UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number 001-36797

 

 

STEALTHGAS INC.

(Translation of registrant’s name into English)

 

 

 

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form  40-F ☐

 

 

 

Financial and Operating Results for the three and twelve months ended December 31, 2024

The press release issued by StealthGas Inc. on February 21, 2025 announcing its financial and operating results for the three and twelve months ended December 31, 2024, is attached hereto as Exhibit 99.1.

EXHIBIT INDEX

 

99.1    StealthGas Inc. Press Release dated February 21, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 26, 2025

 

STEALTHGAS INC.
By:  

/s/ Harry Vafias

Name:   Harry Vafias
Title:   Chief Executive Officer

Exhibit 99.1

 

LOGO

STEALTHGAS INC. REPORTS FOURTH QUARTER AND TWELVE MONTHS 2024 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, February 21, 2025. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  •  

All-time record Net Income of $69.9 million for the twelve month period of 2024, a 34.7% increase compared to the same period last year. Strong profitability continued for the fourth quarter, with Net income of $14.2 million corresponding to a basic EPS of $0.38.

 

  •  

Revenues increased by 27.3% compared to the same period of last year to $43.5 million for the fourth quarter of 2024.

 

  •  

Further increased period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.

 

  •  

Continued reducing leverage, making $108.2 million in debt repayments during the twelve month period of 2024 and $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in the fully owned fleet are unencumbered.

 

  •  

Maintaining ample cash and cash equivalents (incl. restricted cash) of $84.5 million as of December 31, 2024 enabling the Company to further reduce debt.

Fourth Quarter 2024 Results1:

 

  •  

Revenues for the three months ended December 31, 2024 amounted to $43.5 million compared to revenues of $34.1 million for the three months ended December 31, 2023, based on an average of 27.6 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.

 

  •  

Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.2 million and $13.6 million, respectively, compared to $3.3 million and $12.9 million, respectively, for the three months ended December 31, 2023. The $0.7 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses, while the voyage expenses remained stable between 2024 and 2023.

  •  

Drydocking costs for the three months ended December 31, 2024 and 2023 were $1.9 million and $0.03 million, respectively. Drydocking expenses during the fourth quarter of 2024 mainly relate to the completed drydocking of three vessels, compared to no drydocking of vessels in the same period of last year.

 

  •  

General and administrative expenses for the three months ended December 31, 2024 and 2023 were $3.0 million and $1.7 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.

 

  •  

Depreciation for the three months ended December 31, 2024 and 2023 was $6.6 million and $5.6 million, respectively, a $1.0 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost.

 

  •  

Interest and finance costs for the three months ended December 31, 2024 and 2023, were $1.4 million and $2.3 million, respectively. The $0.9 million decrease from the same period of last year is primarily due to continued debt prepayments.

 

  •  

Interest income for the three months ended December 31, 2024 and 2023, were $1.1 million and $1.0 million, respectively.

 

  •  

Equity earnings in joint ventures for the three months ended December 31, 2024 and 2023 was a gain of $0.5 million and $0.9 million, respectively. The $0.4 million decrease was primarily due to decrease in number of vessels in joint ventures.

 

  •  

As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $14.2 million, compared to net income of $8.9 million for the three months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2024 and 2023 was 35.3 million and 35.3 million, respectively.

 

  •  

Earnings per share, basic, for the three months ended December 31, 2024 amounted to $0.38 compared to earnings per share, basic, of $0.25 for the same period of last year.

 

  •  

Adjusted net income was $16.4 million corresponding to an Adjusted EPS, basic, of $0.44 for the three months ended December 31, 2024 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS, basic, of $0.29 for the same period of last year.

 

  •  

EBITDA for the three months ended December 31, 2024 amounted to $21.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 27.6 vessels were owned by the Company during the three months ended December 31, 2024 compared to 27.0 vessels for the same period of 2023.

Twelve months 2024 Results:

 

  •  

Revenues for the twelve months ended December 31, 2024, amounted to $167.3 million, an increase of $23.8 million, or 16.6%, compared to revenues of $143.5 million for the twelve months ended December 31, 2023, as the vessels remaining in the fleet earned higher revenues due to better market conditions.

 

  •  

Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $11.7 million and $49.8 million, respectively, compared to $13.2 million and $53.1 million for the twelve months ended December 31, 2023. The $1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.3 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.

 

  •  

Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $5.3 million and $2.6 million, respectively. The costs for the twelve months ended December 31, 2024 mainly related to the completed drydocking of seven vessels, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize vessels.

 

  •  

General and administrative expenses for the twelve months ended December 31, 2024 and 2023 were $10.3 million and $5.3 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.

  •  

Depreciation for the twelve months ended December 31, 2024, was $26.1 million, a $2.4 million increase from $23.7 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost.

 

  •  

Impairment loss for the twelve months ended December 31, 2024 and 2023 was nil and $2.8 million, respectively. The impairment loss for the year ended December 31, 2023, related to two vessels for which the Company had entered into separate agreements to sell to third parties.

 

  •  

Gain on sale of vessels for the twelve months ended December 31, 2024 was $0.05 million compared to $7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the twelve months ended December 31, 2023 compared to the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023.

 

  •  

Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $9.1 million and $10.0 million, respectively. The $0.9 million decrease from last year is primarily due to continued debt prepayments.

 

  •  

Interest income for the twelve months ended December 31, 2024 and 2023 was $3.4 million and $3.7 million, respectively. The $0.3 million decrease is mainly attributed to decrease in interest rates and over the corresponding period.

 

  •  

Equity earnings in joint ventures for the twelve months ended December 31, 2024 and 2023 was a gain of $15.6 million and a gain of $12.3 million, respectively. The $3.3 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.

 

  •  

As a result of the above, the Company reported a net income for the twelve months ended December 31, 2024 of $69.9 million, compared to a net income of $51.9 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 and 2023 was 35.2 million and 37.2 million, respectively.

 

  •  

Earnings per share, basic, for the twelve months ended December 31, 2024 amounted to $1.91 compared to earnings per share, basic, of $1.38 for the same period of last year.

 

  •  

Adjusted net income was $77.3 million, corresponding to an Adjusted EPS, basic, of $2.11 per share, for the twelve months ended December 31, 2024 compared to adjusted net income of $50.5 million, or $1.34 per share, for the same period of last year.

 

  •  

EBITDA for the twelve months ended December 31, 2024 amounted to $101.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 27.2 vessels were owned by the Company during the twelve months ended December 31, 2024, compared to 29.3 vessels for the same period of 2023.

As of December 31, 2024, cash and cash equivalents (including restricted cash) amounted to $84.5 million and total debt amounted to $84.9 million.

1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements (of three or more months duration):

 

  •  

A twelve months time charter for its 2024 built LPG carrier Eco Wizard, until Dec 2025.

 

  •  

A twelve months time charter for its 2020 built LPG carrier Eco Alice, until Feb 2026.

 

  •  

A twelve months time charter for the JV-owned 2007 built LPG carrier Gas Haralambos, until Dec 2025.

 

  •  

A three months time charter for the 2012 built LPG carrier Gas Husky, until April 2025.

As of February 2025, the Company has total contracted revenues of approximately $200 million.

As of February 2025, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107 million for the remainder of the year.

On January 21, 2025, the previously announced sale of the Gas Shuriken was concluded and the vessel was delivered to its new owners.

Share Repurchase Program Increase

Today the Board of Directors authorized a $5 million increase to the existing $25 million common stock repurchase program for a total aggregate amount of $30 million. Shares of common stock may be purchased, from time to time, in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. As of the date hereof, the Company has repurchased an aggregate of approximately $19.4 million.

CEO Harry Vafias Commented

It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels. We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter. We are close to completing our deleverage that will bring a long term advantage to the fleet and the Company is in a solid footing. As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly. We are optimistic for the future albeit evermore cautiously not least because the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations. Finally, in order to give further value back to our shareholders, we are renewing our share repurchases and increasing up to $10.5 million the amount available to us for this task.

