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2024-06-14 10:20 EX - 99.1 EX - 99.1 2 d214623dex991.htm EX - 99.1 Exhibit 99.1 StealthGas Inc STEALTHGAS INC . REPORTS SECOND QUARTER AND SIX MONTHS 2021 FINANCIAL AND OPERATING RESULTS ATHENS , GREECE , August 25 , 2021. 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 second quarter and six months ended June 30 , 2021 . 1 OPERATIONAL AND FINANCIAL HIGHLIGHTS Fleet utilization of 98.1 % - with 60 days of technical off hire mainly as a result of three drydockings completed within Q2 2021 . Operational utilization of 96.3 % , a stronger performance compared to the first quarter of 2021 , mainly due to the decreased activity in the spot market along with the reduction of commercial off hire days by 45 % . About 74 % of fleet days secured on period charters for the remainder of 2021 , with total fleet employment days for all subsequent periods generating approximately $ 66 million ( excl . JV vessels ) in contracted revenues . Period coverage for the remainder of Q3 21 ' is currently 87 % . Agreement to sell two small LPG vessels – both for further trading . Voyage revenues of $ 39.2 million in Q2 21 ' , an increase of $ 2.9 million compared to Q2 20 ' mostly due to a 54 % reduction of bareboat activity where revenues are by default lower than time charter and spot earnings . Net income of $ 1.6 million for Q2 21 ' corresponding to an EPS of $ 0.04 compared to net income of $ 8.9 million corresponding to an EPS of $ 0.23 in the same period of last year . EBITDA of $ 14.2 million in Q2 21 ' compared to $ 21.8 million in Q2 20 ' . Adjusted EBITDA of $ 17.3 million in Q2 21 ' compared to $ 22.4 million in Q2 20'- mainly due to higher voyage , operating and drydocking costs . Low gearing , as debt to assets stands at 37.1 % , and a reduction in finance costs by $ 1.8 million for the six months ended June 30 , 2021 compared to the same period in prior year . Total cash , including restricted cash , of $ 48.5 million . Adjusted net Income of $ 4.8 million for Q2 21 ' corresponding to an EPS of $ 0.13 . EBITDA , Adjusted EBITDA , Adjusted Net Income and Adjusted EPS are non - GAAP measures . Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release . https://www.sec.gov/Archives/edgar/data/1328919/000119312521258305/d214623dex991.htm 1/10