Exhibit 4.34
   STEALTHGAS INC.
  DEUTSCHE BANK AG
FILIALE DEUTSCHLANDGESCHÄFT
 
 THIRD
SUPPLEMENTAL AGREEMENT
 
 in relation to a Loan Agreement
dated 12 February 2008 as amended
by supplemental agreements dated 21 October 2009 and 27 April 2010
and a supplemental letter dated 18 November 2010,
for a loan facility of up to USD40,250,000
 
 PIRAEUS




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Index
 Clause
    
    
    
    Page No1
    
    INTERPRETATION
    
    
    12
    
    AGREEMENT OF THE LENDER
    
    
    13
    
    CONDITIONS PRECEDENT
    
    
    24
    
    REPRESENTATIONS AND WARRANTIES
    
    
    35
    
    AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS
    
    
    36
    
    FURTHER ASSURANCES
    
    
    57
    
    EXPENSES
    
    
    58
    
    NOTICES
    
    
    69
    
    SUPPLEMENTAL
    
    
    610
    
    LAW AND JURISDICTION
    
    
    6




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THIS THIRD SUPPLEMENTAL AGREEMENT
 BETWEEN
 (1)
    
    STEALTHGAS INC.as borrower (the Borrower); and(2)
    
    DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFTas lender (the Lender).
 BACKGROUND
 (A)
    
    Pursuant to a loan agreement dated 12 February 2008 (as amended by supplemental agreements
dated 21 October 2009 and 27 April 2010 and a supplemental letter dated 18 November 2010) made
between (i) the Borrower and (ii) the Lender, the Lender has made available to the Borrower a
loan facility of up to USD40,250,000.(B)
    
    The total amount outstanding under the Loan Agreement as at the date hereof is USD32,750,000.(C)
    
    The Borrower has made a request to the Lender to amend the Loan Agreement.(D)
    
    This Agreement sets out the terms and conditions on which the Lender agrees at the request of
the Borrower to amend the Loan Agreement.
 IT IS AGREED
 1
    
    INTERPRETATION1.1
    
    Defined expressions. Words and expressions defined in the Loan Agreement shall have the same
meanings when used in this Agreement unless the context otherwise requires.1.2
    
    Definitions.In this Agreement, unless the contrary intention appears:Conditions Satisfaction Date means, the date on which all the conditions precedent
referred to in clause 3.1 have been satisfied;Loan Agreement means the loan agreement dated 12 February 2008 (as amended by
supplemental agreements dated 21 October 2009 and 27 April 2010 and a supplemental letter
dated 18 November 2010) referred to in Recital (A); andThird Mortgage Addendum means a third addendum to the Mortgage, in such form as the
Lender may require in its sole discretion.1.3
    
    Application of construction and interpretation provisions of Loan Agreement.Clauses 1.2,
1.3 and 1.4 of the Loan Agreement apply, with any necessary modifications, to this Agreement.2
    
    AGREEMENT OF THE LENDER2.1
    
    Agreement of the Lender.The Lender, relying upon each of the representations and warranties
in Clause 4 and subject to Clause 3, agrees to amend the Loan Agreement as set out in Clauses
5.1 and 5.2 below with effect from the dates stated respectively in those Clauses.
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3
    
    CONDITIONS PRECEDENT
 3.1
    
    Conditions precedent.The conditions referred to in Clause 2.1 are that the Lender shall
have received the following documents, evidence and payment:(a)
    
    Corporate documentsCertified Copies of all documents which evidence or relate to the constitution of the
Borrower and the Guarantor and its current corporate existence;(b)
    
    Corporate authorities
 (i)
    
    Certified Copies of resolutions of the directors of the Borrower and the
Guarantor approving such of this Agreement and the Third Mortgage Addendum to which
the Borrower or the Guarantor is a party and authorising the execution and delivery
thereof and performance of the Borrowers and/or the Guarantors obligations
thereunder, additionally certified by an officer of the Borrower and/or the Guarantor
as having been duly passed at a duly convened meeting of the directors of the
Borrower and/or the Guarantor and not having been amended, modified or revoked and
being in full force and effect; and(ii)
    
    originals of any powers of attorney issued by the Borrower and the
Guarantor pursuant to such resolutions;
 (c)
    
    Certificate of incumbencya list of directors and officers of the Borrower and the Guarantor specifying
the names and positions of such persons, certified by an officer of the Borrower or
the Guarantor to be true, complete and up to date;(d)
    
    Third Mortgage Addendum registrationevidence that the Third Mortgage Addendum has been duly registered against the Vessel in
accordance with the laws of the Marshall Islands;(e)
    
