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StealthGas, Inc. (NASDAQ: GASS) is a leading global energy seaborne transportation company, specializing in the carriage of liquefied petroleum gas (LPG) and various petrochemical gas products. Based in Greece, StealthGas operates a fleet of 35 LPG carriers, which includes 33 currently in operation and 2 newbuildings set for delivery. The company’s vessels transport products such as propane, butane, butadiene, isopropane, propylene, and vinyl chloride monomer, which are all by-products of oil and natural gas production. These products are carried in liquefied form to reduce volume and ease handling.
Core Business: StealthGas provides its services to LPG producers and users worldwide, facilitating the global trade of essential energy and petrochemical products. The company’s strategic focus lies in the 3,000 to 8,000 cubic meters (cbm) LPG carrier segment, where it ranks number one globally in terms of owned vessels. The fleet has an average age of approximately 11.3 years and a total carrying capacity of 168,097 cbm.
Recent Achievements and Current Projects: StealthGas has maintained strong fundamentals in the handysize LPG carrier sector, aiming to grow and consolidate its fleet. Recent endeavors include the acquisition of new vessels to modernize their fleet and enhance operational efficiency. Financially, the company shows resilience with steady EBITDA and adjusted net income figures, showcasing robust financial health.
Partnerships and Market Position: StealthGas has established significant partnerships with oil producers, refineries, and commodities traders, ensuring a steady demand for its transportation services. The company is well-regarded for its reliability and capacity to meet the intricate logistics needs of its clients.
Financial Condition: StealthGas continues to exhibit a sound financial standing, with adjusted EBITDA and net income reflecting the company’s ability to generate consistent revenue. As the demand for LPG and petrochemical transportation grows, StealthGas is well-positioned to leverage its extensive fleet and market expertise.
For the latest updates on StealthGas, including detailed financial reports and conference call information, please refer to the most recent news releases and announcements.
STEALTHGAS INC. (NASDAQ: GASS) reported record quarterly Net Income of $25.8 million for Q2 2024, a 145.8% increase year-over-year. Revenues rose 13.9% to $41.8 million. The company achieved:
- Basic EPS of $0.70
- 85% of fleet days secured on period charters for remainder of 2024
- Over $220 million in contracted revenues for subsequent periods
- $85.3 million in debt repayments during H1 2024
- Cash and cash equivalents of $76.6 million as of June 30, 2024
CEO Harry Vafias noted strong market conditions and successful vessel fixings at higher rates. The company continues its debt reduction strategy, with 24 unencumbered vessels and a net debt ratio below 5%.
STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector, has announced the release date for its second quarter and six months 2024 financial and operating results. The company will disclose these results before the market opens in New York on September 5, 2024. Following this, at 11:00 am ET on the same day, STEALTHGAS management will host a conference call to discuss the results, operations, and outlook.
Participants are required to pre-register for the conference call to receive dial-in numbers and a personal PIN. Additionally, a live webcast of the conference call will be available through the STEALTHGAS website, with participants advised to register approximately 10 minutes before the webcast begins.
STEALTHGAS (NASDAQ: GASS) announced its Q1 2024 financial results on May 22, 2024. The company reported a record net income of $17.7 million, up 5.4% year-over-year, and EPS of $0.49. Revenues grew by 9.2% to $41.6 million despite a fleet reduction from 32 to 27 vessels. Operating and voyage expenses decreased by 22.7%. Debt repayments totaled $32 million in Q1 and $53.3 million in Q2, leaving $83.6 million in cash and equivalents. Adjusted net income was $19.1 million, or $0.53 per share. EBITDA reached $26.6 million. Contracted revenues stand at $180 million with 73% fleet days secured for 2024.
On May 17, 2024, STEALTHGAS announced the release schedule for its Q1 2024 financial and operating results. The results for the period ending March 31, 2024, will be available before the market opens in New York on May 22, 2024.
Additionally, the company will host a conference call at 11:00 am ET on the same day to discuss the results and future outlook. Participants need to pre-register to receive call details. A live and archived webcast will be accessible via the company's website.
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