StealthGas Inc
NASDAQ:GASS
StealthGas Inc
StealthGas, Inc. engages in the provision of international energy seaborne transportation services to liquefied petroleum gas sectors. The company is headquartered in Athina, Attiki. The company went IPO on 2005-10-06. The firm owns a fleet of LPG carriers. Its LPG carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of crude oil and natural gas. The medium range product carriers in its fleet are capable of carrying refined petroleum products, such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, while its Aframax tanker is used for carrying crude oil. Its fleet consists of approximately 50 LPG carriers, including two chartered-in LPG carriers, two 2008-built product carriers, a 2009-built product carrier and a 2010-built Aframax crude oil tanker.
StealthGas, Inc. engages in the provision of international energy seaborne transportation services to liquefied petroleum gas sectors. The company is headquartered in Athina, Attiki. The company went IPO on 2005-10-06. The firm owns a fleet of LPG carriers. Its LPG carriers carry various petroleum gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of crude oil and natural gas. The medium range product carriers in its fleet are capable of carrying refined petroleum products, such as gasoline, diesel, fuel oil and jet fuel, as well as edible oils and chemicals, while its Aframax tanker is used for carrying crude oil. Its fleet consists of approximately 50 LPG carriers, including two chartered-in LPG carriers, two 2008-built product carriers, a 2009-built product carrier and a 2010-built Aframax crude oil tanker.
Profitability: 2025 adjusted net income was $65.6 million (second highest in company history); the company says it maintained high profitability despite geopolitical turbulence.
Quarter hit: Q4 revenue was $39.4 million (down 9.4% YoY) and adjusted net income for the quarter was $13.3 million, reduced from the prior-year quarter due to idle/off-hire days on larger vessels.
Balance sheet: Debt is now zero after $86 million of debt repayments in 2025 and $350 million repaid since 2023; cash was $99 million at year-end and management says free cash grew from $29 million to $110 million recently.
Fleet & contracts: 48% of fleet calendar days 1 year forward are secured, with $66 million of revenues secured for the remainder of 2026 and about $104 million contracted through 2029.
Asset sales & capex: Company sold 4 vessels in 2025, two were held for sale at year-end with expected proceeds of about $29 million; one sale (Eco Universe) expected to deliver in April and to generate a profit.
Market view & risk: Management is optimistic short-term given tight winter tonnage and strong LPG fundamentals, but warns of tail risk from Iran/Gulf developments and recent Houthi actions that could spike rates.
Operational notes: Five dry dockings expected in 2026 (two in Q1); one medium gas carrier (Eco Wizard) remains out of service and impaired on the balance sheet while insurance discussions continue.
