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]

Financial Data and Key Metrics Changes - The company reported a TCE per available day of $39,726, despite a heavy drydock schedule resulting in 195 days not available for revenue generation [11] - Adjusted EBITDA for the quarter was $38,600,000, but would have been $49,500,000 after adjustments for bonuses and dry docking expenses [14] - Free cash at the end of the quarter was reported at $278,000,000, with a debt balance of $543,500,000, resulting in a debt to total book capitalization of 34.4% [16] Business Line Data and Key Metrics Changes - The Helios Pool reported spot rates for the quarter of about $37,700, indicating strong performance in the charter out portfolio [11] - Daily OpEx for the quarter was $10,108, down from $11,001 in the previous quarter, with spares and stores costs leading the decline [12] Market Data and Key Metrics Changes - U.S. LPG exports continued a multi-year growth trend, supported by ongoing expansion at U.S. fractionation plants and export terminal capacity [7] - The Eastern market improved by approximately 46% over the quarter, while the Western market improved nearly 16% [26] Company Strategy and Development Direction - The company is focused on enhancing energy efficiency and sustainability, with plans to upgrade vessels to carry ammonia cargoes, enhancing commercial optionality [30] - The company aims to balance shareholder distributions, debt reduction, and fleet investment while maintaining a constructive market view [19] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and tariff escalations have created a resilient market, with freight rates strengthening despite uncertainties [7][20] - The company expects continued positive market conditions due to limited new build deliveries and capacity expansion at U.S. Gulf terminals [26] Other Important Information - The company declared a dividend of $0.60 per share, totaling $25,600,000, reflecting a commitment to returning capital to shareholders [6] - The company has completed 10 of its 12 planned dry dockings for 2025, with two more expected to be completed in the upcoming quarter [8] Q&A Session Summary Question: What is driving the current market strength compared to last year? - Management attributed the market strength to the U.S.'s ability to produce and export NGLs, along with the industry's adaptability to trade barriers [36][38] Question: Why is the freight rate capturing a larger share of the export spread? - The increase in terminal capacity has allowed freight rates to capture a larger portion of the arbitrage compared to previous years [39][40] Question: What would happen if ethane trade in the U.S. were to stop? - Management indicated that ethane carriers would likely enter the VLGC market if ethane trade were halted, but they do not foresee this happening due to strong demand from China [48][49]

Financial Performance Highlights - Hellios Pool TCE (Time Charter Equivalent) per Available Day was $49,502[12] - Hellios Pool Spot + COA TCE per Available Day reached $51,481[12] - Fleet TCE per Operating Day amounted to $51,888[12] - Spot TCE per Operating Day was $55,470[12] Operational Efficiency - Fleet Utilization was 91.7%[12] - Spot Fleet Utilization was 90.7%[12] Expense Management - Fleet OpEx (Operating Expense) was $9,407 per Calendar Day[12] - Fleet OpEx (excluding drydock) was $8,556 per Calendar Day[12] Balance Sheet (as of March 31, 2020) - Total Cash and Marketable Securities stood at $102.3 million[11] - Total Debt Obligations amounted to $646.1 million[11] Cash Flow (Three Months Ended March 31, 2020) - Net income was $29,425,391 compared to a net loss of $(15,953,575) for the same period in 2019[13]

Financial Performance - Revenues reached $42.0 million in Q1 2025, compared to $41.6 million in Q1 2024[6] - Adjusted Net Income was $16.1 million in Q1 2025, down from $19.1 million in Q1 2024[6] - Adjusted EPS was $0.44 in Q1 2025, compared to $0.53 in Q1 2024[6] - Net Revenues decreased by 4.6% year-over-year to $36.9 million due to increased voyage costs[19] - Net income decreased by 20% year-over-year to $14.1 million[19] Fleet and Operations - Debt was further reduced by $54 million during 2025[6] - 70% of revenue stream is fixed for the remainder of 2025, with over $165 million in contracted revenues for subsequent periods (excluding JV vessels)[6,10] - The company spent $1.8 million in share repurchases since March, bringing the total to $21.2 million since 2023[6] - The company maintains period coverage for 2025 to 70% and secured close to $70 million in revenues for remainder of the year[10] Joint Ventures - StealthGas received $2.6 million in dividends from both JVs in Q1 2025[18] - The two JV structures combined had cash and cash equivalents of approximately $11 million in Q1 2025[17] Market Trends - Global LPG exports continue to grow steadily, with a 4.4% increase in FY2024[31] - US exports continue to trend higher with an 8% year-over-year increase in Q1 2025[31] - Approximately 30% of the small LPG fleet is over 20 years of age[35]

