ATHENS, Greece, April 03, 2023 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS) (the “Company”), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that the Company’s management estimate of the Net Asset Value (“NAV”) per share is region $14.50 based on the number of common shares currently outstanding. The closing price of the Company’s stock on March 31, 2023 was $2.61.
The NAV per share is based on estimates of the value of the vessels in the fleet (including deposits for vessels not yet delivered), total cash and total long-term debt outstanding, including the Company’s interest in any vessels partially owned under joint venture arrangements, calculated for the number of common shares currently outstanding on a fully diluted basis. The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for his or her shares of the Company’s common stock and is based on assumptions and estimates that are susceptible to uncertainty and subject to circumstances and market conditions. Net Asset Value and NAV per share are non-GAAP measures and calculation methodologies may vary across industries and companies.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc.’s fleet consists of fully pressurised, semi refrigerated and fully refrigerated vessels. StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.