Matthieu Moulonguet, Policy Officer, European Commission presented a Regulatory Update on EUETS saying that the existing scheme will cover maritime transport emissions as from 1 January 2024. He also noted that the geographical scope of ETS is 100% of emissions from voyages within the EU, 50% of the emissions from voyages starting or ending outside of the EU. ETS aims to reduce CO2, N2, NH4 emissions.
Kostas Economou, Head of Shipping Finance, Pancreta Bank & General Secretary of the ‘Association of Banking and Financial Executives of Hellenic Shipping’ explained the Banking Approach on the "Green" Transition. Mr Economou pointed out that the banks have already provided loans bonds or lease designed specifically to support environmentally friendly initiatives in shipping. In this view the Poseidon principles was launched to encourage green initiatives which has 30 signatories from institutions that hold more than 50% of the aggregate debt portfolios.
Given its capital intensive nature investors are encouraged to push stakeholders to adopt emissions reduction plans.aligned with achieving a zero carbon target by 2050.
George Laios, Deputy CEO, Intermodal gave a speech on how to Navigate the EU ETS - Charting a Sustainable Course for Shipping.
Mr Laois said that EUAs are tradable commodities and are influenced by a range of the market supply and demand factors including geopolitical events like Russia - Ukraine conflict.
Maria Kyratsoudi ABS’ business development manager referred to the new features of Emissions Reporter Portal and presented some screenshots of how the system works.
She remarked the the portal is a statement of facts and not a certificate of compliance.
Antony Vourdachas, Principal Engineer, Global Sustainability, ABS focused on ABS Carbon Diligence Platform.
Finally a panel discussion took place about the Inclusion of Shipping in the EU-ETS - Addressing the Challenges with Moderator Stamatis Fradelos, Vice President Regulatory Affairs, ABS.
Panelists: Georgios Poularas CEO at ENESEL S.A., Kostas Polydakis, CEO at MM Marine Inc. - Mercuria Energy Group, Kostas Economou Head of Shipping Finance, Pancreta Bank & General Secretary of the ‘Association of Banking and Financial Executives of Hellenic Shipping, Matthieu Moulonguet, Policy Officer, European Commission, Nektarios Mamitsas, Directorate of Climate Change and Air Quality, Section for Market Mechanisms and GHG Emissions Registry, Hellenic Ministry of Environment and Energy.

ELNAVI Newsletter
More information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The UK Defence Club organized a seminar at the Yacht Club of Greece regarding the bunkering myths that have to be debunked.
Two distinguished Speakers Chris Fisher - Consultant Fuel Chemist, Brookes Bell and Paul Herring - Legal Director UK Defence Club presented the issues of fuel sampling, evidence in support of a fuel quality claim, mitigation and avoidance of risk and last but not least referred to quantity claims for short deliveries.
The quality of bunker fuel continues to be a source of concern for shipowners and charterers. This seminar looked at the steps that can be taken to reduce the risk and extent of fuel-related claims.Speakers shared their experience and gave useful advice.

ELNAVI Newsletter
More information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

