[Operational and Financial Highlights](index=1&type=section&id=Operational%20and%20Financial%20Highlights) This section summarizes StealthGas Inc.'s strong Q2 2025 performance, highlighting record revenues, significant debt reduction, and robust cash reserves [Summary of Key Achievements](index=1&type=section&id=Summary%20of%20Key%20Achievements) StealthGas Inc. achieved record Q2 2025 revenues and operating income, significantly reduced debt to unencumber its fleet, maintained strong cash, and continued share repurchases - Revenues recorded an all-time high of **$47.2 million** in Q2 2025, increased by **13%** compared to the same period last year, driven by improved market conditions[2](index=2&type=chunk) - Income from operations of **$19.7 million** was the highest ever recorded[2](index=2&type=chunk) - Repaid **$53.6 million** in debt during H1 2025 and a further **$32.2 million** in Q3 2025, resulting in all vessels in the fully owned fleet being unencumbered[2](index=2&type=chunk) - Maintained ample cash and cash equivalents (including restricted cash) of **$87.3 million** as of June 30, 2025[2](index=2&type=chunk) - Spent **$1.8 million** on share repurchases during 2025, with over **$21.2 million** spent under the current program since June 2023[2](index=2&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) Net income for Q2 2025 increased from the prior quarter but decreased year-over-year due to a vessel sale in Q2 2024, while fleet period coverage remained high Q2 2025 Key Financial Metrics | Metric | Q2 2025 Value | | :---------------- | :------------ | | Net income | $20.4 million | | Basic EPS | $0.55 | | Revenues | $47.2 million | | Income from operations | $19.7 million | - Net income of **$20.4 million** in Q2 2025 was **45% higher** than the previous quarter's **$14.1 million**, but reduced compared to the **$25.8 million** record achieved in Q2 2024, which was boosted by a vessel sale[2](index=2&type=chunk) - Approximately **70% of fleet days** for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating about **$155 million** in contracted revenues (excluding JV vessel)[2](index=2&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section analyzes StealthGas Inc.'s Q2 2025 financial performance, detailing revenue drivers, expense changes, and the impact on net income and earnings per share [Income Statement Analysis](index=2&type=section&id=Income%20Statement%20Analysis%20(Q2)) Q2 2025 revenues increased due to more vessels and improved market conditions, but net income decreased year-over-year primarily from lower JV equity earnings and higher voyage expenses Q2 2025 vs Q2 2024 Income Statement Highlights | Metric | Q2 2024 ($M) | Q2 2025 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :----------- | :----------- | :---------- | :--------- | | Revenues | 41.8 | 47.2 | 5.4 | 12.9% | | Voyage expenses | 2.7 | 4.4 | 1.7 | 63.0% | | Vessels' operating expenses | 12.5 | 12.7 | 0.2 | 1.6% | | General and administrative expenses | 2.4 | 2.0 | (0.4) | -16.7% | | Interest and finance costs | 2.7 | 0.6 | (2.1) | -77.8% | | Equity earnings in joint ventures | 11.5 (gain) | 0.7 (gain) | (10.8) | -93.9% | | Net Income | 25.8 | 20.4 | (5.4) | -20.9% | - Revenue increase was attributable to an increased average number of vessels (**28.3 in Q2 2025 vs 27.0 in Q2 2024**) and improved market conditions[5](index=5&type=chunk) - The **$1.7 million** increase in voyage expenses was mainly due to an increase in bunkers costs as a result of more spot market days for the fleet[5](index=5&type=chunk) - The **$2.1 million** decrease in interest and finance costs was primarily due to continued debt prepayments[5](index=5&type=chunk) - The **$10.8 million** decrease in equity earnings in joint ventures was primarily due to the profitable sale of one Medium Gas carrier by a joint venture in Q2 2024[5](index=5&type=chunk) [Earnings Per Share and Adjusted Earnings](index=2&type=section&id=Earnings%20Per%20Share%20and%20Adjusted%20Earnings%20(Q2)) Both Basic and Adjusted EPS declined in Q2 2025 compared to the prior year, reflecting the period's lower net and adjusted net income Q2 2025 vs Q2 2024 EPS and Adjusted EPS | Metric | Q2 2024 | Q2 2025 | Change | | :------------------- | :------ | :------ | :----- | | Basic EPS | $0.70 | $0.55 | -$0.15 | | Adjusted EPS | $0.75 | $0.59 | -$0.16 | - Adjusted net income for Q2 2025 was **$21.7 million**, down from **$27.5 million** in Q2 2024[5](index=5&type=chunk) [Six Months 2025 Financial Results](index=2&type=section&id=Six%20Months%202025%20Financial%20Results) This section reviews StealthGas Inc.'s financial performance for the first six months of 2025, highlighting revenue growth, expense increases, and the factors affecting net income [Income Statement Analysis](index=2&type=section&id=Income%20Statement%20Analysis%20(6M)) H1 2025 revenues increased due to more vessels and better market conditions, but net income decreased from lower JV equity earnings, higher expenses, and an impairment loss H1 2025 vs H1 2024 Income Statement Highlights | Metric | H1 2024 ($M) | H1 2025 ($M) | Change ($M) | Change (%) | | :-------------------------------- | :----------- | :----------- | :---------- | :--------- | | Revenues | 83.4 | 89.3 | 5.9 | 7.1% | | Voyage expenses | 5.5 | 9.5 | 4.0 | 72.7% | | Vessels' operating expenses | 24.0 | 26.2 | 2.2 | 9.2% | | Drydocking costs | 0.6 | 1.0 | 0.4 | 66.7% | | Impairment loss | — | 0.5 | 0.5 | N/A | | Net (gain)/loss on sale of vessels | 0.04 (gain) | 0.1 (loss) | (0.14) | N/A | | Interest and finance costs | 5.9 | 2.0 | (3.9) | -66.1% | | Equity earnings in joint ventures | 14.1 (gain) | 2.9 (gain) | (11.2) | -79.4% | | Net Income | 43.5 | 34.5 | (9.0) | -20.7% | - Revenue increase was attributable to an increased average number of vessels (**28.1 in H1 2025 vs 27.0 in H1 2024**) and improved market conditions[5](index=5&type=chunk) - The **$4.0 million** increase in voyage expenses was mainly due to an increase in port expenses and bunkers costs from increased spot market days[5](index=5&type=chunk) - An impairment loss of **$0.5 million** was recognized in Q1 2025 due to the agreed sale terms for the vessel Gas Cerberus[7](index=7&type=chunk) - The **$3.9 million** decrease in interest and finance costs was primarily due to continued