Expanding Stealthgas up again in Q1

Revenues of $33.8m were a 15% improvement on Q1 2013, with a similar rise in profit to $7.6m.

After taking delivery of 7,200 cu m Eco Stream in March, and ordering another similar size vessel in April, Stealthgas has an orderbook of 17 vessels. Of the $288.8m of remaining installments $70m is due in 2014. Financing has been secured for 14 of the newbuilds and the company is finalising a facility for two of the remaining three ships.

Stealthgas ceo Harry Vafias commented: "The freight market remained firm during the quarter. We managed to conclude a number of long term period charters for our vessels that depicts the charters sentiment and the strong fundamentals of our market. Our vessels that operate in the spot market were fully employed for this quarter. On March 28 we took delivery of the first LPG vessel under construction, the Eco Stream which has been chartered for eight years. "

"We believe that the proceeds will allow us to grow faster predominantly with new high tech newbuildings, and we are currently actively seeking projects for the optimal deployment of the capital raised."

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