Conference Call details:

On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

Visit our website at www.stealthgas.com

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List

For information on our fleet and further information:

Visit our website at www.stealthgas.com

Company Contact:

Konstantinos Sistovaris

STEALTHGAS INC.

00-30-210-6250-001

E-mail: info@stealthgas.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024.

 

FLEET DATA

    Q4 2023     Q4 2024     12M 2023     12M 2024  

Average number of vessels (1)

      27.0       27.6       29.3       27.2  

Period end number of owned vessels in fleet

      27       28       27       28  

Total calendar days for fleet (2)

      2,484       2,542       10,698       9,944  

Total voyage days for fleet (3)

      2,441       2,446       10,566       9,677  

Fleet utilization (4)

      98.3 %      96.2 %      98.8 %      97.3 % 

Total charter days for fleet (5)

      2,207       2,265       9,544       8,930  

Total spot market days for fleet (6)

      234       181       1,022       747  

Fleet operational utilization (7)

      96.8 %      95.0 %      96.6 %      95.4 % 

 

1)

Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2)

Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3)

Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4)

Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5)

Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6)

Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

7)

Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

(Expressed in United States Dollars,
except number of shares)

    Fourth Quarter Ended
December 31st,		     Twelve months Periods Ended
December 31st,		  
     2023     2024     2023     2024  

Net Income - Adjusted Net Income

         

Net income

      8,889,046       14,198,527       51,936,829       69,862,177  

Plus/(Less) loss/(gain) on derivatives

      255,736       —        (237,618 )      (99,286 ) 

(Less)/Plus swap interest (paid)/received

      216,432       —        1,027,127       208,127  

(Less)/Plus (gain)/loss on sale of vessels, net

      —        —        (7,645,781 )      (46,384 ) 

Plus impairment loss

      —        —        2,816,873       —   

Plus share based compensation

      940,216       2,206,295       2,589,405       7,326,807  

Adjusted Net Income

      10,301,430       16,404,822       50,486,835       77,251,441  

Net income – EBITDA

         

Net income

      8,889,046       14,198,527       51,936,829       69,862,177  

Plus interest and finance costs

      2,344,430       1,425,886       9,956,712       9,062,562  

Less interest income

      (952,287 )      (1,052,786 )      (3,712,239 )      (3,416,221 ) 

Plus depreciation

      5,565,955       6,598,549       23,707,797       26,076,687  

EBITDA

      15,847,144       21,170,176       81,889,099       101,585,205  

Net income - Adjusted EBITDA

         

Net income

      8,889,046       14,198,527       51,936,829       69,862,177  

Plus/(Less) loss/(gain) on derivatives

      255,736       —        (237,618 )      (99,286 ) 

(Less)/Plus (gain)/loss on sale of vessels, net

      —        —        (7,645,781 )      (46,384 ) 

Plus impairment loss

      —        —        2,816,873       —   

Plus share based compensation

      940,216       2,206,295       2,589,405       7,326,807  

Plus interest and finance costs

      2,344,430       1,425,886       9,956,712       9,062,562  

Less interest income

      (952,287 )      (1,052,786 )      (3,712,239 )      (3,416,221 ) 

Plus depreciation

      5,565,955       6,598,549       23,707,797       26,076,687  

Adjusted EBITDA

      17,043,096       23,376,471       79,411,978       108,766,342  

EPS - Adjusted EPS

         

Net income

      8,889,046       14,198,527       51,936,829       69,862,177  

Adjusted net income

      10,301,430       16,404,822       50,486,835       77,251,441  

Weighted average number of shares, basic

      35,300,965       35,345,251       37,166,449       35,237,059  

EPS - Basic

      0.25       0.38       1.38       1.91  

Adjusted EPS – Basic

      0.29       0.44       1.34       2.11  

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Income

(Expressed in United States Dollars, except for number of shares)

 

 

     Quarters Ended December 31,    

Twelve month Periods Ended

December 31,

  
     2023     2024     2023     2024  

Revenues

         

