Stealthgas achieves “another quarter of solid profits”

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STEALTHGAS INC., a ship-owning company serving the liquefied petroleum gas sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • The Company reported another profitable quarter with Net income for the third quarter of $13.3 million corresponding to a basic EPS of $0.36, 10% higher than the $12.1 million achieved in the previous year.
  • Revenues for the third quarter of $44.5 million, increasing 10% or $4.1 million compared to the same period of last year but an increase in voyage expenses of $4.3 million resulted in Net Revenues being flat.
  • Preserved high period coverage. About 85% of fleet days for 2025 are secured on period charters and 46% for 2026, with total fleet employment days for all periods generating about $130 million (excl. our single JV vessel) in contracted revenues.
  • Repaid all debt obligations in our fully owned fleet, making $85.9 million in debt repayments during the first nine months of 2025 and $350 million since December 2022. Currently, all the vessels in the fully owned fleet are unencumbered.
  • During 2025 the Company has spent $1.8 million on share repurchases. Overall, under the current program the Company has spent over $21.2 million in share repurchases since June 2023.
  • Maintaining ample cash and cash equivalents of $69.7 million as of September 30, 2025.

Third Quarter 2025 Results1:

  • Revenues for the three months ended September 30, 2025, amounted to $44.5 million compared to revenues of $40.4 million for the three months ended September 30, 2024, based on an average of 29.0 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in our fleet and improved market conditions.
  • Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2025, were $7.2 million and $15.0 million, respectively, compared to $2.9 million and $12.3 million, respectively, for the three months ended September 30, 2024. The $4.3 million increase in voyage expenses was mainly due to an increase in bunkers costs and port expenses as a result of the increase in spot market days for the fleet. The $2.7 million increase in vessels’ operating expenses was mainly due to an increase in the number of vessels as well as repairs for the Eco Wizard.
  • Drydocking costs for the three months ended September 30, 2025, were $0.7 million compared to $2.9 million for the three months ended September 30, 2024. Drydocking expenses during the third quarter of 2024 mainly relate to the completed drydocking of four vessels, while the drydocking of one vessel was still in progress, compared to no drydocking of vessels in the same period of this year.
  • General and administrative expenses for the three months ended September 30, 2025 and 2024, were $1.9 million and $2.7 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
  • Depreciation for the three months ended September 30, 2025 and 2024, was $6.6 million and $6.5 million, respectively. The $0.1 million increase is mainly related to the increase in the average number of vessels owned by the Company.
  • Interest and finance costs for the three months ended September 30, 2025 and 2024, were $0.2 million and $1.8 million, respectively. The $1.6 million decrease from the same period of last year is primarily due to continued debt prepayments.
  • Equity earnings in joint ventures for the three months ended September 30, 2025 and 2024, was a gain of $1.1 million for both periods.
  • As a result of the above, for the three months ended September 30, 2025, the Company reported net income of $13.3 million, compared to net income of $12.1 million for the three months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the three months ended September 30, 2025 and 2024 was 36.0 million and 35.2 million, respectively.
  • Earnings per share, basic, for the three months ended September 30, 2025, amounted to $0.36 compared to earnings per share, basic, of $0.33 for the same period of last year.
  • Adjusted net income, was $14.4 million corresponding to an Adjusted EPS of $0.39 for the three months ended September 30, 2025 compared to Adjusted net income of $14.2 million corresponding to an Adjusted EPS of $0.38 for the same period of last year.
  • EBITDA for the three months ended September 30, 2025, amounted to $19.5 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 29.0 vessels were owned by the Company during the three months ended September 30, 2025 compared to 27.0 vessels for the same period of 2024.

Nine months 2025 Results1:

