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Stealthgas Inc. reports third quarter and nine months 2025 financial and operating results

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced 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 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.

[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 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.

Stealthgas: Έσοδα 110 εκατ. δολαρίων στο εννεάμηνο

Στα 110 εκατ. δολάρια ανέρχονται τα συνολικά έσοδα που κατέγραψε στο εννεάμηνο του τρέχοντος έτους η εισηγμένη ναυτιλιακή εταιρεία Stealthgas, του Χάρη Βαφειά. Ωστόσο, ήταν μειωμένα κατά 4,2 εκατ. δολάρια ή 3,7%, σε σύγκριση με τα 114,2 εκατ. δολάρια στο εννεάμηνο του 2021, κυρίως λόγω της μείωσης του μεγέθους του στόλου. Ο στόλος το 2021 αριθμούσε 41 πλοία, ενώ το 2022 τα πλοία ήταν 34.
Τα καθαρά κέρδη διαμορφώθηκαν στα 26,5 εκατ. δολάρια έναντι 3,6 εκατ. δολαρίων το αντίστοιχο περσινό διάστημα.
Τα έξοδα ταξιδιού και τα λειτουργικά έξοδα των πλοίων ήταν 15,6 εκατ. δολάρια και 40,3 εκατ. δολάρια αντιστοίχως σε σύγκριση με τα 17,4 εκατ. δολάρια και τα 46,4 εκατ. δολάρια πέρυσι.
Σε ό,τι αφορά το γ΄ τρίμηνο, τα κέρδη ανήλθαν σε 6,7 εκατ. δολάρια έναντι 1,2 εκατ. δολαρίων το αντίστοιχο περσινό χρονικό διάστημα. Τα έσοδα ήταν 34,9 εκατ. δολάρια έναντι 37,5 εκατ. το γ’ τρίμηνο του 2021 και τα EBITDA ανήλθαν σε 16,9 εκατ. δολάρια.
Τα έξοδα ταξιδιού και τα λειτουργικά έξοδα των πλοίων για το γ’ τρίμηνο διαμορφώθηκαν στα 6,8 εκατ. δολάρια και 14,1 εκατ. αντίστοιχα έναντι 4,5 εκατ. και 15,5 εκατ. δολαρίων το γ’ τρίμηνο του 2021.
Τα κέρδη ανά μετοχή, ανήλθαν σε 0,18 δολάρια σε σύγκριση με τα κέρδη ανά μετοχή 0,03 δολάρια για την ίδια περίοδο του προηγούμενου έτους.
Παράλληλα, η εταιρεία προχώρησε στη ναύλωση έντεκα πλοίων από τρεις μήνες έως τρία χρόνια με τα έσοδα από τις συμβάσεις αυτές να υπολογίζονται στα 90 εκατ. δολάρια

Stealthgas Inc.: LPG Trade Could be Affected Because of the Situation in Ukraine

STEALTHGAS INC., a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2021.
OPERATIONAL AND FINANCIAL HIGHLIGHTS• Fleet utilization of 98.3% with 62 days of technical off-hire, mainly as a result of the full completion of two drydockings in Q4 2021.• Operational utilization of 96.1%, an improved performance compared to the third quarter of 2021, mainly due to a 10% reduction of spot days.• About 49% of fleet days are secured on period charters for the remainder of 2022, with total fleet employment days for all subsequent periods generating approximately $70 million (excl. JV vessels) in contracted revenues. Period coverage for the second quarter of 2022 is currently 63%.• Completion of our spin-off of four tankers on December 3, 2021 to a new NASDAQ listed company called Imperial Petroleum Inc.• Voyage revenues of $36.1 million in Q4 21’, a decrease of $1.2 million compared to Q4 20’, mostly due to a decline in revenues stemming from the tanker vessels which were accounted in SteatlhGas financials up to December 3, 2021, the spin-off completion date.• Impairment charge of $40.2 million as a result of our tankers’ spin-off.• Net loss of $38.7 million for Q4 21’ corresponding to a loss per share of $1.02.• EBITDA1(losses) of $27.0 million in Q4 21’ compared to EBITDA of $11.8 million in Q4 20’.• Adjusted EBITDA1 of $14.6 million in Q4 21’ compared to $13.7 million in Q4 20’ due to higher operating income before impairment charges.• Low gearing is preserved even following the completion of the spin-off transaction, as debt to assets stands at 37.7% compared to 37.3% as at the end of 2020.• Total cash, including restricted cash, of $45.7 million as of December 31, 2021.• Adjusted Net Income1 of $2.8 million for Q4 21’ corresponding to an Adjusted EPS of $0.07.• For the twelve-month period ended December 31, 2021, our adjusted net income came in at $10.2 million corresponding to an Adjusted EPS of $0.27.
