StealthGas closed 2024 with a historic high in profitability for the third consecutive year.
Specifically, the Nasdaq-listed company announced profits of 69.9 million dollars – an increase of 34.7% compared to the previous year – while earnings per share amounted to 1.91. Strong profitability was also recorded during the fourth quarter, with net profits of 14.2 million euros, corresponding to 0.38 per share.
At the same time, StealthGas’s revenues increased by 27.3% (43.5 million) compared to the fourth quarter of 2023 (34.1 million). On a year-on-year basis, the revenue of the shipping company specializing in the management of LPG carriers amounted to 167.3 million dollars for the twelve months ended December 31, 2024, showing an increase of 23.8 million or 16.6%, compared to revenue of 143.5 million for the twelve months ended December 31, 2023.
Total debt decreased by 108.2 million dollars to 84.9 million. At the same time, voyage and vessel operating expenses during the 12-month period amounted to 11.7 and 49.8 million dollars, respectively, compared to 13.2 and 53.1 million for 2023. According to the company, the decrease in vessel operating expenses was mainly due to the decrease in the average number of vessels in StealthGas’ fleet. At the same time, the company recorded contracted revenues of approximately 200 million dollars, while from February 2025 and for the rest of the year (70% of the fleet operating days are secured) revenues of approximately 107 million are expected.
The future
Commenting on the results, the company’s CEO, Haris Vafias, said that for the third consecutive year, the company registered record annual profits. “After a successful fourth quarter, we ended 2024 with net revenues of 70 million dollars on an annual basis, an increase of 35%, far exceeding the underlying improvement in the market for our vessels,” he emphasized.
According to the CEO, the company is fulfilling its strategic priorities, modernizing the fleet and securing revenues with the aim of offering strong value to its shareholders. “We can now say that we have no net debt, after we further reduced it in the current quarter. We are close to completing our deleveraging which will bring long-term advantage to the fleet and the company will be on a stable footing.”
