StealthGas (GASS) Q2 2025 Earnings Call August 25, 2025 10:00 AM ET Company ParticipantsMichael Jolliffe - Chair of the BoardKonstantinos Sistovaris - Interim CFOHarry Vafias - President, CEO, CFO & Non-Independent DirectorOperatorGood day, and thank you for standing by. Welcome to the StealthGas Q2 twenty twenty five Results Webcast and Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Michael Jolliffe ...

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]