STEALTHGAS reports second quarter and six months 2026 financial and operating results

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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 second quarter and six months ended June 30, 2026.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Strong profitability continued for the second quarter, with Net income of $17.3 million corresponding to a basic EPS of $0.46, 8.8% higher than the previous quarter’s $15.9 million but reduced compared to the $20.4 million achieved in the second quarter of 2025.
  • Revenues recorded were $42.9 million in the second quarter, same as the previous quarter. TCE rates improved for the larger vessels but were slightly reduced for the smaller vessels due to idle time, representing an average daily TCE of $15,709.
  • Continued focus on period coverage. About 60% of fleet days for the remainder of 2026 are secured on period charters, with total fleet employment days for all periods generating about $90 million (excl. our single JV vessel) in contracted revenues.
  • All of the vessels in the fully owned fleet are unencumbered. The Company has paid down all its bank debt since Q3 2025.
  • The Company strengthened its liquidity with cash and cash equivalents and short term investments of $168.3 million as of June 30, 2026 and has enhanced it further to over $250 million currently following the successful resolution of the insurance claim for the loss of one of its vessels.

Second Quarter 2026 Results1:

  • Revenues for the three months ended June 30, 2026, amounted to $42.9 million compared to revenues of $47.2 million for the three months ended June 30, 2025, based on an average of 26.4 vessels and 28.3 vessels owned by the Company, respectively. The decrease in revenue is attributable to the decreased number of vessels.
  • Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2026 were $7.2 million and $12.8 million, respectively, compared to $4.4 million and $12.8 million, respectively, for the three months ended June 30, 2025. The $2.8 million increase in voyage expenses was mainly due to an increase in bunkers costs driven by an increase in the number of spot market days for the fleet and higher bunker prices. The vessels’ operating expenses remained at the same level, despite decrease in average number of vessels.
  • Drydocking costs for both the three months ended June 30, 2026 and 2025 were $0.5 million and $0.6 million, respectively.
  • General and administrative expenses for the three months ended June 30, 2026 and 2025 were $1.9 million and $2.0 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
  • Depreciation for the three months ended June 30, 2026 and 2025 was $5.9 million and $6.6 million, respectively. The $0.7 million decrease is mainly related to the decrease in average number of vessels owned by the Company.
  • Gain on sale of vessels for the three months ended June 30, 2026 was $1.3 million compared to loss of $0.1 million for the same period last year. The gain was attributable to the sale of one vessel during the three months ended June 30, 2026 compared to a loss recognized on the sale of one vessel during the corresponding period in 2025.
  • Interest and finance costs for the three months ended June 30, 2026 and 2025, were $0.006 million and $0.6 million, respectively. The $0.6 million decrease from the same period of last year is primarily due to full debt prepayments.
  • Interest income for the three months ended June 30, 2026 and 2025, was $1.2 million and $0.7 million, respectively. The $0.5 million increase from the same period of last year is primarily due to increase in amounts of time deposits.
  • Equity earnings in joint ventures for the three months ended June 30, 2026 and 2025 were a gain of $1.3 million and $0.7 million, respectively. The $0.6 million increase is primarily due to the higher charter rates of the JV vessel.
  • As a result of the above, for the three months ended June 30, 2026, the Company reported net income of $17.3 million, compared to net income of $20.4 million for the three months ended June 30, 2025. The weighted average number of shares outstanding, basic, for the three months ended June 30, 2026 and 2025 was 36.7 million and 35.8 million, respectively.
  • Earnings per share, basic, for the three months ended June 30, 2026, amounted to $0.46 compared to earnings per share, basic, of $0.55 for the same period of last year.
  • Adjusted net income was $17.2 million corresponding to an Adjusted EPS of $0.46 for the three months ended June 30, 2026 compared to Adjusted net income of $21.7 million corresponding to an Adjusted EPS of $0.59 for the same period of last year.
  • EBITDA for the three months ended June 30, 2026 amounted to $22.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 26.4 vessels were owned by the Company during the three months ended June 30, 2026 compared to 28.3 vessels for the same period of 2025.