ELNAVI celebrated its 50th anniversary during the 2day WIMA’s Convention at the Stone Warehouse of PPA.
38 stands of WIMA members flanked the exhibition - ELNAVI has been a member since 2006 and closed its curtain festively. Celebrating with friends and partners, ELNAVI chose @thegrazingtableathens from Pepper & Sugar with the talented chef Pavlos Sfikakis and the wine of the architect / art designer of our stand Sara Oikonomou.
During the event Stefanos Papandreou and Theano Kalapotharakou co-publishers thanked the distinguished guests and friends of ELNAVI saying: “On the occasion of our 50th anniversary edition, would like to extend our deep appreciation to all our partners of the magazine who have contributed their best in the 50 year course of the publication and we would like to thank our readers and advertisers who have supported us in all shipping market conditions.
Last but not least we also express our respect and gratitude to our predecessor Elias Kalapotharakos, founder of ELNAVI who have taught us the values of journalism which include responsible and accurate updating.
We continue our uninterrupted 50year activity inspired by the Greek shipping achievements and our duty for the future generations”.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Despina Panayiotou Theodosiou, Co-CEO of Tototheo Maritime™, and a prominent figure in the maritime industry, has been honored with the inaugural “Gender Equality Award" by the International Maritime Organization (IMO).
The candidacy of Ms. Panayiotou Theodosiou for the Gender Equality Award was submitted by the Cyprus Shipping Deputy Ministry last July. The results were announced yesterday during the 130th Council Session of the IMO. It was emphasized that Ms. Panayiotou Theodosiou embodies the essence of this award, significantly contributing to the promotion of gender equality in the maritime sector through her work and actions.
In an announcement Cyprus' Shipping Deputy Minister, Ms. Marina Hatzimanolis, congratulated Ms. Panayiotou Theodosiou for the prestigious accolade. She commended her notable achievements and unwavering commitment to advancing gender equality in the field of shipping, setting a significant benchmark for excellence in the industry.
In her statement, Ms. Panayiotou Theodosiou said that it is an immense honour receiving the award, and extended her gratitude to the President of the Republic of Cyprus, Mr. Nikos Christodoulides and the Shipping Deputy Minister, Mrs. Marina Hadjimanolis, for submitting and supporting her nomination. She also expressed her dedication to the continuous promotion of gender equality within the maritime community.
“Over the last 10 years raising awareness of the incredible work women are undertaking within the maritime industry and the importance of gender diversity, equity and inclusion have been a key focus for me on both a personal and professional level. During my time as President of WISTA International it was a privilege to be part of the driving force behind many of the initiatives related to advancing gender equality within the industry, and when I look at what has been achieved I feel an immense sense of pride for being able to play my part in bringing about change. With that said, we still have a long way to go, and I’d like to take this opportunity to encourage everyone to continue to break down the barriers, acknowledge the need for change and work together to create a more inclusive and diverse maritime industry.”
The IMO Gender Equality Award aims to recognize individuals, regardless of gender, whose contributions significantly promote gender equality and empower women in the maritime industry.

image: Despina Panayiotou Theodosiou, Co-CEO of Tototheo Maritime with Cyprus' Shipping Deputy Minister, Ms. Marina Hatzimanolis

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

HEMEXPO – Hellenic Marine Equipment Manufacturers and Exporters – has appointed a new Board of Directors following the association’s General Assembly Meeting on Tuesday 21 November.
After completing the bi-annual election process, Mr Konstantinos Fanouriadis, CEO of FARAD S.A., Mr Athanasios Athanasopoulos, CEO of UTECO ABEE and Mr Ilias Mallios, Export Manager of SeaBright S.A. were re-appointed to the board, joined by Mr Stefanos Chartomantzidis, Chief Commercial Officer of Prisma Electronics. All four will assume the title of Vice-President of HEMEXPO.
HEMEXPO is a leading suppliers and exporters association for the shipping sector, which has supported Greek marine equipment manufacturers and technology specialists since 2014. The Board of Directors, which is led by HEMEXPO President, Mrs. Eleni Polychronopoulou, is responsible for setting the association’s direction, supporting members and raising awareness of the Greek marine manufacturing industry at both a national and international level.
HEMEXPO President, Mrs Polychronopoulou, said: “I am delighted to confirm Mr Fanouriadis, Mr Athanasopoulos, Mr Mallios and Mr Chartomantzidis as members of the Board of Directors for HEMEXPO. Moving forward the Board of Directors will be responsible for continuing HEMEXPO’s initiatives relating to promotion, as well as Research and Development, but also for undertaking new actions to address the challenges that are unique to the manufacturing, shipbuilding and repairs sectors.
“As an association of leading Greek marine equipment manufacturers, our goal is to continue to develop new and innovative products to address evolving industry needs, while at the same time using our collective strength to build lasting international and local partnerships. After another excellent year for HEMEXPO, I am confident that our Board of Directors will continue to excel in achieving the association’s objectives and supporting our members”.
HEMEXPO – Hellenic Marine Equipment Manufacturers and Exports – is a leading suppliers and exporters association for the shipping sector, representing Greek maritime technology specialists worldwide since 2014.
HEMEXPO brings together Greek companies that manufacture and export a comprehensive range of world class marine equipment and technical services used in the construction, conversion, maintenance and upgrading of ships and other marine structures.

