The following is a summary of the StealthGas, Inc. (GASS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• StealthGas reported Q2 2024 record quarterly net income of $25.8 million, a 146% increase compared to the previous year.

• Earnings per share increased significantly to $0.70, marking a 159% increase over the prior year.

• Revenue for the quarter reached $41.8 million, a 14% year-over-year increase, despite an 11% reduction in fleet days.

• The company reduced its debt by $107 million including prepayments and regular amortization.

• Net income for the first half of the year was $43.5 million and $46.7 million on an adjusted basis, representing improvements of 60% and 67% respectively year-over-year.

Business Progress:

• StealthGas sold older vessels and enhanced its fleet with two newer medium gas carriers, better positioning the company in the market.

• The company negotiated nine new period charters, including five extensions, increasing contracted future revenues significantly to over $220 million up to 2027.

• Throughout 2024, the company effectively reduced its net debt, nearing a net debt-free status with a robust liquidity profile.

Opportunities:

• The long-term charters and robust contracted revenue outlook depict a strong market demand, potentially driving further revenue growth.

• Increased LPG exports, particularly from the US, coupled with expected economic growth in key markets like India, provide substantial growth opportunities for StealthGas.

Risks:

• The expanding order book for medium-sized carriers might lead to an oversupply, posing a threat to future profitability if the anticipated demand for ammonia as a green fuel does not materialize as expected.

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