StealthGas Reports Q2 Earnings Amid Fleet Reduction and Strong Liquidity
StealthGas (NASDAQ:GASS) reported second-quarter net income of $17.3 million, or $0.46 per share, despite a decline in revenue to $42.8 million from $47 million the previous year. The drop was attributed to a smaller fleet and increased vessel idle time. CEO Harry Vafias noted that geopolitical disruptions have supported freight rates for Handysize and medium gas carriers. The company has strengthened its financial position, with liquidity exceeding $250 million following asset sales, operating cash flow, and an insurance settlement of $77 million. StealthGas remains debt-free and is focusing on fleet renewal by selling older vessels. As part of this strategy, the firm sold 13 ships since early 2023 for about $170 million. StealthGas has secured approximately $90 million in future revenue through time charters until 2029, with a significant portion covering fleet days in 2026. Management expects continued profitability and plans to increase time-charter coverage while navigating challenges related to securing long-term contracts amid high day rates.
Tickers: $GASS
Topics: financial performance fleet strategy LPG trade shipping