    RepaymentThe repayment instalments of, respectively, USD625,000 and USD1,500,000 due on 19 May
2011;(f)
    
    Security maintenanceEvidence in form and substance acceptable to the Lender that (i) no other lender to the
Borrower or any Group Member has made any demand or is likely to make any demand for the
provision of additional security or prepayment of any loan under provisions equivalent to
those set out in Clause 8.2 of the Loan Agreement and (ii) neither the Borrower nor any
Group Member has given any undertaking to any such lender in respect of those provisions
which are (in the opinion of the Lender) more favorable to such other lender than the
terms of Clause 8.2 of the Loan Agreement;
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(g)
    
    Cash balance projectionsEvidence in form and substance acceptable to the Lender that the cash balance development
of the Borrower described in the financial projections provided to the Lender for the
Borrower in January 2011 were reasonably derived from information available at that date
and remain valid at the date of this Agreement;(h)
    
    Laws of the Marshall Islands opinionan opinion of the Lenders nominated special legal advisers in respect of the laws of the
Marshall Islands;(i)
    
    London Agentdocumentary evidence that the agent for service of process named in clause 18.2 of the
Loan Agreement has accepted its appointment in respect of this Agreement;(j)
    
    Further opinions, etcany further opinions, consents, agreements and documents in connection with this Agreement
and the Security Documents which the Lender may request by notice to the Borrower;(k)
    
    Endorsementthe endorsement at the end of this Agreement signed by each Security
Party (other than the Borrower).4
    
    REPRESENTATIONS AND WARRANTIES4.1
    
    Repetition of Loan Agreement representations and warranties. The Borrower represents and
warrants to the Lender that the representations and warranties in Clause 7 of the Loan
Agreement, as amended and supplemented by this Agreement and updated with appropriate
modifications to refer to this Agreement, remain true and not misleading if repeated on the
date of this Agreement with reference to the circumstances now existing.5
    
    AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS5.1
    
    Specific amendments to Loan Agreement with effect from the date of this Agreement.With
effect on and from the date of this Agreement the Loan Agreement shall be, and shall be deemed
by this Agreement to be, amended as follows:
 (a)
    
    by adding in Clause 1.2 thereof the definition of Third Mortgage
Addendum as set out in Clause 1.2 of this Agreement;(b)
    
    by deleting from Clause 4.1.1 thereof the words and a final balloon
instalment in the amount of USD10,875,000 and replacing them with the words , an
instalment of USD1,500,000 on 19 May 2011 and a final balloon instalment in the
amount of USD9,375,000;(c)
    
    by adding a new Clause 8.1.20 as follows: Charterhire. procure that
the Approved Charterer shall pay to the Earnings Account punctually and in
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accordance with the Approved Charter charterhire of at least USD15,200 per
day.; and
 (d)
    
    by construing references throughout to this Agreement, hereunder
and other like expressions as if the same referred to the Loan Agreement as amended
and supplemented by this Clause 5.1 of this Agreement.
 5.2
    
    Specific amendments to Loan Agreement with effect from the Conditions Satisfaction Date.
With effect on and from the Conditions Satisfaction Date the Loan Agreement shall be, and
shall be deemed by this Agreement to be, amended as follows:
 (a)
    
    by adding at the end of the definition of Mortgage the words , and
as further amended by the Third Mortgage Addendum;(b)
    
    by deleting the definition of Margin in Clause 1.2 thereof and
replacing it with: Margin means (i) until and including 31 December 2009 two per
cent (2%) per annum, (ii) thereafter until and including 18 May 2011 two point five
per cent (2.5%) per annum (iii) thereafter one point nine per cent (1.9%) per
annum; and(c)
    
    by deleting the definition of Required Security Amount and replacing
it with:Required Security Amount means the amount in USD (as certified by the
Lender) which is, at any relevant time (i) up to 30 December 2009, one hundred
and five per cent (105%) of the Loan, (ii) from 31 December 2009 up until and
including 30 September 2010 zero per cent (0%) of the Loan, (iii) from 1st
October 2010 until and including 17th November 2010 one hundred and
twenty five per cent of the Loan, (iv) from 18th November 2010 up
until and including 31 March 2012 one hundred and ten per cent (110%) of the
Loan, and (v) thereafter one hundred and twenty five per cent (125%) of the
Loan; and(c)
    
    by construing references throughout to this Agreement, hereunder
and other like expressions as if the same referred to the Loan Agreement as amended
and supplemented by this Clause 5.2 of this Agreement.
 5.3
    