Image: Mrs Eleni Polychronopoulou, President of HEMEXPO

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The Propeller Club, Port of Piraeus, and the American-Hellenic Chamber of Commerce successfully organized their joint Thanksgiving Dinner, on Monday, November 20^th, 2023, at the Athenaeum Intercontinental Hotel. 
Both organizations share a common objective of promoting the bilateral relations between Greece and the United States, as well as strengthening the friendship and cooperation between the two nations. 
Graced by the esteemed presence of the U.S. Ambassador to Greece, George J. Tsunis, the event was a resounding success, having been attended by 450 distinguished guests from the shipping, commercial, and industrial sectors, including notable representatives from both organizations.
In his address, Nikolaos Bakatselos, the President of the American-Hellenic Chamber of Commerce, referred to the profound meaning of Thanksgiving and emphasized the significance and value of this cherished holiday. Additionally, he highlighted the strong and unbreakable bonds that exist between the nations of Greece and the United States, which serve as a constant source of strength and reassurance not only for the present, but also for the future that lies ahead.
The President of the Propeller Club, Port of Piraeus, Costis Frangoulis, stressed the significance of the annual Thanksgiving dinner as a longstanding tradition, while he expressed his gratitude for the Propeller-AmCham partnership, which aims to strengthen the Greek-American bond and promote cooperation between the two countries. The President also highlighted the achievements of Greek shipping on a global level. “We are thankful and proud that our country remains the world’s leading maritime force. An inspiration for all the Greeks. A great example that we can thrive and lead the way internationally, in other sectors too.”
Addressing the guests, U.S Ambassador, George J. Tsunis, referred to Democracy and immigration. "By living in Athens, you realize how lucky you are to live in a place like Greece, or to live in a place like the USA. They are both democratic countries.”
The Ambassador discussed about how the USA drew upon the democratic principles of ancient Athens to establish its political system. “Thousands of years ago, for the first time, people made a political system not perfect, but the best that has ever been created in the history of mankind. A political system based on as many freedoms as possible for the citizen. And we must be grateful for the Ethos of the ancient Greeks." 
Courtesy of the American Farm School, 10 complimentary turkey coupons were given at the event. 

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Ship design, particularly the design of bulk carriers, presents particular challenges when it comes to the decarbonisation of existing vessels, a forum of INTERCARGO members and guests in Athens has heard.
Welcoming more than 200 attendees to the event entitled ‘Solutions for Sustainable Dry Bulk Shipping’, INTERCARGO Chairman Dimitris Fafalios advised: “Shipping is an extremely wide term covering both tramp and liner sectors. Our sector, that of dry bulk carriers, presents special challenges to decarbonisation due to its non-regular, itinerant nature, serving more ports and more anchorages in the world than other sectors.
“The design of our bulk carriers, especially the smaller geared vessels, present a cargo section forward of the engine room bulkhead where deck tanks for alternative fuels cannot be located. In addition, the deck cranes leave little room for the increased storage volumes required by alternative, low carbon or zero carbon fuels.”
The high-level evening seminar, held at the Stavros Niarchos Foundation Cultural Center and supported by @TECHNAVA, explored the real-life technical and operational solutions that can assist dry bulk operators to move forward on their decarbonisation journey. Speakers included representatives from Nihon Shipyard (NSY) in Japan, one of the world’s leading bulk carrier builders; engine maker WinGD, who shared their experience with engines designed for ammonia and methanol; leading marine technology firm Alfa Laval; and Oldendorff Carriers, an active INTERCARGO member who reviewed the commercial impact of the imminent EU-ETS scheme. Each presentation was followed by a lively Q+A session where many participants shared their thoughts, concerns and experience.
Sessions were moderated by INTERCARGO Technical Committee Vice Chairman, Dimitris Monioudis whilst the association’s Vice Chairman Spyros Tarassis and members of INTERCARGO’s Secretariat were on hand to welcome attendees.
Mr Fafalios commented: “It was exciting to have so many INTERCARGO members present at this important meeting. Dry bulk ship owners are keen to play their part in helping to meet shipping’s ambitious decarbonisation goals and events like this enable us to share knowledge and experience.”

