UPDATE 1-StealthGas Q2 results top analysts' view
(Recasts, adds details, analyst comments, share movement)
By Abhishek Chanda
BANGALORE, Aug 19 (Reuters) - Greek shipping firm StealthGas Inc (GASS.O) reported better-than-expected quarterly results, helped by higher charter rates and fleet utilization.
Shares of the company, however, fell as much as 9 percent, which an analyst said was due to concerns about a weakening shipping sector.
"The shipping sector has been weak as people are concerned that China might be slowing down after the Olympics," Maxim Group analyst Charles Rupinski said.
Earlier in the day, Chinese traders said state-owned oil company Sinopec Corp (0386.HK) will skip diesel imports in September due to high domestic stockpiles, following the purchase of 100,000 tonnes for August.
China had bought near record-high diesel volumes in the past few months to stockpile fuel before the Olympics.
Shares of other shipping companies also fell on Tuesday.
Excel Maritime Carriers Ltd (EXM.N) shares fell as much as 11 percent, while those of Genco Shipping & Trading Ltd (GNK.N) were down 7 percent. Eagle Bulk Shipping Inc (EGLE.O) lost 6 percent of its value.
The Baltic Exchange's chief sea freight index .BADI for global raw materials trade was down 1 percent.
Athens-based StealthGas, which specializes in shipping liquefied petroleum gas, posted second-quarter net income of $9.4 million, or 42 cents a share, compared with $5.7 million, or 40 cents a share, a year earlier.
Excluding a non-cash gain and about $0.6 million in stock-based compensation expense, the company earned 38 cents a share.
Voyage revenue jumped 43 percent to $28.5 million.
Analysts on average expected the company to earn 34 cents a share, excluding exceptional items but including stock-based compensation expense, on revenue of $27.1 million for the quarter, according to Reuters Estimates.
An average of 38.0 vessels earned an average time-charter equivalent rate of about $7,909 per day in the latest quarter, compared with 29.3 vessels earning $7,075 per day a year earlier.
Fleet utilization rose to 99.3 percent from 98.2 percent.
Shares of the company fell to a low of $14.75 but pared losses to trade down 56 cents at $15.68 Tuesday afternoon on Nasdaq. (Editing by Deepak Kannan)
