STEALTHGAS INC. Reports First Quarter 2025 Financial and Operating Results
- Strong profitability with $14.1 million net income in Q1 2025
- High fleet coverage with 70% of 2025 fleet days secured on period charters
- Significant debt reduction with $53.6 million in repayments during 2025
- 27 out of 28 vessels are now unencumbered
- Strong liquidity position with $77.1 million in cash
- Active share repurchase program with $21.2 million spent since June 2023
- 4.6% decrease in Time Charter equivalent revenues compared to Q1 2024
- Net income declined from $17.7 million in Q1 2024 to $14.1 million in Q1 2025
- $0.5 million impairment loss on vessel Gas Cerberus
- Increased voyage expenses by $2.2 million due to higher spot market exposure
- Operating expenses increased by $2.0 million due to higher crew and maintenance costs
Insights
STEALTHGAS delivers solid Q1 2025 profitability despite market softening, maintains strong contract coverage while becoming nearly debt-free.
STEALTHGAS has maintained strong profitability in Q1 2025 despite facing some market headwinds. The company reported
The
The company's balance sheet has strengthened considerably, with debt repayments totaling
Operating expenses increased by
The company continues to return value to shareholders through its buyback program, spending
Chairman Michael Jolliffe acknowledged market uncertainty but expressed confidence in sustaining momentum throughout 2025, citing positive LPG shipping fundamentals despite temporary charterer reluctance for longer-term commitments.
ATHENS, Greece, May 28, 2025 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Strong profitability continued for the first quarter, with Net income of
$14.1 million corresponding to a basic EPS of$0.38 , similar to the previous quarter’s$14.2 million but reduced compared to the$17.7 million record at the time achieved in the first quarter of 2024. - Time Charter equivalent revenues decreased by
4.6% compared to the same period of last year to$36.9 million for the first quarter of 2025 as a result of a more muted market. - Preserved the high period coverage. About
70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over$165 million (excl. JV vessels) in contracted revenues. - Continued reducing leverage, making
$34.4 million in debt repayments during the first quarter of 2025 and a further$19.2 million in the current quarter of 2025. Currently, all the vessels in the fully owned fleet except one are unencumbered. - Since the last quarterly announcement the Company has spent
$1.8 million in 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 (incl. restricted cash) of
$77.1 million as of March 31, 2025 enabling the Company to further reduce debt.
First Quarter 2025 Results1:
- Revenues for the three months ended March 31, 2025 amounted to
$42.0 million compared to revenues of$41.6 million for the three months ended March 31, 2024, based on an average of 28.0 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions. - Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2025, were
$5.1 million and$13.5 million , respectively, compared to$2.9 million and$11.5 million , respectively, for the three months ended March 31, 2024. The$2.2 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$2.0 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses. - Drydocking costs for the three months ended March 31, 2025 and 2024 were
$0.4 million and nil, respectively. Drydocking expenses during the first quarter of 2025 mainly relate to the commenced drydocking of one vessel, compared to no drydocking of vessels in the same period of last year. - General and administrative expenses remained stable at
$2.2 million for both the three months ended March 31, 2025 and 2024. - Depreciation for the three months ended March 31, 2025 and 2024 was
$6.7 million and$6.5 million , respectively, a$0.2 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost. - Impairment loss for the three months ended March 31, 2025 and 2024 was
$0.5 million and nil, respectively. As a result of the agreed sale terms for the vessel Gas Cerberus, with delivery expected in the second quarter of 2025, a non-cash impairment loss of$0.5 million was recognized in the first quarter of 2025. - Interest and finance costs for the three months ended March 31, 2025 and 2024, were
$1.4 million and$3.2 million , respectively. The$1.8 million decrease from the same period of last year is primarily due to continued debt prepayments. - Interest income for the three months ended March 31, 2025 and 2024, remained unchanged at
$0.8 million . - Equity earnings in joint ventures for the three months ended March 31, 2025 and 2024 was a gain of
$2.2 million and$2.6 million , respectively. The$0.4 million decrease was primarily due to decrease in number of vessels in joint ventures. - As a result of the above, for the three months ended March 31, 2025, the Company reported net income of
$14.1 million , compared to net income of$17.7 million for the three months ended March 31, 2024. The weighted average number of shares outstanding, basic, for the three months ended March 31, 2025 and 2024 was 35.7 million and 35.1 million, respectively. - Earnings per share, basic, for the three months ended March 31, 2025 amounted to
$0.38 compared to earnings per share, basic, of$0.49 for the same period of last year. - Adjusted net income was
$16.1 million corresponding to an Adjusted EPS of$0.44 for the three months ended March 31, 2025 compared to Adjusted net income of$19.1 million corresponding to an Adjusted EPS of$0.53 for the same period of last year. - EBITDA for the three months ended March 31, 2025 amounted to
$21.4 million . Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. - An average of 28.0 vessels were owned by the Company during the three months ended March 31, 2025 compared to 27.04 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 2016 built LPG carrier Eco Dominator, until Mar 2026.
