StealthGas’ assets surpass $1bn for first time

StealthGas’ assets surpass $1bn for first time

In releasing its third quarter results yesterday, NASDAQ-listed LPG player StealthGas revealed that its assets are now worth more than $1bn for the first time. The Greek company took on five more LPG carriers during the three-month period taking its net worth beyond the $1bn mark.

The Harry Vafias-led company managed a net profit of $5.6m in the first nine months, a drop compared to the $13.9m it managed in the same period of 2014.

“Our sentiment for the year to come is that as scrapping in our segment has increased and as we feel we have reached the bottom of the market, we might see a slight improvement in rates and we are confident and well positioned to grasp this opportunity to the fullest,” Vafias, the ceo of the company, said in a release.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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