StealthGas Inc. (NASDAQ:GASS) Q4 2023 Earnings Conference Call February 21, 2024 11:00 AM ET
Company Participants
Michael Jolliffe - Chairman of the Board
Konstantinos Sistovaris - Chief Financial Officer
Harry Vafias - President, Chief Executive Officer and member of the Board of Directors
Conference Call Participants
Operator
Good day, and thank you for standing by. Welcome to the StealthGas Inc. Q4 2023 Results Conference Call and Webcast. At 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, Mr. Michael Jolliffe, Chairman.
Please go ahead.
Michael Jolliffe
Good morning, everyone, and welcome to our fourth quarter 2023 earnings conference call and webcast. I'm Michael Jolliffe, Chairman of the Board of Directors. And joining me on our call today as usual is Harry Vafias, to discuss the market and company outlook, and Konstantinos Sistovaris 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. So if you could all take a moment to read our disclaimer on Slide 2 of this presentation, I should be grateful. 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 fourth quarter and for the full year 2023, announcing for the second year in a row, record profits. 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 summarized some highlights starting with fleet and operations update. We first concluded the previously announced sale of two vessels, the Echo Dream and Echo Green, delivering those vessels in January. That same month, we also took delivery of our long awaited MGC new building vessels, the Echo Wizard and Echo Oracle, that were deployed on their respective time charters. As the market was firm during the last couple of months, we continued securing more period charters both in our fully owned fleet and for the joint venture vessels with contract coverage for 2024 of 66% of our fleet days for our fully owned fleet. We have thus contracted revenues of over $200 million for all subsequent periods, excluding our JV vessels.