Fourth Quarter 2021 Results:• Revenues for the three months ended December 31, 2021 amounted to $36.1 million, a decrease of $1.2 million, or 3.2%, compared to revenues of $37.3 million for the three months ended December 31, 2020, mainly due to a decline in revenues stemming from the spin-off of our 4 tanker vessels which were accounted for in SteatlhGas financials up to December 3, 2021, the spin-off completion date, partially offset by the 15.2% increase of our time charter revenues generated from our LPG vessels.• Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2021 were $4.8 million and $15.1 million, respectively, compared to $5.3 million and $14.7 million, respectively, for the three months ended December 31, 2020. The $0.5 million decrease in voyage expenses is small when considering the decline of spot days by 56%. This fact is attributed to the sharp rise of daily bunker costs by almost $2,600 (113%). The $0.4 million increase in vessels’ operating expenses compared to the same period of 2020 is due to fewer vessels on bareboat as our bareboat days declined by 15.8%, along with a further increase of our crew costs due to the COVID-19 pandemic by $0.2 million.• General and administrative expenses for the three months ended December 31, 2021 and 2020 were $1.3 million and $0.7 million, respectively. This $0.6 million increase compared to the same period of last year is due to stock compensation costs along with costs related to the spin-off transaction.• Drydocking costs for the three months ended December 31, 2021 and 2020 were $0.9 million and $0.9 million, respectively, and both relate to the full completion of two drydockings.• Depreciation for the three months ended December 31, 2021 and 2020, was $8.6 million and $9.5 million, respectively, as the number of our vessels declined following the spin-off of our four tanker vessels.• Impairment loss for the three months ended December 31, 2021 was $41.5 million and is mainly attributed to the spin-off transaction. Impairment loss for the three months ended December 31, 2020 was $0.7 million relating to one of our oldest vessels.• Interest and finance costs for the three months ended December 31, 2021 and 2020, were $3.1 million and $3.1 million, respectively. Although interest charges declined by almost $0.4 million compared to the same period of last year due to the decline of LIBOR rates, we incurred about $0.4 million of swap prepayment and arrangement fees in relation to loan refinancings.• Equity (losses)/earnings in joint ventures for the three months ended December 31, 2021 and 2020 was a gain of $1.7 million and a loss of $0.5 million, respectively. The $2.2 million increase from the same period of last year is mainly due to increased operating revenues which enhanced the profitability stemming from our joint venture arrangements.• As a result of the above, for the three months ended December 31, 2021, the Company reported a net loss of $38.7 million, compared to a net loss of $0.7 million for the three months ended December 31, 2020. The weighted average number of shares outstanding for the three months ended December 31, 2021 and 2020 was 37.9 million and 37.9 million, respectively.• Loss per share, basic and diluted, for the three months ended December 31, 2021 amounted to $1.02 compared to loss per share of $0.02 for the same period of last year.• Adjusted net income was $2.8 million corresponding to an Adjusted EPS of $0.07 for the three months ended December 31, 2021 compared to adjusted net income of $1.1 million corresponding to an Adjusted EPS of $0.03 for the same period of last year.• EBITDA for the three months ended December 31, 2021 amounted to losses of $27.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.• An average of 39.7 vessels were owned by the Company during the three months ended December 31, 2021 compared to 42.1 vessels for the same period of 2020.
Twelve Months 2021 Results:• Revenues for the twelve months ended December 31, 2021, amounted to $150.2 million, an increase of $5.2 million, or 3.6%, compared to revenues of $145.0 million for the twelve months ended December 31, 2020, primarily due to the reduction of our bareboat activity by 47.6% (equivalent to 1,630 days) where revenues are inherently lower, along with an increase in spot days.• Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2021 were $22.2 million and $61.5 million, respectively, compared to $14.1 million and $53.3 million for the twelve months ended December 31, 2020. The $8.1 million increase in voyage expenses was an outcome of the 16.5% (or 435 days) increase of spot days in conjunction with a year-on-year increase of our daily bunker costs by 50.4%. The $8.2 million increase in vessels’ operating expenses, is due to the seven vessels (six small LPGs and our aframax tanker), which in 2020 were on bareboat either for the entire year or for a fair amount of time, while during the whole of 2021 operated either on time charter or in the spot market for which we incur operating costs. Operating expenses were also affected by a rise in crew related costs due to the COVID-19 pandemic, mostly evident from the second half of the year 2021 and onwards.• General and administrative expenses for the twelve months ended December 31, 2021 were $4.3 million and $2.3 million, respectively. This $2.0 million increase compared to the same period of last year is primarily due to stock compensation costs along with costs related to the spin off transaction.• Drydocking costs for the twelve months ended December 31, 2021 and 2020 were $5.3 million and $3.6 million, respectively. The costs for the twelve months ended December 31, 2021 mainly related to the drydocking of eight small LPG vessels, while the costs for the same period of last year related to the drydocking of six small LPG vessels and the drydocking of our aframax tanker.• Depreciation for the twelve months ended December 31, 2021, was $37.1 million, a $0.4 million decrease from $37.5 million for the same period of last year, primarily due to the decline of the number of our vessels following the spin-off of our four tanker vessels that was completed on December 3, 2021.• Impairment loss for the twelve months ended December 31, 2021 was $44.6 million; $40.2 million is attributed to the spin-off transaction while the remaining $4.4 million relates to four vessels, one older vessel and three vessels for which the Company entered into separate agreements to sell them to third parties. Impairment loss for the twelve months ended December 31, 2020 was $3.9 million relating to four of our oldest vessels.• Interest and finance costs for the twelve months ended December 31, 2021 and 2020 were $12.7 million and $14.1 million respectively. The $1.4 million decrease from the same period of last year is mostly due to the decline of LIBOR rates along with the reduction in our leverage, partially offset by the incurrence of refinancing related costs.• Equity earnings in joint ventures for the twelve months ended December 31, 2021 and 2020 was $8.3 million and $2.7 million, respectively. The $5.6 million increase from the same period of last year is mainly due to the gain on sale of one of the vessels owned by the MGC joint venture arrangement which was sold in 2021.• As a result of the above, the Company reported a net loss for the twelve months ended December 31, 2021 of $35.1 million, compared to a net income of $12.0 million for the twelve months ended December 31, 2020. The weighted average number of shares outstanding for the twelve months ended December 31, 2021 and 2020 was 37.9 million and 38.4 million, respectively.• Loss per share for the twelve months ended December 31, 2021 amounted to $0.93 compared to earnings per share of $0.31 for the same period of last year.• Adjusted net income was $10.2 million corresponding to an Adjusted EPS of $0.27, for the twelve months ended December 31, 2021 compared to adjusted net income of $16.9 million corresponding to an Adjusted EPS of $0.44, for the same period of last year.• EBITDA for the twelve months ended December 31, 2021 amounted to $14.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.• An average of 41.3 vessels were owned by the Company during the twelve months ended December 31, 2021, compared to 41.6 vessels for the same period of 2020.• As of December 31, 2021, cash and cash equivalents amounted to $32.1 million and total debt amounted to $301.0 million. During the twelve months ended December 31, 2021 debt repayments amounted to $173.0 million.
