STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the first quarter ended March
31, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Operational utilization of 97.8%
mainly due to few of our ships being in the spot market -
equivalent to 8.4% of voyage days.
- Only 23 days of technical off hire
of which 21 days related to a technical failure of one LPG
vessel.
- Fleet calendar days, down 11.9%
quarter over quarter to 3,811, attributed to our strategic fleet
contraction.
- About 69% of fleet days secured on
period charters for the remainder of 2020, with total fleet
employment days for all subsequent periods representing
approximately $126 million in contracted revenues. Period coverage
for 2021 is currently 31%.
- Voyage revenues of $34.4 million in
Q1 ’20, a decrease of $4.0 million compared to Q1 ’19 following the
net reduction of our average owned fleet by four vessels, two fewer
chartered-in vessels and one vessel- previously on time charter-
which commenced a bareboat charter at the end of 2019.
- Net Income of $3.0 million for the
first quarter of 2020, corresponding to an EPS of $0.08.
- EBITDA of $16.5 million in Q1 ’20
(48% EBITDA Margin), compared to $17.1 million in Q1 ’19 (45%
EBITDA Margin).
- Low gearing, as debt to assets
stands at 37.6%, largely due to our intense repayment
schedule.
- Total cash of $42.6 million-
expected to increase by about $25 million in Q2 ‘20 following the
financing of the three Medium Gas Carriers owned by our newly
established Joint Venture. This financing has already been
concluded. The increase will be effected through a return of equity
by the Joint Venture arrangement.
- Purchased, through a tender offer,
almost 1.4 million of GASS shares for a total consideration of $2.9
million during April 2020.
First Quarter 2020 Results:
- Revenues for the three months ended
March 31, 2020 amounted to $34.4 million, a decrease of $4.0
million, or 10.4%, compared to revenues of $38.4 million for the
three months ended March 31, 2019, following the net reduction of
our average owned fleet by four vessels, two fewer chartered-in
vessels and one vessel- previously on time charter- which commenced
a bareboat charter at the end of 2019.
- Voyage expenses and vessels’
operating expenses for the three months ended March 31, 2020 were
$2.8 million and $13.2 million respectively, compared to $3.8
million and $12.9 million respectively, for the three months ended
March 31, 2019. The $1.0 million decrease in voyage expenses was
mainly attributed to a 43.2% quarter-on-quarter reduction of spot
days. The 2.3% increase in vessels’ operating expenses compared to
the same period of 2019, is a result of unexpected costs incurred-
of about $1 million- relating to the technical damage of one LPG
vessel. We expect that the majority of this amount will be covered
by insurance and reimbursed in the upcoming quarters of this
year.
- Drydocking costs for the three
months ended March 31, 2020 and 2019 were $0.2 million and $0.2
million, respectively. Drydocking expenses during the first quarter
of 2020 relate to a drydocking in progress, while the drydocking
survey of one small LPG vessel was completed in the same period of
2019.
- General and Administrative expenses
for the three months ended March 31, 2020 amounted to $0.6 million
compared to $1.1 million for the same period of last year. This
decrease is mainly attributed to the fact that for the three months
ended March 31, 2019 share based compensation expense was incurred,
which was not the case for the three months ended March 31, 2020
since all the shares awarded under our equity compensation plan
vested in August 2019.
- Depreciation for the three months
ended March 31, 2020 was $9.3 million, a $0.2 million decrease from
$9.5 million for the same period of last year due to the decrease
of the average number of our vessels.
- Interest and finance costs for the
three months ended March 31, 2020 and 2019 were $4.2 million and
$6.0 million, respectively. The $1.8 million decrease from the same
period of last year is mostly due to the decrease of our
indebtedness and the decline of LIBOR rates.
- As a result of the above, for the
three months ended March 31, 2020, the Company reported Net income
of $3.0 million, compared to a net income of $2.0 million for the
three months ended March 31, 2019. The weighted average number of
shares for the three months ended March 31, 2020 and March 31, 2019
was 39.4 million and 39.9 million, respectively.
