Stealthgas back in the black

Stealthgas Inc reports net income for the second quarter of $7.2m, compared to a loss of $3.6m in the same period last year. This improvement comes despite a decline in voyage revenues from $31.4m to $29.1m, with lower voyage and operating costs, as well as a gain on the sale of one vessel, compensating for the fall in income.

"We have seen considerable improvement in our bottom line as compared to the same period last year, as a result of the strengthening of the LPG market and our chartering strategy," says CEO Harry Vafias. "Even though we may expect some typical seasonal weakness during the summer months we are confident that the fundamentals in our core segment point to further market improvements in the future. With an improved cash position we are still evaluating strategic opportunities to grow and renew our fleet and increase our market share."