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StealthGas reports 3rd quarter and 9 months 2022 financial results

23 Νοεμβρίου 2022.

stealthgaspl3STEALTHGAS INC. (NASDAQ: GASS), 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 third quarter and nine months ended September 30, 2022.

 

 

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

Entered into a number of medium to long term charters increasing forward coverage. About 40% of fleet days are secured on period charters for 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues ($100 million incl. JV vessels).

Profitable quarter with $6.7 million in net income. Decrease in revenues at $34.9 million with 34 vessels at the end of Q3 22’ compared to 41 vessels for the same quarter of last year. Also decreases in operating expenses and depreciation.

Decrease in revenues by $4.2 million (or 3.7%) for the 9M 22’ compared to the 9M 21’, counterbalanced by a decrease of $15.4 million (or 16.6%) in voyage expenses, operating expenses and depreciation in aggregate for the 9M 22’compared to 9M 21’.

Net Income of $26.6 million for 9M 22’ corresponding to an EPS of $0.70 compared to Net Income of $3.6 million and an EPS of $0.10 for 9M 21’, an increase of 600% in EPS

Total cash, including restricted cash, of $85.6 million as of September 30, 2022 compared to $45.7 million as of December 31, 2021, an increase of 87%.

 

Third Quarter 2022 Results:

 

Revenues for the three months ended September 30, 2022 amounted to $34.9 million compared to revenues of $37.5 million for the three months ended September 30, 2021 while the fleet over the corresponding periods was reduced from 41 vessels at the end of Q3 2021 to 34 vessels at the end of Q3 2022. The vessels remaining in the fleet earned higher revenues compared to the same period in the prior year due to better market conditions.

Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2022 were $6.8 million and $14.1 million, respectively, compared to $4.5 million and $15.5 million, respectively, for the three months ended September 30, 2021. The $2.3 million increase in voyage expenses is attributed to the higher number of vessels in the spot market and particularly from increases in bunker expenses due to the rise in oil prices. The $1.4 million decrease in vessels’ operating expenses compared to the same period of 2021 is due to fewer vessels in the fleet.

Drydocking costs for the three months ended September 30, 2022 and 2021, were $1.8 million and $1.8 million, respectively. Drydocking expenses during the third quarter of 2022 relate to the drydocking of four vessels similar to the same period of last year.

Depreciation for the three months ended September 30, 2022 and 2021 was $6.9 million and $9.4 million, respectively, as the number of our vessels declined following the spin-off of four tanker vessels.

Interest and finance costs for the three months ended September 30, 2022 and 2021, were $3.5 million and $3.4 million, respectively. The $0.1 million increase from the same period of last year is due to the increase in interest rates despite a reduction in the debt outstanding during the period.

Equity earnings in joint ventures for the three months ended September 30, 2022 and 2021 was a gain of $6.1 million and $1.3 million, respectively. The $4.8 million increase from the same period of last year is mainly due to the gain from a sale of a vessel that was recorded in one of the joint ventures.

As a result of the above, for the three months ended September 30, 2022, the Company reported net income of $6.7 million, compared to net income of $1.2 million for the three months ended September 30, 2021. The weighted average number of shares outstanding for the three months ended September 30, 2022 and 2021 was 37.9 million and 37.9 million, respectively.

Earnings per share, basic and diluted, for the three months ended September 30, 2022 amounted to $0.18 compared to earnings per share of $0.03 for the same period of last year.

Adjusted net income was $6.1 million corresponding to an Adjusted EPS of $0.16 for the three months ended September 30, 2022 compared to Adjusted net income of $1.8 million corresponding to an Adjusted EPS of $0.05 for the same period of last year.

EBITDA for the three months ended September 30, 2022 amounted to $16.9 million. An average of 34.0 vessels were owned by the Company during the three months ended September 30, 2022 compared to 41.8 vessels for the same period of 2021.

 

Nine Months 2022 Results:

 

Revenues for the nine months ended September 30, 2022, amounted to $110.0 million, a decrease of $4.2 million, or 3.7%, compared to revenues of $114.2 million for the nine months ended September 30, 2021, primarily due to reduction in the fleet size.

Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2022 were $15.6 million and $40.3 million, respectively, compared to $17.4 million and $46.4 million for the nine months ended September 30, 2021. The $1.8 million decrease in voyage expenses was mainly due to the 38% (or 979 days) decrease of spot days. The $6.1 million decrease in vessels’ operating expenses is primarily due to the reduction in fleet size.

Drydocking costs for the nine months ended September 30, 2022 and 2021 were $2.3 million and $4.4 million, respectively. The costs for the nine months ended September 30, 2022 mainly related to the drydocking of five vessels while the costs for the same period of last year related to the drydocking of six vessels.

Depreciation for the nine months ended September 30, 2022, was $21.0 million, a $7.5 million decrease from $28.5 million for the same period of last year, due to the decrease in the average number of our vessels.

Impairment loss for the nine months ended September 30, 2022 was $0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner. Impairment loss for the nine months ended September 30, 2021 was $3.1 million relating to three vessels, one older vessel plus two vessels for which the Company had entered into separate agreements to sell to third parties.

Loss on sale of vessels for the nine months ended September 30, 2022 was $0.4 million, which was primarily due to the sale of one of the Company’s vessels.

Interest and finance costs for the nine months ended September 30, 2022 and 2021 were $8.7 million and $9.5 million, respectively. The $0.8 million decrease from the same period of last year, is mostly due to the decrease of our indebtedness.

Equity earnings in joint ventures for the nine months ended September 30, 2022 and 2021 was a gain of $9.7 million and a gain of $6.6 million, respectively. The $3.1 million increase from the same period of last year is primarily due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures and the improved profitability resulting from the operation of both of our joint ventures.

As a result of the above, the Company reported a net income for the nine months ended September 30, 2022 of $26.6 million, compared to a net income of $3.6 million for the nine months ended September 30, 2021. The weighted average number of shares outstanding as of September 30, 2022 and 2021 was 37.9 million and 37.9 million, respectively. Earnings per share for the nine months ended September 30, 2022 amounted to $0.70 compared to earnings per share of $0.10 for the same period of last year.

Adjusted net income was $26.1 million, or $0.69 per share, for the nine months ended September 30, 2022 compared to adjusted net income of $7.2 million, or $0.19 per share, for the same period of last year.

EBITDA for the nine months ended September 30, 2022 amounted to $55.8 million. An average of 35.0 vessels were owned by the Company during the nine months ended September 30, 2022 , compared to 41.8 vessels for the same period of 2021.

As of September 30, 2022, cash and cash equivalents amounted to $72.7 million and total debt net of deferred finance charges amounted to $284.6 million.

 

Fleet Update Since Previous Announcement

 

The Company announced the conclusion of the following chartering arrangements:

·A three years time charter for its 2014 built LPG carrier Eco Corsair, until Feb 2026.

·A twelve months time charter extension for its 2011 built LPG carrier Gas Myth, until Jan 2024.

·A twelve months time charter extension for its 2012 built LPG carrier Gas Husky, until Dec 2023.

·A twelve months time charter extension for its 2015 built LPG carrier Eco Galaxy, until Dec 2023.

·A twelve months time charter for its 2012 built LPG carrier Gas Esco, until Nov 2023.

·A twelve months time charter for its 2021 built LPG carrier Eco Blizzard, until Oct 2023.

· A twelve months time charter for its 2014 built LPG carrier Eco Chios, until Oct 2023 with a charterer’s option to extend a further twelve months.

·A twelve months time charter for its 2014 built LPG carrier Eco Invictus, until Nov 2023 with a charterer’s option to extend a further twelve months.

·A six months time charter for its 2016 built LPG carrier Eco Nical, until Apr 2023 with a charterer’s option to extend a further six months.

·A six months time charter for its 2020 built LPG carrier Eco Alice, until Mar 2023 with a charterer’s option to extend a further six months.

·A three months time charter for its 1997 built LPG carrier the Gas Galaxy, until Jan 2023.

With these charters, the Company has total contracted revenues of approximately $90 million.

For the remainder of the year 2022, the Company has about 78% of fleet days secured under period contracts, while 40% of fleet days are secured under period contracts for 2023.

Board Chairman Michael Jolliffe Commented

Today we are pleased to announce yet another profitable quarter. For 2022 Stealthgas has reported consecutive quarterly profits bringing the total net income year to date to $26.6 million or $0.70 per share. Looking more closely at the third quarter, the shipping market did experience a summer lull and activity was somewhat reduced, as a result there were more vessels on the spot market with reduced earnings. As the winter months closed in activity picked up and charterers started seeking forward coverage, taking advantage of the favourable conditions we recently entered into a substantial number of medium-term charters at healthy rates.

We believe that the fundamentals of our sector continue to be positive and demand for LPG will continue to grow, albeit in an environment of economic and geopolitical uncertainty and regulatory changes. Stealthgas remains focused on utilising its ample liquidity to renew and grow the fleet for the benefit of its shareholders and its customers.

Full report:Stealthgas

 

 

 

 

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