- A twelve months time charter extension for its 2016 built LPG carrier Eco Nical, until May 2026.
- A six months time charter extension for the 2012 built LPG carrier Gas Esco, until Sep 2025.
As of June 2025, the Company has total contracted revenues of approximately
As of June 2025, for the remainder of the year, the Company has circa
In April 2025, the Company entered into an agreement to sell the vessel Gas Cerberus to a third party, with delivery expected in the second quarter of 2025. The vessel is debt-free, and the full proceeds from the sale will contribute to the Company’s liquidity position.
The Company has agreed in principle to purchase back from one of its joint venture partners the remaining share (
Board Chairman Michael Jolliffe Commented
The results that were announced today point to a strong start to the year and underpin our confidence in sustaining the momentum we have built over the last years, throughout 2025. It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive. In this volatile environment StealthGas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over
Conference Call details:
On May 28, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
https://register-conf.media-server.com/register/BI2ab472844539410f8650314c8df8fdaf
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended March 31, 2024 and 2025.
| FLEET DATA | Q1 2024 | Q1 2025 | ||
| Average number of vessels (1) | 27.04 | 28.00 | ||
| Period end number of owned vessels in fleet | 27 | 28 | ||
| Total calendar days for fleet (2) | 2,461 | 2,520 | ||
| Total voyage days for fleet (3) | 2,439 | 2,500 | ||
| Fleet utilization (4) | ||||
| Total charter days for fleet (5) | 2,232 | 2,118 | ||
| Total spot market days for fleet (6) | 207 | 382 | ||
| Fleet operational utilization (7) | ||||
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
| (Expressed in United States Dollars, except number of shares) | Three Months Period Ended March 31st, | |||
| 2024 | 2025 | |||
| Net Income - Adjusted Net Income | ||||
| Net income | 17,729,716 | 14,107,680 | ||
| Less gain on derivatives | (99,286 | ) | -- | |
| Plus swap interest received | 208,127 | -- | ||
| Less gain on sale of vessels, net | (46,384 | ) | -- | |
| Plus impairment loss | -- | 488,400 | ||
| Plus share based compensation | 1,345,409 | 1,540,402 | ||
| Adjusted Net Income | 19,137,582 | 16,136,482 | ||
| Net income – EBITDA | ||||
| Net income | 17,729,716 | 14,107,680 | ||
| Plus interest and finance costs | 3,169,061 | 1,415,605 | ||
| Less interest income | (753,396 | ) | (752,471 | ) |
| Plus depreciation | 6,492,376 | 6,653,460 | ||
| EBITDA | 26,637,757 | 21,424,274 | ||
Net income - Adjusted EBITDA | ||||
| Net income | 17,729,716 | 14,107,680 | ||
| Less gain on derivatives | (99,286 | ) | -- | |
| Less gain on sale of vessels, net | (46,384 | ) | -- | |
| Plus impairment loss | -- | 488,400 | ||
| Plus share based compensation | 1,345,409 | 1,540,402 | ||
| Plus interest and finance costs | 3,169,061 | 1,415,605 | ||
| Less interest income | (753,396 | ) | (752,471 | ) |
| Plus depreciation | 6,492,376 | 6,653,460 | ||
| Adjusted EBITDA | 27,837,496 | 23,453,076 | ||
| EPS - Adjusted EPS | ||||
| Net income | 17,729,716 | 14,107,680 | ||
| Adjusted net income | 19,137,582 | 16,136,482 | ||
| Weighted average number of shares, basic | 35,119,500 | 35,725,720 | ||
| EPS - Basic | 0.49 | 0.38 | ||
| Adjusted EPS – Basic | 0.53 | 0.44 | ||
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
| Three Months Period Ended March 31, | ||||||
