STEALTHGAS, the Nasdaq-listed owner and operator of liquefied petroleum gas carriers, is on track for its best-ever year as rates in its sector remain buoyant.

The first nine months of 2024 produced record profits following a strong showing in the third quarter, during summer months that are usually seasonally weaker.

Third-quarter revenues increased by 16.7% compared with last year, despite the company having four vessels in drydock compared with none in 2023.

Net income reached $12.1m, versus $15.7m in the same quarter of 2023.

Adjusted for gains or losses on derivatives, vessel sales and other items, however, profits increased from $12m to $14.2m in the most recent quarter.

For the first nine months of the year, revenues increased by 13.2% to $123.8m despite a reduction in fleet numbers, from 30 vessels to 27.

Net income hit $55.7m, up from $43m at the same stage last year.

Five recently concluded new time charters have brought the company’s backlog of contracted revenues to about $220m.

“There is continuing interest from charterers on period coverage and we now have contract coverage of 65% for 2025,” said chief executive Harry Vafias.  The company had so far secured revenues of around $100m for next year.

“Particularly in Europe, where the majority of our fleet is located, period rates for pressurised vessels are at historical highs,” Vafias said.

Deleveraging has left StealthGas with 25 unencumbered vessels in its fleet.

At the end of the third quarter the Greece-based owner had $86m in loans and $77m in cash, “a testament to the company’s strong financial position”, he said.

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