StealthGas (GASS) Q2 2026 Earnings Call Transcript

Good morning, everyone and welcome to our Q2 2026 earnings conference call. I'm Harry Vafias, CEO, and I'm joined by our Chairman, Jolliffe, and our Investor Relations representative, Sistovaris. Please take a moment to review our disclaimer on Slide 2 as we discuss forward-looking statements that contain risks and uncertainties.

In summary, our company achieved revenues of $42.8 million in Q2 2026, similar to the previous quarter but reduced from the record of $47 million in 2025. We generated profits of $17.3 million, improving from $15.9 million in the prior quarter. As of June 30, our cash position rose to $168 million, growing to over $250 million due to operational cash flow and proceeds from the successful resolution of the EchoWizard insurance case.

Our fleet employment as of September included 20-5 vessels, a reduction from the initial 40 vessels in 2023. We continue to sell older and smaller tonnage to crystallize returns and improve fleet averages. As of September, we have secured 60% of the fee days for the remainder of 2026, bringing in $50 million in revenues. For 2027, we have secured about $30 million in revenues, representing 1 year forward coverage of 45%. The total revenue secured up to 2029 amounts to $90 million.

Our fleet is mainly focused on regional trade and local distribution of gas, with larger vessels engaged in intercontinental voyages. We position 2-thirds of our fleet west of Suez, particularly in Europe and the Mediterranean, where rates can be 30% higher than in the East. The remaining smaller vessel was relocated to Northwest Europe in the summer due to increased volatility.