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StealthGas(GASS) - 2025 Q2 - Earnings Call Presentation
2025-08-25 14:00
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]
StealthGas Inc. Reports Second Quarter and Six Months 2025 Financial and Operating Results
Globenewswireยท 2025-08-25 13:00
ATHENS, Greece, Aug. 25, 2025 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2025. OPERATIONAL AND FINANCIAL HIGHLIGHTS Strong profitability continued for the second quarter, with Net income of $20.4 million corresponding to a basic EPS of $0.55, 45% higher than the previous quart ...
Dorian LPG(LPG) - 2026 Q1 - Earnings Call Transcript
2025-08-01 15:00
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]
Dorian LPG(LPG) - 2020 Q4 - Earnings Call Presentation
2025-06-25 13:10
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]
StealthGas(GASS) - 2025 Q1 - Earnings Call Presentation
2025-05-28 14:06
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]
STEALTHGAS INC. Reports First Quarter 2025 Financial and Operating Results
Globenewswireยท 2025-05-28 13:00
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]
Dorian LPG(LPG) - 2025 Q4 - Earnings Call Transcript
2025-05-22 15:02
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]