StealthGas chief executive Harry Vafias warned that the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations.
“We are optimistic for the future albeit evermore cautiously,” he said in the company’s unaudited financial and operating results for the 2024 fourth quarter.
“As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly,” he added.
The Nasdaq-listed ship-owning company in the LPG sector StealthGas, which is now “net debt free,” after having further reduced its debt in the current quarter, according to the company’s CEO Vafias, has concluded on January 21 the previously announced sale of the Gas Shuriken, with the vessel being delivered to its new owners.
Meanwhile, the company concluded multiple chartering arrangements of three or more months duration.
Specifically, StealthGas concluded a twelve months time charter for its 2024-built LPG carrier Eco Wizard until December 2025, a twelve months time charter for its 2020-built LPG carrier Eco Alice until February 2026, a twelve months time charter for the JV-owned 2007-built LPG carrier Gas Haralambos until December 2025, and a three months time charter for the 2012-built LPG carrier Gas Husky until April 2025.
As of February 2025, the company has total contracted revenues of around $200m. It also has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107m for the remainder of the year.
Furthermore, the company reported “all-time record” net income of $69.9m for the twelve-month period of 2024, a 34.7% increase compared to the same period last year.
Revenues also increased by 27.3% compared to the same period of last year to $43.5m for the fourth quarter of 2024.
Harry Vafias, CEO at StealthGas, remarked: “It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels.
“We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter.
“We are close to completing our deleverage that will bring a long-term advantage to the fleet and the company is in a solid footing.”