- Earnings per share, basic and
diluted, for the three months ended March 31, 2020 amounted to
$0.08 compared to earnings per share of $0.05 for the same period
of last year.
- Adjusted net income was $3.1
million or $0.08 earnings per share for the three months ended
March 31, 2020 compared to adjusted net income of $2.1 million or
$0.05 earnings per share for the same period of last year.
- EBITDA for the three months ended
March 31, 2020 amounted to $16.5 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 41.0 vessels were
owned by the Company during the three months ended March 31, 2020,
compared to 45.4 vessels for the same period of 2019.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following four chartering arrangements:
- A two year time charter for its
2008 built product tanker, the Clean Thrasher, to a National Oil
Company until June 2022.
- A one year time charter for its
2010 built Aframax tanker, the Stealth Berana, to a National Oil
Company until April 2021.
- A six months time charter extension
for its 2011 built LPG carrier, the Gas Elixir, to a Major Energy
Trader until December 2020.
- A four months time charter
extension for its 1995 built LPG carrier, the Gas Pasha, to a Major
Energy Trader until November 2020.
With these charters, the Company has total
contracted revenues of approximately $126 million. Total
anticipated voyage days of our fleet is 69% covered for the
remainder of 2020 and currently, 31% for 2021.
Board Chairman Michael Jolliffe
Commented
The first quarter of 2020 commenced quite
promisingly as per our performance and profitability. Indeed, we
are pleased that we generated net income of close to $3 million
with a very strong operational utilization of 98%. However, the
COVID-19 outbreak has startled not only the shipping markets but
also the global economy. Future periods are governed by a question
mark around LPG demand and period activity. In the short run,
market has deteriorated and although StealthGas is quite protected
due to high period coverage and low debt no prediction can be made
as for how long the COVID-19 pandemic will be the major global
concern- severely affecting the whole of the shipping industry. A
second wave of this pandemic outbreak may hit this winter, and
StealthGas is already taking a defensive position in order to ride
this storm as smoothly as possible.
Conference Call details:
On May 26, 2020 at 11:00 am ET, the company’s
management will host a conference call to discuss the results and
the company’s operations and outlook.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free
Dial In).Access Code: 5160967
In case of any problems with the above numbers,
please dial +1 6467871226 (US Toll Dial In), +44 (0) 8444936766 (UK
Toll Dial In).Access Code: 5160967
A telephonic replay of the conference call will
be available until June 2, 2020 by dialing +1 (917) 677-7532 (US
Local Dial In), +44 (0) 3333009785 (Standard International Dial
In). Access Code: 5160967
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry. StealthGas Inc. has a fleet
of 50 vessels. The fleet is comprised of 46 LPG carriers, including
eight Joint Venture vessels and an 11,000 cbm newbuilding
pressurized LPG carrier with expected delivery in 2021. These LPG
vessels have a total capacity of 431,527 cubic meters (cbm). The
Company also owns three M.R. product tankers and one Aframax oil
tanker with a total capacity of 255,804 deadweight tons (dwt).
StealthGas Inc.’s shares are listed on the Nasdaq Global Select
Market and trade under the symbol “GASS.”
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect our
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although STEALTHGAS INC. believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, STEALTHGAS INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled drydockings, shipyard performance, changes in
STEALTHGAS INC.’s operating expenses, including bunker prices,
drydocking and insurance costs, ability to obtain financing and
comply with covenants in our financing arrangements, or actions
taken by regulatory authorities, potential liability from pending
or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by STEALTHGAS INC. with the U.S. Securities and
Exchange Commission.
