StealthGas (GASS US) 2Q18 Result Update
Seasonal weakness in the second quarter of 2018 did not deter the performance of the company’s coasters. The net losses contracted to USD 0.4m in the second quarter of 2018, compared with USD 5.8m in the previous quarter, and USD 1.7m in the second quarter of 2017. Furthermore, the company reported operational utilisation of 97.8%, which is the highest registered since 2014. After the announcement of the sale of three vessels in the first quarter of 2018, StealthGas has declared the sale of another four ships in the second quarter of 2018. The sale of the vessels for an aggregate USD 39.6m will result in additional liquidity of USD 29.7m, given five out of the seven ships are unencumbered.StealthGas is an owner of a fleet of liquified petroleum gas (LPG) carriers providing international seaborne transportation services to LPG producers and users, as well as crude oil and product carriers chartered to oil producers, refiners and commodities traders. Co.'s LPG carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of crude oil and natural gas. As of Apr 1 2018, Co.'s fleet consisted of 51 LPG carriers, including three chartered-in LPG carriers, three product carriers, and one Aframax crude oil tanker.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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