ATHENS, GREECE, August 21, 2020. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet utilization of 99.7% in Q2 ’20 - with only 11 days of technical off hire.
- Fleet operational utilization of 97.1% in Q2 ’20, mainly due to few of our ships being in the spot market - equivalent to 10.8% of voyage days.
- Fleet calendar days down 6.5% quarter over quarter to 3,743, attributed to our strategic fleet contraction.
- About 71% of fleet days are secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $112 million in contracted revenues. Period coverage for 2021 is currently 32%.
- Voyage revenues of $36.3 million in Q2 ’20, an increase of $2.2 million compared to Q2 ’19 mostly due to the sharp rise (20%) of revenues stemming from our time charters and reduced presence in the spot market by 48% which were partly offset by the fewer chartered-in vessels.
- Net Income of $8.9 million for Q2 ’20, corresponding to an EPS of $0.23, our best quarterly performance since the first quarter of 2013.
- EBITDA of $21.8 million in Q2 ’20, compared to $14.6 million in Q2 ’19.
- Low gearing, as debt to assets stands at 37.7% and quarter over quarter reduction in finance costs by $1.7 million.
- Total cash of $51.5 million as of June 30, 2020 - following the cash utilization for the acquisition of two new small LPG vessels from affiliates. The first vessel was delivered in June 2020 while the second vessel will be delivered in September 2020.
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ATHENS, Greece, Feb. 19, 2020 -- STEALTHGAS INC. (NASDAQ:GASS), a ship-owning company serving primarily the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it will release its fourth quarter and twelve months operating and financial results for the period ended December 31, 2019 before the market opens in New York on February 21, 2020.
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