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Representatives of Cruise Lines International Association (CLIA), members of the Government, and key stakeholders discussed CLIA’s proposed Action Plan for Greece for the next five years, during a CLIA visit in Athens last week.
Development of homeporting activities, the opening of new destinations, and the need for port infrastructure to meet the requirements of the EU Fit For 55 legislation, as well as the potential for cruise shipbuilding in Greece, the extension of the cruise season, and opportunities for seafarers were all on the agenda.
Represented by Marie Caroline Laurent, Director General of CLIA in Europe and Maria Deligianni, CLIA’s National Director for the Eastern Mediterranean, and joined by cruise line members, CLIA met with the Minister of Maritime Affairs and Insular Policy Mr. Christos Stylianides, Minister of Culture Ms. Lina Mendoni and the Deputy Minister of Tourism Ms. Elena Rapti. 
CLIA’s Director General in Europe, Marie Caroline Laurent, said: “The goal of our proposed Action Plan is to maximise the benefits to Greece from cruising and help to unlock its potential for sustainable growth. Our plan was well received by the Ministers, and we are pleased that our vision is consistent with the Government’s priorities”.
CLIA’s National Director, Eastern Mediterranean Maria Deligianni added: “Greece is seeing great growth in cruising the last years, bringing significant benefits to its economy, generating more than €1,1 billion euros annually and supporting thousands of jobs. We welcome this development and, with great respect for the communities that support the cruise sector, we cooperate on itineraries, port operations, and improved destination management practices, to provide sustainable, optimal experiences for communities and visitors”.
The meeting with the Minister of Maritime Affairs and Insular Policy Mr. Christos Stylianides confirmed the need for port infrastructure and investments for development of homeporting activities and the opening of new destinations. Discussions also focused on the need of port infrastructure to meet the requirements of the EU Fit For 55 legislation, and production and supply of sustainable marine fuels at key ports in Greece.
Discussions also included how the recent revitalization of shipyards in Greece and the potential for cruise shipbuilding could represent a business opportunity for the country. CLIA also shared how it is raising awareness of career opportunities in the cruise sector through educational ship visits for Greek students.
The meeting with Minister of Culture and Sports Ms. Mendoni confirmed that concrete steps are being taken to develop new archaeological sites to highlight the country’s unique cultural history, as well as to improve conditions at existing sites, including the Acropolis in Athens. CLIA congratulated the Minister for the actions already taken to improve the guest experience and noted that the Acropolis of Athens can serve as a model of sustainable tourism management practices for other archaeological sites of global significance.
The Deputy Minister of Tourism Ms. Rapti embraced CLIA’s proposal to work jointly on extending the cruise season and opening new destinations given the wide variety of options that Greece can offer to cruise visitors.
CLIA stressed the need for a holistic approach to destination management to manage tourism flows.
Discussions also covered the need to encourage partnerships among Eastern Mediterranean countries, highlighting the uniqueness of the region which brings together three continents: Europe, Africa, and Asia.
Lastly, the Minister embraced CLIA’s initiative to inform the young people about the vast range of career opportunities in the cruise sector.
The delegation also met the President of Piraeus Chamber of Commerce and Industry (PCCI) Mr. Vassilis
