CEO Harry Vafias commented
The fourth quarter of 2012 was our best quarter over the last four years. Our sound sale and purchase and chartering strategies combined with stronger freight markets during the winter months resulted in net income for the quarter of $7.8 million, improving on our previous quarter, but more importantly up 77.3% compared to the same quarter of last year. We have recently time chartered the Gas Monarch for six months and extended the charters on the Sir Ivor and Lyne for nine months, while we continue to have six vessels trading in the spot market where there is strong activity.
For 2012 as a whole we have witnessed every quarter our results being stronger than each respective quarter of 2011. While 2011 was a turning point for the LPG market, 2012 was a year of steady improvements. Preliminary figures suggest LPG export growth of 8% for 2012 and continuing growth over the medium term. While trade growth is the distinctive factor for improvements in seaborne trade, it is equally important that there is a balance in the supply of new ships. This is what has differentiated us from most shipping sectors, since in the LPG sector we have not witnessed over the last couple of years the relentless growth in supply of vessels that has plagued other sectors. Indeed, we believe the fundamentals for LPG continue to be favorable. As a result, we believe it is an opportune time to grow the company further and consolidate our leadership position. Moreover, we are still trading at a discount to NAV and at a small earnings multiple.
Conference Call details:On February 21, 2013 at 11:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and outlook. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1866 682 8490 (US Toll Free Dial In) or 0844 571 8957 (UK Toll Free Dial In).