Stealthgas Reports 2Q Results

Tuesday, August 14, 2007
Stealthgas Inc., a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the quarter and six months ended June 30, 2007.

For the quarter ended June 30, 2007, net revenues amounted to $19.9m and net income was $5.7m an increase of $2.7m or 15.7% and an increase of $1.1m or 23.9 percent respectively from net revenues of $17.2m and net income of $4.6m for the quarter ended June 30, 2006. Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.40 for the quarter ended June 30, 2007 as compared to earnings per share of $0.33, basic and diluted, calculated on 14,000,000 weighted average number of shares outstanding for the second quarter of 2006.

An average of 29.3 vessels were owned and operated in the second quarter of 2007, earning an average time-charter-equivalent rate of approximately $7,075 per day as compared to 25.1 vessels and earning an average of $6,922 per day for the same period of 2006. For the six months ended June 30, 2007, net revenues amounted to $40.6m and net income was $12.3m an increase of $6.4 million or 18.7% and a increase of $0.7 million or 6% respectively from net revenues of $34.2 million and net income of $11.6 million for the six months ended June 30, 2006. Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.85 for the six months ended June 30, 2007 as compared to earnings per share of $0.83, basic and diluted, calculated on 14,000,000 weighted average number of shares outstanding for the six months of 2006. An average of 29.9 vessels were owned and operated in the six months of 2007, earning an average time-charter-equivalent rate of approximately $7,308 per day as compared to 23.8 vessels and earning an average of $7,377 per day for the same period of 2006.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Cat, Deltamarin Develop Modular FPSO Power Unit

Caterpillar Launches New Modular Solution Developed with Deltamarin for FPSO and Offshore Platform Main Power at 2014 Rio Oil & Gas Expo and Conference Caterpillar

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1283 sec (8 req/sec)