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TheStreet Open House

StealthGas' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: GASS

StealthGas, Inc. ( GASS)

Q3 2011 Earnings Call

November 16, 2011 11:00 a.m. ET

Executives

Harry Vafias – President, CEO

Konstantinos Sistovaris – CFO

Analysts

Bruce Berger

George Berman – JP Turner

Jeff Geygan – Milwaukee Private Wealth Management

Presentation

Operator

Thank you for standing-by and welcome to the StealthGas Inc. Third Quarter 2011 Results Call. (Operator Instructions) I must advise you that this conference is being recorded today on Wednesday 16 th of November 2011. I would now like to hand the conference over to your speaker today, Mr. Harry Vafias. Please go ahead sir.

Harry Vafias

Thank you and good morning everyone. Welcome to our conference call and webcast to discuss the results for the third quarter 2011. I’m Harry Vafias, the CEO of StealthGas, and I’d like to remind you that we will be discussing forward-looking statements in today’s conference call and presentation.

Regarding the Safe Harbor language, I would like to refer you to slide number one of this presentation as well to our press release on our second quarter results. With me today is Konstantinos Sistovaris, our CFO, and if you need any further info on the conference call or the presentation, please contact Konstantinos or myself.

Let’s begin from slide number two to review how we are implementing our business strategy now. Our medium-term goal is to renew our fleet with a delivery of five newbuilding gas ships. In the first two quarters of 2011 we took delivery of the first two vessels, the 5,000 CBM Gas Elixir and Gas Cerberus, which we then fixed on long term time charters. We also proceeded with the sale of four older ships, the average age of the four ships sold was 16 years of age, and three were operating in the spot market.

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