StealthGas (GASS) has released an update.
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StealthGas Inc. has reported a robust first quarter in 2024, with a record net income of $17.7 million, marking a 5.4% increase from the previous year, and a significant rise in revenues to $41.6 million, up by 9.2%. The company successfully reduced voyage and operating expenses, resulting in an 80% surge in income from operations. With 73% of its fleet days secured for the remainder of the year, StealthGas is on a solid course, backed by $180 million in contracted revenues and a strong cash position that is aiding in further debt reduction.
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