STEALTHGAS INC., a ship-owning company serving the liquefied petroleum gas sector of the international shipping industry, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Third Quarter 2025 Results1:
Nine months 2025 Results1:
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):
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”.
