Nasdaq-listed StealthGas owner in the liquefied petroleum gas sector has sealed a number of medium to long term charters increasing forward coverage. As of February 2023, the company has total contracted revenues of approximately $105 million. For the remainder of the year 2023, about 55% of fleet days are secured on period charters, with contracted revenues of approximately $80 million.
The company concluded chartering arrangements of three or more months duration. Specifically, four LPG carriers Eco Freeze, Eco Dominator, Eco Nemesis, and Eco Dream, have a time charter extension for one year. A three years time charter extension has the 2015-built LPG carrier Eco Universe until Mar 2026. Three months time charter arrangement has been secured for the LPG carrier Gas Astrid until Mar 2023, and for the 2011-built LPG carrier Gas Cerberus until Feb 2023, while a six or twelve months time charter has been arranged for the 2015-built LPG carrier Eco Czar, until Jun 2023 or Dec 2023, with option to be declared.
Additionally, StealthGas concluded chartering arrangements on the joint venture vessels. A twelve months time charter for the 2008 built LPG carrier the Gas Shuriken until Dec 2023, and a six months time charter for the 2008 built LPG carrier the Gas Defiance until Jul 2023.
The company also announced the sale of three of its oldest vessels, the 2003 built Gas Prodigy, the 2001 built Gas Spirit, and the 1997 built Gas Galaxy to third parties.
As the shipowner reports the deliveries of Gas Prodigy and Gas Spirit were successfully concluded in January 2023, and the Gas Galaxy is expected to be delivered in March 2023. All vessels were unencumbered and the sale proceeds will be reflected in the cashflow results of the first quarter of 2023.
“At the end of Q4 22’ the Gas Prodigy and the Gas Spirit were accounted for as “Held for Sale” and the company recognized an impairment loss of $2.6 million related to the forthcoming sales,” as the shipowner points out.
The company reported net income of $34.3 million for the year 2022, in comparison with the net loss of $35.1 million the company had for the year 2021.
The CEO of StealthGas Harry Vafias commented on the financial results that “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.”