Operating in a firm market that underpinned yet another quarter of high profitability Stealthgas the Nasdaq listed company reported for the first six months the strongest performance on record, with an EPS of $0.71. CEO Harry Vafias of STEALTHGAS inc commented “During the second quarter we further divested assets in a rising market and will continue to diversify the fleet with the timely addition of bigger sized vessels. We were also largely focused on reducing debt, repaying $105million during the quarter alone, thus greatly reducing our interest rate expenses. At the same time our Board authorised us to repurchase shares that we started doing late in the previous quarter. Up to now we have repurchased over 1million common shares and will continue. We are at the fortunate position where we can deleverage, diversify, repurchase stock and maintain strong liquidity concurrently. Despite any seasonal fluctuations the market remains relatively firm and we expect and upturn in the winter months that are approaching. We remain positive for the medium-term outlook of the LPG shipping market”.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- • All-time record Net Income of $27.3 million for the six-month period corresponding to a basic EPS of $0.71. Strong profitability continued for the second quarter with Net Income of $10.5 million for the three-month period corresponding to a basic EPS of $0.27.
- • About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues.
- • Concluded the previously announced sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All four vessels were sold at a profit, two were delivered during Q2 23’ and two during Q3 23’.
- • Entered into an agreement to sell two more vessels, the Eco Dream and Eco Green with forward delivery in January 2024.
- • Initiated a share repurchase program of up to $15 million. Up to August 11, 2023, 1.1 million shares had been repurchased.
- • Massively reduced debt by $104.9 million from $245.4 million as of March 31, 2023, net of deferred finance charges, to $140.5 million as of June 30, 2023.
- • Revenues at $36.7 million for Q2 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q2 22’ to 29 vessels at the end of Q2 23’.
image: CEO Harry Vafias of STEALTHGAS Inc.
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