STEALTHGAS INC. Reports Strong Second Quarter Results

StealthGas Inc., a ship-owning company in the liquefied petroleum gas (LPG) sector, released its unaudited financial and operating results for Q2 and H1 2026. Net income reached $17.3 million, an 8.8% increase from $15.9 million in the previous quarter, but fell short of the $20.4 million earned in Q2 of 2025. Revenue was steady at $42.9 million for Q2, matching the prior quarter.

TCE rates improved for larger vessels, while slightly declining for smaller ones due to idle time, resulting in an average daily TCE of $15,709. About 60% of fleet days for the rest of 2026 are secured through period charters, generating $90 million in contracted revenues. The company has fully paid off its bank debt since Q3 2025, increasing cash reserves to over $250 million after settling an insurance claim for a lost vessel.

For Q3 2026, revenues decreased to $42.9 million from $47.2 million in Q3 2025, primarily due to fewer vessels in operation. Voyage expenses increased by $2.8 million, mainly due to higher bunker prices and more spot market days. Operating expenses remained unchanged. Depreciation decreased by $0.7 million, attributed to fewer vessels.

The company reported a gain of $1.3 million from vessel sales, offsetting a $0.1 million loss from the same period last year. Net income for Q3 was $17.3 million, compared to $20.4 million in the same period last year. Earnings per share decreased to $0.46 from $0.55. Adjusted net income was $17.2 million, maintaining a stable Adjusted EPS of $0.46. Adjusted EBITDA stood at $22.1 million.