after the drawdown, in fourteen consecutive semi-annual installments plus a balloon payment payable together with the last installment.

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Note 5 - Advances for Vessels Under Construction and Acquisitions

9 Months Ended

Sep. 30, 2013

Advances For Vessels Under Construction And Acquisitions [Abstract]

Advances For Vessels Under Construction And Acquisitions [Text Block]

5.   Advances for Vessels Under Construction and Acquisitions

For the nine-month period ended September 30, 2013, the movement of the account, advances for vessels under construction and acquisitions, was as follows:

Balance, December 31, 2012	19,321,045
Advances paid	26,521,200
Capitalized interest	441,386
Capitalized expenses	305
Balance, September 30, 2013	46,283,936

On March 22, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are scheduled to be delivered in the first and second quarter of 2014, respectively. The total consideration payable for these vessels amounts to $50,000,000 and an advance payment of $12,500,000 was paid during the third quarter of 2013.

On August 1, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of four LPG carriers at an aggregate contract price of $62,316,400. The vessels are scheduled for delivery between August 2014 and May 2015. During the third quarter of 2013, the Company effected advance payments to the shipbuilding yard of $14,021,200.

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Unaudited Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities
Net income for the period	$ 15,685,097	$ 21,199,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,671,019	21,442,465
Amortization of deferred finance charges	321,524	325,577
Unrealized exchange differences	(10,694)	92,138
Share based compensation	218,870	0
Change in fair value of derivatives	(2,431,077)	(2,450,232)
Gain on sale of vessels		(1,372,409)
(Increase)/decrease in
Trade and other receivables	(716,104)	(1,038,642)
Claims receivable	(1,922,975)	(275,734)
Inventories	(189,424)	(198,666)
Advances and prepayments	(267,479)	119,337
Increase/(decrease) in
Balances with related parties	559,015	107,632
Trade accounts payable	1,366,178	464,668
Accrued liabilities	604,205	(1,128,920)
Other non current liabilities	329,361
Deferred income	(71,297)	(257,320)
Net cash provided by operating activities	36,146,219	37,029,303
Cash flows from investing activities
Insurance proceeds	207,314	792,137
Vessel acquisitions and advances for vessels under construction	(100,112,087)	(62,513,765)
Proceeds from sale of vessels, net		18,136,907
Decrease/(Increase) in restricted cash account	(324,913)	2,141,047
Net cash used in investing activities	(100,229,686)	(41,443,674)
Cash flows from financing activities
Net proceeds from common stock issuance	109,183,623
Deferred finance paid	(442,030)
Customer deposits returned	(280,000)
Loan repayments	(27,567,623)	(41,048,198)
Proceeds from long-term debt	36,762,500	43,250,000
Net cash provided by financing activities	117,656,470	2,201,802
Effect of exchange rate changes on cash	10,694	(92,138)
Net (decrease)/increase in cash and cash equivalents	53,583,697	(2,304,707)
Cash and cash equivalents at beginning of year	42,273,000	43,539,303
Cash and cash equivalents at end of period	$ 95,856,697	$ 41,234,596

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Note 15 - Subsequent Events (Details) (Subsequent Event [Member], USD $)	1 Months Ended
	Oct. 31, 2013
Note 15 - Subsequent Events (Details) [Line Items]
Number Of Vessels	2
ContractualObligationNumberOfQuarterlyInstallments	32
Vessel Cost [Member] | Minimum Employment Condition [Member]
Note 15 - Subsequent Events (Details) [Line Items]
Contractual Obligation (in Dollars)	$ 21,700,000
ContractualObligationPercentageOfFairMarketValue	70.00%
Vessel Cost [Member]
Note 15 - Subsequent Events (Details) [Line Items]
Contractual Obligation (in Dollars)	$ 20,150,000
ContractualObligationPercentageOfFairMarketValue	65.00%

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Note 12 - Common Stock and Additional Paid-in Capital (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Apr. 30, 2013	Dec. 31, 2012
Stockholders' Equity Note [Abstract]
SharesPublicOffering (in Shares)		11,500,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Sale of Stock, Price Per Share (in Dollars per share)		$ 10.00
Proceeds from Issuance or Sale of Equity	$ 115,000,000
ProceedsFromIssuanceOfEquityNetOfIssuanceCosts	$ 109,183,623

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Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) (USD $)	Sep. 30, 2013	Sep. 27, 2013	Sep. 25, 2013	Sep. 11, 2013	Aug. 31, 2013
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]
Number of Vessels Under Construction	15	2	2	1	4
Advances for vessels under construction and acquisitions	$ 26,521,200
Hull S514 And Hull S515 [Member]
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]
Number of Vessels Under Construction	2
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	50,000,000
Advances for vessels under construction and acquisitions	12,500,000
Four LPG Carriers [Member]
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds					62,316,400
Advances for vessels under construction and acquisitions	$ 14,021,200

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Note 12 - Common Stock and Additional Paid-in Capital

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

12.   Common Stock and Additional Paid-in Capital

The amounts shown in the accompanying consolidated balance sheets as additional paid-in capital, represent payments made by the stockholders for the acquisitions of the Company’s vessels, or investments in the Company’s common stock.

