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STEALTHGAS INC. Reports Third Quarter and Nine Months 2023 Financial and Operating Results
ATHENS, Greece, Nov. 21, 2023 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of
About this update from Stealthgas, Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 21, 2023 (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 third quarter and nine months ended September 30, 2023. OPERATIONAL AND FINANCIAL HIGHLIGHTS All-time record Net Income of $43.0 million for the nine-month period corresponding to a basic EPS of $1.12. Strong profitability continued for the third quarter with Net Income of $15.7 million for the three-month period corresponding to a basic EPS of $0.41, a 134% increase compared to last year. Significantly increased period coverage. About 50% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating approximately $195 million (excl. JV vessels) in contracted revenues. Expanded the share repurchase program by an additional $10 million for a total of $25 million. To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares. Massively reduced debt by $149.4 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $127.7 million as of September 30, 2023. Revenues at $34.7 million for Q3 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q3 22’ to 27 vessels at the end of Q3 23’. Third Quarter 2023 Results: Revenues for the three months ended September 30, 2023 amounted to $34.7 million compared to revenues of $34.9 million for the three months ended September 30, 2022, a decrease of $0.2 million, or 1%, while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q3 2022 to 27 vessels at the end of Q3 2023 so the vessels remaining in the fleet saw a rise in revenues due to better market conditions.Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2023 were $2.4 million and $12.3 million, respectively, compared to $6.8 million and $14.1 million, respectively, for the three months ended September 30, 2022. The $4.4 million, or 65%, decrease in voyage expenses was the result of lower spot voyage days, while the $1.8 million, or 13%, decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our...