StealthGas Inc. (NASDAQ:GASS) Q3 2022 Earnings Conference Call November 21, 2022 11:00 AM ET

Company Participants

Michael Jolliffe - Chairman of the Board

Konstantinos Sistovaris - Investor Relations

Harry Vafias - President and Chief Executive Officer

Conference Call Participants

Tate Sullivan - Maxim Group

Operator

Good day, and thank you for standing by. Welcome to the StealthGas Third Quarter 2022 Results Conference Call. At this time all participants’ are in listen-only mode. After the speakers’ presentation there will be the question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to our speaker today Michael Jolliffe. Please go ahead.

Michael Jolliffe

Good morning, everyone, and welcome to our third quarter and nine months 2022 earnings conference call and webcast. This is Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today is Harry Vafias, our Chief Executive, to discuss markets and company outlook and Konstantinos Sistovaris, Investor Relations to discuss the financial aspects.

Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance. At this stage, if you could all take a moment to read our disclaimer on slide two of this presentation. Risks are further disclosed in StealthGas’s filing with the Securities and Exchange Commission. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in United States dollars.

Now let me start by saying that as you may have read this month, the world's population surpassed the 8 billion mark. In this world, there are still 2.5 billion people using kerosene, wood and charcoal for their fuel needs. We believe LPG has less carbon intensive than other fossil based fuels can play an important role for these people to meet their future energy needs in a decarbonizing world. Today, we released our earnings results for the third quarter of 2022, which was also the third quarter of trading as a pure LPG company and we are happy to report yet another profitable quarter.

So let's proceed to discuss these results and what we see in the market in general. Turning to slide three, we summarize some highlights. As we mentioned in our previous call, in the summer months, there is typically less activity, so we took the opportunity to perform the scheduled drydocking in four of our vessels. This reduced, of course, our utilization figures. One vessel that remains to be drydocked this year will probably be pushed back to the beginning of next year.