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- **Debt-Free Milestone**: Repaid $350 million, achieving debt-free status with $70 million cash.
- **Revenue Growth**: 10% YoY despite seasonal Q3 weakness.
- **Strategic Sales**: Vessel sale to modernize fleet; Eco Wizard repair ongoing.
- **Market Outlook**: U.S. expansion and Chinese demand support positive outlook, despite geopolitical risks.

**CEO Opening Remarks**
- Q3 revenue: $44.5 million (10% YoY increase), below Q2's record of $47.2 million.
- Adjusted net income: $14.4 million, slightly above last year.
- Debt-free status achieved after repaying $86 million in 2025 and $350 million over 3 years.
- Share repurchases: $1.8 million in Q1/Q2, none in Q3; total $21.2 million since 2023.
- Sold 2014-built Eco Invictus, expecting profit in early 2026.
- Eco Wizard vessel repair delayed due to EU approval challenges.

**CFO Financial Commentary**
- Revenues up 10% YoY, driven by 2 new vessels.
- Operating expenses: $15 million (high due to spot market costs, idle time).
- Net income: $13.3 million (10% YoY increase).
- Cash position: $70 million, expected to reach $100 million by year-end.
- Debt-free with liabilities at $21 million.
- Shareholders' equity: $676.4 million (8% YoY increase).

**CEO Market Insights**
- Global LPG exports up 5% YTD; U.S. exports +6% with terminal expansions.
- China imports stable despite U.S.-China trade tensions; PDH plants drive demand.
- MGC spot market improved in Q3; TC rates firm.
- Handysize market challenges but rates held due to limited supply.
- Order book healthy but new tonnage may strain market supply.

StealthGas Inc.(GASS)-20251125-2025 Q3 Earnings call transcript

- **Record Revenue Growth**: Q2 2025 revenue of $47.2 million, +13% YoY, despite 20% YoY net income decline due to one-time JV gains.
- **Debt-Free Milestone**: $86 million debt repayment in 2025, achieving zero debt for first time in company history.
- **Eco Wizard Impact**: Vessel off-hire for ~8% of 2025H1 revenue, with uncertain return timeline.
- **Strategic Fleet Adjustments**: Shifted 70% fleet to Europe/Med, sold older vessels, and secured $150M future revenue.
- **Market Risks & Opportunities**: Europe rate premium, U.S.-China trade friction, and long-term LPG demand growth.

**【Management Opening Remarks】**
- Q2 2025 revenue reached $47.2 million, a 13% YoY increase, marking the second-highest quarterly profit in company history.
- Adjusted net income of $21.7 million, 35% higher than Q1 2025 but 20% lower than Q2 2024 due to reduced JV earnings.
- Completed debt repayment of $86 million in 2025, achieving a debt-free balance sheet.
- Vessel sales and repurchases: sold one vessel in Q2, agreed to sell another (Gas Elixir), and acquired 2 JV vessels.
- Eco Wizard incident: vessel damaged by external explosions in July, off-hire until repairs complete, generating ~8% of 2025H1 revenue.

**【CFO Financial Commentary】**
- Q2 2025 GAAP net income: $20.4 million (down 21% YoY), driven by reduced JV earnings ($10.7 million decline).
- Operating cash flow: $25 million, supporting liquidity of $87.3 million post-debt repayment.
- Share repurchases: $1.8 million spent in 2025, with plans to continue buying undervalued shares.
- Balance sheet: $662.2 million shareholders' equity (5.7% 6-month increase), no debt as of July 2025.

**【CEO Market Outlook】**
- LPG market trends: U.S. exports up 6.6% YoY, China imports +6.7% in May, India targeting 10% U.S. LPG imports.
- Vessel rates: Europe spot rates firm, Handy/MGC vessels face mixed demand, VLGC market strengthening.
- Fleet strategy: 70%+ fleet in Europe/Mediterranean, 70%+ 2025 period coverage, $150 million secured future revenue.
- Risk factors: trade disputes (e.g., ethane exports), limited scrapping of older vessels, newbuild order book growth.
- 2025H2 outlook: seasonal recovery in Q4, cautious optimism on LPG demand growth.