Fleet List and Fleet
DeploymentFor information on our fleet and further
information:Visit our website at www.stealthgas.com
Company Contact:Fenia
Sakellaris STEALTHGAS INC.011-30-210-6250-001 E-mail:
info@stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating
performance during the periods ended March 31, 2019 and March 31,
2020.
| |
FLEET
DATA |
Q1 2019 |
Q1 2020 |
|
|
|
|
Average number of vessels (1) |
45.4 |
|
41.0 |
|
|
| |
Period end number of owned
vessels in fleet |
42 |
|
41 |
|
|
| |
Total calendar days for fleet
(2) |
4,327 |
|
3,811 |
|
|
| |
Total voyage days for fleet
(3) |
4,322 |
|
3,788 |
|
|
| |
Fleet utilization (4) |
99.9 |
% |
99.4 |
% |
|
| |
Total charter days for fleet
(5) |
3,759 |
|
3,468 |
|
|
| |
Total spot market days for
fleet (6) |
563 |
|
320 |
|
|
| |
Fleet operational utilization
(7) |
98.8 |
% |
97.8 |
% |
|
| |
|
|
|
|
|
|
1) Average number of vessels is the number of
owned vessels that constituted our fleet for the relevant period,
as measured by the sum of the number of days each vessel was a part
of our fleet during the period divided by the number of calendar
days in that period.2) Total calendar days for fleet are the total
days the vessels we operated were in our possession for the
relevant period including off-hire days associated with major
repairs, drydockings or special or intermediate surveys.3) Total
voyage days for fleet reflect the total days the vessels we
operated were in our possession for the relevant period net of
off-hire days associated with major repairs, drydockings or special
or intermediate surveys.4) Fleet utilization is the percentage of
time that our vessels were available for revenue generating voyage
days, and is determined by dividing voyage days by fleet calendar
days for the relevant period.5) Total charter days for fleet are
the number of voyage days the vessels operated on time or bareboat
charters for the relevant period.6) Total spot market charter days
for fleet are the number of voyage days the vessels operated on
spot market charters for the relevant period.7) Fleet operational
utilization is the percentage of time that our vessels generated
revenue, and is determined by dividing voyage days (excluding
commercially idle days) by fleet calendar days for the relevant
period.
Reconciliation of Adjusted Net Income,
EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before
loss on derivatives excluding swap interest received, share based
compensation, net gain on sale of vessels and gain on
deconsolidation of subsidiaries. EBITDA represents net income
before interest and finance costs, interest income and
depreciation. Adjusted EBITDA represents EBITDA before share based
compensation, loss on derivatives, net gain on sale of vessels and
gain on deconsolidation of subsidiaries. Adjusted EPS represents
Adjusted net income divided by the weighted average number of
shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted
EPS are not recognized measurements under U.S. GAAP. Our
calculation of EBITDA, adjusted EBITDA, adjusted net income and
adjusted EPS may not be comparable to that reported by other
companies in the shipping or other industries. In evaluating
Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should
be aware that in the future we may incur expenses that are the same
as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and
adjusted EPS are included herein because they are a basis, upon
which we assess our financial performance. They allow us to present
our performance from period to period on a comparable basis and
provide additional information on fleet operational results to
investors.
|
|
|
|
(Expressed in United States Dollars, except number of
shares) |
Three Months Period Ended March 31st, |
|
|
2019 |
|
2020 |
|
| Net Income - Adjusted
Net Income |
|
|
| Net
income |
1,968,866 |
|
3,012,718 |
|
| Plus loss on derivatives |
22,697 |
|
68,695 |
|
| Plus swap interest
received |
50,852 |
|
5,623 |
|
| Less net gain on sale of
vessels |
(7,473 |
) |
-- |
|
| Less gain on deconsolidation
of subsidiaries |
(145,000 |
) |
-- |
|
| Plus share based
compensation |
234,247 |
|
-- |
|
| Adjusted Net
Income |
2,124,189 |
|
3,087,036 |
|
| |
|
|
| Net income –
EBITDA |
|
|
| Net
income |
1,968,866 |
|
3,012,718 |
|
| Plus interest and finance
costs |
5,982,871 |
|
4,233,197 |
|
| Less interest income |
(304,433 |
) |
(112,960 |
) |
| Plus depreciation |
9,474,186 |
|
9,321,961 |
|
| EBITDA |
17,121,490 |
|
16,454,916 |
|
| |
|
|
| Net income - Adjusted
EBITDA |
|
|
| Net income |
1,968,866 |
|
3,012,718 |
|
| Plus loss on derivatives |
22,697 |
|
68,695 |
|
| Less net gain on sale of
vessels |
(7,473 |
) |
-- |
|
| Less gain on deconsolidation
of subsidiaries |
(145,000 |
) |
-- |
|
| Plus share based
compensation |
234,247 |
|
-- |
|
| Plus interest and finance
costs |
5,982,871 |
|
4,233,197 |
|
| Less interest income |
(304,433 |
) |
(112,960 |
) |
| Plus depreciation |
9,474,186 |
|
9,321,961 |
|
| Adjusted
EBITDA |
17,225,961 |
|
16,523,611 |
|
| |
|
|
| EPS - Adjusted
EPS |
|
|
| Net income |
1,968,866 |
|
3,012,718 |
|
| Adjusted net income |
2,124,189 |
|
3,087,036 |
|
| Weighted average number of
shares |
39,860,563 |
|
39,401,882 |
|
| EPS - Basic and
Diluted |
0.05 |
|
0.08 |
|
| Adjusted
EPS |
0.05 |
|
0.08 |
|
| |
| StealthGas
Inc.Unaudited Consolidated Statements of
Income(Expressed in United States Dollars, except
for number of shares) |
|
|
|
For The Three Months Ended March 31, |
|
|
|
2019 |
|
2020 |
|
Revenues |
|
|
|
|
|
Revenues |
|
38,442,818 |
|
|
34,376,758 |
|
|
Expenses |
|
|
|
|
|
Voyage expenses |
|
3,328,519 |
|
|
2,391,269 |
|
|
Voyage expenses - related party |
|
476,637 |
|
|
425,684 |
|
|
Charter hire expenses |
|
2,097,549 |
|
|
322,363 |
|
|
Vessels' operating expenses |
|
12,667,370 |
|
|
13,005,546 |
|
|
Vessels' operating expenses - related party |
|
249,000 |
|
|
225,500 |
|
|
Drydocking costs |
|
185,624 |
|
|
168,796 |
|
|
Management fees - related party |
|
1,515,485 |
|
|
1,336,010 |
|
|
General and administrative expenses |
|
1,122,087 |
|
|
567,676 |
|
|
Depreciation |
|
9,474,186 |
|
|
9,321,961 |
|
|
Net gain on sale of vessels |
|
(7,473 |
) |
|
-- |
|
|
Total expenses |
|
31,108,984 |
|
|
27,764,805 |
|
| |
|
|
|
|
|
Income from operations |
|
7,333,834 |
|
|
6,611,953 |
|
| |
|
|
|
|
| Other
(expenses)/income |
|
|
|
|
|
Interest and finance costs |
|
(5,982,871 |
) |
|
(4,233,197 |
) |
|
Gain on deconsolidation of subsidiaries |
|
145,000 |
|
|
-- |
|
|
Loss on derivatives |
|
(22,697 |
) |
|
(68,695 |
) |
|
Interest income |
|
304,433 |
|
|
112,960 |
|
|
Foreign exchange (loss)/gain |
|
(16,788 |
) |
|
952 |
|
|
Other expenses, net |
|
(5,572,923 |
) |
|
(4,187,980 |
) |
| |
|
|
|
|
| Income
before equity in income of investees |
|
1,760,911 |
|
|
2,423,973 |
