EBITDA for 2Q16 was $11.7 mill, compared to $9.9 mill in 2Q15.
The company said that its orderbook was fully funded, following the finalisation of the financing terms for the last four newbuildings, due for delivery in 2017.
During the quarter, StealthGas took delivery of a new Eco LPG carrier. Period on period increase of vessel calendar days was 15% and operational utilisation was 91.2% in 2Q16.
About 70% of fleet voyage days were on period charters for the remainder of this year, with close to $180 mill in contracted revenues, the company claimed.
Revenues for the first six months of this year amounted to $72.2 mill, an increase of $4.1 mill, or 6%, compared to revenues of $68.1 mill for 1H15.
This was primarily due to the higher number of vessels in the fleet in 2016.
The company suffered a net loss of $0.9 mill for 1H16, compared to net income of $4.6 mill in 1H15. The adjusted net loss was $1.3 mill, compared to an adjusted net income of $8.2 mill in 1H15.EBITDA for the first six months of 2016 amounted to $25.7 mill.
An average of 52.9 vessels was owned by the company during the six month period, compared to 46 vessels for the same period of 2015.
As of 30th June, 2016, cash and cash equivalents amounted to $71.6 mill and total debt amounted to $422.1 mill. During 1H16, debt repayments totalled $31.2 mill.
Board chairman, Michael Jolliffe, explained; “During the second quarter of 2016 freight rates in our segment remained very weak, continuing to bounce along the bottom. As evident from the previous quarter, our market is presently at a breakeven level, with suppressed profitability.
“We continue to operate in an extremely difficult market environment with, however, a small orderbook that should assist the segment to balance itself. Unfortunately, there is limited scrapping activity that therefore does not reduce the number of vessels in the water.
“As to our company’s performance this quarter, it was affected by extraordinary events resulting in extended off hire and thus revenue loss. Nevertheless, we managed to increase our fleet utilisation for 2016 by almost 10% and keep our secured revenues in the order of $180 mill in spite of bad market conditions.
“We feel confident as to our fleet, and most importantly our realised capital expansion, as 100% of our newbuilding deliveries in 2015 and 2016 are currently on period charters providing steady cash flows.
“In addition we follow a sensible capital management, maintaining our gearing at moderate levels. As per our cash management this quarter, we strategically decided to cut back on our stock repurchase in order to preserve our cash in this turbulent environment. We look forward to monitor the broader market and our company’s performance in the next couple of quarters, as we have no new deliveries up until the first quarter of 2017,” he concluded.