Fleet Update Since Previous AnnouncementThe Company announced the conclusion of the following chartering arrangements:
• A one-year time charter for its 2016 built LPG carrier the Eco Nemesis, to an Oil Major up until March 2023.• A one-year time charter for its 2014 built LPG carrier the Eco Corsair, to an Oil Major up until February 2023.• A one-year time charter for its 2015 built LPG carrier the Eco Royalty, to an Oil Major until February 2023.• A five months’ time charter extension for its 2020 built LPG carrier the Eco Texiana, to an Oil Major up until July 2022.• A five months’ time charter extension for its 2012 built LPG carrier the Gas Husky, to an Oil Major up until July 2022.• A three months’ time charter extension for its 2020 built LPG carrier the Eco Alice, to an International trading house until April 2022.· A three months’ time charter extension for its 2012 built LPG carrier the Gas Flawless, to an international LP trader up until March 2022.• A one month time charter for its 2016 built LPG carrier the Eco Nical, to an International LPG trader up until March 2022.• A one month time charter for its 2011 built LPG carrier the Gas Cerberus, to an International trading house up until April 2022.With these charters, the Company has total contracted revenues of approximately $70 million.
For the remainder of the year 2022, the Company has about 49% of fleet days secured under period contracts.
Board Chairman Michael Jolliffe CommentedYear 2021 has been throughout its course demanding, as it required shipping companies to adapt to the pressures arising from the ongoing COVID-19 pandemic, along with inflationary pressures as an outcome of rising energy prices. Regrettably, the Russian war outbreak in Ukraine has made our global reality uncertain with considerable effects on humanitarian, geopolitical and economic aspects; LPG trade will not remain unaffected, and we may see direct effects such as changes in trade patterns as well as indirect ones such as further increases in energy prices, and various other costs that may increase such as insurance war risk premiums.
Regardless of the dire environment in 2021, StealthGas followed a dynamic pace taking the strategic decision to become a pure player in the broader LPG market; thus, transferring the tankers to a separate listed entity; equally important, we underwent a large scale project of refinancing the majority of our fleet reaping benefits on both cash flow and costs.
Our year ended with a profit of $10.2 million excluding impairment charges, a decent performance when taking into consideration the large increase in our voyage costs, crew costs related to the COVID-19 pandemic as well expenses for drydocking again due to COVID-19 yard restrictions.
Going forward we cannot predict our market’s reality especially in such erratic times; however, our sizeable fleet, our market’s strong fundamentals, LPG rates improvement in the fourth quarter of 2021 along with our healthy capital structure are the strong points upon which we will rely, despite any market disturbances we may face.

Stealthgas Inc. Looking to Capture Market Upturn as the Freight Market Improves Post-Pandemic

STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the first quarter ended March 31, 2021.
OPERATIONAL AND FINANCIAL HIGHLIGHTS1
– Fleet utilization of 98.7% with 50 days of technical off hire mainly as a result of one drydocking completed within Q1 2021.
– Operational utilization of 93.1% mainly due to 15 of our ships having a predominant presence in the spot market – equivalent to 31.2% of voyage days.
– 61% of fleet days secured on period charters for the remainder of 2021, with total fleet employment days for all subsequent periods generating approximately $87 million (excluding vessels in joint ventures) in contracted revenues. Period coverage for the remainder of Q2 21’ is currently 80%.
– Sale and delivery in Q2 21’, of the 35,000 cbm MGC vessel, the Gaschem Hamburg (2010 built), owned by our MGC joint venture arrangement, for a price of $34 million generating an aggregate gain, for the Joint Venture, of $7 million.
– Voyage revenues of $37.4 million in Q1 21’, an increase of $3.0 million compared to Q1 20’ mostly due to a 58% decrease in the fleet’s bareboat activity where revenues are inherently lower than those earned from time charter and spot activity.
– Net income of $0.8 million for Q1 21’ corresponding to an EPS of $0.02 compared to net income of $3.0 million corresponding to an EPS of $0.08 in the same period of last year.
– EBITDA of $13.4 million in Q1 21’ compared to $16.5 million in Q1 20’ – due to lower operational utilization as a result of higher spot activity.
– Low gearing, as debt to assets stands at 37.7%, and a quarter over quarter reduction in finance costs by $1.1 million.
– Total cash, including restricted cash, of $52.9 million with no capital expenditure commitments in the near future.
First Quarter 2021 Results:
Revenues for the three months ended March 31, 2021 amounted to $37.4 million, an increase of $3.0 million, or 8.7%, compared to revenues of $34.4 million for the three months ended March 31, 2020, mainly due to seven vessels, now operating either in the spot market or under a time charter contract which were employed on bareboat charters in the same period of last year.
Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2021 were $6.9 million and $15.1 million, respectively, compared to $2.8 million and $13.2 million, respectively, for the three months ended March 31, 2020. The $4.1 million increase in voyage expenses is attributed to the 260% increase in spot days. Due to our increased spot activity, we witnessed this quarter a sharp increase of both port expenses and bunker costs, particularly as we had two of our product tankers operating in the spot market. The 14.4% increase in vessels’ operating expenses compared to the same period of 2020, is a result of seven fewer vessels on bareboat, which vessels are now operating either on time charter or in the spot market along with an increase of our daily crew costs crew due to the COVID-19 pandemic.
General and administrative expenses: for the three months ended March 31, 2021 and 2020 were $0.9 million and $0.6 million, respectively. This $0.3 million increase compared to the same period of last year is primarily due to some one–off legal expenses and some management fees to unaffiliated third parties.Drydocking costs for the three months ended March 31, 2021 and 2020 were $0.6 million and $0.2 million, respectively. Drydocking expenses during the first quarter of 2021 relate to the drydocking of one vessel and to the drydocking preparation of four vessels compared to the drydocking in progress of one vessel in the same period of last year.