    Amendments to Security Documents.With effect on and from the date hereof each of the
Security Documents other than the Loan Agreement, shall be, and shall be deemed by this
Agreement to be, amended as follows:
 (a)
    
    the definition of, and references throughout each of the Security Documents
to, the Loan Agreement and any of the other Security Documents shall be construed as
if the same referred to the Loan Agreement and those Security Documents as amended
and supplemented by this Agreement;(b)
    
    by construing references throughout each of the Security Documents to this
Agreement, this Deed, hereunder and other like expressions as if the same
referred to such Security Documents as amended and supplemented by this Agreement.
 5.4
    
    Security Documents to remain in full force and effect.The Security Documents shall remain
in full force and effect as amended and supplemented by:
 (a)
    
    the amendments to the Security Documents contained or referred to in
Clauses 5.1 and 5.2; and
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(b)
    
    such further or consequential modifications as may be necessary to give
full effect to the terms of this Agreement,
 6
    
    FURTHER ASSURANCES6.1
    
    Borrowers obligation to execute further documents etc.The Borrower shall, and shall
procure that any other party to any Security Document shall:
 (a)
    
    execute and deliver to the Lender (or as it may direct) any assignment,
mortgage, power of attorney, proxy or other document, governed by the laws of England
or such other country as the Lender may, in any particular case, specify; and(b)
    
    effect any registration or notarisation, give any notice or take any other
step, which the Lender may, by notice to the Borrower or other party, specify for any
of the purposes described in Clause 6.2 or for any similar or related purpose.
 6.2
    
    Purposes of further assurances.Those purposes are:
 (a)
    
    validly and effectively to create any Encumbrance or right of any kind which
the Lender intended should be created by or pursuant to the Loan Agreement or any other
Security Document, each as amended and supplemented by this Agreement; and(b)
    
    implementing the terms and provisions of this Agreement.
 6.3
    
    Terms of further assurances.The Lender may specify the terms of any document to be executed
by the Borrower or any other party under Clause 6.1, and those terms may include any
covenants, powers and provisions which the Lender considers appropriate to protect its
interests.6.4
    
    Obligation to comply with notice.The Borrower shall comply with a notice under Clause 6.1
by the date specified in the notice.6.5
    
    Additional corporate action.At the same time as the Borrower or any other party delivers to
the Lender any document executed under Clause 6.1(a), the Borrower or such other party shall
also deliver to the Lender a certificate signed by one (1) of the Borrowers or that other
partys directors which shall:
 (a)
    
    set out the text of a resolution of the Borrowers or that other partys
directors specifically authorising the execution of the document specified by the
Lender, and(b)
    
    state that either the resolution was duly passed at a meeting of the
directors validly convened and held throughout which a quorum of directors entitled
to vote on the resolution was present or that the resolution has been signed by all
the directors and is valid under the Borrowers or that other partys articles of
association or other constitutional documents.
 7
    
    EXPENSES7.1
    
    ExpensesThe provisions of Clause 5 (Fees and Expenses) of the Loan Agreement shall apply to
this Agreement as if they were expressly incorporated in this Agreement with any necessary
modifications.
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8
    
    NOTICES8.1
    
    General.The provisions of Clause 16 (Notices and Other Matters) of the Loan Agreement, as
amended and supplemented by this Agreement, shall apply to this Agreement as if they were
expressly incorporated in this Agreement with any necessary modifications.9
    
    SUPPLEMENTAL9.1
    
    Counterparts.This Agreement may be executed in any number of counterparts.9.2
    
    Third party rights.A person who is not a party to this Agreement has no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
this Agreement.10
    
    LAW AND JURISDICTION10.1
    
    Governing law.This Agreement and any other non-contractual obligations arising out of or in
connection with it shall be governed by and construed in accordance with English law.10.2
    
    Incorporation of the Loan Agreement provisions.The provisions of Clause 17 (Governing Law)
and Clause 18 (Jurisdiction) of the Loan Agreement, as amended and supplemented by this
Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications.
 IN WITNESS
 SIGNED by KONSTANTINOS SISTOVARIS
    
    
    )the duly authorised attorney-in-fact of
    
    
    )STEALTHGAS INC.
    
    
    )in the presence of
    
    
    )SIGNED by ROBIN PARRY
    
    
    )for and on behalf of
    
    
    )DEUTSCHE BANK AG FILIALE
    
    
    )DEUTSCHLANDGESCHÄFT
    
    
    )in the presence of
    
    
    )
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COUNTERSIGNED
 KONSTANTINOS SISTOVARISduly authorized on behalf ofMR ROI INC. /s/ Peter J Mollerduly authorized on behalf ofNAVIG8 FAITH CORPORATION 7