ATHENS, GREECE, May 26, 2021. 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 first quarter ended March 31, 2021.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet utilization of 98.7% with 50 days of technical off hire mainly as a result of one drydocking completed within Q1 2021.
- Operational utilization of 93.1% mainly due to 15 of our ships having a predominant presence in the spot market - equivalent to 31.2% of voyage days.
- 61% of fleet days secured on period charters for the remainder of 2021, with total fleet employment days for all subsequent periods generating approximately $87 million (excluding vessels in joint ventures) in contracted revenues. Period coverage for the remainder of Q2 21’ is currently 80%.
- Sale and delivery in Q2 21’, of the 35,000 cbm MGC vessel, the Gaschem Hamburg (2010 built), owned by our MGC joint venture arrangement, for a price of $34 million generating an aggregate gain, for the Joint Venture, of $7 million.
- Voyage revenues of $37.4 million in Q1 21’, an increase of $3.0 million compared to Q1 20’ mostly due to a 58% in the fleet’s bareboat activity where revenues are inherently lower than those earned from time charter and spot activity.
- Net income of $0.8 million for Q1 21’ corresponding to an EPS of $0.02 compared to net income of $3.0 million corresponding to an EPS of $0.08 in the same period of last year.
- EBITDA of $13.4 million in Q1 21’ compared to $16.5 million in Q1 20’ - due to lower operational utilization as a result of higher spot activity.
- Low gearing, as debt to assets stands at 37.7%, and a quarter over quarter reduction in finance costs by $1.1 million.
- Total cash, including restricted cash, of $52.9 million with no capital expenditure commitments in the near future.