StealthGas Inc. (NASDAQ:GASS) soared 12% after announcing its operating and unaudited Q2 and financial results for six months ending June 30, 2021. The company saw 98.1% fleet utilization in Q2 with two months of technical off-hiring because of three drydocking finalized during the quarter.
Equally, there was a strong operational utilization performance of around 96.3 compared to Q1, resulting from reduced spot market activity plus the profitable off-hire day’s reduction by 45%. Approximately 74% of the fleet days were won for the rest of 2021 in period charters, with fleet deployment days for the upcoming periods creating around $66 million in revenues.
The company’s voyage revenues were 39.2 million during the quarter, which is a $2.9 million increase because of 54% bareboat activity reduction where revenues were lower relative to spot and charter earnings. StealthGas’s net income was $1.5 million or $0.04 per share with EBITDA of around $14.2 million. Given the strong performance during the quarter GASS is worth watching in the coming month.
Market Reaction:
On Wednesday, GASS stock soared 12% to $2.78 with more than 204k shares, compared to its average volume of 119k shares. The stock has moved within a range of $2.5600 – 2.8100 after opening the trade at $2.56.