Depreciation for the three months ended March 31, 2021 and 2020 was $9.5 million and $9.3 million, respectively.
Interest and finance costs for the three months ended March 31, 2021 and 2020 were $3.1 million and $4.2 million, respectively. The $1.1 million decrease from the same period of last year is mostly due to the decline of LIBOR rates.
Equity earnings in joint ventures for the three months ended March 31, 2021 and 2020 was a gain of $1.1 million and a gain of $0.6 million, respectively. The $0.5 million increase from the same period of last year is mainly due to the profitability of our MGC joint venture arrangement which operated for the full Q1 21’ compared to approximately one month during Q1 20’.
As a result of the above, for the three months ended March 31, 2021, the Company reported net income of $0.8 million, compared to net income of $3.0 million for the three months ended March 31, 2020. The weighted average number of shares outstanding for the three months ended March 31, 2021 and 2020 was 37.9 million and 39.4 million, respectively. This decrease in the number of shares is a result of our share buyback program and the tender offer that was completed in April 2020.
Earnings per share, basic and diluted, for the three months ended March 31, 2021 amounted to $0.02 compared to earnings per share of $0.08 for the same period of last year.
Adjusted net income was $0.6 million or $0.02 per share for the three months ended March 31, 2021 compared to adjusted net income of $3.1 million or $0.08 per share for the same period of last year.EBITDA for the three months ended March 31, 2021 amounted to $13.4 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 41.6 vessels were owned by the Company during the three months ended March 31, 2021 compared to 41.0 vessels for the same period of 2020.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
– A one year time charter extension for its 2009 built product tanker the Falcon Mayram, to a Tanker Operator until September 2022.
– A one year time charter for its 2008 built product tanker the Magic Wand, to a National Oil Company until March 2022.
– A one year time charter extension for its 2015 built LPG carrier the Eco Universe, to an Oil Major until February 2022.
– A six months time charter extension for its 2007 built LPG carrier the Gas Flawless, to an International LPG Trader until December 2021.
– A six months time charter extension for its 2018 built LPG carrier the Eco Freeze, to an International LPG Trader until October 2021.
– A four months time charter for its 2012 built LPG carrier the Gas Husky, to a Major Commodity Trader until September 2021.
– A three months time charter extension for its 2012 built LPG carrier the Gas Esco, to an International LPG Trader until September 2021.
– A two months time charter extension for its 2016 built LPG carrier the Eco Dominator, to an International LPG Trader until June 2021.
– A two months time charter extension for its 2021 built LPG carrier the Eco Blizzard, to an International LPG Trader until June 2021.
– A one month time charter for its 2015 built LPG carrier the Eco Dream, to an oil Major until May 2021.With these charters, the Company has total contracted revenues of approximately $87 million.
Total anticipated fleet days of our fleet is 61% covered with charter contracts for the remainder of 2021.
Board Chairman Michael Jolliffe Commented
Our performance in the first quarter of 2021 was still governed by the COVID-19 pandemic. Although demand for small LPG carriers slightly strengthened and rates seem to have gained a positive momentum these effects began to materialize towards the end of the quarter, thus were not reflected in our results for Q1 2021.
Due to market conditions our presence in the spot market remained high and compared to the last quarter of the year what mostly undermined our spot profitability was the operation of two of our product tankers in the spot market for the whole duration of the quarter- thus incurring high voyage costs against poor freight compensation.
What we find important amidst these market conditions is that we have designed our fleet employment so as to grasp the positive market turn expected with the remission of the COVID-19 pandemic. We have 16 vessels concluding their period employment up until the end of 2021 and along with our ships currently in the spot market gives us the opportunity to re-charter 60% of our fleet at a time when hopefully the market is expected to improve.

Stealthgas Inc. Says Market Turbulence Could Last Throughout 2021, as Company Reports Steady 2020 Revenues of $145 Million

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the twelve months ended December 31, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS1
• Fleet utilization of 98.5% with 60 days of technical off hire mainly as a result of two drydockings completed within Q4 2020.• Fleet operational utilization of 93.6% mainly due to a number of our ships having a presence in the spot market – equivalent to 28.7% of calendar days.• Fleet calendar days, down by 2% quarter over quarter to 3,873 – the decrease attributable mostly to our strategic fleet contraction.• About 50% of fleet days secured on period charters for the remainder of 2021 (74% for Q1 21’), with total fleet employment days for all subsequent periods (up until June 2024), generating approximately $81 million in contracted revenues. Including the JV time charters, total secured revenues amount to $92 million.• Delivery of a 11,000 cbm newbuilding LPG vessel, the Eco Blizzard, on February 5, 2021 – thus completing our capital expenditure schedule.• Sale of our oldest vessel the Gas Pasha (1995 built) on December 7, 2020 for further trading.• Following our recent S&P activity, our average LPG fleet age (including our JV vessels) is 9 years.• Voyage revenues of $37.3 million in Q4 ’20, an increase of $2.1 million compared to Q4 ’19 mostly due to a 50% reduction of bareboat activity where generated revenue is inherently lower and an increase of time charter revenues stemming from our larger LPG vessels.• Net loss of $0.7 million in Q4 20’ corresponding to a net loss per share of $0.02 compared to net income of $0.5 million in Q4 ’19 corresponding to an EPS of $0.01.• Adjusted EBITDA of $13.7 million in Q4 20’ compared to $15.1 million in Q4 ’19.• Low gearing, as debt to assets stands at 37.3%, and quarter- over- quarter reduction in finance costs by $1.4 million.• Total cash, including restricted cash, of $53.0 million as of December 31, 2020 – increased compared to the previous quarter end following the post-delivery financing of the LPG newbuilding Eco Alice.• Adjusted net income of $1.1 million for Q4 20’ corresponding to an Adjusted EPS of $0.03 while for the year 2020 our Adjusted net income was $16.9 million corresponding to an Adjusted EPS of $0.44 – a good performance given difficult market conditions.