Revenues

      34,139,248       43,467,117       143,527,769       167,262,185  

Expenses

         

Voyage expenses

      2,878,732       2,679,927       11,429,716       9,594,880  

Voyage expenses - related party

      426,108       535,991       1,779,488       2,063,228  

Vessels’ operating expenses

      12,690,873       13,404,725       52,206,248       48,961,137  

Vessels’ operating expenses - related party

      207,500       212,500       911,250       875,002  

Drydocking costs

      27,696       1,855,672       2,641,706       5,312,614  

Management fees - related party

      1,048,800       1,089,040       4,531,920       4,258,240  

General and administrative expenses

      1,657,671       3,010,733       5,331,029       10,309,693  

Depreciation

      5,565,955       6,598,549       23,707,797       26,076,687  

Impairment loss

      —        —        2,816,873       —   

Net gain on sale of vessels

      —        —        (7,645,781 )      (46,384 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      24,503,335       29,387,137       97,710,246       107,405,097  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations

      9,635,913       14,079,980       45,817,523       59,857,088  
  

 

 

    

 

 

    

 

 

    

 

 

  

Other (expenses)/income

         

Interest and finance costs

      (2,344,430 )      (1,425,886 )      (9,956,712 )      (9,062,562 ) 

(Loss)/gain on derivatives

      (255,736 )      —        237,618       99,286  

Interest income

      952,287       1,052,786       3,712,239       3,416,221  

Foreign exchange (loss)/gain

      (27,829 )      25,598       (190,722 )      (70,692 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other expenses, net

      (1,675,708 )      (347,502 )      (6,197,577 )      (5,617,747 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before equity in earnings of investees

      7,960,205       13,732,478       39,619,946       54,239,341  

Equity earnings in joint ventures

      928,841       466,049       12,316,883       15,622,836  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

      8,889,046       14,198,527       51,936,829       69,862,177  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share

         

- Basic

      0.25       0.38       1.38       1.91  
  

 

 

    

 

 

    

 

 

    

 

 

  

- Diluted

      0.25       0.38       1.37       1.90  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of shares

         

- Basic

      35,300,965       35,345,251       37,166,449       35,237,059  
  

 

 

    

 

 

    

 

 

    

 

 

  

- Diluted

      35,430,883       35,409,350       37,236,951       35,333,160  
  

 

 

    

 

 

    

 

 

    

 

 

  

StealthGas Inc.

Unaudited Condensed Consolidated Balance Sheets

(Expressed in United States Dollars)

 

 

     December 31,     December 31,  
     2023     2024  

Assets

     

Current assets

     

Cash and cash equivalents

      77,202,843       80,653,398  

Trade and other receivables

      4,506,741       6,156,300  

Other current assets

      130,589       193,265  

Claims receivable

      55,475       55,475  

Inventories

      1,979,683       3,891,147  

Advances and prepayments

      1,409,418       733,190  

Restricted cash

      659,137       —   

Assets held for sale

      34,879,925       —   

Fair value of derivatives

      —        387,630  
  

 

 

    

 

 

  

Total current assets

      120,823,811       92,070,405  
  

 

 

    

 

 

  

Non current assets

     

Advances for vessel acquisitions

      23,414,570       —   

Operating lease right-of-use assets

      99,379       —   

Vessels, net

      504,295,083       608,214,416  

Other receivables

      48,040       370,053  

Restricted cash

      5,893,721       3,867,752  

Investments in joint ventures

      39,671,603       27,717,238  

Deferred finance charges

      1,105,790       —   

Fair value of derivatives

      1,858,677       —   
  

 

 

    

 

 

  

Total non current assets

      576,386,863       640,169,459  
  

 

 

    

 

 

  

Total assets

      697,210,674       732,239,864  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Payable to related parties

      955,567       388,130  

Trade accounts payable

      9,953,137       10,994,434  

Accrued liabilities

      5,681,144       4,922,587  

Operating lease liabilities

      71,173       —   

Deferred income

      5,386,126       4,304,667  

Current portion of long-term debt

      16,624,473       23,333,814  
  

 