StealthGas Inc. (GASS) Q2 2025 Earnings Call Transcript

- **Debt-Free Milestone**: Total debt reduced to $30 million (down $54 million YTD), free cash >$60 million
- **Resilient Earnings**: $16.1 million adjusted net income despite 17% rise in operating costs
- **Shareholder Returns**: $1.8 million spent on buybacks in Q1, total $21.2 million since June 2023
- **Market Strength**: 70% fleet coverage for 2025, $165 million in secured future revenues
- **Risk Mitigation**: No vessels built in China; 30%+ of global pressurized fleet >20 years old

**【Michael Jolliffe - Chairman of the Board】**
- **Q1 2025 Financial Highlights**: 
  - Revenue: $42 million (vs. $41.6 million in Q1 2024, +0.96% YoY; $43.5 million in Q4 2024, -3.45% QoQ)
  - Adjusted Net Income: $16.1 million (flat vs. Q4 2024, -16.3% YoY)
  - EPS (Adjusted): $0.44
- **Debt Reduction**: 
  - Total Debt: $30 million (down $54 million YTD, effectively debt-free)
  - Free Cash: >$60 million (2x debt)
- **Share Repurchases**: 
  - $1.8 million spent in Q1 2025 (total $21.2 million since June 2023)
- **Fleet Strategy**: 
  - 31 vessels (1 sold in Q1, 1 sold in April, 2 vessels acquired in June)
  - 70% fleet days covered for 2025 ($165 million in secured future revenues)

**【Konstantinos Sistovaris - CFO】**
- **Income Statement (Q1 2025)**: 
  - TCE: $36.9 million (-4.6% YoY, due to spot market weakness)
  - Operating Expenses: $13.5 million (+17% YoY, driven by crew/maintenance costs)
  - Interest Costs: $1.4 million (-53% YoY)
  - Net Income: $14.1 million (-20% YoY)
- **Balance Sheet**: 
  - Cash: $77.1 million (down 9% QoQ)
  - Debt: $30.3 million (down 51% YoY)
  - Shareholder Equity: +$14.8 million QoQ
- **Debt Repayment**: 
  - $54 million YTD (total debt now $30 million, vs. $300+ million pre-2023)

**【Harry Vafias - CEO】**
- **Market Trends**: 
  - Global LPG Exports: +4.4% YoY in 2024, U.S. exports +8% YoY in Q1 2025
  - China Imports: +8% YoY (despite 125% tariffs on U.S. LPG in April)
  - VLGC Rates: 1-year high in May
- **Fleet Performance**: 
  - 70% period coverage for 2025
  - Handysize/MGC vessels seeing stable TC rates
  - 30%+ of pressurized fleet >20 years old (scrapping risk)
- **Strategic Moves**: 
  - Acquiring 2 joint venture vessels for $10 million
  - Focusing on Europe (63% of U.S. LPG imports to N. Europe in Q1 2025)
  - Exploring ammonia trading opportunities

StealthGas Inc. (GASS) Q1 2025 Earnings Call Transcript

- **Record Revenue Growth**: Q4 2024 revenue up 27% YoY to $43.5M, full-year $167.3M (highest in company history).
- **Profit Milestone**: Third consecutive year of record profits ($77M adjusted net income), driven by 70%+ period charter coverage.
- **Debt-Free Status Achieved**: $108M repaid in 2024, bringing debt to $50M; now net debt-free with $84.5M cash.
- **LPG Market Resilience**: Global exports +4.4%, US exports +11%, underpinned by Asian demand and West of Suez premium rates.
- **Strategic Initiatives**: Expanded share buyback to $10.5M, ammonia trading expansion, and 70% 2025 revenue secured in period charters.

