StealthGas sails towards record year with 65% charter coverage for 2025

Harry Vafias-led StealthGas managed to increase its revenues by 17% compared to last year even though there was a heavy drydock schedule during the third quarter that reduced the company’s fleet’s utilization.

In its third quarter and nine months report, the shipowner reported record net income of $55.7m for the nine months of 2024, a 29.3% increase compared to a net income of $43m for the same period last year.

Strong profitability continued for the third quarter, StealthGas said, with net income of $12.1m versus $15.7m in the same quarter of 2023.

Third quarter revenues increased by 16.7% compared to the same period of last year to $40.4m, despite a decrease in utilization mainly due to four vessels undergoing drydock during the third quarter of 2024 compared to zero vessels last year.

For the first nine months of the year, revenues amounted to $123.8m, an increase of $14.4m, or 13.2%, compared to revenues of $109.4m for the same period of 2023, based on an average of 27.0 vessels and 30.1 vessels owned by the company, respectively, as the vessels remaining in the