In a position of ‘defense’ the StealthGas of Ch. Vafeias against the mutations

By George George

In the third quarter of the year, StealthGas, in the interests of Haris Vafeias, maintained a profitable course, announcing, at the same time, the successful completion of the transaction for the spin-off company, which will manage the four tankers of the fleet.

In particular, the company recorded a net profit of $ 1.2 million in the third quarter of the year, compared to $ 788,496 in the same period of 2020. Revenue increased to $ 37.48 million from $ 37 million and EBITDA reached 13 , $ 9 million, compared to $ 13.28 million in the third quarter of 2020.

The rate of fleet coverage in charters reached 97.4% at the end of the nine months. In fact, the shipping company announced nine new agreements, lasting from two months to one year. Total charter revenue is approximately $ 66 million. It is noted that for 2022, 39% of the available days of the fleet in time charters have been covered.

“As the market has improved since September, we have seized the opportunity and chartered the entire fleet on time charters. Despite the apparent improvement in the LPG market in recent months, the pandemic remains a major concern. New mutations could seriously affect the market in the short term. and the reason why we have chosen to be defensive with low leverage and few ships in the spot market “commented the chairman of the board of the company, Michael Jolliffe.

What will the spin-off offer?

At the same time, he referred to the activity through the spin-off, which is also listed on the Nasdaq index. “The separation of the four tankers will give StealthGas the opportunity to focus exclusively on the LPG market, which is also our core business,” Jolliffe said.

“Given the different types of risks in the tankers and gas carriers markets, the strategic asset segregation drive will give shareholders the flexibility to adjust their rates according to the industry in which they want to invest and the timing of the shipping cycle.” concluded.

In total, SteatlhGas operates 45 LPG carriers.