Korkidis, the President of the Hellenic Ship Suppliers and Exporters Association Mr. Nikolaos Mavrikos, the Director General of the Union of Greek Shipowners (UGS) Ms Katerina Peppa, the General Manager of the Greek Tourism Confederation (SETE) Ms Maria Gatsou, and the Director General of HELMEPA, Ms Olga Stavropoulou.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Environmental Defense Fund (EDF) and Lloyd’s Register (LR) Maritime Decarbonisation Hub, in collaboration with Arup, introduced today the Sustainable First Movers Initiative Identification Tool, a system to help shipping stakeholders align investment decisions that support the maritime energy transition away from fossil fuels.
The tool, which is presented in a preliminary findings report – The Potential of Ports in Developing Sustainable First Movers Initiatives – scores a port’s potential to produce and bunker electrofuels while delivering local environmental and community benefits in alignment with the global temperature target of 1.5 degrees Celsius set by the Paris Agreement.
“Ports can play an important role in kickstarting shipping’s decarbonisation process even before global policies are established,” said Marie Cabbia Hubatova, Director, Global Shipping at Environmental Defense Fund. “By considering the impact sustainable first mover initiatives can have on port-side communities, climate, environment and economies, resources can be better directed to locations where these initiatives will make the biggest difference.”
With close to two billion people living near coastal zones globally, the role of, and impacts on local port communities must be intentionally considered as the sector decarbonises globally. Ports can play a crucial role in ensuring shipping decarbonisation efforts are done in a way that has positive impacts on port communities. The preliminary phase of the Sustainable First Movers Initiative Identification Tool analyses 108 ports in the Indo-Pacific region according to five criteria including land suitability, air quality, renewable energy surplus, economic resilience and ship traffic.
It is also applied to three different port scenarios, including ports exploring fuel production and bunkering, ports exploring fuel exports, and ports exploring fuel imports and bunkering. The combined criteria and scenario evaluation determines which ports have the greatest potential (‘high potential’) for sustainable first mover initiatives to lead to significant emissions reductions and positive impacts in nearby communities, such as improved air quality and economic resilience.
“The transition to clean energy supply for shipping can be achieved only if stakeholders act together. Identifying potential port locations is the first step in this process,” said Dr Carlo Raucci, Consultant at Lloyd’s Register Maritime Decarbonisation Hub. “This approach sets the base for a regional sustainable transition that considers the impacts on port-side communities and the need to avoid regions in the Global South lagging behind.”
Regions in the Global South are fundamental in driving the decarbonisation of shipping. To make this transition effective, the rate at which different countries adopt and scale up electrofuels must be proportional to the difference in capital resources globally to avoid additional costs being passed on to local communities. Sustainable first mover initiatives can play an important role in making this happen by ensuring the sector’s decarbonisation is inclusive of all regions and by engaging all shipping stakeholders, including port-side communities.
“There’s a huge opportunity for early adopter shipping decarbonisation initiatives to unlock benefits for people and planet – shaping the way for a more equitable transition in the 2030s,” said Mark Button, Associate, Arup. “Our collective approach shows that taking a holistic view of shipping traffic, fuel production potential and port communities could help prioritise action at ports with the greatest near-term potential.”
The tool can be customised according to stakeholders’ needs and goals and is dependent on scenario desirability. The next phase of this work will include the selection and detailed assessment of 10 ports to help better understand local needs and maximise the value offered by sustainable first mover initiatives.
LR and EDF carried out a joint study on ammonia as shipping fuel, and LR and Arup have collaborated on The Resilience Shift study focused on fuel demand for early adopters in green corridors, ports, and energy systems, amongst many other projects.

