Greek LPG carrier owner StealthGas has seen profit eroded in the first quarter as its bigger fleet brought higher costs.

Net earnings to 31 March were $0.63m, against $5.83m in 2015, despite revenue climbing to $36.47m from $35.67m.

Costs, including vessel operating expenses and depreciation, rose to $32.12m compared to $27.29m in 2015.

The company enjoyed 16% more vessel operating days as it added seven ships, with utilisation at 91.1%.

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