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Record profits for StealthGas and Imperial Petroleum in 2023

The company, which specializes in LPG carriers, recorded a revenue increase of 51% compared to 2022

StealthGas achieved an all-time record net profit of 51.9 million US dollars in 2023. The company, which specializes in LPG carriers, recorded a revenue increase of 51% compared to 2022.

At the same time, the company succeeded in increasing the coverage of its fleet’s net operating days. Approximately 66% of the fleet days for 2024 are secured on time charters, with the total fleet days for all subsequent periods generating over 200 million US dollars (excluding JV vessels) in chartered revenue.

StealthGas also achieved a major vertical debt reduction of 153.6 million euros in 2023, from 277.1 million euros on December 31, 2022.

The company also delivered the new Medium Gas Carriers (MGC), Eco Oracle and Eco Wizard, in January 2024.

The Nasdaq-listed shipping company recorded revenue of 143.5 million euros, down 6% compared to revenue for the twelve months ended December 31, 2022, primarily due to a reduction in fleet size.

Earnings per share for the twelve months ended December 31, 2023 reached 1.38 US dollars compared to basic earnings per share of 0.90 US dollars for the same period last year.

EBITDA stood at 81.9 million euros in the twelve month period ended December 31, 2023.

The company owned an average of 29.3 vessels  during the twelve months ending December 31, 2023, compared with 34.8 vessels for the same period in 2022.

In its commentary, StealthGas pointed out that “the company has not only managed to maintain its record profitability, but also to improve it significantly. Obviously, the main driver for such positive results is the sustained recovery in gas markets which we hope will continue. However, markets are volatile.”

As for Imperial Petroleum INC, it ended 2023 with revenue of 183.7 million US dollars, up 86.7 million dollars or 89.4% compared to the corresponding period in 2022, due to improved market conditions for most of the year and the addition of three ships to its fleet.

Net income rose 141% to 71.1 million US dollars in the same period compared to net income of 29.5 million US dollars in 2022.