About Enviromnental Defense Fund
One of the world’s leading international nonprofit organizations, Environmental Defense Fund (edf.org) creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law, and innovative private-sector partnerships. With more than 3 million members and activists and offices in the United States, China, Mexico, Indonesia and the European Union, EDF’s scientists, economists, attorneys and policy experts are working in 28 countries to turn our solutions into action. Connect with us on Twitter @EnvDefenseFund.

About Lloyd’s Register
Lloyd’s Register (LR) and Lloyd’s Register Foundation through the LR Maritime Decarbonisation Hub, are enabling the delivery and operation of safe, technically feasible and commercially viable zero-emission shipping. Our research and partnerships with other forward-looking organisations bring together thought leaders and subject matter experts to create and share evidence, insight, and knowledge on shipping’s energy transition to stakeholders across the industry. Connect with us online via www.maritimedecarbonisationhub.org

About Arup
Arup is a global independent firm of more than 15,000 designers, planners, engineers, architects, consultants and technical specialists, working across every aspect of today’s built environment. The company was founded on the belief that the built environment has a central role in creating a safer, more sustainable planet. Together we help our clients solve their most complex challenges – turning exciting ideas into tangible reality as we strive to find a better way and shape a better world.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,

Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Operating in a firm market that underpinned yet another quarter of high profitability Stealthgas the Nasdaq listed company reported an all-time record net Income of $43.0 million for the nine-month period corresponding to a basic EPS of $1.12 for the third quarter and nine months ended September 30, 2023.
The CEO of StealthGas Mr. Harry Vafias commented: “2023 has turned out to be a tremendous year for gas shipping overall and especially for StealthGas. So far for the first nine months of 2023 we have reported our strongest performance on record, with a basic EPS of $1.12. For the third quarter, in what normally would be a seasonally weak quarter, we reported net income of $15.7 million, the second-best quarter on record, only surpassed by the first quarter of this year. As the market is firming we took advantage of the momentum and entered into a number of long period charters some with durations as long as three years thus securing part of our future revenues. We have thus extended the duration of our contract coverage to over 50% for 2024.  Also part of our strategy is deleveraging, and so far during this year we have more than halved our outstanding debt, repaying $151 million and greatly reducing our interest rate expenses in the process while at the same time keeping 15 out of the 27 vessels debt-free. At the same time we sought to expand the repurchase of shares with an additional $10 million as we used the initial $15 million, and during a short period of time we have so far repurchased over 10% of the outstanding shares with the aim to return value to our shareholders. The market remains firm as we are entering the seasonally stronger winter months and is buoyant for the larger sized vessels, in what we hope will prove a well-timed diversification of the fleet with the addition of larger sized vessels. We believe we are well positioned to benefit from strong markets and to continue to generate shareholder value”.  

Operational and Financial Highlights

• •  All-time record Net Income of $43.0 million for the nine-month periodcorresponding to a basic EPS of $1.12. Strong profitability continued for the third quarter with Net Income of $15.7 million for the three-month period corresponding to a basic EPS of $0.41, a 134% increase compared to last year.
• •  Significantly increased period coverage. About 50% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating approximately $195 million (excl. JV vessels) in contracted revenues.
• •  Expanded the share repurchase program by an additional $10 million for a total of $25 million.To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares.
• •  Massively reduced debt by $150 millionfrom $277.1 million as of December 31, 2022, net of deferred finance charges, to $127.7 million as of September 30, 2023.
• •  Revenues at $34.7 million for Q3 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q3 22’ to 27 vessels at the end of Q3 23’.

Third Quarter 2023 Results:

