StealthGas, owned by Haris Vafias, announced record nine-month profits.
More specifically, the Nasdaq-listed company announced profits of 55.7 million dollars, up 29.3% compared to the same period in 2023 – while earnings per share amounted to 1.52 dollars.
Regarding the third quarter of 2024, the shipping company, which specializes in managing LPG carriers, recorded a profit of 12.1 million, with earnings per share reaching 0.33.
At the same time, StealthGas’ revenue for the third quarter of 2024 rose by 16.7% (40.4 million) compared to the same period last year, despite the drydocking of four ships (zero percentages in the same period last year).
Commenting on the results, the company’s CEO, Haris Vafias, said that “the company had another quarter of strong performance during the seasonally weaker summer months. We managed to increase revenues by 17% compared to last year, even though there was a heavy tanking program in the third quarter, which reduced fleet utilization. So far this year we have announced record profits and after the strengthening of the market during the winter, we are on track for another record year.”
According to him, 65% of the fleet is contracted for 2025, ensuring approximately 100 million dollars in revenues for the next year. At the same time, as Vafias noted, “StealthGas’ strategic goal is deleveraging and at the end of the third quarter we had 86 million dollars in loans and 77 million dollars in liquidity, a testament to the company’s strong financial position.”
StealthGas operates a fleet of 32 LPG carriers, including five vessels operated in a joint venture, with a total capacity of 354,188 cubic meters.
