StealthGas CEO Haris Vafias appeared optimistic about the course of the LPG market, explaining that after the difficult start of the year, the climate has improved significantly.
He also expressed his satisfaction with the presentation of the listed company’s strong results for the second quarter of the year, while remaining confident that the fundamentals of the market are positive.
“Revenue exceeded our expectations, reaching a new record,” he pointed out, adding that the company completed the deleveraging of its balance sheet, repaying 86 million dollars in debt obligations by 2025 and a total of almost 350 million dollars from 2023.” As he emphasized, none of the company’s 29 fully owned ships now has bank liabilities, which enhances the flexibility and financial strength of the group.
Vafias also referred to the recent incident with the LPG carrier “Eco Wizard” in the Russian port of Ust-Luga, where explosions occurred during the loading of ammonia. “The incident will keep the ship out of service for a while, affecting part of our revenues. We are committed to a rapid recovery and remain confident that the fundamentals of the LPG market are positive,” he said.
Strong Profitability
In the second quarter of 2025, StealthGas recorded net income of 20.4 million dollars, up 45% from the first quarter (14.1 million), although slightly lower than the record 25.8 million in the same period in 2024.
Revenue reached an all-time high of 47.2 million dollars, up 13% year-over-year, while daily time charter income (TCE) improved across nearly all fleet sizes. Operating income stood at 19.7 million dollars, also the highest level ever.
Earnings per share amounted to 0.55 (0.59 on an adjusted basis) and EBITDA at 26.9 million. According to the same data, the company maintains high employment coverage: approximately 70% of the fleet days for 2025 are already “closed” with contracts, generating 155 million dollars in future revenue.
In the first half of the year, StealthGas reported net income of 34.5 million dollars, compared to 43.5 million in 2024, with revenue reaching 89.3 million from 83.4 million last year.
Earnings per share amounted to 0.93, compared to 1.20 a year earlier, while on an adjusted basis, net income amounted to 37.9 million.
Operating and travel expenses increased due to more days in the spot market and higher fuel prices, while maintenance and spare parts costs contributed to the rise in vessel operating expenses.
Nevertheless, the company managed to limit general and administrative expenses and drastically reduce financial expenses thanks to deleveraging. It is worth noting that the listed shipping company maintains cash reserves of 87.3 million dollars, an amount that – as emphasized – allowed it to repay all its loan obligations and proceed with a share buyback. Since 2023, it has allocated a total of 21.2 million for buybacks, of which 1.8 million in 2025 alone.
Chartering
The company recently announced new charters, including 12-month extensions for the LPG carriers “Eco Blizzard”, “Eco Galaxy” and “Eco Royalty”, as well as new contracts for the “Gas Astrid” and “Eco Sorcerer.” These moves enhance the stability of the company’s portfolio.
At the same time, the sale of the vessel “Gas Cerberus” was completed, while the agreement for the sale of “Gas Elixir” is also progressing, with delivery to the new owners expected by November 2025.
An important development is the full integration of “Eco Lucidity” and “Gas Haralambos” into the fleet, following the acquisition of shares from partners in joint ventures.
Outlook
Commenting on the results, Vafias stated that the seasonally weak summer period is coming to an end, with the company expecting increased brokerage activity in the fourth quarter. “Fundamentals remain favorable for the LPG market. We are well positioned to benefit from the growing demand,” he stressed.
StealthGas, with one of the largest fleets of small and medium-sized LPG carriers in the world, continues to maintain a strong financial base, profitability and strategic employment coverage, offering security to shareholders and competitiveness in the market.