 

    

 

 

  

Total current liabilities

      38,671,620       43,943,632  
  

 

 

    

 

 

  

Non current liabilities

     

Operating lease liabilities

      28,206       —   

Deferred income

      1,928,712       213,563  

Long-term debt

      106,918,176       61,555,855  
  

 

 

    

 

 

  

Total non current liabilities

      108,875,094       61,769,418  
  

 

 

    

 

 

  

Total liabilities

      147,546,713       105,713,050  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity

     

Capital stock

      453,434       370,414  

Treasury stock

      (44,453,836 )      —   

Additional paid-in capital

      446,938,868       409,912,934  

Retained earnings

      145,993,681       215,855,858  

Accumulated other comprehensive income

      731,814       387,608  
  

 

 

    

 

 

  

Total stockholders’ equity

      549,663,961       626,526,814  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

      697,210,674       732,239,864  
  

 

 

    

 

 

  

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

 

     Twelve month Periods Ended December 31,  
     2023     2024  

Cash flows from operating activities

     

Net income for the year

      51,936,829       69,862,177  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation

      23,707,797       26,076,687  

Amortization of deferred finance charges

      1,345,941       711,378  

Amortization of operating lease right-of-use assets

      99,379       99,379  

Share based compensation

      2,589,405       7,326,807  

Change in fair value of derivatives

      789,509       108,841  

Proceeds from disposal of interest rate swaps

      —        1,018,000  

Equity earnings in joint ventures

      (12,316,883 )      (15,622,836 ) 

Dividends received from joint ventures

      14,589,215       20,570,036  

Impairment loss

      2,816,873       —   

Gain on sale of vessels

      (7,645,781 )      (46,384 ) 

Changes in operating assets and liabilities:

     

(Increase)/decrease in

     

Trade and other receivables

      238,627       (1,971,610 ) 

Other current assets

      139,925       (62,676 ) 

Inventories

      1,365,189       (1,664,736 ) 

Changes in operating lease liabilities

      (99,379 )      (99,379 ) 

Advances and prepayments

      (728,005 )      676,228  

Increase/(decrease) in

     

Balances with related parties

      (1,532,943 )      (555,589 ) 

Trade accounts payable

      (1,813,377 )      628,898  

Accrued liabilities

      (100,515 )      (758,558 ) 

Deferred income

      2,058,409       (2,796,608 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      77,440,215       103,500,055  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Insurance proceeds

      126,666       —   

Proceeds from sale of vessels, net

      80,109,781       34,679,584  

Acquisition and improvements of vessels

      (85,201 )      (106,169,013 ) 

Maturity of short term investments

      26,500,000       —   

Return of investments from joint ventures

      4,688,785       7,007,164  
  

 

 

    

 

 

  

Net cash provided by/(used in) investing activities

      111,340,031       (64,482,265 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Proceeds from exercise of stock options

      747,500       356,250  

Stock repurchase

      (19,080,455 )      (338,176 ) 

Deferred finance charges paid

      (988,166 )      (22,167 ) 

Advances from joint ventures

      11,847       —   

Advances to joint ventures

      —        (11,847 ) 

Loan repayments

      (154,870,215 )      (108,236,401 ) 

Proceeds from long-term debt

      —        70,000,000  
  

 

 

    

 

 

  

Net cash used in financing activities

      (174,179,489 )      (38,252,341 ) 
  

 

 

    

 

 

  

Net increase in cash, cash equivalents and restricted cash

      14,600,757       765,449  

Cash, cash equivalents and restricted cash at beginning of period

      69,154,944       83,755,701  
  

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of year

      83,755,701       84,521,150  
  

 

 

    

 

 

  

Cash breakdown

     

Cash and cash equivalents

      77,202,843       80,653,398  

Restricted cash, current

      659,137       —   

Restricted cash, non current

      5,893,721       3,867,752  
  

 

 

    

 

 

  

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

      83,755,701       84,521,150  
  

 

 

    

 

 

  
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