StealthGas has attracted a new strong partner in the face of computer billionaire Michael Dell, founder of Dell, one of the leading computer manufacturers worldwide, known for its pioneering sales distribution channels. According to relative SEC filings, Dell was the private investor who participated in the recent private placement that StealthGas put together for a total of $33 million. This means that Dell now owns 9.8% of StealthGas, or 3,494,636 shares.
Harry Vafias, founder and Chief executive of StealthGas confirmed the agreement, noting that "we are extremely excited and proud that one of the United States' major billionaires is investing with us".
Dell is now among the major shipping investors, since, according to the Forbes Rich List, his fortune amounts to $15.3 billion, placing him in the No49 spot, well above shipping's own magnate, John Fredriksen who took 87th place with a fortune of $11.5 billion. George Soros, who boasts Scorpio Bulkers among his many investments, had $19.2bn and was ranked 30th by Forbes.
LPG shipping trade is among the "hottest" sectors in shipping these days, attracting new investors far and wide, who are looking to take advantage of the positive fundamentals, which include a robust demand and a low orderbook.
According to its latest financials, StealthGas posted revenues for the twelve months ended December 31, 2013 which amounted to $121.5 million, an increase of $2.3 million, or 1.9%, compared to revenues of $119.2 million for the twelve months ended December 31, 2012, primarily due to the higher number of vessels in the 2013 period.
Net income for the twelve months ended December 31, 2013 amounted to $21.2 million, compared to net income of $29.0 million for the twelve months ended December 31, 2012. The weighted average number of shares outstanding for the twelve months ended December 31, 2013 increased to 28.3 million compared to 20.6 million last year, due to the public offering of 11.5 million shares completed on April 30, 2013. Earnings per share on a basic and diluted basis for the twelve months ended December 31, 2013 amounted to $0.75 compared to $1.41 last year.
An average of 39.4 vessels were owned by the Company in the twelve months ended December 31, 2013, compared to 36.9 vessels for the same period of 2012. Commenting on the results, CEO Harry Vafias said: "This is the tenth consecutive quarter our company reports solid gains, and while our net income may not have been as strong as last year’s, we have seen as expected a considerable improvement of 33% compared to the previous quarter. Increasing product availability coupled with seasonal factors has led to the market strengthening in the latter part of the fourth quarter and into the first quarter of this year. At the moment, all our vessels are fully operational on period charter or spot employment. We are focused on finding future profitable charters for the existing vessels while at the same time expanding our fleet with the addition of 17 new eco LPG carriers over the next year and half. We expect to see continuously increasing product available for shipment over the next two years and we want to take full advantage of our leading position. While we are concluding the financing arrangements for all the vessels scheduled to enter the fleet, we still have our sights at opportunistic growth and as a result we intend to use the proceeds of the placement we concluded last week, not for vessel acquisitions already announced but for further growth".