StealthGas Inc. (NASDAQ:GASS) Q3 2023 Earnings Conference Call November 21, 2023 11:00 AM ET

Company Participants

Michael Jolliffe - Chairman

Konstantinos Sistovaris - Investor Relations

Harry Vafias - Chief Executive Officer

Operator

Good day, and thank you for standing by. Welcome to the StealthGas Q3 2023 Results Conference Call and Webcast. This time, all participants are in listen-only mode, with no question-and-answer session. Please note that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Michael Jolliffe, Chairman of the Board of Directors. Please go ahead.

Michael Jolliffe

Thank you very much. Good morning, everyone, and welcome to our third quarter 2023 earnings conference call and webcast. I'm Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today is Harry Vafias, our CEO, to discuss market and company outlook, and Konstantinos Sistovaris, handling 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 2 of this presentation. Risks are further disclosed in StealthGas 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 U.S. dollars.

Today, we released our results for the third quarter 2023, announcing the second best quarterly profit ever and best ever nine month results till today. So, let's proceed to discuss these results and update you on the company's strategy and the market in general.

Turning to Slide 3, we summarize some highlights, starting with fleet and operations update. We first concluded the previously announced sale of two vessels, delivering those in early July. As discussed in the previous quarter, we still have two more vessels to deliver to buyers, and we expect these to be delivered in the first quarter of next year.

During the current quarter in October, our joint venture took delivery of one newbuilding medium gas carrier, the Eco Sorcerer, that was deployed immediately on a period charter. In terms of chartering, we were very active and concluded over nine new period charters, securing over 50% of our fleet days for 2024. Most of these charters were of longer-than-usual tenors of one to three years. We have thus contracted revenues of $195 million for all subsequent periods.