StealthGas Back to Black in 4Q

 

The Greece-based company reported fourth-quarter net income of $748,000, after reporting a loss in the same period a year earlier.

 

For the year, the company reported that its loss narrowed to $1.2 million, or 3 cents per share. Revenue was reported as $154.3 million.

 

StealthGas board chairman Michael Jolliffe Commented that the 4Q 2017 was mixed. "On the one hand we are pleased that our core market of small LPGs shows clear signs of improvement, which should continue to leverage our earnings. In this market we achieved an outstanding fleet operational utilization of 97.2%."

 

He added: "On the other hand the sale of four of our older vessels and the weakening of the tanker market affected our revenue growth, somewhat obscuring the improved revenues for our core fleet. Nevertheless, excluding impairment charges, our annual results demonstrated clear improvements both in revenues and profitability. In addition with the delivery of our two 22K semi ref newbuildings in January 2018, our asset base increased to $ 1.1 billion."

 

"We have numerous charters which commenced at the beginning of 2018, and several vessels yet to fix, all of these in a better market environment, reflecting the benefits of our chartering policy," Michael said.

 

The Company announced a two year time charter for its 2018 built LPG carrier, the Eco Arctic, with a major trading house until February 2020 and another two year time charter for its 2018 built LPG carrier, the Eco Ice, with a major trading house until February 2020.

 

StealthGas has bagged three months’ time charter for its 2017 built LPG carrier, the Eco Frost, to an oil major until May 2018 and two months’ time charter for its 2008 built LPG carrier, the Gas Imperiale, to an international trading house until April 2018.

 

It also has signed a number of other short term time charter agreements as it improved its earnings in 2017.