StealthGas CEO Discusses Q3 2010 Results - Earnings Call Transcript
As you have seen from our results our time-charter equivalent rate was $7040 per vessel per day compared to $6,564 in the corresponding course of last year which represents an increase of about 7.3% on a year-to-year basis albeit to the smaller fleet (inaudible) rate per day at $7,017 compared to $6840 per day at the end of Q3 2009.
While these improvements are both welcome and encouraging we continue to face challenges in the near term from a trading standpoint as we continue to have high number of vessels trading at the spot market as was the case particularly between 2005 and 2008.
We have also again included in our adjusted time-charter equivalent on a blending basis in our slide presentation for both the LPG vessels and all the tankers as if none of these vessels were on bareboat charters. This not only gives you a more realistic figure in terms of the average time-charter equivalent achieved by the fleet but we also have adjusted the vessel operating expense line later in the presentation as if it were to be responsible for the operating expenses of all the vessels in the fleet.
On this basis, the daily PC was $7792 in Q3 2010 against $7802 for the same time last year. The third quarter of each year is traditionally the shortest one for our company in terms of the seasonal trade and therefore it’s encouraging to see a little bit of stability in the average rates achieved by the fleet for the third quarter on a year-to-year basis.I am also pleased to report that yet again we continue to remain comfortably above our net income breakeven level as we will discuss later in the presentation.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV