Business
STEALTHGAS INC. Reports First Quarter 2020 Financial And Operating Results
ATHENS, Greece, May 26, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG)
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, May 26, 2020 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2020.\n OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational utilization of 97.8% mainly due to few of our ships being in the spot market - equivalent to 8.4% of voyage days.Only 23 days of technical off hire of which 21 days related to a technical failure of one LPG vessel.Fleet calendar days, down 11.9% quarter over quarter to 3,811, attributed to our strategic fleet contraction.About 69% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $126 million in contracted revenues. Period coverage for 2021 is currently 31%.Voyage revenues of $34.4 million in Q1 ’20, a decrease of $4.0 million compared to Q1 ’19 following the net reduction of our average owned fleet by four vessels, two fewer chartered-in vessels and one vessel- previously on time charter- which commenced a bareboat charter at the end of 2019.Net Income of $3.0 million for the first quarter of 2020, corresponding to an EPS of $0.08.EBITDA of $16.5 million in Q1 ’20 (48% EBITDA Margin), compared to $17.1 million in Q1 ’19 (45% EBITDA Margin).Low gearing, as debt to assets stands at 37.6%, largely due to our intense repayment schedule.Total cash of $42.6 million- expected to increase by about $25 million in Q2 ‘20 following the financing of the three Medium Gas Carriers owned by our newly established Joint Venture. This financing has already been concluded. The increase will be effected through a return of equity by the Joint Venture arrangement.Purchased, through a tender offer, almost 1.4 million of GASS shares for a total consideration of $2.9 million during April 2020. First Quarter 2020 Results: Revenues for the three months ended March 31, 2020 amounted to $34.4 million, a decrease of $4.0 million, or 10.4%, compared to revenues of $38.4 million for the three months ended March 31, 2019, following the net reduction of our average owned fleet by four vessels, two fewer chartered-in vessels and one vessel- previously on time charter- which commenced a bareboat charter at ...