|
| Equity
income in joint ventures |
|
207,955 |
|
|
588,745 |
|
|
Net Income |
|
1,968,866 |
|
|
3,012,718 |
|
| |
|
|
|
|
| Earnings
per share |
|
|
|
|
| - Basic &
Diluted |
|
0.05 |
|
|
0.08 |
|
| Weighted
average number of shares |
|
|
|
|
| -Basic &
Diluted |
|
39,860,563 |
|
|
39,401,882 |
|
| |
| StealthGas
Inc.Unaudited Consolidated Balance
Sheets(Expressed in United States
Dollars) |
|
|
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2020 |
|
Assets |
|
|
|
|
| Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
68,465,342 |
|
|
28,034,255 |
|
|
Trade and other receivables |
|
4,217,101 |
|
|
4,150,307 |
|
|
Other current assets |
|
118,246 |
|
|
52,385 |
|
|
Claims receivable |
|
314,217 |
|
|
175,747 |
|
|
Inventories |
|
2,447,703 |
|
|
1,786,855 |
|
|
Advances and prepayments |
|
749,681 |
|
|
840,391 |
|
|
Restricted cash |
|
1,589,768 |
|
|
1,168,117 |
|
|
Fair value of derivatives |
|
30,381 |
|
|
-- |
|
|
Total current assets |
|
77,932,439 |
|
|
36,208,057 |
|
| |
|
|
|
|
| Non
current assets |
|
|
|
|
|
Advances for vessel under construction |
2,988,903 |
|
|
3,022,114 |
|
|
Operating lease right-of-use assets |
|
473,132 |
|
|
66,055 |
|
|
Vessels, net |
|
835,152,403 |
|
|
825,830,442 |
|
|
Other receivables |
|
286,915 |
|
|
221,474 |
|
|
Restricted cash |
|
12,065,222 |
|
|
13,377,543 |
|
|
Investments in joint ventures |
25,250,173 |
|
|
67,837,418 |
|
|
Fair value of derivatives |
|
39,744 |
|
|
-- |
|
|
Total non current assets |
|
876,256,492 |
|
|
910,355,046 |
|
|
Total assets |
|
954,188,931 |
|
|
946,563,103 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
| Current
liabilities |
|
|
|
|
|
Payable to related parties |
|
7,043,121 |
|
|
6,024,537 |
|
|
Trade accounts payable |
|
9,032,690 |
|
|
9,451,048 |
|
|
Accrued and other liabilities |
|
6,002,079 |
|
|
5,603,364 |
|
|
Operating lease liabilities |
|
473,132 |
|
|
66,055 |
|
|
Customer deposits |
|
968,000 |
|
|
968,000 |
|
|
Deferred income |
|
2,843,994 |
|
|
5,061,918 |
|
|
Fair value of derivatives |
|
37,567 |
|
|
50,215 |
|
|
Current portion of long-term debt |
|
40,735,556 |
|
|
48,083,126 |
|
|
Total current liabilities |
|
67,136,139 |
|
|
75,308,263 |
|
| Non
current liabilities |
|
|
|
|
|
Fair value of derivatives |
|
2,618,250 |
|
|
5,784,177 |
|
|
Long-term debt |
|
325,247,902 |
|
|
307,457,922 |
|
|
Total non current liabilities |
|
327,866,152 |
|
|
313,242,099 |
|
|
Total liabilities |
|
395,002,291 |
|
|
388,550,362 |
|
| |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Capital stock |
|
445,496 |
|
|
445,496 |
|
|
Treasury stock |
|
(24,361,145 |
) |
|
(25,373,380 |
) |
|
Additional paid-in capital |
|
502,419,122 |
|
|
502,419,122 |
|
|
Retained earnings |
|
82,942,210 |
|
|
85,954,928 |
|
|
Accumulated other comprehensive loss |
(2,259,043 |
) |
|
(5,433,425 |
) |
|
Total stockholders' equity |
|
559,186,640 |
|
|
558,012,741 |
|
|
Total liabilities and stockholders' equity |
954,188,931 |
|
|
946,563,103 |
|
| |
| StealthGas
Inc.Unaudited Consolidated Statements of Cash
Flows(Expressed in United States
Dollars) |
|
|
|
For The Three Months Ended March 31, |
|
|
|
2019 |
|
2020 |
| Cash flows