debt prepayments[7](index=7&type=chunk) - The **$11.2 million** decrease in equity earnings in joint ventures was primarily due to the profitable sale of one Medium Gas carrier by a joint venture in H1 2024[7](index=7&type=chunk) [Earnings Per Share and Adjusted Earnings](index=3&type=section&id=Earnings%20Per%20Share%20and%20Adjusted%20Earnings%20(6M)) Basic and Adjusted EPS both decreased for H1 2025, reflecting the overall decline in net income and adjusted net income compared to the prior year H1 2025 vs H1 2024 EPS and Adjusted EPS | Metric | H1 2024 | H1 2025 | Change | | :------------------- | :------ | :------ | :----- | | Basic EPS | $1.20 | $0.93 | -$0.27 | | Adjusted EPS | $1.28 | $1.02 | -$0.26 | - Adjusted net income for H1 2025 was **$37.9 million**, down from **$46.7 million** in H1 2024[7](index=7&type=chunk) [Fleet Operations and Developments](index=3&type=section&id=Fleet%20Operations%20and%20Developments) This section details StealthGas Inc.'s fleet changes, operational metrics, recent chartering activities, vessel sales, and the impact of a significant operational incident [Fleet Data Overview](index=6&type=section&id=Fleet%20Data%20Overview) The company's fleet expanded in terms of average and period-end vessel count, leading to increased calendar and voyage days, while operational utilization slightly decreased Fleet Data: Q2 and 6M 2025 vs 2024 | FLEET DATA | Q2 2024 | Q2 2025 | 6M 2024 | 6M 2025 | | :-------------------------- | :------ | :------ | :------ | :------ | | Average number of vessels | 27.0 | 28.3 | 27.0 | 28.1 | | Period end number of owned vessels in fleet | 27 | 29 | 27 | 29 | | Total calendar days for fleet | 2,457 | 2,572 | 4,918 | 5,090 | | Total voyage days for fleet | 2,411 | 2,563 | 4,850 | 5,063 | | Fleet utilization | 98.1% | 99.7% | 98.6% | 99.5% | | Total charter days for fleet | 2,173 | 2,171 | 4,405 | 4,289 | | Total spot market days for fleet | 238 | 392 | 445 | 774 | | Fleet operational utilization | 96.3% | 94.7% | 97.0% | 94.4% | [Recent Chartering Arrangements](index=3&type=section&id=Recent%20Chartering%20Arrangements) StealthGas Inc. secured multiple time charter extensions for its LPG carriers, including Eco Blizzard, Eco Galaxy, and Eco Royalty, extending employment into 2026, and arranged a new charter for Eco Sorcerer - Twelve-month time charter extension for **Eco Blizzard** (2021 built LPG carrier) until **October 2026**[7](index=7&type=chunk) - Twelve-month time charter extension for **Eco Galaxy** (2015 built LPG carrier) until **September 2026**[7](index=7&type=chunk) - Twelve-month time charter extension for **Eco Royalty** (2015 built LPG carrier) until **September 2026**, with a charterer's option for a further twelve months[7](index=7&type=chunk) - Three-month time charter for **Gas Astrid** (2009 built LPG carrier) until **August 2025**[7](index=7&type=chunk) - Twelve-month time charter for the JV owned **Eco Sorcerer** (2023 built LPG carrier) until **August 2026**, with a charterer's option for a further twelve months[7](index=7&type=chunk) [Vessel Sales, Acquisitions, and Fleet Composition](index=4&type=section&id=Vessel%20Sales%2C%20Acquisitions%2C%20and%20Fleet%20Composition) The company completed one vessel sale, repurchased shares in two others to increase its fully owned fleet to 29 vessels, and announced the sale of another debt-free vessel - The sale of the vessel **Gas Cerberus** was completed in **June 2025**[9](index=9&type=chunk) - Repurchased the remaining shares in **Eco Lucidity** and **Gas Haralambos** from a joint venture partner, consolidating them into the Company's fully owned fleet[9](index=9&type=chunk) - The fully owned fleet increased to **29 vessels**, with one vessel continuing to be owned through a joint venture[9](index=9&type=chunk) - Entered into an agreement in **July 2025** to sell the debt-free vessel **Gas Elixir**, with delivery expected between **September and November 2025**, contributing full proceeds to liquidity[10](index=10&type=chunk) [Significant Operational Incidents](index=4&type=section&id=Significant%20Operational%20Incidents) The LPG tanker ECO WIZARD sustained damage from external explosions while loading cargo in Russia, leading to its temporary off-hire status and expected impact on future revenue - In **July 2025**, the LPG tanker **ECO WIZARD** sustained damage to its engine room and one cargo tank due to two external explosions while loading ammonia cargo in Ust-Luga, Russia[11](index=11&type=chunk) - No crew members were injured, and the vessel remains stable, currently at port for investigation and temporary repairs, with departure expected in **September**[11](index=11&type=chunk) - The vessel will remain off-hire and will not generate revenue until fully repaired; it generated approximately **8% of the Company's revenues** during the first six months of 2025[11](index=11&type=chunk) [Contracted Revenues and Fleet Coverage](index=4&type=section&id=Contracted%20Revenues%20and%20Fleet%20Coverage) As of August 2025, StealthGas Inc. has secured a substantial portion of its fleet days for the remainder of the year under period contracts, ensuring a solid base of contracted revenues - Total contracted revenues as of **August 2025** are approximately **$155 million** (excluding the JV vessel)[8](index=8&type=chunk) - For the remainder of **2025**, approximately **70% of fleet days** are secured under period contracts, with contracted revenues of about **$48 million** (excluding the JV vessel)[8](index=8&type=chunk) [Management Commentary and Outlook](index=4&type=section&id=Management%20Commentary%20and%20Outlook) This section presents CEO Harry Vafias's commentary on market conditions, Q2 performance, deleveraging strategy, the ECO WIZARD incident, and the positive outlook for LPG shipping [CEO Harry Vafias Commented](index=4&type=section&id=CEO%20Harry%20Vafias%20Commented) CEO Harry Vafias highlighted improved market sentiment and record Q2 revenues, emphasizing the completion of the company's deleveraging strategy, which has made all 29 fully owned vessels debt-free - Market sentiment has improved considerably after a tumultuous start to the year, leading to very solid second-quarter results[12](index=12&type=chunk) - Q2 revenues exceeded expectations, setting a new quarterly record at **$47.2 