Nasdaq-listed Stealth said net incomerang in at $7.2m in the three months to 30 June, reversing a loss of $3.6m in thesame period a year ago.
The adjusted result amounted to $0.31 inearnings per share, two cents higher than Wall Street’s consensus estimate.
Voyage revenues fell 7.3% to $29.1myear-on-year as a result of a smaller fleet, which watched its time charterequivalent rate average rise from $7,457 to $8,041 per day.
In a note to investors, chief executiveHarry Vafias said improvements followed a strengthening of the LPG market andhis Athens-based company’s chartering strategy, which focuses on spot, period, and bareboat contracts.
“Even though we may expect some typical seasonal weakness during the summermonths, we are confident that the fundamentals in our core segment point tofurther market improvements in the future,” he added.
“With an improved cash position, we are still evaluating strategicopportunities to grow and renew our fleet and increase our market share.”
Stealth operated 36.5 vessels on average in the second quarter. One of thoseships, the 5,018-cbm Gas Cerberus (built 2011), secured a charter extension that will keep it working through July 2013, according to Friday’searnings report.
Last week, TradeWinds reported that SHV Holdings locked the unit in for one year at a rate of $305,000 per month,the same price the counterparty paid last year for the original 12-monthfixture.
