StealthGas, Inc. (NASDAQ:GASS) Q2 2024 Earnings Conference Call September 5, 2024 11:00 AM ET
Company Participants
Michael Jolliffe - Chairman of the Board
Harry Vafias - President and CEO
Konstantinos Sistovaris - Chief Financial Officer
Conference Call Participants
Operator
Good day, and thank you for standing by. Welcome to the StealthGas Second Quarter 2024 Results Conference Call and Webcast. At this time, all participants is in listen-only mode with no question-and-answer session at the end. Please note that today's conference is being recorded.
I would now like to turn the conference over to your speaker, Mr. Michael Jolliffe, Chairman of the Board. Please go ahead.
Michael Jolliffe
Good morning, everyone, and welcome to our second quarter 2024 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 our CEO, 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'd be grateful. This is further disclosed in StealthGas filings with the Securities and Exchange Commission. Today, we released our results of the second quarter.
Three months ago, I was here announcing to you our record first quarter profits. So it is with great delight that we have managed to follow-up on that by announcing yet another record quarterly profits. So let's proceed to discuss these results and update you on the company's strategy and the market in general. Turn to Slide 3, we summarize some highlights with our fleet and operations. During the six months, we have sold two smaller vessels and got delivery of two brand-new medium gas carriers.
We also sold one medium gas carrier owned through our joint venture. These have been discussed in the previous call. We did not engage in any further sale and purchase activity in the current quarter. With the market remaining firm, we were quite active on the chartering side entering into more period charters and extending contract coverage for 2025 to 55% of our fleet days. We have thus contracted revenues of over $220 million for all subsequent periods, excluding our joint venture vessels and remain focused on maintaining our minimal spot exposure.