| 2024 | 2025 | |||||
| Revenues | ||||||
| Revenues | 41,563,908 | 42,025,987 | ||||
| Expenses | ||||||
| Voyage expenses | 2,345,200 | 4,573,956 | ||||
| Voyage expenses - related party | 513,247 | 518,440 | ||||
| Vessels' operating expenses | 11,235,359 | 13,282,235 | ||||
| Vessels' operating expenses - related party | 241,500 | 228,200 | ||||
| Drydocking costs | - | 412,620 | ||||
| Management fees - related party | 1,053,719 | 1,080,001 | ||||
| General and administrative expenses | 2,213,853 | 2,165,709 | ||||
| Depreciation | 6,492,376 | 6,653,460 | ||||
| Impairment loss | - | 488,400 | ||||
| Net gain on sale of vessels | (46,384 | ) | - | |||
| Total expenses | 24,048,870 | 29,403,021 | ||||
| Income from operations | 17,515,038 | 12,622,966 | ||||
| Other (expenses)/income | ||||||
| Interest and finance costs | (3,169,061 | ) | (1,415,605 | ) | ||
| (Loss)/gain on derivatives | 99,286 | - | ||||
| Interest income | 753,396 | 752,471 | ||||
| Foreign exchange (loss)/gain | (49,044 | ) | (26,484 | ) | ||
| Other expenses, net | (2,365,423 | ) | (689,618 | ) | ||
| Income before equity in earnings of investees | 15,149,615 | 11,933,348 | ||||
| Equity earnings in joint ventures | 2,580,101 | 2,174,332 | ||||
| Net Income | 17,729,716 | 14,107,680 | ||||
| Earnings per share | ||||||
| - Basic | 0.49 | 0.38 | ||||
| - Diluted | 0.49 | 0.39 | ||||
| Weighted average number of shares | ||||||
| - Basic | 35,119,500 | 35,725,720 | ||||
| - Diluted | 35,247,529 | 35,764,990 | ||||
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
| December 31, | March 31, | |||
| 2024 | 2025 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 80,653,398 | 74,392,306 | ||
| Trade and other receivables | 6,156,300 | 7,253,738 | ||
| Other current assets | 193,265 | 422,168 | ||
| Claims receivable | 55,475 | 55,475 | ||
| Inventories | 3,891,147 | 3,198,028 | ||
| Advances and prepayments | 733,212 | 549,263 | ||
| Fair value of derivatives | 387,608 | 280,577 | ||
| Total current assets | 92,070,405 | 86,151,555 | ||
| Non current assets | ||||
| Operating lease right-of-use assets | -- | 202,362 | ||
| Vessels, net | 608,214,416 | 601,072,556 | ||
| Other receivables | 370,053 | 237,561 | ||
| Restricted cash | 3,867,752 | 2,734,442 | ||
| Investments in joint ventures | 27,717,238 | 27,257,570 | ||
| Total non current assets | 640,169,459 | 631,504,491 | ||
| Total assets | 732,239,864 | 717,656,046 | ||
| Liabilities and Stockholders' Equity | ||||
| Current liabilities | ||||
| Payable to related parties | 388,130 | 3,039,119 | ||
| Trade accounts payable | 10,994,434 | 10,485,931 | ||
| Accrued liabilities | 4,922,587 | 5,119,206 | ||
| Operating lease liabilities | -- | 120,938 | ||
| Deferred income | 4,304,667 | 5,882,276 | ||
| Current portion of long-term debt | 23,333,814 | 20,722,094 | ||
| Total current liabilities | 43,943,632 | 45,369,564 | ||
| Non current liabilities | ||||
| Operating lease liabilities | -- | 81,424 | ||
| Deferred income | 213,563 | 586,577 | ||
| Long-term debt | 61,555,855 | 30,251,709 | ||
| Total non current liabilities | 61,769,418 | 30,919,710 | ||
| Total liabilities | 105,713,050 | 76,289,274 | ||
| Commitments and contingencies | ||||
| Stockholders' equity | ||||
| Capital stock | 370,414 | 371,664 | ||
| Treasury stock | -- | (1,057,343 | ) | |
| Additional paid-in capital | 409,912,934 | 411,808,336 | ||
| Retained earnings | 215,855,858 | 229,963,538 | ||
| Accumulated other comprehensive income | 387,608 | 280,577 | ||
