Focusing on the expansion of its fleet and the provision of eco-efficient transportation services to its charterers Nasdaq NYSE StealthGas Inc. has reported excellent revenues at $42.7 million for Q4 22’ and $152.8 million for FY 22’ despite having reduced the number of vessels in the fleet from 37 vessels at the end of Q4 2021 to 34 vessels at the end of Q4 2022. The highest quarterly revenue number in the last five years.
The company has also entered into a number of medium to long term charters increasing forward coverage. About 55% of fleet days are secured on period charters for 2023, with total fleet employment days for all subsequent periods generating approximately $105 million (excl. JV vessels) in contracted revenues.
It must also be noted that the net Income stands at $7.7 million for Q4 22’ corresponding to an EPS of $0.20 and $34.3 million for FY 22’ corresponding to an EPS of $0.90, setting a new record in annual profits.
Total cash, including short-term investments and restricted cash stands at of $100 million as of December 31, 2022 compared to $45.7 million as of December 31, 2021, an increase of 109.4%.
StealthGas Inc. has entered into sale agreements for three of the oldest vessels in the fleet, the Gas Prodigy, the Gas Spirit and the Gas Galaxy. All vessels were unencumbered and the sale proceeds will be reflected in the first quarter 2023.
CEO Harry Vafias Commented: “I am very pleased to report best ever annual profit for Stealthgas. In a difficult environment with rising interest rates and a smaller fleet, we managed to earn total net income of $34.3 million or $0.90 per share. Our adjusted EPS for Q4 22’ was 4 times higher than the adjusted EPS for Q4 21’, our total cash doubled from $45.7 million at prior year end to $100 million at December 31, 2022, while our total assets were $900 million at December 31, 2022 with only $303.6 million in total liabilities! These results give us the energy we all need to continue to push for more noteworthy results and to strengthen the Company and our balance sheet even further!”.
SteatlhGas Inc. has a fleet of 38 LPG carriers, including six Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of Q12024. These LPG vessels have a total capacity of 456,367 cubic meters (cbm).
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