million**[12](index=12&type=chunk) - Completed deleveraging in Q3, having repaid **$86 million** in debt this year and close to **$350 million** since early 2023, resulting in all **29 fully owned vessels** being debt-free[12](index=12&type=chunk) - The unfortunate incident with the **Eco Wizard** will impact revenue generation for the near future, but resources are committed to a swift resolution[12](index=12&type=chunk) - Confident that the fundamentals for LPG shipping remain positive, and the company is well-positioned to take advantage of rising demand[12](index=12&type=chunk) - Expects chartering activity to pick up in the **fourth quarter** as the seasonally weaker summer months conclude[12](index=12&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides definitions and reconciliation tables for non-GAAP financial measures, offering a comparable basis for assessing StealthGas Inc.'s financial and operating performance [Definitions and Rationale](index=3&type=section&id=Definitions%20and%20Rationale) This section defines non-GAAP financial measures such as Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EPS, used by management and investors to assess financial performance - 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[22](index=22&type=chunk) - EBITDA represents net income before interest and finance costs, interest income, and depreciation[22](index=22&type=chunk) - 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[22](index=22&type=chunk) - Adjusted EPS represents Adjusted net income divided by the weighted average number of shares[24](index=24&type=chunk) - These non-GAAP measures are included to provide a comparable basis for assessing financial performance and better evaluating operating performance, but are not recognized under U.S. GAAP and may not be comparable to other companies[24](index=24&type=chunk)[25](index=25&type=chunk) [Reconciliation Tables](index=7&type=section&id=Reconciliation%20Tables) Detailed reconciliation tables bridge GAAP net income and EPS to their respective non-GAAP adjusted counterparts for Q2 and H1 periods ended June 30, 2025 and 2024 Reconciliation of Net Income to Adjusted Net Income, EBITDA, and Adjusted EBITDA | (Expressed in United States Dollars) | Q2 2024 | Q2 2025 | 6M 2024 | 6M 2025 | | :----------------------------------- | :---------- | :---------- | :---------- | :---------- | | Net income | 25,788,509 | 20,437,326 | 43,518,225 | 34,545,006 | | Adjusted Net Income | 27,546,563 | 21,718,766 | 46,684,145 | 37,855,248 | | EBITDA | 34,051,288 | 26,917,038 | 60,689,045 | 48,341,312 | | Adjusted EBITDA | 35,809,342 | 28,198,478 | 63,646,838 | 51,651,554 | Reconciliation of EPS to Adjusted EPS | (Expressed in United States Dollars) | Q2 2024 | Q2 2025 | 6M 2024 | 6M 2025 | | :----------------------------------- | :------ | :------ | :------ | :------ | | EPS — Basic | 0.70 | 0.55 | 1.20 | 0.93 | | Adjusted EPS — Basic | 0.75 | 0.59 | 1.28 | 1.02 | [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including statements of income, balance sheets, and cash flows, for the specified periods [Condensed Consolidated Statements of Income](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The unaudited condensed consolidated statements of income provide a detailed breakdown of revenues, expenses, and net income for the second quarter and six-month periods ended June 30, 2025 and 2024 Unaudited Condensed Consolidated Statements of Income | | Quarters Ended June 30, | | Six Month Periods Ended June 30, | | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | | | 2024 | 2025 | 2024 | 2025 | | Revenues | 41,786,154 | 47,234,265 | 83,350,062 | 89,260,252 | | Total expenses | 25,686,276 | 27,537,238 | 49,735,146 | 56,940,259 | | Income from operations | 16,099,878 | 19,697,027 | 33,614,916 | 32,319,993 | | Net Income | 25,788,509 | 20,437,326 | 43,518,225 | 34,545,006 | | Earnings per share - Basic | 0.70 | 0.55 | 1.20 | 0.93 | | Weighted average number of shares - Basic | 35,241,126 | 35,808,017 | 35,180,313 | 35,767,096 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The unaudited condensed consolidated balance sheets present the company's financial position, including assets, liabilities, and stockholders' equity, as of December 31, 2024, and June 30, 2025 Unaudited Condensed Consolidated Balance Sheets | | December 31, 2024 | June 30, 2025 | | :----------------------------------- | :---------------- | :-------------- | | Total current assets | 92,070,405 | 96,899,964 | | Total non current assets | 640,169,459 | 620,432,290 | | Total assets | 732,239,864 | 717,332,254 | | Total current liabilities | 43,943,632 | 25,059,906 | | Total non current liabilities | 61,769,418 | 30,035,397 | | Total liabilities | 105,713,050 | 55,095,303 | | Total stockholders' equity | 626,526,814 | 662,236,951 | | Total liabilities and stockholders' equity | 732,239,864 | 717,332,254 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The unaudited condensed consolidated statements of cash flows detail the cash generated from or used in operating, investing, and financing activities for the six-month periods ended June 30, 2025 and 2024 Unaudited Condensed Consolidated Statements of Cash Flows | | Six Month Periods Ended June 30, | | | :----------------------------------- | :----------- | :----------- | | | 2024 | 2025 | | Net cash provided by operating activities | 67,950,898 | 54,042,143 | | Net cash (used in)/provided by investing activities | (59,694,245) | 3,827,744 | | Net cash used in financing activities | (15,363,058) | (55,043,427) | | Net (decrease)/increase in cash, cash equivalents and restricted cash | (7,106,405) | 2,826,460 | | Cash, cash equivalents and restricted cash at end of period | 76,649,296 | 87,347,610 | [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides an overview of StealthGas Inc., its business in the LPG shipping sector, details on forward-looking statements, and information regarding the upcoming conference call [About StealthGas Inc.](index=5&type=section&id=About%20StealthGas%20Inc.) StealthGas Inc. is a ship-owning company specializing in the liquefied petroleum gas (LPG) sector of the international shipping industry, operating a fleet of 30 LPG carriers and listed on Nasdaq - StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry[16](index=16&type=chunk) - Operates