US-listed StealthGas posted high profitability in the third quarter and the nine-month period that ended on September 30, 2023.
In his statements, the CEO of the company Haris Vafias emphasized that 2023 turned out to be a significant year for natural gas shipping and especially for StealthGas.
He added that for the first nine months of 2023 the company recorded its strongest performance ever, with basic earnings per share of 1.12 dollars.
He pointed out that the third quarter, which would normally be a seasonally weak quarter, was the second best on record, with net income at 15.7 million dollars.
On the issue of charters, he said that as the market stabilizes, the company has signed long-term agreements, some lasting up to three years, thereby securing some of its future revenue.
The company’s net income rose to 15.7 million dollars in the third quarter of 2023, compared to 6.7 million dollars in the same period of 2022.
In the nine months, StealthGas’ net profits reached 43.0 million dollars, compared to 26.5 dollars in the same period last year.
The company’s revenue in the quarter ending September 30, 2023 was down 0.2 million dollars, or 1%, to 34.7 million dollars, compared to 34.9 million dollars in the same quarter of 2022.
The fleet was reduced to 27 vessels at the end of the third quarter of 2023 from 34 vessels at the same period last year.
Revenues for the nine-month period that ended on September 30, 2023 stood at 109.4 million dollars, down 0.6 million dollars, or 0.5%, compared to the same period last year.
