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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]