Twelve Months 2020 Results:• Revenues for the twelve months ended December 31, 2020 amounted to $145.0 million, an increase of $0.7 million, or 0.5%, compared to revenues of $144.3 million for the twelve months ended December 31, 2019, due to higher revenues stemming from our time charter contracts along with a reduction of our bareboat activity, partially offset by the reduction of our fleet calendar days by 6.3% and the significant reduction in the calendar days of our charter-in vessels.• Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2020 were $14.1 million and $53.3 million, respectively, compared to $17.0 million and $49.6 million for the twelve months ended December 31, 2019. The $2.9 million decrease in voyage expenses is mostly attributed to the 18.7% reduction in bunker costs due to low prevailing oil prices. The $3.7 million increase in vessels’ operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.• Drydocking costs for the twelve months ended December 31, 2020 and 2019 were $3.6 million and $1.1 million, respectively. The costs for the twelve months ended December 31, 2020 mainly related to the drydocking of seven vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of two LPG vessels.• General and Administrative expenses for the twelve months ended December 31, 2020 amounted to $2.3 million compared to $3.7 million for the same period of last year. This decrease is mainly attributed to the fact that for the twelve months ended December 31, 2019 share based compensation expense was incurred, which was not the case for the twelve months ended December 31, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.• Depreciation for the twelve months ended December 31, 2020, was $37.5 million, a $0.2 million decrease from $37.7 million for the same period of last year, due to the decrease in the average number of our vessels.• Impairment loss for the twelve months ended December 31, 2020 was $3.9 million and related to four of our oldest vessels. The impairment loss for the year ended December 31, 2019 was $1.0 million and related to two vessels.• Interest and finance costs for the twelve months ended December 31, 2020 and 2019 were $14.1 million and $21.0 million, respectively. The $6.9 million decrease from the same period of last year is mostly due to the decline of LIBOR rates in 2020, along with the decrease of our indebtedness.• Equity gain in joint ventures for the twelve months ended December 31, 2020 and 2019 was $2.7 million and $0.5 million, respectively. The $2.2 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operated under a joint venture arrangement since Q1 ‘20.• As a result of the above, the Company reported net income for the twelve months ended December 31, 2020 of $12.0 million, compared to net income of $2.1 million for the twelve months ended December 31, 2019. The weighted average number of shares outstanding as of December 31, 2020 and 2019 was 38.4 million and 39.8 million, respectively. Earnings per share for the twelve months ended December 31, 2020 amounted to $0.31 compared to earnings per share of $0.05 for the same period of last year.• Adjusted net income was $16.9 million, or $0.44 per share, for the twelve months ended December 31, 2020 compared to adjusted net income of $4.3 million, or $0.11 per share, for the same period of last year.• EBITDA for the twelve months ended December 31, 2020 amounted to $63.4 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.• An average of 41.6 vessels were owned by the Company during the twelve months ended December 31, 2020, compared to 42.6 vessels for the same period of 2019.• As of December 31, 2020, cash and cash equivalents amounted to $38.2 million and total debt amounted to $351.8 million. During the twelve months ended December 31, 2020 debt repayments amounted to $41.8 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:• A three year time charter extension for its 2014 built LPG carrier, the Eco Elysium, to a Major Energy Conglomerate until June 2024. A two year time charter for its 2011 built LPG carrier, the Gas Myth, to a Major International Chemical Producer until January 2023. A one year time charter for its 2014 built LPG carrier, the Eco Corsair, to an Oil Major until February 2022. A one year time charter for its 2015 built LPG carrier, the Eco Enigma, to a Major International Trading House until January 2022. A one year time charter for its 2014 built LPG carrier, the Eco Royalty, to an Oil Major until February 2022. A one year time charter for its 2014 built LPG carrier, the Eco Loyalty, to an Oil Major until February 2022. A six months time charter for its 2008 built Product Tanker, the Clean Thrasher, to an Energy Trader until August 2021. A four months time charter for its 2016 built LPG carrier, the Eco Nical, to an International LPG Trader until June 2021. A three months time charter for its 2015 built LPG carrier, the Eco Czar, to an International LPG Trader until May 2021. A two months time charter for its 2016 built LPG carrier, the Eco Dominator, to an International LPG Trader until March 2021.With these charters, the Company has total contracted revenues of approximately $81 million.Total anticipated fleet days of our fleet is approximately 50% covered for the remainder of 2021.
Board Chairman Michael Jolliffe Commented
The year 2020 will always be remembered globally for precarious reasons and the shipping world was not spared. With regards to the segment we operate in, LPG demand marked a decline and rates for the majority of the sub-segments we operate in were soft- particularly during the second half of 2020. The tanker market was affected as well as, currently, rates are at very low levels in the shipping cycle. On top of that, we were hit with the bankruptcy of one of our charterers which had to redeliver four of our ships earlier than was agreed.Nevertheless, with an Adjusted Net Income of almost $17 million, corresponding to an Adjusted EPS of $0.44 generated in 2020, we feel positive for 2021.
Looking ahead, we recognize that market turbulence due to the COVID-19 pandemic might last – possibly even throughout the whole of 2021. However, we can leverage upon our strengths including our solid cash base and balance sheet, our low gearing and the significant operating leverage we have, as including our JV vessels we operate a fleet of 50 ships.
As our shares trade at low levels, we strongly believe that this is an opportunity for potential investors as we have a long standing record of a sturdy and prudent company with a strong position in the segment in which we operate in.
StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels. These LPG vessels have a total capacity of 436,692 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Stealthgas Inc. Exhibits Resilience Against Adverse Market Conditions Amid COVID-19 Negative Impact

Stealthgas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
– Fleet utilization of 96.9% – with 114 days of technical off hire, as a result of five drydockings – all completed within Q3 ‘20.
– Fleet operational utilization of 96.0%, mainly due to 10 of our ships being in the spot market – equivalent to 21.4% of voyage days.
– Fleet calendar days down by 4.4% year over year to 3,865 – attributed mostly to the decrease in the number of operating vessels.
– About 68% of fleet days secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $80 million in contracted revenues. Period coverage for 2021 is currently 33%.
– Delivery of a 7,500 cbm newbuilding LPG vessel, the Eco Alice, on September 30, 2020.
– Sale of LPG vessel the Gas Nemesis II (2001 built), on November 2, 2020 for further trading.
– Voyage revenues of $37.1 million in Q3 ’20, an increase of $0.5 million compared to Q3 ’19 mostly due to increased revenues from our LPG and Aframax time charters.
– Net Income of $0.8 million for Q3 ‘20 corresponding to an EPS of $0.02.
– EBITDA of $13.3 million for Q3 ‘20 compared to $14.1 million in Q3 ’19.
– Adjusted EBITDA of $15.8 million in Q3 ‘20 compared to $14.7 million in Q3 ’19.
– Low gearing, as debt to assets stands at 36.5% and year over year reduction in finance costs by $2.0 million.
– Total cash of?$42.0 million as of September 30, 2020 – following theall cash delivery paymentfor the Eco Alice. Related loan drawdown took place in the beginning of October 2020 thus increasing our cash base.
– Adjusted Net Income of $3.2 million for Q3 ‘20 corresponding to an Adjusted EPS of $0.08.
Third Quarter 2020 Results:
Revenues for the three months ended September 30, 2020 amounted to $37.1 million, an increase of $0.5 million, or 1.4%, compared to revenues of $36.6 million for the three months ended September 30, 2019, following an increase of our time charter revenue stemming from small LPGs, our 22,000 semi–refrigerated LPG vessels and our aframax tanker.
Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2020 were $3.8 million and $13.8 million, respectively, compared to $4.9 million and $12.3 million, respectively, for the three months ended September 30, 2019. The $1.1 million decrease in voyage expenses, in spite of our higher exposure in the spot market, was mainly attributed to the decline of bunker costs by 20%. The 12.2% increase in vessels’ operating expenses compared to the same period of 2019, is a result of two of our vessels, a small LPG and our aframax tanker, coming off bareboat as well as increased crew costs faced due to the COVID-19 pandemic.
Drydocking costs for the three months ended September 30, 2020 and 2019 were $2.3 million and $0.5 million, respectively. Drydocking expenses during the third quarter of 2020 relate to the drydocking of five vessels compared to the drydocking of one vessel in the same period of last year.
General and Administrative expenses for the three months ended September 30, 2020 amounted to $0.6 million compared to $1.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the three months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
Depreciation for each of the three months ended September 30, 2020 and 2019 was $9.4 million.
Impairment loss for the three months ended September 30, 2020 was $2.5 million relating to the LPG vessel Gas Nemesis II for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.
Interest and finance costs for the three months ended September 30, 2020 and 2019 were $3.1 million and $5.1 million, respectively. The $2.0 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.
Equity income/(loss) in joint ventures for the three months ended September 30, 2020 and 2019 was income of $0.6 million and loss of $0.2 million, respectively. The $0.8 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
As a result of the above, for the three months ended September 30, 2020, the Company reported Net income of $0.8 million, compared to a net loss of $0.2 million for the three months ended September 30, 2019. The weighted average number of shares for the three months ended September 30, 2020 and 2019 was 37.9 million and 39.8 million, respectively. This decrease in the number of shares is as a result of our share buyback program and the tender offer during April 2020.Earnings per share, basic and diluted, for the three months ended September 30, 2020 amounted to $0.02 compared to loss per share of $0.01 for the same period of last year.
Adjusted net income was $3.2 million or $0.08 per share for the three months ended September 30, 2020 compared to adjusted net income of $0.4 million or $0.01 per share for the same period of last year.EBITDA for the three months ended September 30, 2020 amounted to $13.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.
An average of 42 vessels were owned by the Company during the three months ended September 30, 2020 and 2019.
Nine Months 2020 Results:
Revenues for the nine months ended September 30, 2020 amounted to $107.7 million, a decrease of $1.4 million, or 1.3%, compared to revenues of $109.1 million for the nine months ended September 30, 2019, primarily due to the reduction of our calendar days by 7.7% as a result of the decrease in the average number of our owned vessels by 1.7 vessels, along with a 86.9% reduction in the calendar days of our charter-in vessels.
Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2020 were $8.7 million and $38.6 million, respectively, compared to $12.9 million and $37.0 million for the nine months ended September 30, 2019. The $4.2 million decrease in voyage expenses was mainly due to the 26.7% (or 555 days) reduction of spot days and the 10% reduction in bunker costs. The $1.6 million increase in vessels’ operating expenses is mostly due to fewer vessels on bareboat and increased crew costs faced due to the COVID-19 pandemic.
Drydocking costs for the nine months ended September 30, 2020 and 2019 were $2.7 million and $0.7 million, respectively. The costs for the nine months ended September 30, 2020 mainly related to the drydocking of five vessels, while the costs for the same period of last year related to the docking survey of one small LPG and the drydocking of a second LPG vessel.General and Administrative expenses for the nine months ended September 30, 2020 amounted to $1.6 million compared to $3.1 million for the same period of last year. This decrease is mainly attributed to the fact that for the nine months ended September 30, 2019 share based compensation expense was incurred, which was not the case for the nine months ended September 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
Depreciation for the nine months ended September 30, 2020, was $28.0 million, a $0.4 million decrease from $28.4 million for the same period of last year, due to the decrease in the average number of our vessels.
Impairment loss for the nine months ended September 30, 2020 and 2019 was $3.1 million relating to two of its oldest vessels and one vessel for which the Company entered into an agreement to sell subsequent to September 30, 2020. No such loss was recorded in the same period of last year.
Interest and finance costs for the nine months ended September 30, 2020 and 2019 were $11.0 million and $16.5 million respectively. The $5.5 million decrease from the same period of last year is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.