On April 30, 2013, the Company completed a follow-on public offering of 11,500,000 shares of common stock, par value of $0.01, for $10.00 per share. The gross proceeds from the offering amounted to $115,000,000, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $109,183,623.

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Note 8 - Deferred Income

9 Months Ended

Sep. 30, 2013

Deferred Revenue Disclosure [Abstract]

Deferred Revenue Disclosure [Text Block]

8.   Deferred Income

The amounts shown in the accompanying unaudited condensed consolidated balance sheets amounting to $3,129,671 and $3,058,374 represent time charter revenues received in advance as of December 31, 2012 and September 30, 2013, respectively.

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Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

15.   Subsequent Events

(a) On October 31, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery in an amount equal to (i) the lesser of $21,700,000 or 70% of the fair market value of the vessels subject to the specified vessel minimum employment condition being met at the delivery date of each vessel or (ii) the lesser of $20,150,000 or 65% of the fair market value of the vessels if the specified vessel minimum employment condition will not be met at the delivery date of each vessel. The term loan will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in thirty two consecutive quarterly installments plus a balloon payment payable together with the last installment.

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Note 13 - Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings per share [Abstract]

Earnings Per Share [Text Block]

13.   Earnings per share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings.

The Company applies the two-class method of computing earnings per share (EPS) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed.

For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date.

The Company calculates basic and diluted earnings per share as follows:

	Nine-month periods ended September 30,
	2012		2013
Numerator
Net income		21,199,409		15,685,097
Less: Undistributed earnings allocated to non-vested shares		-		(43,315	)
Net income attributable to common shareholders, basic		21,199,409		15,641,782
Denominator
Weighted average number of shares outstanding, basic and diluted		20,552,568		26,997,623
Earnings per share, basic and diluted		1.03		0.58

The Company excluded the dilutive effect of the 74,761 non-vested restricted shares in calculating dilutive EPS for the nine-month periods ended September 30, 2013, as they were anti-dilutive.

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Document And Entity Information	9 Months Ended
	Sep. 30, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	StealthGas Inc.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	32,127,329
Amendment Flag	false
Entity Central Index Key	0001328919
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

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Note 14 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

14.   Commitments and Contingencies

From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.

The Company has entered into separate agreements to acquire fifteen LPG carriers which are currently under construction, ten of which are described in Notes 3 and 5 and the remaining five are described in Note 14 below. As of September 30, 2013, the Company has future outstanding commitments for installment payments for these agreements as follows:

September 30,	Amount
2014		85,522,600
2015		176,072,600
		261,595,200

On September 11, 2013, the Company entered into a memorandum of agreement to acquire one LPG carrier under construction, which is scheduled to be delivered in the third quarter of 2015. The purchase price of this vessel amounts to $25,000,000 and an advance payment of $6,250,000 was paid on October 1, 2013.

On September 25, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are each scheduled to be delivered in the second quarter of 2015. The total consideration of these vessels amounts to $39,000,000 and an advance payment of $9,750,000 was paid on October 10, 2013.

On September 27, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of two LPG carriers, named, at an aggregate contract price of $35,000,000. The vessels are scheduled for delivery in the third quarter of 2015. The Company effected advance payments to the shipbuilding yard of $7,875,000 on October 30, 2013.

Future minimum contractual charter revenue, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of September 30, 2013, amount to $90,287,234 for the twelve months ending September 30, 2014, $42,306,739 for the twelve months ending September 30, 2015, $23,538,080 for the twelve months ending September 30, 2016 and $3,867,250 for the twelve months ending September 30, 2017. These amounts do not include any assumed off-hire. Of these amounts, $9,814,000 for the twelve months ending September 30, 2014, $9,814,000 for the twelve months ending September 30, 2015, $8,850,200 for the twelve months ending September 30, 2016 and $3,035,250 for the twelve months ending September 30, 2017 relate to time charter agreements with Emihar Petroleum Inc. discussed in Note 3.