a fleet of **30 LPG carriers**, including one Joint Venture vessel, with a total capacity of **344,152 cubic meters (cbm)**[16](index=16&type=chunk) - Shares are listed on the **Nasdaq Global Select Market** under the symbol "**GASS**"[16](index=16&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future events and financial performance, which are subject to significant uncertainties and contingencies that could cause actual results to differ - Forward-looking statements reflect current views on future events and financial performance, including plans, objectives, goals, strategies, and underlying assumptions[17](index=17&type=chunk) - These statements are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the company's control[17](index=17&type=chunk) - Important factors that could cause actual results to differ include world economies, geopolitical conditions (e.g., conflicts in Ukraine, Israel and Gaza, Red Sea attacks), market conditions (charter rates, vessel values), operating expenses, financing ability, the **ECO WIZARD** incident, regulatory actions, and litigation[17](index=17&type=chunk) - Risks and uncertainties are further described in reports filed with the U.S. Securities and Exchange Commission[18](index=18&type=chunk) [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) StealthGas Inc. will host a conference call on August 28, 2025, to discuss its financial and operating results and outlook, requiring pre-registration for participants - A conference call will be held on **August 28, 2025**, at **10:00 am ET**, for management to discuss results, operations, and outlook[13](index=13&type=chunk) - Participants must pre-register to receive dial-in numbers and a personal PIN[13](index=13&type=chunk) - A live and archived webcast of the conference call will be available through the STEALTHGAS INC. website (**www.stealthgas.com**)[15](index=15&type=chunk)

Financial Data and Key Metrics Changes - The company reported record revenues of $47.2 million for Q2 2025, a 13% increase year-on-year compared to $41.8 million in Q2 2024 [3][16] - Adjusted net income for Q2 2025 was $21.7 million, a 35% increase from the previous quarter but a 20% decrease from the same quarter last year [4][18] - Earnings per share on an adjusted basis were $0.59 for the quarter, marking the second most profitable quarter in the company's history [4][19] - Total debt was reduced to €32 million, with all vessels in the fully owned fleet now debt-free following the final repayment in July [5][20] Business Line Data and Key Metrics Changes - The company maintained a high period coverage of over 70% of fleet days for 2025, securing approximately $150 million in future revenues [5][11] - Operating expenses for Q2 were €12.7 million, reflecting a mere 1.5% increase from last year [16] - Earnings from investments in joint ventures were only $700,000 for the quarter, a significant decrease due to fewer vessels and the absence of a large dividend from vessel sales as seen in the previous year [17][18] Market Data and Key Metrics Changes - Global LPG exports grew by 6.6% in the first half of 2025, with U.S. exports continuing to increase year-on-year [22] - China's LPG imports in May 2025 climbed to 3.4 million tons, a 6.7% increase [24] - The shipping market remains stable, with firm rates in Europe, although there was a slight drop in activity typical of seasonal trends [26] Company Strategy and Development Direction - The company has successfully completed its strategic objective of deleveraging, repaying $86 million in debt this year and nearly $350 million since early 2023 [5][30] - The company is focusing on maintaining a visible revenue stream and is looking for opportunities to sell older vessels while potentially replacing them with newer ones [6][12] - The fleet's geographical focus has shifted, with over 70% now trading in Europe and the Mediterranean due to better rates compared to Asia [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the market due to trade frictions but noted that the fundamentals for LPG shipping remain positive [22][30] - The company expects chartering activity to pick up in the fourth quarter as it exits the seasonally weaker summer months [31] - The incident involving the Echo Wizard vessel is expected to impact revenue generation in the near future, but management is committed to resolving the situation swiftly [29] Other Important Information - The company completed the acquisition of shares in two vessels previously owned through a joint venture [6] - The Echo Wizard vessel sustained damage from explosions but is expected to undergo temporary repairs and return to operations within a month [9][10] Q&A Session Summary Question: What impact will the Echo Wizard incident have on revenue? - Management indicated that the Echo Wizard incident will keep the vessel out of employment for some time, impacting revenue generation in the near future [29] Question: How is the company positioned in the LPG market? - Management expressed confidence in the company's favorable position to take advantage of rising demand in the LPG shipping sector, despite current market uncertainties [30][31]

Financial Data and Key Metrics Changes - The company reported revenues of $47.2 million for Q2 2025, a 13% increase year-on-year from $41.8 million in Q2 2024 [3][16] - Adjusted net income for Q2 2025 was $21.7 million, a 35% increase from the previous quarter but a 20% decrease from the same quarter last year [4][19] - Earnings per share on an adjusted basis were $0.59 for the quarter, marking the second most profitable quarter in the company's history [4][20] Business Line Data and Key Metrics Changes - The company maintained a high period coverage of over 70% of fleet days for 2025, securing approximately $150 million in future revenues [5][11] - Operating expenses for Q2 were €12.7 million, reflecting a mere 1.5% increase from last year [16] - The income from operations reached a record $19.7 million, a substantial 22% increase compared to last year [17] Market Data and Key Metrics Changes - Global LPG exports grew by 6.6% in the first half of 2025, with U.S. exports continuing to increase year-on-year [23] - China's LPG imports in May 2025 climbed to 3.4 million tons, registering