**【Chairman's Opening Remarks】**
- Q4 2024 revenue reached $43.5 million, a 27% YoY increase, with full-year revenue at record $167.3 million.
- Adjusted net profit for the year was $77 million, the third consecutive annual record, driven by cost control and fleet optimization.
- Debt reduced to $50 million, achieving net debt-free status, with $108 million repaid in 2024 and $33 million in Q1 2025.
- Share repurchase program expanded to $10.5 million, with $20 million spent over two years.
- 70% of 2025 fleet days secured in period charters, locking in $107 million in revenues.

**【CFO Financial Highlights】**
- Q4 GAAP net income: $14.2 million (60% YoY increase); adjusted net income: $16.4 million.
- Full-year EBITDA: $108.8 million (highest on record), with adjusted EPS of $2.11.
- Operating expenses controlled at $13.6 million (Q4), 6% YoY decline despite fleet expansion.
- Vessel dry-docking costs impacted Q4 results, with seven vessels undergoing maintenance in 2024.
- Cash balance of $84.5 million at year-end, with debt reduced by 42% YoY.

**【CEO Market Outlook】**
- Global LPG exports grew 4.4% in 2024, driven by US exports (+11%) and Asian demand (China +11.5%, India +6.6%).
- West of Suez rates remain strong due to vessel shortages and EU regulations (FuelEU, EU-ETS).
- Ammonia trading potential growing, with order book expansion among competitors.
- Geopolitical risks (Russia sanctions, US-China trade, Suez Canal) could impact ton-mile demand.
- Fleet age profile (30%+ vessels >20 years) supports long-term rate stability as older ships face regulatory challenges.

**【Joint Ventures & Fleet Updates】**
- JV vessels sold in 2024 generated $24 million in dividends, with remaining three vessels on short-term charters.
- Two newbuild MGCs added in 2024, boosting earnings capacity.
- Fleet-wide dry-docking schedule light in 2025, reducing operational disruptions.


StealthGas Inc. (GASS) Q4 2024 Earnings Call Transcript

StealthGas (GASS)-25 Nov 24-2024 Q3 Earnings call transcript

StealthGas (GASS)-5 Sep 24-2024 Q2 Earnings call transcript

StealthGas (GASS)-22 May 24-2024 Q1 Earnings call transcript

- **Record Profit Growth**: 52% net income increase to $51.9 million, despite 21% fewer vessels.
- **Strategic Fleet Optimization**: 66% 2024 fleet coverage, $200 million+ contracted revenues.
- **Debt Efficiency**: $154 million debt reduction in 2023, $30 million QTD repayment in 2024.
- **Market Leadership**: 15% U.S. LPG export growth, premium European rates via 76% MGC/Handy coverage.

**【CEO Opening Remarks】**
- Reported record net income of $51.9 million for 2023, up 52% YoY, driven by fleet optimization and cost control.
- Sold 10 vessels in 2023, generating $200 million+ in contracted revenues, with 66% of 2024 fleet days under period charter.
- Reduced debt by $154 million in 2023, maintaining liquidity of $83.7 million as of Q4.

**【CFO Financial Commentary】**
- 2023 net income up 51% YoY to $51.9 million, with EPS of $1.38, despite 21% fewer fleet days.
- Operating expenses down 3.3% YoY to $53.1 million, reflecting strict cost management.
- 2024 vessel deliveries (Eco Oracle/Wizard) supported by $70 million debt drawdown and $30 million debt repayment QTD.

**【CEO Market Outlook】**
- U.S. LPG exports grew 15% YoY, solidifying StealthGas' position in Europe/North America.
- 2024 contracted revenues exceed $200 million, with 76% coverage for 6 largest vessels.
- Fleet diversification into MGCs/Acids, balancing risk with 2024 period charters at premium rates.

**【Closing Remarks】**
- 2024 outlook: 66% fleet coverage, $200 million+ contracted revenues, and 10%+ EPS growth via buybacks/shares outstanding reduction.
- Trading at NAV discount, with 12%+ ROE vs. 5% industry average.

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