Stolt-Nielsen Limited Reports Fourth Quarter Net P...
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STEALTHGAS INC., a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced yesterday its unaudited financial and operating results for the second quarter and six months ended June 30, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Strong profitability continued for the second quarter, with Net income of $20.4 million corresponding to a basic EPS of $0.55, 45% higher than the previous quarter’s $14.1 million but reduced compared to the $25.8 million record achieved in the second quarter of 2024. Earnings in the prior year period were boosted by the sale of one medium gas carrier.
Revenues recorded an all-time high of $47.2 million in the second quarter, increased by 13% compared to the same period of last year. TCE rates improved for the majority of the vessels across all sizes, as the Company took advantage of improving market conditions. Income from operations of $19.7 million was also the highest ever recorded.
Preserved the high period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating about $155 million (excl. JV vessel) in contracted revenues.
Repaid all debt obligations in our fully owned fleet, making $53.6 million in debt repayments during the first six months of 2025 and a further $32.2 million in the current third quarter of 2025. Currently, all the vessels in the fully owned fleet are unencumbered.
During 2025 the Company has spent $1.8 million on share repurchases. Overall under the current program the Company has spent over $21.2 million in share repurchases since June 2023.
Maintaining ample cash and cash equivalents (incl. restricted cash) of $87.3 million as of June 30, 2025 that enabled the Company to extinguish its debt obligations.
Second Quarter 2025 Results1:
Revenues for the three months ended June 30, 2025, amounted to $47.2 million compared to revenues of $41.8 million for the three months ended June 30, 2024, based on an average of 28.3 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels and improved market conditions.
Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2025 were $4.4 million and $12.7 million, respectively, compared to $2.7 million and $12.5 million, respectively, for the three months ended June 30, 2024. The $1.7 million increase in voyage expenses was mainly due to an increase in bunkers costs as a result of the increase in spot market days for the fleet. The $0.2 million increase in vessels’ operating expenses was mainly due to an increase in the number of vessels.
Drydocking costs for both the three months ended June 30, 2025 and 2024 were $0.6 million.
General and administrative expenses for the three months ended June 30, 2025 and 2024 were $2.0 million and $2.4 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
Depreciation for the three months ended June 30, 2025 and 2024 was $6.6 million and $6.5 million, respectively. An $0.1 million increase is mainly related to the increase in average number of vessels owned by the Company.
Interest and finance costs for the three months ended June 30, 2025 and 2024, were $0.6 million and $2.7 million, respectively. The $2.1 million decrease from the same period of last year is primarily due to continued debt prepayments.
Interest income for the three months ended June 30, 2025 and 2024, were $0.7 million and $0.9 million, respectively. The $0.2 million decrease from the same period of last year is primarily due to decrease in rates of time deposits.
Equity earnings in joint ventures for the three months ended June 30, 2025 and 2024 was a gain of $0.7 million and $11.5 million, respectively. The $10.8 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year.
As a result of the above, for the three months ended June 30, 2025, the Company reported net income of $20.4 million, compared to net income of $25.8 million for the three months ended June 30, 2024. The weighted average number of shares outstanding, basic, for the three months ended June 30, 2025 and 2024 was 35.8 million and 35.2 million, respectively.
Earnings per share, basic, for the three months ended June 30, 2025, amounted to $0.55 compared to earnings per share, basic, of $0.70 for the same period of last year.
Adjusted net income was $21.7 million corresponding to an Adjusted EPS of $0.59 for the three months ended June 30, 2025 compared to Adjusted net income of $27.5 million corresponding to an Adjusted EPS of $0.75 for the same period of last year.
EBITDA for the three months ended June 30, 2025, amounted to $26.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 28.3 vessels were owned by the Company during the three months ended June 30, 2025 compared to 27.0 vessels for the same period of 2024.
Six Months 2025 Results1:
Revenues for the six months ended June 30, 2025, amounted to $89.3 million compared to revenues of $83.4 million for the six months ended June 30, 2024, based on an average of 28.1 vessels and 27.0 vessels owned by the Company, respectively. The increase in revenue is attributable to the increased number of vessels and improved market conditions.
Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025, were $9.5 million and $26.2 million, respectively, compared to $5.5 million and $24.0 million, respectively, for the six months ended June 30, 2024. The $4.0 million increase in voyage expenses was mainly due to an increase in port expenses and in bunkers costs as a result of the increase in spot market days for the fleet. The $2.2 million increase in vessels’ operating expenses was mainly due to increase in maintenance and spares consumable stores expenses.
Drydocking costs for the six months ended June 30, 2025 and 2024 were $1.0 million and $0.6 million, respectively. Drydocking expenses during the second quarter of 2025 mainly relate to the completion of one vessel’s drydocking, compared to the same period of last year which included the completion of one vessel’s drydocking and the ongoing drydocking of another vessel.