Six Months 2026 Results1:

  • Revenues for the six months ended June 30, 2026, amounted to $85.8 million compared to revenues of $89.3 million for the six months ended June 30, 2025, based on an average of 27.1 vessels and 28.1 vessels owned by the Company, respectively. The decrease in revenue is attributable to the decreased number of vessels.
  • Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2026, were $13.4 million and $26.6 million, respectively, compared to $9.5 million and $26.2 million, respectively, for the six months ended June 30, 2025. The $3.9 million increase in voyage expenses was mainly due to an increase in war risk insurance expenses. The vessels’ operating expenses mainly remained at the same levels.
  • Drydocking costs for the six months ended June 30, 2026 and 2025 were $3.0 million and $1.0 million, respectively. Drydocking expenses during the six months of 2026 mainly relate to the completion of three vessels’ drydockings, compared to the same period of last year which included the completion of one vessel’s drydocking and the ongoing drydocking of another vessel.
  • General and administrative expenses for the six months ended June 30, 2026 and 2025 were $3.9 million and $4.2 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
  • Depreciation for the six months ended June 30, 2026 and 2025 was $11.6 million and $13.3 million, respectively, a $1.7 million decrease is mainly related to the decrease in average number of vessels owned by the Company.
  • Impairment loss for the six months ended June 30, 2026 and 2025 was $0.3 million and $0.5 million, respectively. As a result of the agreed sale terms for one vessel expected to be delivered in the third quarter of 2026, a non-cash impairment loss of $0.3 million was recognized in the first quarter of 2026.
  • Gain on sale of vessels for the six months ended June 30, 2026 was $3.9 million compared to loss of $0.1 million for the same period last year. The gain was attributable to the sale of two vessels during the six months ended June 30, 2026 compared to a loss recognized on the sale of one vessel during the corresponding period in 2025.
  • Interest and finance costs for the six months ended June 30, 2026 and 2025, were $0.01 million and $2.0 million, respectively. The $1.99 million decrease from the same period of last year is primarily due to full debt prepayments.
  • Interest income for the six months ended June 30, 2026 and 2025, was $2.1 million and $1.5 million, respectively. The increase of $0.6 million is mainly attributed to the increase in the amounts of time deposits.
  • Equity earnings in joint ventures for the six months ended June 30, 2026 and 2025 were a gain of $2.4 million and $2.9 million, respectively. The $0.5 million decrease is primarily due to decrease in number of the vessels owned by our joint ventures compared to the same period of last year.
  • As a result of the above, for the six months ended June 30, 2026, the Company reported net income of $33.2 million, compared to net income of $34.5 million for the six months ended June 30, 2025. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2026 and 2025 was 36.6 million and 35.8 million, respectively.
  • Earnings per share, basic, for the six months ended June 30, 2026 amounted to $0.89 compared to earnings per share, basic, of $0.93 for the same period of last year.
  • Adjusted net income was $32.2 million corresponding to an Adjusted EPS of $0.86 for the six months ended June 30, 2026 compared to Adjusted net income of $37.9 million corresponding to an Adjusted EPS of $1.02 for the same period of last year.
  • EBITDA for the six months ended June 30, 2026 amounted to $42.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 27.1 vessels were owned by the Company during the six months ended June 30, 2026 compared to 28.1 vessels for the same period of 2025.

1 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 two year time charter for its 2007 built LPG carrier Gas Flawless until Jul 2028.
  • A one year time charter for its 2016 built LPG carrier Eco Dominator until Sep 2027.
  • A six months time charter extension for its 2012 built LPG carrier Gas Husky until Mar 2027.
  • A six months time charter extension for the JV owned 2023 built LPG carrier Eco Sorcerer until Feb 2027.

As of September 2026, the Company has total contracted revenues of approximately $90 million (excluding the JV vessel), while for the remainder of the year the Company has circa 60% of fleet days secured under period contracts and contracted revenues of approximately $30 million (excluding the JV vessel).

CEO Harry Vafias Commented:

“The second quarter was challenging to navigate due to the developing geopolitical turbulence. The continuous rise in attacks on commercial vessels is a worrying development for everyone involved in shipping. Through our strong, debt-free operating platform and solid business, we once more reported superior returns for our shareholders. For the first six months of this year we recorded earnings per share of $0.89. We are confident that profitability will remain elevated. After having successfully resolved all major outstanding issues, our attention turns to the optimal utilization of our growing liquidity that has reached an all-time high of over $250 million currently. As always, we are guided by patience and dynamism in order to secure the long term success of the Company“.