StealthGas Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsStealthGas Inc. is a Marshall Islands-incorporated, Athens-based oceangoing vessel operator specializing in the marine transportation of liquefied petroleum gas (LPG), listed on Nasdaq as GASS.
What they do
StealthGas operates a fleet of LPG carriers providing deep-sea transportation services. The company charters its vessels to customers under time charter and voyage charter arrangements, generating revenue from freight rates. As of December 31, 2025, it had 37,185,686 shares outstanding and no long-term debt.
Revenue drivers
- LPG marine transportation — Core business: shipping LPG on owned vessels, with annual revenue of $173.2M in 2025.
- Time charter contracts — Revenue stream from chartering vessels to third parties, providing stable income over contract periods.
- Voyage charters — Spot market voyages generate revenue based on prevailing freight rates, adding variability to earnings.
Recent performance
In 2025, revenue rose to $173.2M from $167.3M in 2024, while net income fell to $60.6M from $69.9M in 2024. Diluted EPS declined to $1.64 in 2025 from $1.90 in 2024. Operating cash flow decreased to $85.2M in 2025 from $103.5M in 2024. The company ended 2025 with $99.1M in cash, zero long-term debt, and equity of $690.3M.
Strategy
Management focuses on maintaining a modern, efficient LPG fleet and capitalizing on market demand. The company prioritizes debt reduction and shareholder returns, evidenced by its debt-free balance sheet. It seeks to renew and expand its fleet through acquisitions or newbuildings when market conditions are favorable.
Risks
- Geopolitical disruption — Conflicts in the Middle East, Ukraine, and Red Sea attacks can disrupt shipping routes and increase costs.
- Freight rate volatility — Charter rates depend on LPG supply/demand and fleet composition, leading to unpredictable earnings.
- Counterparty default — Charterers may fail to perform, reducing revenue and vessel utilization.
- Regulatory changes — Environmental and trade regulations, including tariffs, could increase operating costs or constrain operations.
Outlook
Management expects continued global demand for LPG transportation, though near-term conditions are affected by geopolitical tensions. The company believes its debt-free status and cash position provide flexibility to navigate market cycles and pursue growth. Forward-looking statements reference potential vessel acquisitions and dispositions.