a 6.7% increase [25] - The shipping market remains stable, with firm rates in Europe, although there was a slight drop in activity typical of seasonality [28] Company Strategy and Development Direction - The company has completed its strategic objective of deleveraging, repaying $86 million in debt this year and achieving zero debt for its fully owned fleet [5][21][32] - The company is focusing on maintaining a visible revenue stream and is adjusting its fleet positioning to capitalize on higher rates in Europe [12][13] - The company plans to continue looking for opportunities to sell older vessels and replace them with newer tonnage [6] Management's Comments on Operating Environment and Future Outlook - Management noted that trade frictions have created uncertainty, but improvements have been observed since Q1 2025 [32] - The company is optimistic about the fundamentals for LPG shipping, expecting chartering activity to pick up in the fourth quarter [32] - The situation regarding the Echo Wizard incident is being addressed, and the company is committed to a swift resolution [31] Other Important Information - The company completed the sale of one vessel in Q2 and has entered into an agreement to sell another vessel later in the year [6] - The Echo Wizard vessel was involved in an incident that will keep it out of service for a considerable time, impacting revenue generation [31] Q&A Session Summary Question: What is the outlook for the LPG market? - Management indicated that despite trade upheaval, global LPG exports continue to show strong growth, particularly from the U.S. [23] Question: How is the company addressing the incident with the Echo Wizard? - Management is working on a swift resolution to the situation and will provide updates as it progresses [31]

Financial Performance - StealthGas Inc achieved record revenues of $47.2 million in Q2 2025, a 13% increase year-over-year[6,15] - Adjusted net income was $21.7 million in Q2 2025, with an adjusted EPS of $0.59[6] - The company further reduced its debt by $86 million during 2025 and has no debt on its fully owned fleet of 29 vessels[6] - Share repurchases totaled $1.8 million this year, bringing the total to $21.2 million since 2023[6] Fleet and Operations - Over 70% of revenue is fixed for the remainder of 2025, with contracted revenues exceeding $150 million for subsequent periods[6] - The company sold one small LPG carrier in Q2 2025 and purchased the remaining 50% share in two small LPG carriers from its joint venture partner[6] - The fleet employment analytics show time charter coverage extending into 2028 for some vessels[7] Market Trends - Global LPG exports continue to grow steadily, with a 6.6% increase in the first half of 2025[30] - US exports of liquefied propane are trending higher, with a 3% year-over-year increase in Q2 2025[30] - The company notes that about 30% of the small LPG fleet is over 20 years of age, with low scrapping activity[35] Future Considerations - The company highlights global trade tensions, slower economic growth in China, and inflationary pressures as potential risks[40] - Positive factors include significant operating leverage, reduced spot market exposure, a healthy capital structure, and strong Asian demand[41]

Core Insights - StealthGas Inc. reported strong profitability in Q2 2025 with a net income of $20.4 million, a 45% increase from Q1 2025 but a decrease from $25.8 million in Q2 2024 [4] - The company achieved record revenues of $47.2 million in Q2 2025, a 13% increase year-over-year, driven by improved market conditions and an increase in fleet size [4] - The company has secured approximately $155 million in contracted revenues for the remainder of 2025, with about 70% of fleet days under period charters [4][8] Operational Highlights - The average number of vessels owned increased to 28.3 in Q2 2025 from 27.0 in Q2 2024 [4][6] - Fleet utilization improved to 99.7% in Q2 2025 compared to 98.1% in Q2 2024 [21] - The company has maintained a strong cash position with $87.3 million in cash and cash equivalents as of June 30, 2025, allowing for debt repayments [4][31] Financial Performance - Total revenues for the six months ended June 30, 2025, were $89.3 million, up from $83.4 million in the same period of 2024 [6] - Adjusted net income for the six months ended June 30, 2025, was $37.9 million, down from $46.7 million in the prior year [6] - EBITDA for the six months ended June 30, 2025, amounted to $48.3 million, compared to $60.7 million for the same period in 2024 [6] Debt Management - The company repaid $53.6 million in debt during the first half of 2025 and an additional $32.2 million in Q3 2025, resulting in a debt-free fully owned fleet [4][12] - Interest and finance costs decreased significantly to $2.0 million for the six months ended June 30, 2025, from $5.9 million in the same period of 2024 [6] Fleet Update - The fleet size increased to 29 vessels following the consolidation of two vessels previously owned through joint ventures [9] - The company has entered into a sale agreement for the vessel Gas Elixir, expected to enhance liquidity [10] Incident Report - The LPG tanker ECO WIZARD experienced explosions while loading ammonia in July 2025, resulting in damage and temporary loss of revenue, which accounted for approximately 8% of the company's revenues in the first half of 2025 [11][12]

Core Viewpoint - StealthGas Inc. will release its second quarter operating and financial results for the period ended June 30, 2025, on August 25, 2025, before the market opens in New York [1] Group 1: Financial Results Announcement - The company is set to announce its financial results for Q2 2025 on August 25, 2025 [1] - The announcement will occur before the market opens in New York [1] Group 2: Conference Call Details - A conference call will be hosted by the company's management on August 25, 2025, at 10:00 am ET to discuss the results and the company's operations and outlook [2] - Participants are required to pre-register to receive dial-in numbers and a personal PIN for the conference call [2] Group 3: Online Registration and Webcast - There will be an online registration link provided for participants to access the conference call [3] - A live and archived webcast of the conference call will be available on the company's website [3] Group 4: Company Overview - StealthGas Inc. is a ship-owning company that serves the liquefied petroleum gas (LPG) sector of the international shipping industry [4] - The company's fleet includes fully pressurized, semi-refrigerated, and fully refrigerated vessels [4] - StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market under the symbol "GASS" [4]