• § Revenuesfor the three months ended September 30, 2023 amounted to $34.7 million compared to revenues of $34.9 million for the three months ended September 30, 2022, a decrease of $0.2 million, or  1%, while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q3 2022 to 27 vessels at the end of Q3 2023 so the vessels remaining in the fleet saw a rise in revenues due to better market conditions.
• § Voyage expenses and vessels’ operating expensesfor the three months ended September 30, 2023 were $2.4 million and $12.3 million, respectively, compared to $6.8 million and $14.1 million, respectively, for the three months ended September 30, 2022. The $4.4 million, or 65%, decrease in voyage expenses was the result of lower spot voyage days, while the $1.8 million, or 13%, decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.
• § Drydocking costsfor the three months ended September 30, 2023 and 2022 were $0.1 million and $1.8 million, respectively. Drydocking expenses during the third quarter of 2023 mainly relate to the preparation for drydocking of one vessel, compared to the drydocking of four vessels in the same period of last year.
• § Management fees for the three months ended September 30, 2023 and 2022 were $1.1 million and $1.3 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet.
• § General and administrative expenses for the three months ended September 30, 2023 and 2022 were $1.7 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.
• § Depreciationfor the three months ended September 30, 2023 and 2022 was $5.5 million and $6.9 million, respectively, as the number of our vessels declined.
• § Gain on sale of vessels for the three months ended September 30, 2023 was $4.7 million which was due to the sale of two of the Company’s vessels.
• § Interest and finance costs for the three months ended September 30, 2023 and 2022, were $2.5 million and $3.5 million, respectively. The $1.0 million, or 29%, decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in variable interest rates as well as profits from closing of swap positions due to debt prepayments.
• § Interest income for the three months ended September 30, 2023 and 2022 was $0.8 million and $0.3 million, respectively. The increase is mainly attributed to increases in interest rates over the corresponding period.
• § Equity earnings in joint venturesfor the three months ended September 30, 2023 and 2022 was a gain of $0.9 million and $6.1 million, respectively. The $5.2 million decrease was mainly due to the gain from a sale of a vessel that was recorded in one of the joint ventures during the three months ended September 30, 2022.
• § As a result of the above, for the three months ended September 30, 2023, the Company reported net income of $15.7 million, compared to net income of $6.7 million for the three months ended September 30, 2022 an increase of $9.0 million, or 134%.The weighted average number of shares outstanding, basic, for the three months ended September 30, 2023 and 2022 was 37.3 million and 37.9 million, respectively.
• § Earnings per share, basic,for the three months ended September 30, 2023 amounted to $0.41 compared to earnings per share of $0.18 for the same period of last year.
• § Adjusted net income^[1]was $12.0 million corresponding to an Adjusted EPS¹ of $0.31 for the three months ended September 30, 2023 compared to Adjusted net income of $6.1 million corresponding to an Adjusted EPS of $0.16 for the same period of last year, an increase in Adjusted net income of $5.9 million, or 97%.
• § EBITDA¹for the three months ended September 30, 2023 amounted to $22.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA¹ to Net Income are set forth below.
• § An average of 27.6 vessels were owned by the Company during the three months ended September 30, 2023 compared to 34.0 vessels for the same period of 2022.

Nine Months 2023 Results:

• § Revenuesfor the nine months ended September 30, 2023 amounted to $109.4 million, a decrease of $0.6 million, or 0.5%, compared to revenues of $110.0 million for the nine months ended September 30, 2022, primarily due to reduction in the fleet size.
• § Voyage expenses and vessels’ operating expensesfor the nine months ended September 30, 2023 were $9.9 million and $40.2 million, respectively, compared to $15.6 million and $40.3 million for the nine months ended September 30, 2022. The $5.7 million, or 37%, decrease in voyage expenses was mainly due to the decrease in spot days. The $0.1 million decrease in vessels’ operating expenses despite the reduction in fleet size was primarily the result of cost overruns in certain cost categories like spares and crew and was more pronounced during the Q1 23’ and less so during Q3 23’.
• § Drydocking costsfor the nine months ended September 30, 2023 and 2022 were $2.6 million and $2.3 million, respectively. The costs for the nine months ended September 30, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of five vessels.
• § General and administrative expenses for the nine months ended September 30, 2023 and 2022 were $3.7 million and $2.6 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.
• § Depreciation forthe nine months ended September 30, 2023 was $18.1 million, a $2.9 million decrease from $21.0 million for the same period of last year, due to the decrease in the average number of our vessels.
• § Impairment lossfor the nine months ended September 30, 2023 was $2.8 million relating to two vessels, for which the Company has entered into separate agreements to sell them to third parties.