from operating activities |
|
|
|
|
|
Net income for the period |
|
1,968,866 |
|
|
3,012,718 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
Depreciation |
|
9,474,186 |
|
|
9,321,961 |
|
|
Amortization of deferred finance charges |
|
278,044 |
|
|
184,177 |
|
|
Amortization of operating lease right-of-use assets |
|
385,213 |
|
|
407,077 |
|
|
Share based compensation |
|
234,247 |
|
|
-- |
|
|
Change in fair value of derivatives |
|
73,549 |
|
|
74,318 |
|
|
Equity income in joint ventures |
|
(207,955 |
) |
|
(588,745 |
) |
|
Net gain on sale of vessels |
|
(7,473 |
) |
|
-- |
|
|
Gain on deconsolidation of subsidiaries |
|
(145,000 |
) |
|
-- |
|
| Changes in
operating assets and liabilities: |
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
Trade and other receivables |
|
(421,367 |
) |
|
132,235 |
|
|
Other current assets |
|
9,566 |
|
|
65,861 |
|
|
Claims receivable |
|
-- |
|
|
138,470 |
|
|
Inventories |
|
439,177 |
|
|
660,848 |
|
|
Changes in operating lease liabilities |
|
(385,213 |
) |
|
(407,077 |
) |
|
Advances and prepayments |
|
94,211 |
|
|
(90,710 |
) |
|
Increase/(decrease) in |
|
|
|
|
|
Balances with related parties |
|
(4,263,783 |
) |
|
584,166 |
|
|
Trade accounts payable |
|
633,331 |
|
|
418,358 |
|
|
Accrued liabilities |
|
342,180 |
|
|
(398,715 |
) |
|
Deferred income |
|
(1,265,697 |
) |
|
2,217,924 |
|
|
Net cash provided by operating activities |
|
7,236,082 |
|
|
15,732,866 |
|
| |
|
|
|
|
| Cash flows
from investing activities |
|
|
|
|
|
Proceeds from sale of interests in subsidiaries |
|
20,720,975 |
|
|
-- |
|
|
Advances for vessel under construction |
|
-- |
|
|
(33,211 |
) |
|
Proceeds from sale of vessels, net |
|
8,302,458 |
|
|
-- |
|
|
Investment in joint ventures |
|
-- |
|
|
(41,051,530 |
) |
|
Advances to joint ventures |
|
(456,610 |
) |
|
(29,245 |
) |
|
Net cash provided by / (used in) investing
activities |
|
28,566,823 |
|
|
(41,113,986 |
) |
| Cash flows
from financing activities |
|
|
|
|
|
Stock repurchase |
|
-- |
|
|
(1,012,235 |
) |
|
Deferred finance charges paid |
|
(152,751 |
) |
|
-- |
|
|
Advances from joint ventures |
|
|
|
1,655,198 |
|
|
Advances to joint ventures |
|
-- |
|
|
(4,175,673 |
) |
|
Loan repayments |
|
(38,690,114 |
) |
|
(10,626,587 |
) |
|
Proceeds from long-term debt |
|
11,250,000 |
|
|
-- |
|
|
Net cash used in financing activities |
|
(27,592,865 |
) |
|
(14,159,297 |
) |
|
Net increase/(decrease) in cash, cash equivalents and restricted
cash |
|
8,210,040 |
|
|
(39,540,417 |
) |
|
Cash, cash equivalents and restricted cash at beginning of
year |
|
79,430,991 |
|
|
82,120,332 |
|
|
Cash, cash equivalents and restricted cash at end of
period |
|
87,641,031 |
|
|
42,579,915 |
|
| Cash
breakdown |
|
|
|
|
|
Cash and cash equivalents |
|
74,797,178 |
|
|
28,034,255 |
|
|
Restricted cash, current |
|
980,416 |
|
|
1,168,117 |
|
|
Restricted cash, non current |
|
11,863,437 |
|
|
13,377,543 |
|
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
87,641,031 |
|
|
42,579,915 |
|
StealthGas (NASDAQ:GASS)
Historical Stock Chart
From Apr 2024 to May 2024
StealthGas (NASDAQ:GASS)
Historical Stock Chart
From May 2023 to May 2024
