Harry Vafias-led StealthGas managed to increase its revenues by 17% compared to last year even though there was a heavy drydock schedule during the third quarter that reduced the company’s fleet’s utilization.
In its third quarter and nine months report, the shipowner reported record net income of $55.7m for the nine months of 2024, a 29.3% increase compared to a net income of $43m for the same period last year.
Strong profitability continued for the third quarter, StealthGas said, with net income of $12.1m versus $15.7m in the same quarter of 2023.
Third quarter revenues increased by 16.7% compared to the same period of last year to $40.4m, despite a decrease in utilization mainly due to four vessels undergoing drydock during the third quarter of 2024 compared to zero vessels last year.
For the first nine months of the year, revenues amounted to $123.8m, an increase of $14.4m, or 13.2%, compared to revenues of $109.4m for the same period of 2023, based on an average of 27.0 vessels and 30.1 vessels owned by the company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
About 65% of fleet days for 2025 are already secured on period charters, with total fleet employment days for all subsequent periods generating over $220 million (excl. JV vessels) in contracted revenues.
“So far this year we have announced record profits and with the market strengthening during the winter we are on track for another record year. There is continuing interest from charterers on period coverage and we now have contract coverage of 65% for 2025, securing approximately $100 million in revenues for next year. Particularly in Europe, where the majority of our fleet is located, period rates for pressurized vessels are at historical highs,” said chief executive Harry Vafias.
Currently 25 vessels in the company’s fleet are unencumbered.
“We have focused on our strategic goal of deleverage,” Harry Vafias noted.
At the end of the third quarter StealthGas owner had $86m in loans and $77m in cash, a “testament to the company’s strong financial position,” he added.
