Business
STEALTHGAS INC. Reports Fourth Quarter and Twelve Months Ended December 31, 2020 Financial and Operating Results
ATHENS, Greece, Feb. 25, 2021 (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, Feb. 25, 2021 (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 fourth quarter and twelve months ended December 31, 2020. OPERATIONAL AND FINANCIAL HIGHLIGHTS1 Fleet utilization of 98.5% with 60 days of technical off hire mainly as a result of two drydockings completed within Q4 2020.Fleet operational utilization of 93.6% mainly due to a number of our ships having a presence in the spot market - equivalent to 28.7% of calendar days.Fleet calendar days, down by 2% quarter over quarter to 3,873 – the decrease attributable mostly to our strategic fleet contraction.About 50% of fleet days secured on period charters for the remainder of 2021 (74% for Q1 21’), with total fleet employment days for all subsequent periods (up until June 2024), generating approximately $81 million in contracted revenues. Including the JV time charters, total secured revenues amount to $92 million.Delivery of a 11,000 cbm newbuilding LPG vessel, the Eco Blizzard, on February 5, 2021 - thus completing our capital expenditure schedule.Sale of our oldest vessel the Gas Pasha (1995 built) on December 7, 2020 for further trading.Following our recent S&P activity, our average LPG fleet age (including our JV vessels) is 9 years.Voyage revenues of $37.3 million in Q4 ’20, an increase of $2.1 million compared to Q4 ’19 mostly due to a 50% reduction of bareboat activity where generated revenue is inherently lower and an increase of time charter revenues stemming from our larger LPG vessels.Net loss of $0.7 million in Q4 20’ corresponding to a net loss per share of $0.02 compared to net income of $0.5 million in Q4 ’19 corresponding to an EPS of $0.01.Adjusted EBITDA of $13.7 million in Q4 20’ compared to $15.1 million in Q4 ’19.Low gearing, as debt to assets stands at 37.3%, and quarter- over- quarter reduction in finance costs by $1.4 million.Total cash, including restricted cash, of $53.0 million as of December 31, 2020 – increased compared to the previous quarter end following the post-delivery financing of the LPG newbuilding Eco Alice.Adjusted net income of $1.1 million for Q4 20’ corresponding to an Adjusted EPS of $0.03 while for the year 2020 our Adjus...