  • Revenues for the nine months ended September 30, 2025, amounted to $133.8 million compared to revenues of $123.8 million for the nine months ended September 30, 2024, based on an average of 28.4 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels in our fleet and improved market conditions.
  • Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2025, were $16.7 million and $41.2 million, respectively, compared to $8.4 million and $36.2 million, respectively, for the nine months ended September 30, 2024. The $8.3 million increase in voyage expenses was mainly due to an increase in port expenses and in bunkers costs as a result of the increase in spot market days for the fleet. The $5.0 million increase in vessels’ operating expenses was mainly due to increase in crew, maintenance repairs and spares expenses partly in conjunction with the higher number of vessels in the fleet.
  • Drydocking costs for the nine months ended September 30, 2025 and 2024, were $1.8 million and $3.5 million, respectively. Drydocking expenses for the nine months ended September 30, 2025 mainly relate to the completion of two vessels’ drydocking, compared to the same period of last year which included the completion of four vessel’s drydocking and the ongoing drydocking of another vessel.
  • General and administrative expenses for the nine months ended September 30, 2025 and 2024, were $6.1 million and $7.3 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
  • Depreciation for the nine months ended September 30, 2025 and 2024, was $19.8 million and $19.5 million, respectively, a $0.3 million increase is mainly related to the increase in average number of vessels owned by the Company.
  • Impairment loss for the nine months ended September 30, 2025 and 2024, was $0.5 million and nil respectively. As a result of the agreed sale terms for the vessel Gas Cerberus, which was delivered in June 2025, a non-cash impairment loss of $0.5 million was recognized in the first quarter of 2025.
  • Loss on sale of vessels for the nine months ended September 30, 2025, was $0.1 million compared to gain of $0.05 million for the same period last year. The loss is attributed to the sale of one vessel during the nine months ended September 30, 2025, compared to the gain from the sale of two vessels during the nine months ended September 30, 2024, which had been classified as held for sale as of December 31, 2023.
  • Interest and finance costs for the nine months ended September 30, 2025 and 2024, were $2.2 million and $7.6 million, respectively. The $5.4 million decrease from the same period of last year is primarily due to continued debt prepayments.
  • Interest income for the nine months ended September 30, 2025 and 2024, was $2.1 million and $2.4 million, respectively. The decrease of $0.3 million is mainly attributed to the decrease in rates of time deposits.
  • Equity earnings in joint ventures for the nine months ended September 30, 2025 and 2024, was a gain of $4.0 million and $15.2 million, respectively. The $11.2 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year.
  • As a result of the above, for the nine months ended September 30, 2025, the Company reported net income of $47.9 million, compared to net income of $55.7 million for the nine months ended September 30, 2024. The weighted average number of shares outstanding, basic, for the nine months ended September 30, 2025 and 2024 was 35.8 million and 35.2 million, respectively.
  • Earnings per share, basic, for the nine months ended September 30, 2025, amounted to $1.30 compared to earnings per share, basic, of $1.52 for the same period of last year.
  • Adjusted net income was $52.3 million corresponding to an Adjusted EPS of $1.42 for the nine months ended September 30, 2025 compared to Adjusted net income of $60.8 million corresponding to an Adjusted EPS of $1.67 for the same period of last year.
  • EBITDA for the nine months ended September 30, 2025, amounted to $67.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 28.4 vessels were owned by the Company during the nine months ended September 30, 2025, compared to 27.0 vessels for the same period of 2024.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements (of three or more months duration):  

  • A twelve months time charter for its 2012 built LPG carrier Gas Husky, until Sep 2026 including a charterer’s option to extend a further six months.
  • A seven months time charter extension for its 2009 built LPG carrier Gas Astrid, until Apr 2026 including a charterer’s option to extend a further eight months.
  • A six months time charter extension for its 2012 built LPG carrier Gas Esco, until Mar 2026 including a charterer’s option to extend a further six months.
  • A six months time charter for its 2014 built LPG carrier Eco Chios, until Apr 2026.
  • A three months time charter for its 2018 built LPG carrier Eco Arctic, until Jan 2026 including a charterer’s option to extend a further three months.

As of November 2025, the Company has total contracted revenues of approximately $130 million (excluding the JV vessel). For 2026 the Company has circa 46% of fleet days secured under period contracts and contracted revenues of approximately $77 million (excluding the JV vessel).

In November 2025 the previously announced sale of the vessel Gas Elixir was completed and it was delivered to its new owners.

In September 2025, the Company entered into an agreement to sell the 2014-built vessel Eco Invictus to a third party subject to certain conditions being met, with delivery expected in in the first quarter of 2026. The vessel is debt-free, and the full proceeds from the sale will contribute to the Company’s liquidity position. Following the completion of this sale the Company’s fully owned fleet will consist of 27 LPG carriers, while one LPG carrier continues to be owned through a joint venture.

In relation to the previously announced July 6, 2025 incident involving the LPG carrier Eco Wizard, the vessel remains stranded in the port in Russia. It has moved berth and temporary repairs have been completed. However, the vessel will need to be drydocked and more permanent repairs carried out. As such, the Company is still working with local authorities, and special permissions needed by EU authorities, on arranging the release of the vessel in order for it to be moved to a yard in Europe. Until such time that the vessel is fully repaired and able to return to operations, if at all, it will remain off hire and will not generate revenue.

CEO Harry Vafias Commented

“During the summer months the market experienced a seasonal softening in spot rates but the drop in activity was relatively modest. Due to the high period coverage in our fleet we achieved another quarter of solid profits with a 10% increase compared to last year. So far in the current quarter charter rates have been increasing while the volatility in the geopolitical environment seems to have subsided somewhat, at least temporarily, resulting in increasing trade flows and improvement in sentiment. We are always looking for opportunities to divest older assets, and as such we entered into an agreement for the third time this year to sell another one of our older vessels. In terms of maintaining a solid balance sheet, one of our core goals, we completed the deleverage by paying down $350 million of debt obligations over the last 3 years and the Company is now debt free”.