GASSNasdaqDeep Sea Foreign Transportation of FreightUS GAAP · USD

StealthGas Inc.

StealthGas Inc. is a ship-owning company focused on liquefied petroleum gas (LPG) transportation in the international seaborne trade. Through its owned fleet of LPG carriers and related subsidiaries, it provides marine transportation services under long-, medium-, and short-term charters.

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Revenue173m USD
+3.5 %y/y
Operating profit (EBIT)55.1m USD
−7.9 %y/y
EBIT margin31.8%
−3.9 ppy/y
Net income60.6m USD
−13.2 %y/y
Free cash flow84.8m USD
+3,276.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150200m USD2020: 145 m USD2020: EBIT 23 m USD20202021: 150 m USD2021: EBIT -31 m USD20212022: 153 m USD2022: EBIT 33 m USD20222023: 144 m USD2023: EBIT 46 m USD20232024: 167 m USD2024: EBIT 60 m USD20242025: 173 m USD2025: EBIT 55 m USD202517355
RevenueOperating profit (EBIT)

Business

Share of revenue
LPG carrier chartering100 %

Transportation of liquefied petroleum gas cargoes on chartered voyages and time charters.

Fleet ownership and vessel leasing0 %

Ownership and commercial deployment of LPG vessels through the company fleet.

Products

Reported · share of revenue
78.1%18.2%FY2025100 %
  • Time Charter78.1 %
  • Voyage Charter18.2 %
  • Other Income Revenues3.8 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

StealthGas serves charterers that need seaborne LPG transport capacity, including energy traders, commodity shippers, industrial gas users, and other shipping counterparties. Revenue depends on vessel employment under long-, medium-, and short-term charter arrangements, so customers buy shipping capacity rather than a manufactured product. The business is concentrated in the international LPG shipping market, where charterers value fleet availability, vessel size, and reliable delivery schedules.

LPG charterers

Buy vessel capacity for transporting liquefied petroleum gas cargoes across sea routes.

Energy and commodity traders

Use chartered LPG vessels to move traded cargoes between supply and demand markets.

Industrial gas and petrochemical customers

Need reliable LPG shipping to support feedstock and distribution logistics.

Joint venture counterparties

Participate in vessel ownership or employment structures for selected ships.

Strategy

StealthGas’s strategy centers on keeping an LPG carrier fleet employed across a mix of charter durations and counterparties. Vessel ownership, selective joint ventures, and fleet renewal or deployment choices are used to maintain commercial access to the international LPG shipping market.

Maximize vessel utilizationShort term

The business is driven by how much of the fleet is on hire and generating charter revenue.

Preserve access to LPG shipping demandMedium term

Specialized vessels must stay aligned with global LPG trade routes and counterparties.

Manage fleet quality and replacement decisionsLong term

Fleet composition affects competitiveness, operating flexibility, and residual value risk.

Geography

StealthGas operates globally, with its vessels providing worldwide marine transportation services rather than serving a single domestic market. The company is U.S.-listed but organized through an international ship-owning structure, with vessels managed through a related-party manager registered in Greece and a fleet deployed across international routes. Its business is therefore exposed to global LPG trade flows, charter demand, and port/network conditions across multiple regions.

Risks

StealthGas is exposed to shipping-cycle volatility, charter-rate swings, and counterparty concentration because revenue depends on vessel employment in the LPG market. The company also faces asset-impairment risk on its fleet, since vessel values and future cash flows can change with market conditions. As a ship owner operating internationally, it is additionally exposed to geopolitical, regulatory, and operational risks affecting trade routes, ports, and vessel utilization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Charter market volatility1Vessel impairment risk2Geopolitical and trade disruption3Customer concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Charter market volatilityImpact: HighLikelihood: High

    Revenue depends on the availability and pricing of LPG charter employment.

    Exposure: Fleet utilization and charter renewals

  2. Vessel impairment riskImpact: HighLikelihood: Medium

    Long-lived shipping assets are tested against future cash flows and market values.

    Exposure: Owned LPG carriers

  3. Geopolitical and trade disruptionImpact: HighLikelihood: Medium

    International marine transport is sensitive to sanctions, port access, and routing changes.

    Exposure: Worldwide shipping lanes

  4. Customer concentrationImpact: MediumLikelihood: High

    A few charterers accounted for 10% or more of revenues in recent years.

    Exposure: Large charter counterparties

Accounting

Judgemental items
Long-lived asset impairment

Vessels are tested for recoverability when indicators exist; losses can be significant if market values fall.

Impact: Can create non-cash impairment charges and reduce asset values.

Charter revenue recognition

Revenue arises from chartered vessel services, so contract terms affect the timing and pattern of recognition.

Impact: Affects quarterly comparability and reported revenue stability.

Equity earnings from joint ventures

The company recognizes its share of JV results, which can change with vessel sale or operating outcomes.

Impact: Adds volatility to non-operating income.

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Last updated: 28/09/2026