Core Insights - StealthGas Inc. reported strong profitability in Q1 2025 with a net income of $14.1 million and a basic EPS of $0.38, slightly down from $17.7 million and $0.49 in Q1 2024 [4][12] - Time Charter equivalent revenues decreased by 4.6% year-over-year to $36.9 million due to a muted market [4] - The company has secured approximately 70% of fleet days for 2025 under period charters, generating over $165 million in contracted revenues [4][7] Financial Performance - Revenues for Q1 2025 were $42.0 million, compared to $41.6 million in Q1 2024, attributed to an increase in the average number of vessels owned [4][29] - Voyage expenses increased to $5.1 million from $2.9 million in the previous year, primarily due to higher port and bunker costs [4] - Operating expenses for vessels rose to $13.5 million from $11.5 million, driven by increased crew and maintenance costs [4] Debt Management and Share Repurchase - The company made $34.4 million in debt repayments during Q1 2025 and an additional $19.2 million in the current quarter, with most vessels in the fleet unencumbered [4][10] - StealthGas has spent $1.8 million on share repurchases since March 2025, totaling over $21.2 million since June 2023 [4][10] Fleet and Operational Updates - As of June 2025, the company has a total of 31 LPG carriers, with a total capacity of 349,170 cubic meters [15] - The company is in the process of selling the vessel Gas Cerberus, which is expected to enhance liquidity [8] - An agreement is in principle to purchase the remaining 49.9% share in two vessels from a joint venture partner, expected to consolidate these vessels into the fully owned fleet [9] Market Outlook - The company anticipates normalization of trade flows and improvement in sentiment as LPG shipping fundamentals remain positive despite market uncertainties [10]

Financial Data and Key Metrics Changes - The company reported free cash of $317 million as of March 31, 2025, an increase from the previous quarter [10] - Cash flow from operations more than doubled from $24 million to $50.3 million quarter over quarter [10] - The reported adjusted EBITDA for the quarter was $36.6 million, with total cash interest expense down sequentially to $6.7 million [16] Business Line Data and Key Metrics Changes - The Helios Pool earned a TCE per day of $29,800 for its spot and COA voyage, reflecting a challenging LPG product environment [13] - Dorian's reported TCE revenue per available day was about $35,300, slightly lower than the prior quarter [14] - Daily operating expenses for the quarter were $11,000, excluding dry docking expenses, which was an increase from the prior quarter [15] Market Data and Key Metrics Changes - U.S. LPG production hit a quarterly record of 5 million tons, despite a drop in exports from 5.6 million tons in January to 4.9 million in February [28] - The quarterly exports were the highest on record for Q1, marking the third highest overall per quarter [28] - Freight rates experienced significant volatility, with earnings on modern non-scrubber vessels dropping from high $40,000s to low $20,000s before rebounding to mid to high $40,000s by the end of the quarter [25] Company Strategy and Development Direction - The company is focused on energy efficiency and sustainability, with plans to convert some VLGCs to carry ammonia [8][40] - The board is balancing shareholder distributions, debt reduction, and fleet investment while monitoring market conditions [19] - The company anticipates a favorable supply-demand balance due to limited newbuilding deliveries and strong production [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of LPG demand, driven by growing consumption in Asia and infrastructure expansions in the U.S. [8] - The recent tariff announcements and trade dynamics have created a complex operating environment, but the company remains optimistic about market recovery [18][35] - The board considers current earnings, cash forecasts, and future investment needs when determining dividend levels [18] Other Important Information - The company declared an irregular dividend of $0.50 per share, reflecting a commitment to returning capital to shareholders [6][11] - The company has returned approximately $875 million in cash through dividends and repurchases since its IPO [11] - The company plans to drydock eight vessels in the current fiscal year, budgeting approximately $12 million for this purpose [17] Q&A Session Summary Question: What is driving the recent strength in the VLGC market? - Management noted that trade flows have shifted due to tariffs, with cargoes moving from the U.S. to India and Southeast Asia, contributing to ton miles and maintaining demand [46][48] Question: Have there been any noticeable changes in inquiries or fixtures from Chinese buyers? - Management indicated that while there has been a shift in trade routes, there hasn't been a significant increase in inquiries from Chinese buyers, as many are content with current arrangements [52][54] Question: Is there a possibility of a higher dividend given the recent rate improvements? - Management stated that the board made the dividend decision based on the best available information at the time, and future evaluations will consider the improved rate outlook [56][57]