Strong results for Stealthgas

Stealthgas has reported a sharp increase in earnings for the first quarter 2011. Net income came in at $7.4m, well up on the $1.5m posted for the same period last year. Adjusted for vessel sales and swap interests, net income almost doubled from $2.8m to $5.2m. CEO Harry Vafias says the improved results reflect "the solid environment we operate in and our efforts to take advantage of the increased chartering activity". The company has one outstanding newbuilding, due next month, and says it is looking to expand the fleet further, possibly through secondhand acquisitions.