Harry Vafias looks to new purchasing opportunities

Despite the continuous weakness in most shipping segments, LPG shipping market has marked a remarkable improvement in charter rates. In this favourable environment Harry Vafias announced StealthGas Inc, 4Q and Twelve Months 2011 Results

• Voyage revenues for the twelve months ended December 31, 2011, amounted to $118.3 million an increase of $6.9 million, or 6.2%, from voyage revenues of $111.4 million for the twelve months ended December 31, 2010.
• Voyage expenses for the twelve months ended December 31, 2011 amounted to $17.8 million, an increase of $4.1 million, or 29.9%, from $13.7 million for the twelve months ended December 31, 2010. The increase in voyage expenses during the year was due to the increased activity of our vessels operating in the spot market and higher fuel costs. Vessels’ operating expenses for the twelve months ended December 31, 2011 amounted to $36.6 million, a decrease of $1.7 million, or 4.4%, from operating expenses of $38.3 million for the twelve months ended December 31, 2010. The decrease in operating expenses during the year was primarily due to the increase in the number of vessel under bareboat charters.

Full article, ELNAVI, March 2012, Issue 459, Page. 64

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