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StealthGas Inc. (GASS) is declining in the premarket – What’s causing it to decrease?

StealthGas Inc. (GASS) stock has seen a decline of 18.95% in the premarket. However, the last trading session concluded at $2.55 with a decrease of 0.39%.

Second Quarter 2021 Financial results by GASS

GASS reported second-quarter 2021 results on 25^th August 2021. Revenues for the three months ended June 30, 2021, were $39.2 million, up to $2.9 million or 8.0 percent from $36.3 million in the same period last year. This owed to the addition of six vessels now operating in the spot market or under a time charter contract, which were previously used on bareboat charters.

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Voyage expenditures and vessel operating expenses were $6.0 million and $15.8 million, respectively, for the three months ended June 30, 2021, compared to $2.1 million and $11.6 million for the same period in 2020. The 121 percent (or 486 days) increase in spot days is responsible for the $3.9 million rises in trip expenditures. The rise in vessel operating expenditures of 36.2 percent compared to the same period in 2020 is attributable to six fewer bareboat boats, which are now operating on time charter or in the spot market, as well as an increase in our daily crew costs owing to the COVID-19 epidemic.

First Quarter 2021 Financial Results

GASS reported first-quarter 2021 financial results on 26^th May 2021. Revenues for the three months ended March 31, 2021, totaled $37.4 million. This owed to the addition of seven vessels now operating in the spot market or under a time charter contract, which were previously used on bareboat charters.

Voyage expenditures and vessel operating expenses were $6.9 million and $15.1 million, respectively. General and administrative costs were $0.9 million and $0.6 million, respectively. The $0.3 million increase over the same period last year is largely attributable to one–time legal costs and management payments to unaffiliated third parties.

Fourth Quarter 2020 Financial Results

GASS published fourth quarter 2020 results on 25^th February 2021. Revenues for the three months ended December 31, 2020, were $37.3 million. Voyage expenditures and vessel operating expenses were $5.3 million and $14.7 million, respectively.

The rise in spot days of 82.5 percent accounts for the $1.2 million increase in trip expenditures. We saw a significant rise in both port expenditures and bunker prices this quarter due to our increased spot activity. The rise in vessel operating expenditures of 16.7%. Lastly, they are now operating on time charter or in the spot market.