The Vafias Group recently joined the closed club of shipping groups with fleets of 100 ships and more, which has five shipping companies under its “umbrella”, three of which are listed on the US stock markets.
The news was announced during the 9th Shipping Conference of “Naftemporiki”.
The five companies of the group manage tankers, bulk carriers and LPG carriers.
It is noted that Vafias – who at the age of 26 became the youngest CEO to list a shipping company on a stock market worldwide -, referring to the countries that build ships, but also to the USA, which wants to develop the industry, emphasized during the “N” conference:
“US shipyards cannot compete with the prices of China, Japan and Korea. India, due to its cheap labor force, may gradually develop into a competitive player.”
The Vafias Group owns the companies StealthGas, Imperial Petroleum and C3is, as well as the private Stealth Maritime and Brave Maritime, with the total fleet now reaching 100 ships, including those under construction.
For the three listed companies, the picture of the financial results in the first quarter of 2025 was similar to the previous ones.
The three companies maintained their zero debt (in the case of StealthGas net debt free), as well as their net profitability.
In particular, C3is has a fleet of four ships and had 8 million in net profits, with the value of the fleet reaching 104 million.
Imperial Petroleum (IMPP) has a fleet of 20 ships, and for the first quarter of 2025 it showed net profits of 12 million, while the value of the fleet amounts to 500 million.
Finally, StealthGas with 31 ships in its fleet and 15 million in net profits has a net fleet value of 800 million.
In total, the three listed companies manage a fleet of 55 ships, showing net profits of 35 million, while the value of the assets amounts to 1.404 billion.
Exports
Commenting on the financial results of StealthGas, which manages LPG carriers, Haris Vafias, in his capacity as the company’s CEO, expressed his optimism for the LPG market, as the US recorded a record in propane production and Washington’s trade war with Beijing proved to be temporary.
Vafias reported in the investor briefing that US propane exports exceeded 2 million barrels per day in May, the highest level ever recorded.
This followed a first quarter in which the US recorded an 8% increase in LPG exports compared to the corresponding quarter of the previous year.
Vafias said that while LPG, which includes propane, currently faces productivity constraints, this is set to change.
Energy Transfer Partners’ terminal in Nederland, Texas, is poised to add 250,000 more barrels per day to the market.
“Then, once several more expansion projects are completed by 2028 in the U.S. Gulf, the East Coast, and western Canada, volume should increase by more than 25%,” he said.
Dry cargo
Finally, regarding the market for C3is handysize bulk carriers (fleet of three bulkers and one tanker), according to the company’s presentation, the market outlook for 2025 will be determined by the following indicators:
- global economic environment
- US tariff policies
- liquidity situation in China
- lack of recovery in industrial activity in developed economies
- high interest rates and a strong dollar
- environmental regulations.