Company Overview - StealthGas Inc. (GASS) has demonstrated the ability to generate positive cash flow and free cash flow while significantly reducing its total debt [1] - The company is focused on small and medium-cap companies in Europe, the United States, and South America, particularly in mature industries such as mining, oil and gas, and real estate [1] Investment Strategy - The investment strategy typically targets an internal rate of return of approximately 5%-7% [1] - The company appreciates mergers and acquisitions (M&A) deals, deep value investments, and dividend investing [1] Analyst's Position - The analyst holds a beneficial long position in the shares of GASS through stock ownership, options, or other derivatives [2] - The article reflects the analyst's own opinions and is not influenced by any compensation from external sources [2]

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

First Quarter 2025 Financial and Operating Results [Operational and Financial Highlights](index=1&type=section&id=Operational%20and%20Financial%20Highlights) StealthGas Inc. reported a slight revenue increase in Q1 2025 to $42.0 million, driven by better market conditions, but net income decreased to $14.1 million ($0.38 EPS) from $17.7 million ($0.49 EPS) in Q1 2024, primarily due to higher operating expenses, drydocking costs, and an impairment loss, despite lower interest costs. The company continued its debt reduction strategy, making significant repayments and maintaining strong liquidity, while also pursuing share repurchases [Q1 2025 Key Financial Performance](index=1&type=section&id=Q1%202025%20Key%20Financial%20Performance) This section presents a comparative overview of StealthGas Inc.'s key financial metrics for Q1 2025 versus Q1 2024, highlighting changes in revenues, net income, EPS, and major expense categories Q1 2025 Key Financial Performance (YoY) | Metric | Q1 2024 (USD) | Q1 2025 (USD) | Change (USD) | | :-------------------------------- | :---------- | :---------- | :----- | | Revenues | $41.6 million | $42.0 million | +$0.4 million | | Net Income | $17.7 million | $14.1 million | -$3.6 million | | Basic EPS | $0.49 | $0.38 | -$0.11 | | Time Charter Equivalent (TCE) Revenues | - | $36.9 million | -4.6% | - Revenues increased due to better market conditions and an average of **28.0 vessels** owned in Q1 2025 compared to **27.0 vessels** in Q1 2024[3](index=3&type=chunk)[6](index=6&type=chunk) - Key expense changes (Q1 2025 vs Q1 2024): - Voyage expenses increased by **$2.2 million** to **$5.1 million**, mainly due to increased spot market days, port expenses, and bunkers costs[6](index=6&type=chunk) - Vessels' operating expenses increased by **$2.0 million** to **$13.5 million**, mainly due to increased crew and maintenance costs[6](index=6&type=chunk) - Drydocking costs were **$0.4 million** in Q1 2025 (nil in Q1 2024)[6](index=6&type=chunk) - Impairment loss of **$0.5 million** recognized in Q1 2025 due to the agreed sale of the vessel Gas Cerberus[6](index=6&type=chunk) - Interest and finance costs decreased by **$1.8 million** to **$1.4 million**, primarily due to continued debt prepayments[6](index=6&type=chunk) [Fleet and Debt Management](index=1&type=section&id=Fleet%20and%20Debt%20Management) This section details StealthGas Inc.'s debt reduction efforts, liquidity position, and ongoing share repurchase program during Q1 2025 - Debt Repayments: **$34.4 million** in Q1 2025, with a further **$19.2 million** in the current quarter of 2025[4](index=4&type=chunk) - Unencumbered Vessels: All but one vessel in the fully owned fleet are unencumbered[4](index=4&type=chunk) - Cash and Cash Equivalents (incl. restricted cash): **$77.1 million** as of March 31, 2025[4](index=4&type=chunk) - Share Repurchases: **$1.8 million** spent since the last quarterly announcement; over **$21.2 million** spent since June 2023 under the current program[4](index=4&type=chunk) [Fleet Update and Strategic Initiatives](index=2&type=section&id=Fleet%20Update%20and%20Strategic%20Initiatives) The company has secured approximately 70% of its 2025 fleet days under period contracts, ensuring over $165 million in total contracted revenues. Strategic fleet management includes the planned sale of the debt-free vessel "Gas Cerberus" to enhance liquidity and an agreement to acquire the remaining shares in two joint venture vessels, consolidating them into the fully owned fleet [Chartering Arrangements and Contracted Revenues](index=2&type=section&id=Chartering%20Arrangements%20and%20Contracted%20Revenues) This section outlines StealthGas Inc.'s fleet coverage for 2025, total contracted revenues, and recent new or extended charter agreements - 2025 Fleet Coverage: **Circa 70%** of fleet days for 2025 are secured under period contracts[4](index=4&type=chunk)[7](index=7&type=chunk) - Total Contracted Revenues (all subsequent periods): Approximately **$165 million** (excluding JV vessels)[4](index=4&type=chunk)[5](index=5&type=chunk) - Contracted Revenues (remainder of 2025): Approximately **$72 million**[7](index=7&type=chunk) - New Charter Agreements: - Eco Dominator: 12-month time charter until March 2026[6](index=6&type=chunk) - Eco Nical: 12-month time charter extension until May 2026[6](index=6&type=chunk) - Gas Esco: 6-month time charter extension until September 2025[6](index=6&type=chunk) [Vessel Sales and Joint Venture Changes](index=3&type=section&id=Vessel%20Sales%20and%20Joint%20Venture%20Changes) This section details the planned sale of the vessel Gas Cerberus and the agreement to acquire remaining shares in two joint venture vessels, impacting fleet composition and liquidity - Vessel Sale: Agreement to sell the vessel Gas Cerberus to a third party, with delivery expected in Q2 2025. The vessel is debt-free, and proceeds will contribute to liquidity[7](index=7&type=chunk) - Joint Venture Buyback: Agreed in principle to purchase the remaining 