Business
STEALTHGAS INC. Reports First Quarter 2022 Financial and Operating Results
ATHENS, Greece, May 26, 2022 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, May 26, 2022 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company 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, 2022. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 About 59% of fleet days are secured on period charters for the remainder of 2022, with total fleet employment days for all subsequent periods generating approximately $70 million (excl. JV vessels) in contracted revenues. A decrease of $1.5 million in voyage revenues compared to Q1 21’, as a result of having 35 vessels at the end of Q1 22’ compared to 42 vessels at the end of Q1 21’, including the spin-off of the four tanker vessels. A decrease of $7.4 million in voyage expenses, operating expenses and depreciation in aggregate compared to Q1 21’. Sale in Q2 22’ of our 5,000 cbm LPG vessel, the Gas Monarch (1997 built), for further trading to unaffiliated third party. Impairment charge of $0.5 million in Q1 22’ as a result of the sale. Net Income of $7.6 million for Q1 22’ corresponding to an EPS of $0.20. Adjusted Net Income1 of $8.8 million for Q1 22’ corresponding to an Adjusted EPS1 of $0.23. Total cash, including restricted cash, of $82.4 million as of March 31, 2022 compared to $45.7 million as of December 31, 2021. First Quarter 2022 Results: Revenues for the three months ended March 31, 2022 amounted to $35.9 million, a decrease of $1.5 million, or 4.0%, compared to revenues of $37.4 million for the three months ended March 31, 2021, mainly due to a decline in revenues stemming from the spin-off of our 4 tanker vessels which were accounted for in SteatlhGas’ financials up to December 3, 2021, the spin-off completion date, partially offset by the 11.3% increase of our time charter revenues generated from our LPG vessels.Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2022 were $4.2 million and $12.9 million, respectively, compared to $6.9 million and $15.1 million, respectively, for the three months ended March 31, 2021. The $2.7 million decrease in voyage expenses is attributed to the fewer number of vessels in the spot market. Overall, spot days were reduced by 65%. On the other hand there was a rise of daily bunker costs by almost $2,044 (62.3%). The $2...