Revenues rose 15.3% to $33.9m on the back of additionalvessels entering its fleet in late 2013 and spot markets remaining relativelyfirm, the company says. The fleet operated at almost full capacity in the firstthree months of 2014, it adds.
StealthGas raised some $80m from two share offerings in theperiod, and chief executive Harry Vafias Vafias said: “We believe that theproceeds will allow us to grow faster predominantly with new high technewbuildings, and we are currently actively seeking projects for the optimaldeployment of the capital raised.”
“In the medium termwe aim to control more than 25% of the international 3,000-7,500 cbm pressurisedLPG market,” he said.
The company is already committed to grow its fleet by atleast 17 LPG vessels over the next two years and Vafias says it has “significantfinancial firepower for further expansion”.
Vafias claims that StealthGas is a good bet for investors inthe LPG market because it has very low leverage, and is trading well below itsnet asset value. He says the strong first quarter results reflect the company’sability to conclude long term charters at healthy market rates.