Equity income in joint ventures for the nine months ended September 30, 2020 and 2019 was $3.2 million and $0.3 million, respectively. The $2.9 million increase from the same period of last year is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
As a result of the above, the Company reported net income for the nine months ended September 30, 2020 of $12.7 million, compared to net income of $1.6 million for the nine months ended September 30, 2019. The weighted average number of shares outstanding as of September 30, 2020 and 2019 was 38.5 million and 39.8 million, respectively. Earnings per share for the nine months ended September 30, 2020 amounted to $0.33 compared to earnings per share of $0.04 for the same period of last year.
Adjusted net income was $15.8 million, or $0.41 per share, for the nine months ended September 30, 2020 compared to adjusted net income of $2.8 million, or $0.07 per share, for the same period of last year.
EBITDA for the nine months ended September 30, 2020 amounted to $51.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 41.4 vessels were owned by the Company during the nine months ended September 30, 2020, compared to 43.1 vessels for the same period of 2019.
As of September 30, 2020, cash and cash equivalents amounted to $27.6 million and total debt amounted to $346.8 million. During the nine months ended September 30, 2020 debt repayments amounted to $31.2 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements:
A two year time charter for its 1997 built LPG carrier, the Gas Galaxy, to a Major International Chemical Producer until September 2022.
A one year time charter extension for its 2001 built LPG carrier, the Gas Spirit, to an International LPG Trader until November 2021.
A six month? time charter extension for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until June 2021.
A six month? time charter extension for its 2018 built LPG carrier, the Eco Freeze, to an International LPG Trader until April 2021.
A two month? time charter for its 2008 built LPG carrier, the Gas Imperiale, to a Major International Trading House until November 2020.
With these charters, the Company has total contracted revenues of approximately $80 million. Total anticipated voyage days of our fleet is 68% covered?for the remainder of 2020 and currently, 33% for 2021.
Board Chairman Michael Jolliffe Commented
In the third quarter of 2020, StealthGas marked a quite satisfactory performance given that we operated in a rather difficult market. With the COVID-19 pandemic still persisting our market has been heavily affected. Due to imposed lockdowns we witnessed a decline in demand for LPG, and charterers sentiment has been affected thus making them reluctant to take forward positions on period contracts. Adding to this, regulations pertaining to crew safety and crew changes have added to our costs- and will continue to do so up until the COVID-19 pandemic subsides. Nevertheless our Company not only achieved strong revenues but managed to end the quarter with profitable results. We feel confident that we can successfully navigate in our market even during testing times. In addition, we further acknowledge that had our market not been hit by the COVID-19 pandemic, it seems we would have had a far better run this year.
StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 51 vessels. The fleet is comprised of 47 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in the first quarter of 2021. These LPG vessels have a total capacity of 439,989 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Stealthgas Inc. Reports Second Quarter Net Income of $8.9 Million

STEALTHGAS INC., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2020.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fleet utilization of 99.7% in Q2 ’20 – with only 11 days of technical off hire.Fleet operational utilization of 97.1% in Q2 ’20, mainly due to few of our ships being in the spot market – equivalent to 10.8% of voyage days.Fleet calendar days down 6.5% quarter over quarter to 3,743, attributed to our strategic fleet contraction.About 71% of fleet days are secured on period charters for the remainder of 2020, with total fleet employment days for all subsequent periods representing approximately $112 million in contracted revenues. Period coverage for 2021 is currently 32%.Voyage revenues of $36.3 million in Q2 ’20, an increase of $2.2 million compared to Q2 ’19 mostly due to the sharp rise (20%) of revenues stemming from our time charters and reduced presence in the spot market by 48% which were partly offset by the fewer chartered-in vessels.Net Income of $8.9 million for Q2 ’20, corresponding to an EPS of $0.23, our best quarterly performance since the first quarter of 2013.EBITDA of $21.8 million in Q2 ’20, compared to $14.6 million in Q2 ’19.Low gearing, as debt to assets stands at 37.7% and quarter over quarter reduction in finance costs by $1.7 million.Total cash of $51.5 million as of June 30, 2020 – following the cash utilization for the acquisition of two new small LPG vessels from affiliates. The first vessel was delivered in June 2020 while the second vessel will be delivered in September 2020.
Second Quarter 2020 Results
Revenues for the three months ended June 30, 2020 amounted to $36.3 million, an increase of $2.2 million, or 6.5%, compared to revenues of $34.1 million for the three months ended June 30, 2019, following a noticeable rise – 20% – of our time charter revenues stemming mainly from small LPGs and our 22,000 cbm semi-refrigerated vessels, due to higher rates compared to 2019, along with limited exposure in the spot market which was quite soft mostly due to the COVID-19 pandemic.
Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2020 were $2.1 million and $11.6 million respectively, compared to $4.1 million and $11.8 million respectively, for the three months ended June 30, 2019. The $2.0 million decrease in voyage expenses was mainly attributed to a 47.5% quarter-on-quarter reduction of spot days in conjunction with a noticeable decrease in bunker costs. The 1.7% decrease in vessels’ operating expenses compared to the same period of 2019, is a result of the decline of our time charter and spot days, for which we incur operating expenses, by 6.5% compared to the same period of last year.
General and Administrative expenses for the three months ended June 30, 2020 amounted to $0.5 million compared to $0.9 million for the same period of last year. This decrease is mainly attributed to the fact that for the three months ended June 30, 2019 share based compensation expense of $0.2 million was incurred, which was not the case for the three months ended June 30, 2020 since all the shares awarded under our equity compensation plan vested in August 2019.
Depreciation for the three months ended June 30, 2020 was $9.2 million, a $0.3 million decrease from $9.5 million for the same period of last year due to the decrease in the average number of our vessels.Impairment loss for the three months ended June 30, 2020 was $0.7 million relating to two of our oldest vessels. No such loss was recorded in the same period of last year.
