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GASS-News
GASS-Events
STEALTHGAS Concludes Insurance Matter for Vessel Eco Wizard
STEALTHGAS announced that the previously reported insurance matter relating to its vessel Eco Wizard has been satisfactorily concluded with the vessel's insurers and the agreed compensation has been received. The Company intends to sell the vessel in its current damaged condition to third parties. The Company also announced that in relation to the single vessel that had been stranded inside the Persian Gulf following the eruption of hostilities, the vessel has safely exited the Straits of Hormuz without any incident occurring.
Company Reports Q4 Revenue of $39.371M
Reports Q4 revenue $39.371M vs $43.467M last year.
StealthGas announces Q3 adjusted EPS of 39 cents, up from 38 cents a year ago.
Reports Q3 revenue $44.5M vs $40.445M last year. CEO Harry Vafias Commented: "During the summer months the market experienced a seasonal softening in spot rates but the drop in activity was relatively modest. Due to the high period coverage in our fleet we achieved another quarter of solid profits with a 10% increase compared to last year. So far in the current quarter charter rates have been increasing while the volatility in the geopolitical environment seems to have subsided somewhat, at least temporarily, resulting in increasing trade flows and improvement in sentiment. We are always looking for opportunities to divest older assets, and as such we entered into an agreement for the third time this year to sell another one of our older vessels. In terms of maintaining a solid balance sheet, one of our core goals, we completed the deleverage by paying down $350 million of debt obligations over the last 3 years and the Company is now debt free."
StealthGas announces Q2 earnings per share of 55 cents, down from 70 cents a year ago.
Reports Q2 revenue $47.2M vs $41.78M last year. "After a tumultuous start for the year sentiment has improved considerably and we are proud to report very solid second quarter results. Revenue growth exceeded our expectations setting a new quarterly record at $47.2 million. At the same time during the current third quarter we completed our deleveraging, having repaid $86 million in debt this year and close to $350 million since we began deleveraging at the start of 2023. Out of our 29 fully owned vessels none have any debt financing obligations, an envious position that greatly enhances our flexibility going forward and underpins our solid balance sheet. The unfortunate development with the Eco Wizard that will keep the vessel out of employment for some time, will have an impact in our revenue generation for the near future. The situation is still developing and we are committing our resources to a swift resolution. We are confident that the fundamentals for LPG shipping continue to be positive and our company is in a very favorable position to take advantage of the rising demand. As we are now exiting the seasonally weaker summer months, we expect chartering activity to pick up in the fourth quarter."
StealthGas reports Q1 adjusted EPS 44c vs. 53c last year
Reports Q1 revenue $42M vs. $41.6M last year. Board Chairman Michael Jolliffe Commented, "The results that were announced today point to a strong start to the year and underpin our confidence in sustaining the momentum we have built over the last years, throughout 2025. It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive. In this volatile environment StealthGas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over $50 million in debt repayments during this year and having 27 out of 28 vessels unencumbered. At the same time in order to return value to our shareholders, we have begun buying back shares, spending $1.8 million in share repurchases since March. Overall under the current program the Company has spent over $21.2 million in share repurchases since June 2023."
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