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StealthGas' CEO Discusses Q2 2012 Results - Earnings Call Transcript

We continue to strive to obtain a secure and visible revenue with stable and predictable cash flows. At the moment fixed voyage days for our fleet for 2012 stands at 80%, for 2013 at 56% and for 2014 already at 40%.

Just to remind you that the equivalent forward coverage numbers in the same quarter last year were 75%, 50% and 25% respectively. We have extended the forward coverage of our revenues by entering the number of long-term charters. We continue to operate relatively modern fleet of Gas ships. And in this respect the average age as of today is about 10 years not including our four modern oil tankers, which is ever young compared to the industry average?

We have managed to maintain the average age of our fleet at around 10 years for the past five years at least. We continue to believe that within our core sectors, this gives us a competitive advantage as younger vessels have less operating expenses, consume less bunkers and are more appealing to blue chip charters. We continue to have strong charters which lowers our counterparty risk because of the strength of the LPG market and the participation of more established names in it, we don’t expect to have an issues with LPG counterparties.

These LPG rates continue to strengthen and we did have a charter that (inaudible) would expect to be able to find a new charter at even higher numbers. Now in terms of course the efficiency of our operations, I am pleased to report yet another good performance in second quarter. Our net income breakeven level per ship per day excluding losses on the (inaudible) was $5,817 per vessel per day compared to $5,847 in the previous quarter and $6,161 in the same quarter of last year, which puts us comfortable in the profit making territory.

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