Q2 2024 StealthGas Inc Earnings Call Transcript
Key Points
- StealthGas Inc (GASS) reported record quarterly profits for the second consecutive quarter.
- Net income for Q2 2024 was $25.8 million, a 146% increase year-over-year.
- The company has secured over $220 million in contracted revenues for future periods.
- Debt reduction strategy has been effective, with $107 million in debt repaid so far this year.
- The company has 24 unencumbered vessels and a net debt ratio below 5%.
- Operating expenses have been under increased pressure due to inflation.
- The company did not engage in any share buybacks during the second quarter.
- The order book situation for medium gas carriers (MGCs) is worrisome, with a ratio surpassing 40%.
- There has been a lack of vessel scrapping despite the age of the fleet, due to the firm market.
- The spot market east of Suez was softer with poor rates and more idle time experienced by owners.
Good day, and thank you for standing by. Welcome to the StealthGas second-quarter 2021 results conference call and webcast. (Operator Instructions) Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Michael Jolliffe, Chairman of the Board. Please go ahead.
Good morning, everyone, and welcome to our second quarter 2024 earnings conference call and webcast. I'm Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today, as usual, is our CEO, Harry Vafias, to discuss the market and company outlook and Konstantinos Sistovaris to discuss the financial aspects. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance.
So if you could all take a moment to read our disclaimer on Slide two of this presentation, I'd be grateful. Risks are further
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