The following is a summary of the StealthGas Inc. (GASS) Q1 2024 Earnings Call Transcript:
Financial Performance:
StealthGas reported record Q1 profits with net voyage revenues increasing by 14% YoY, reaching $38.7 million.
Despite selling two smaller vessels, the company managed to attain higher revenues due to better market conditions and addition of two larger vessels.
The Q1 net income showed a 5% increase from last year, standing at $17.7 million, with earnings per share at $0.49 and $0.53 on an adjusted basis.
The company reduced its debt by $85 million through loan drawdown of $70 million and prepayment of fee facilities.
Business Progress:
Two new medium gas carriers were added to StealthGas' fleet, which boosted revenue and profit.
StealthGas secured several new period charters, leading to 73% contracted days for 2024 and anticipated revenues up to $180 million until 2027.
During Q1, two smaller vessels were sold and the company currently holds interest in 32 vessels, out of which 27 are fully owned.
Majority of the vessels in the fleet are small pressurized gas carriers, revealing the primary focus of the company's operations.
StealthGas plans to diversify its fleet by phasing out older, smaller vessels with larger and newer ones and aims to further reduce its debt in future. Currently, approximately 23 ships are unencumbered.
More details: StealthGas IR
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