| Total stockholders' equity | 626,526,814 | 641,366,772 | ||
| Total liabilities and stockholders’ equity | 732,239,864 | 717,656,046 | ||
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
| Three Months Period Ended March 31, | |||||
| 2024 | 2025 | ||||
| Cash flows from operating activities | |||||
| Net income for the period | 17,729,716 | 14,107,680 | |||
| Adjustments to reconcile net income to net cash | |||||
| provided by operating activities: | |||||
| Depreciation | 6,492,376 | 6,653,460 | |||
| Amortization of deferred finance charges | 258,295 | 508,464 | |||
| Amortization of operating lease right-of-use assets | 24,745 | 29,194 | |||
| Share based compensation | 1,345,409 | 1,540,402 | |||
| Change in fair value of derivatives | 108,840 | -- | |||
| Proceeds from disposal of interest rate swaps | 1,018,000 | -- | |||
| Equity earnings in joint ventures | (2,580,101 | ) | (2,174,332 | ) | |
| Dividends received from joint ventures | - | 2,634,000 | |||
| Impairment loss | - | 488,400 | |||
| Gain on sale of vessels | (46,384 | ) | -- | ||
| Changes in operating assets and liabilities: | |||||
| (Increase)/decrease in | |||||
| Trade and other receivables | (35,143 | ) | (964,946 | ) | |
| Other current assets | 129,193 | (228,903 | ) | ||
| Inventories | 353,756 | 693,119 | |||
| Changes in operating lease liabilities | (24,745 | ) | (29,194 | ) | |
| Advances and prepayments | (159,743 | ) | 183,949 | ||
| Increase/(decrease) in | |||||
| Balances with related parties | (1,390,625 | ) | 2,650,989 | ||
| Trade accounts payable | (475,368 | ) | (508,503 | ) | |
| Accrued liabilities | 240,202 | 196,619 | |||
| Deferred income | 688,600 | 1,950,623 | |||
| Net cash provided by operating activities | 23,677,023 | 27,731,021 | |||
| Cash flows from investing activities | |||||
| Proceeds from sale of vessels, net | 34,679,584 | -- | |||
| Acquisition and improvements of vessels | (96,413,470 | ) | -- | ||
| Advances to joint ventures | (1,705 | ) | -- | ||
| Net cash used in investing activities | (61,735,591 | ) | -- | ||
| Cash flows from financing activities | |||||
| Proceeds from exercise of stock options | 356,250 | 356,250 | |||
| Stock repurchase | (338,176 | ) | (1,057,343 | ) | |
| Deferred finance charges paid | (22,167 | ) | -- | ||
| Advances to joint ventures | (11,848 | ) | -- | ||
| Loan repayments | (32,045,235 | ) | (34,424,330 | ) | |
| Proceeds from long-term debt | 70,000,000 | -- | |||
| Net cash provided by/(used in) financing activities | 37,938,824 | (35,125,423 | ) | ||
| Net decrease in cash, cash equivalents and restricted cash | (119,744 | ) | (7,394,402 | ) | |
| Cash, cash equivalents and restricted cash at beginning of period | 83,755,701 | 84,521,150 | |||
| Cash, cash equivalents and restricted cash at end of period | 83,635,957 | 77,126,748 | |||
| Cash breakdown | |||||
| Cash and cash equivalents | 77,085,417 | 74,392,306 | |||
| Restricted cash, current | -- | -- | |||
| Restricted cash, non current | 6,550,540 | 2,734,442 | |||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 83,635,957 | 77,126,748 | |||
Company Contact: Konstantinos Sistovaris STEALTHGAS INC. 00-30-210-6250-001 E-mail: info@stealthgas.com
FAQ
What was STEALTHGAS (GASS) earnings per share in Q1 2025?
How much cash does STEALTHGAS (GASS) have as of Q1 2025?
What percentage of STEALTHGAS (GASS) fleet is secured under period charters for 2025?
How much has STEALTHGAS (GASS) spent on share repurchases?
What is STEALTHGAS (GASS) total contracted revenue as of June 2025?