Interest and finance costs for the three months ended June 30, 2020 and 2019 were $3.7 million and $5.4 million, respectively. The $1.7 million decrease from the same period of last year is mostly due to the decline of LIBOR rates and the decrease of our indebtedness.Equity income in joint ventures for the three months ended June 30, 2020 and 2019 was $1.9 million and $0.3 million respectively. The $1.6 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
As a result of the above, for the three months ended June 30, 2020, the Company reported Net income of $8.9 million, compared to a net loss of $0.2 million for the three months ended June 30, 2019. The weighted average number of shares outstanding for the three months ended June 30, 2020 and 2019 was 38.3 million and 39.8 million, respectively.Earnings per share, basic and diluted, for the three months ended June 30, 2020 amounted to $0.23 compared to loss per share of $0.005 for the same period of last year.
Adjusted net income was $9.5 million or $0.25 earnings per share for the three months ended June 30, 2020 compared to adjusted net income of $0.2 million or $0.01 earnings per share for the same period of last year.EBITDA for the three months ended June 30, 2020 amounted to $21.8 million compared to EBITDA of $14.6 million for the three months ended June 30, 2019. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth below.An average of 41.1 vessels were owned by the Company during the three months ended June 30, 2020, compared to 42.0 vessels for the same period of 2019.
Six Months 2020 Results
Revenues for the six months ended June 30, 2020, amounted to $70.6 million, a decrease of $1.9 million, or 2.6%, compared to revenues of $72.5 million for the six months ended June 30, 2019, primarily due to the reduction of our calendar days by 9.3% as a result of the decrease in the average number of our vessels by 2.6 vessels, along with fewer charter-in vessels.
Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2020 were $4.9 million and $24.8 million, respectively, compared to $7.9 million and $24.7 million for the six months ended June 30, 2019. The $3.0 million decrease in voyage expenses was mainly due to the 45.7% (or 608 days) reduction of spot days. The $0.1 million increase in vessels’ operating expenses is mostly due to the unforseen technical damage of one vessel which occurred within the first quarter of 2020.Depreciation for the six months ended June 30, 2020, was $18.6 million, a $0.3 million decrease from $18.9 million for the same period of last year, due to the decrease in the average number of our vessels.
Impairment loss for the six months ended June 30, 2020 was $0.7 million relating to two of its oldest vessels. No such loss was recorded in the same period of last year.Interest and finance costs for the six months ended June 30, 2020 and 2019 were $7.9 million and $11.4 million respectively. The $3.5 million decrease from the same period of last year, is mostly due to the decline of LIBOR rates particularly in the second quarter of 2020, along with the decrease of our indebtedness.Equity income in joint ventures for the six months ended June 30, 2020 and 2019 was $2.5 million and $0.5 million respectively. The $2.0 million increase from the same period of last year, is mainly due to the profitability of the three secondhand (2010 built) 35,000 cbm medium gas carriers which operate under a joint venture arrangement since Q1 ‘20.
As a result of the above, the Company reported a net income for the six months ended June 30, 2020 of $11.9 million, compared to a net income of $1.8 million for the six months ended June 30, 2019. The weighted average number of shares outstanding for the six months ended June 30, 2020 and 2019 was 38.9 million and 39.9 million respectively. Earnings per share for the six months ended June 30, 2020 amounted to $0.31 compared to earnings per share of $0.04 for the same period of last year.
Adjusted net income was $12.6 million, or $0.32 per share, for the six months ended June 30, 2020 compared to adjusted net income of $2.3 million, or $0.06 per share, for the same period of last year.
EBITDA for the six months ended June 30, 2020 amounted to $38.3 million compared to EBITDA of $31.7 million for the six months ended June 30, 2019. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 41.1 vessels were owned by the Company during the six months ended June 30, 2020, compared to 43.7 vessels for the same period of 2019.
As of June 30, 2020, cash and cash equivalents amounted to $36.6 million and total debt amounted to $357.1 million. During the six months ended June 30, 2020 debt repayments amounted to $20.7 million.Fleet Update Since Previous Announcement
The Company announced the conclusion of the following five chartering arrangements:
A one year time charter for its 2018 built 22,000 cbm semi-refrigerated vessel, the Eco Arctic, to an International LPG trader until September 2021.A six months time charter for its 2020 built LPG carrier, the Eco Texiana, to an International LPG Trader until December 2020.A six months time charter for its 2012 built LPG carrier, the Gas Esco, to an International LPG Trader until December 2020.A three months time charter extension for its 2018 built semi-refrigerated vessel, the Eco Freeze, to an International LPG Trader until September 2020.A three months time charter for its 2016 built LPG carrier, the Eco Nical, to an International LPG Trader until September 2020.With these charters, the Company has total contracted revenues of approximately $112 million. Total anticipated voyage days of our fleet is 71% covered for the remainder of 2020 and currently, 32% for 2021.
Including the time charters of our JV arrangements, total contracted revenues amount to $133 million.
Board Chairman Michael Jolliffe Commented
In spite of the global turmoil the COVID-19 pandemic has brought on, StealthGas exerted a very strong performance in the second quarter of 2020 – marking the best quarterly results we have seen over the last seven years. The pillars of our success were principally our strong period coverage secured ahead of the imposed lockdowns, our stable operating cost base and the lowering of our finance costs.
Our conservative strategy of striving to secure our fleet on period charters paid off in that we had concluded several period charters at competitive rates prior to the COVID-19 pandemic outbreak and hence were shielded from any market deterioration while at the same time managed to improve largely upon our profitability.
We proved that we have a strong fleet, solid financial position and efficient strategy, which instills us with confidence in this uncertain market we are facing. Our performance was also a proof against our share price levels, which we deem as an unfair reflection of StealthGas’s dynamics.
Going forward we will strategically navigate the tides of the COVID-19 pandemic, pursuing the best course of action amidst what may prove to be difficult market conditions.