49.9% share in Eco Lucidity and Gas Haralambos from a JV partner, expected within June 2025, leading to consolidation into the fully owned fleet[8](index=8&type=chunk) - JV Fleet Impact: Following the buyback, only one vessel will remain in a joint venture[8](index=8&type=chunk) [Management Commentary](index=3&type=section&id=Board%20Chairman%20Michael%20Jolliffe%20Commented) Board Chairman Michael Jolliffe highlighted a strong start to 2025, expressing confidence in sustaining momentum despite market uncertainties. He emphasized the company's success in eliminating financial risk, achieving a net debt-free position with 27 out of 28 vessels unencumbered, and its commitment to returning value to shareholders through ongoing share repurchases - Q1 2025 Performance: Strong start to the year, underpinning confidence for sustaining momentum throughout 2025[9](index=9&type=chunk) - Market Outlook: Expects trade flows to normalize and sentiment to improve as LPG shipping fundamentals remain positive, despite current uncertainties and charterer reluctance for longer-term commitments[9](index=9&type=chunk) - Financial Strategy: Steadfast in strategy, having "all but eliminated its financial risk," being net debt-free after over **$50 million** in debt repayments this year[9](index=9&type=chunk) - Fleet Status: **27 out of 28 vessels** are unencumbered[9](index=9&type=chunk) - Shareholder Returns: Continued share repurchases, spending **$1.8 million** since March and over **$21.2 million** since June 2023[9](index=9&type=chunk) Company Information and Disclosures [About StealthGas Inc.](index=3&type=section&id=About%20STEALTHGAS%20INC.) StealthGas Inc. is a Nasdaq-listed ship-owning company specializing in the international LPG shipping sector, operating a fleet of 31 LPG carriers, including three joint venture vessels, with a total capacity of 349,170 cubic meters - Business: Ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry[12](index=12&type=chunk) - Fleet Size: **31 LPG carriers**, including **three Joint Venture vessels**, with a total capacity of **349,170 cubic meters (cbm)**[12](index=12&type=chunk) - Listing: Shares are listed on the Nasdaq Global Select Market and trade under the symbol "GASS"[12](index=12&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20details) StealthGas Inc. hosted a conference call on May 28, 2025, at 10:00 am ET to discuss its Q1 2025 results and outlook, with pre-registration and webcast options available for participants - Date & Time: May 28, 2025, at 10:00 am ET[10](index=10&type=chunk) - Access: Participants should pre-register to receive dial-in numbers and a personal PIN. A live and archived webcast is available through the STEALTHGAS INC. website (www.stealthgas.com)[10](index=10&type=chunk)[11](index=11&type=chunk) [Forward-Looking Statements and Risks](index=4&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements based on current views and assumptions, which are inherently subject to significant uncertainties and contingencies. Key risks that could cause actual results to differ materially include global economic and geopolitical conditions, market fluctuations, operational costs, financing capabilities, and regulatory or political events - Nature: Forward-looking statements reflect current views with respect to future events and financial performance, based on various assumptions[13](index=13&type=chunk) - Uncertainties: Assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the company's control[13](index=13&type=chunk) - Key Risk Factors: Include strength of world economies, geopolitical conditions (e.g., trade disruptions, conflicts in Ukraine, Israel and Gaza, Red Sea attacks), general market conditions (charter rates, vessel values), operating expenses, ability to obtain financing, regulatory actions, and potential litigation[13](index=13&type=chunk) - Further Details: Risks and uncertainties are further described in reports filed with the U.S. Securities and Exchange Commission[14](index=14&type=chunk) [Company Contact](index=4&type=section&id=Company%20Contact) Contact information for StealthGas Inc., including a company representative, phone number, email, and website, is provided for inquiries - Contact Person: Konstantinos Sistovaris[15](index=15&type=chunk) - Phone: 00-30-210-6250-001[15](index=15&type=chunk) - Email: info@stealthgas.com[15](index=15&type=chunk) - Website: www.stealthgas.com[15](index=15&type=chunk) Detailed Financial and Operational Data [Fleet Operating Data](index=5&type=section&id=Fleet%20Data) The company's fleet data for Q1 2025 shows an increase in the average number of vessels and total calendar days compared to Q1 2024. Fleet utilization remained high at 99.2%, although operational utilization slightly decreased to 94.0% due to an increase in spot market days Fleet Data (Q1 2024 vs Q1 2025) | FLEET DATA | Q1 2024 | Q1 2025 | | :-------------------------- | :------ | :------ | | Average number of vessels | 27.04 | 28.00 | | Period end number of owned vessels in fleet | 27 | 28 | | Total calendar days for fleet | 2,461 | 2,520 | | Total voyage days for fleet | 2,439 | 2,500 | | Fleet utilization | 99.1% | 99.2% | | Total charter days for fleet | 2,232 | 2,118 | | Total spot market days for fleet | 207 | 382 | | Fleet operational utilization | 97.7% | 94.0% | [Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%2C%20EBITDA%2C%20adjusted%20EBITDA%20and%20adjusted%20EPS) This section defines and reconciles non-GAAP financial measures such as Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EPS. These metrics are used by the company and investors to assess financial performance on a comparable basis, despite not being recognized under U.S. GAAP [Definitions and Purpose](index=5&type=section&id=Definitions%20and%20Purpose) This section provides the definitions and explains the purpose of various non-GAAP financial measures used by StealthGas Inc. for performance assessment - Adjusted Net Income: 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[18](index=18&type=chunk) - EBITDA: Net income before interest and finance costs, interest income, and depreciation[18](index=18&type=chunk) - Adjusted EBITDA: 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[18](index=18&type=chunk) - Adjusted EPS: Adjusted net income divided by