StealthGas Inc. (NASDAQ:GASS) Q1 2024 Earnings Call Transcript May 22, 2024 11:00 AM ET
Company Participants
Michael Jolliffe - Chairman
Konstantinos Sistovaris - CFO
Harry Vafias - CEO
Operator
Good day, and thank you for standing by. Welcome to the StealthGas Q1 2024 Results Conference Call and Webcast. During this call, all participants will be on listen-only mode with no question-and-answer session. Please note that today's conference is being recorded. I would now like to turn the conference over to Chairman of the Board, Mr. Michael Jolliffe. Please go ahead.
Michael Jolliffe
Thank you. Good morning, everyone, and welcome to our first quarter 2024 earnings conference call and webcast. This is Michael Jolliffe, Chairman of the Board of Directors. Joining me on our call today, as usual, is Harry Vafias, our CEO, 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, that'd be great. We will further disclose StealthGas filing with the Security and Exchange Commission.
Today, we released our results of the first quarter. Three months ago, I was here announcing to you our record full year profits. So it is with great delight that we have managed to follow up on that with a great start to 2024 by announcing record quarterly profits. So let's proceed to discuss these results and update you on the company's strategy and the market in general.
Please turn to Slide 3, where we summarize some highlights starting with our fleet and operations update. During the first quarter, we sold two smaller vessels and got delivery of two brand-new medium gas carriers. We have not bought or sold any vessels in the current quarter with the exception of one vessel that was owned through a joint venture as previously announced that we will discuss further on in the call. With the market remaining firm, we continued securing more period charters in both our fully owned fleet and for the joint venture vessels with contract coverage for 2024 of 73% of our fleet days for our fully owned fleet. We have thus contracted revenues of over $180 million for all subsequent periods excluding our joint venture vessels and continue to be focused on maintaining our minimal spot exposure.