Impairment loss for the nine months ended September 30, 2022 was $0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner.

• § Gain on sale of vessels for the nine months ended September 30, 2023 was $7.6 million, which was primarily due to the sale of seven of the Company’s vessels.
• § Interest and finance costsfor the nine months ended September 30, 2023 and 2022 were $7.6 million and $8.7 million respectively. Despite increases in interest rates during that period, interest costs fell mainly due to the decrease of our outstanding indebtedness.
• § Interest income for the nine months ended September 30, 2023 and 2022 was $2.8 million and $0.4 million, respectively. The six fold increase is mainly attributed to increases in interest rates and in our average cash and cash equivalents including deposits over the corresponding period.
• § Equity earnings in joint venturesfor the nine months ended September 30, 2023 and 2022 was a gain of $11.4 million and a gain of $9.7 million, respectively. The $1.7 million increase from the same period of last year is mainly due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures.
• § As a result of the above, the Company reported a net incomefor the nine months ended September 30, 2023 of $43.0 million, compared to a net income of $26.6 million for the nine months ended September 30, 2022 an increase of $16.4 million, or 62%.The weighted average number of shares outstanding, basic, as of September 30, 2023 and 2022 was 37.9 million and 37.9 million, respectively.
• § Earnings per share, basic,for the nine months ended September 30, 2023 amounted to $1.12 compared to earnings per share, basic, of $0.70 for the same period of last year.
• § Adjusted net incomewas $40.0 million, or $1.04 per share, for the nine months ended September 30, 2023 compared to adjusted net income of $26.1 million, or $0.69 per share, for the same period of last year, an increase of $13.9 million, or 53%.
• § EBITDAfor the nine months ended September 30, 2023 amounted to $66.0 million.Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
• § An average of 30.1 vessels were owned by the Company during the nine months ended September 30, 2023, compared to 35.0 vessels for the same period of 2022.
• § As of September 30, 2023, cash and cash equivalents(including restricted cash) amounted to $80 million and total debt amounted to $127.7 million.

Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):  

• · A three-year time charter extension for its 2018 built LPG carrier Eco Freeze, until May 2027.
• · A three-year time charter extension for its 2018 built LPG carrier Eco Ice, until Sep 2027.
• · A three-year time charter extension for its 2011 built LPG carrier Gas Myth, until Jan 2027.
• · A twelve months time charter extension for its 2007 built LPG carrier Gas Flawless, until Dec 2024.
• · A twelve months time charter extension for its 2014 built LPG carrier Eco Invictus, until Oct 2024.
• · A twelve months time charter extension for its 2021 built LPG carrier Eco Blizzard, until Oct 2024.
• · A six months time charter extension for its 2016 built LPG carrier Eco Nical, until Apr 2024.
• · A six months time charter extension for its 2016 built LPG carrier Eco Alice, until Mar 2024.
• · A six months time charter for its 2018 built LPG carrier Eco Arctic, until Mar 2024.
• · A twelve months time charter for its LPG carrier Eco Oracle, to be delivered in Jan 2024.
• · A twelve months time charter for its LPG carrier Eco Wizard, to be delivered in Jan 2024.

As of November 2023, the Company has total contracted revenues of approximately $200 million.
For the remainder of the year 2023, the Company has about 85% of fleet days secured under period contracts, and 50% for the year 2024.
On October 6, 2023, the 40,000cbm vessel newbuilding Eco Sorcerer was delivered in Korea to our joint venture. The vessel has been deployed on a twelve-month time charter.
SteatlhGas Inc. has a fleet of 33 LPG carriers, including six Joint Venture vessels in the water, and two 40,000 cbm newbuilding Medium Gas Carriers  to be delivered by the end of Q1 2024. These LPG vessels have a total capacity of 397,747 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.