the weighted average number of shares[19](index=19&type=chunk) - Purpose: These measures are included as a basis for assessing financial performance, allowing for comparable period-to-period performance and better evaluation of operating performance[19](index=19&type=chunk) - GAAP Disclaimer: EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS are not recognized measurements under U.S. GAAP and may not be comparable to those reported by other companies[21](index=21&type=chunk) [Reconciliation Tables](index=6&type=section&id=Reconciliation%20Tables) This section presents tables reconciling GAAP net income and EPS to their respective adjusted non-GAAP counterparts, including EBITDA and Adjusted EBITDA Reconciliation of Non-GAAP Measures (Q1 2024 vs Q1 2025) | (Expressed in United States Dollars, except number of shares) | March 31st, 2024 (USD) | March 31st, 2025 (USD) | | :---------------------------------------------------------- | :--------------- | :--------------- | | **Net Income - Adjusted Net Income** | | | | Net income | 17,729,716 | 14,107,680 | | Adjusted Net Income | 19,137,582 | 16,136,482 | | **Net income – EBITDA** | | | | Net income | 17,729,716 | 14,107,680 | | EBITDA | 26,637,757 | 21,424,274 | | **Net income - Adjusted EBITDA** | | | | Net income | 17,729,716 | 14,107,680 | | Adjusted EBITDA | 27,837,496 | 23,453,076 | | **EPS - Adjusted EPS** | | | | EPS - Basic | 0.49 | 0.38 | | Adjusted EPS – Basic | 0.53 | 0.44 | [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2025 include the statements of income, balance sheets, and cash flows. These statements detail a year-over-year decrease in net income, a reduction in total assets and liabilities with an increase in stockholders' equity, and increased cash flow from operations offset by significant loan repayments in financing activities [Statements of Income](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) This section provides the unaudited condensed consolidated statements of income, detailing revenues, expenses, and net income for Q1 2025 compared to Q1 2024 Unaudited Condensed Consolidated Statements of Income (Q1 2024 vs Q1 2025) | | Three Months Period Ended March 31, 2024 (USD) | Three Months Period Ended March 31, 2025 (USD) | | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Revenues | 41,563,908 | 42,025,987 | | Total expenses | 24,048,870 | 29,403,021 | | Income from operations | 17,515,038 | 12,622,966 | | Net Income | 17,729,716 | 14,107,680 | | Earnings per share - Basic | 0.49 | 0.38 | | Weighted average number of shares - Basic | 35,119,500 | 35,725,720 | [Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets, outlining assets, liabilities, and stockholders' equity as of December 31, 2024, and March 31, 2025 Unaudited Condensed Consolidated Balance Sheets (Dec 31, 2024 vs Mar 31, 2025) | | December 31, 2024 (USD) | March 31, 2025 (USD) | | :----------------------------------- | :---------------- | :------------- | | Total current assets | 92,070,405 | 86,151,555 | | Total non current assets | 640,169,459 | 631,504,491 | | Total assets | 732,239,864 | 717,656,046 | | Total current liabilities | 43,943,632 | 45,369,564 | | Total non current liabilities | 61,769,418 | 30,919,710 | | Total liabilities | 105,713,050 | 76,289,274 | | Total stockholders' equity | 626,526,814 | 641,366,772 | - Cash and cash equivalents decreased from **$80.7 million** (Dec 31, 2024) to **$74.4 million** (Mar 31, 2025)[24](index=24&type=chunk) - Long-term debt significantly reduced from **$61.6 million** (Dec 31, 2024) to **$30.3 million** (Mar 31, 2025)[24](index=24&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the unaudited condensed consolidated statements of cash flows, showing cash movements from operating, investing, and financing activities for Q1 2025 versus Q1 2024 Unaudited Condensed Consolidated Statements of Cash Flows (Q1 2024 vs Q1 2025) | | Three Months Period Ended March 31, 2024 (USD) | Three Months Period Ended March 31, 2025 (USD) | | :---------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net cash provided by operating activities | 23,677,023 | 27,731,021 | | Net cash used in investing activities | (61,735,591) | — | | 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 end of period | 83,635,957 | 77,126,748 | - Loan repayments were **$34.4 million** in Q1 2025, compared to **$32.0 million** in Q1 2024[25](index=25&type=chunk) - Stock repurchases amounted to **$1.1 million** in Q1 2025, compared to **$0.3 million** in Q1 2024[25](index=25&type=chunk)

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4] - Earnings per share on an adjusted basis were 44 cents for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that amount [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with plans to continue accumulating cash faster [5][24] - The strategy includes diversifying and renewing the fleet, with recent agreements to acquire shares in two jointly owned vessels [7][16] - The company aims to return value to shareholders through share repurchase programs, spending approximately $1.8 million since March 2025 [5][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is expected to pay premium rates West of Suez due to a shortage of suitable vessels in Europe [12] - The company remains cautious but confident in sustaining momentum throughout 2025, with almost every major LPG importer increasing imports [40][41] - The firm believes that the medium-term climate may lead to new trade routes, positively impacting ton-mile demand [32] Other Important Information - The company has scheduled drydockings for three vessels for the remainder of the year, indicating a light year in terms of drydockings [10] - The company has seen a significant reduction in interest costs, which are expected to be further halved in upcoming quarters [19][24] Q&A Session Summary Question: What is the outlook for the LPG market? - The company expects continued growth in global LPG exports, with the U.S. maintaining a strong position despite recent trade tensions [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24] Question: What are the company's plans for fleet expansion? - The company is looking for opportunities to sell older vessels and replace them with newer tonnage, while also acquiring shares in jointly owned vessels [7][16]