WP_Post Object ( [ID] => 11062 [post_author] => 34 [post_date] => 2019-05-24 08:40:27 [post_date_gmt] => 2019-05-24 07:40:27 [post_content] => StealthGas has reported first-quarter revenues of $38.4m, down 3.3% on the year-earlier figure after a reduction in the average fleet size from 51.7 vessels to 45.4. The strategy has paid off in terms of profitability, with net income moving from a loss of $5.8m in first quarter 2018 to a profit of $2.0m, and adjusted EBITDA rising by $3.5m to $17.2m. “The first quarter of 2019 marked a good start for StealthGas in capturing the benefits of an improving market,” says board chairman Michael Jolliffe. “Our much-better results were mainly driven by our remarkable operational utilisation of 98.8%, our improved performance in the spot market, and of course were leveraged by the higher prevailing period rates that are slowly starting to make a noticeable impact on our revenue levels and profitability.” “Our solid capital structure in combination with our leading market position places us in an advantageous position,” Jolliffe continues. “The small LPG segment has solid market fundamentals in terms of a low orderbook and ageing fleet - factors that make it very probable that our market will improve further during the quarters ahead, so we will likely be looking at some exciting times to come.” [post_title] => Good start for StealthGas [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => good-start-stealthgas [to_ping] => [pinged] => [post_modified] => 2019-05-24 08:40:27 [post_modified_gmt] => 2019-05-24 07:40:27 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hcblive.com/?p=11062 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )