StealthGas reported a loss for the third-quarter amid a seasonally weak quarter for LPG shipping and higher expenses.
The handysize gasship owner reported a net loss of $2.5m for the third quarter, compared to a $1m net profit in the year earlier period. The loss on a per share basis was $0.06.
Revenue of $34.4m for the quarter was down from $35.8m a year earlier. The drop stemmed from lower fleet utilisation at 88% in the third quarter compared to 94.4% in the year earlier period.
Voyage expenses decreased $1.2m for the quarter as a result of the lower utilisation. But vessel operating expenses increased by the same amount due to net fleet expansion by one vessel and two vessel coming off bareboat charter.
Interest and finance costs also rose during the quarter to $3.7m compared to $2.7m in the year earlier period. The company's long-term debt stood at $366m.
As originally reported in TradeWinds, StealthGas chairman Michael Jolliffe confirmed the company has pushed back deliveries of its last four newbuildings. Hyundai Mipo will delay delivery on the four vessels in return for about $1m.
The company has fixed period charters for 14 vessels, bringing total contracted revenue to about $175m.