General and administrative expenses for the six months ended June 30, 2025 and 2024 were $4.2 million and $4.6 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
Depreciation for the six months ended June 30, 2025 and 2024 was $13.3 million and $13.0 million, respectively, a $0.3 million increase is mainly related to the increase in average number of vessels owned by the Company.
Impairment loss for the six months ended June 30, 2025 and 2024 was $0.5 million and nil, respectively. As a result of the agreed sale terms for the vessel Gas Cerberus, which was delivered in June 2025, a non-cash impairment loss of $0.5 million was recognized in the first quarter of 2025.
Loss on sale of vessels for the six months ended June 30, 2025 was $0.1 million compared to gain of $0.04 million for the same period last year. The loss is attributed to the sale of one vessel during the six months ended June 30, 2025 compared to the gain from the sale of two vessels during the six months ended June 30, 2024 which had been classified as held for sale as of December 31, 2023.
Interest and finance costs for the six months ended June 30, 2025 and 2024, were $2.0 million and $5.9 million, respectively. The $3.9 million decrease from the same period of last year is primarily due to continued debt prepayments.
Interest income for the six months ended June 30, 2025 and 2024, was $1.5 million and $1.7 million, respectively. The decrease of $0.2 million is mainly attributed to the decrease in rates of time deposits.
Equity earnings in joint ventures for the six months ended June 30, 2025 and 2024 was a gain of $2.9 million and $14.1 million, respectively. The $11.2 million decrease is primarily due to the profitable sale of one of the Medium Gas carriers owned by one of our joint ventures in the same period of last year.
As a result of the above, for the six months ended June 30, 2025, the Company reported net income of $34.5 million, compared to net income of $43.5 million for the six months ended June 30, 2024. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2025 and 2024 was 35.8 million and 35.2 million, respectively.
Earnings per share, basic, for the six months ended June 30, 2025 amounted to $0.93 compared to earnings per share, basic, of $1.20 for the same period of last year.
Adjusted net income was $37.9 million corresponding to an Adjusted EPS of $1.02 for the six months ended June 30, 2025 compared to Adjusted net income of $46.7 million corresponding to an Adjusted EPS of $1.28 for the same period of last year.
EBITDA for the six months ended June 30, 2025 amounted to $48.3 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 28.1 vessels were owned by the Company during the six months ended June 30, 2025 compared to 27.0 vessels for the same period of 2024.
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):
As of August 2025, for the remainder of the year, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $48 million (excluding the JV vessel).
In June 2025 the previously announced sale of the vessel Gas Cerberus was completed and it was delivered to its new owners. That same month the Company also completed the previously announced repurchase of the remaining shares in the vessels Eco Lucidity and Gas Haralambos from one of its joint venture partners. As a result, these two vessels were consolidated into the Company’s fully owned fleet, increasing the number of this fleet to 29, while one vessel continues to be owned through a joint venture.
In July 2025, the Company entered into an agreement to sell the vessel Gas Elixir to a third party subject certain conditions being met, with delivery expected between September and November of 2025. The vessel is debt-free, and the full proceeds from the sale will contribute to the Company’s liquidity position.
On July 6, 2025, while the LPG tanker ECO WIZARD was alongside at the port of Ust-Luga, Russia, during ammonia cargo loading operations, the Master reported hearing two explosions. None of the crew was injured. The vessel has sustained damage to the engine room and in one cargo tank and it is stable. Since then, the vessel has remained at the port for investigation and temporary repairs. The indications show that the explosions are due to external devices. This is also what has been the case with other similar incidents. It is expected that the vessel will be ready to depart Russia in September and then a plan and work scope for permanent repairs will be prepared. Due to the nature of the incident, the vessel’s relevant insurance underwriters have been notified as per the applicable policy. Ammonia is a common fertilizer and was destined for the EU. Until such time that the vessel is fully repaired and able to return to operations, if at all, it will remain off hire and will not generate revenue (indicatively during the first six months of 2025, the vessel generated approximately 8% of the Company’s revenues).
CEO Harry Vafias Commented:
“After a tumultuous start for the year sentiment has improved considerably and we are proud to report very solid second quarter results. Revenue growth exceeded our expectations setting a new quarterly record at $47.2 million. At the same time during the current third quarter we completed our deleveraging, having repaid $86 million in debt this year and close to $350 million since we began deleveraging at the start of 2023. Out of our 29 fully owned vessels none have any debt financing obligations, an envious position that greatly enhances our flexibility going forward and underpins our solid balance sheet. The unfortunate development with the Eco Wizard that will keep the vessel out of employment for some time, will have an impact in our revenue generation for the near future. The situation is still developing and we are committing our resources to a swift resolution. We are confident that the fundamentals for LPG shipping continue to be positive and our company is in a very favorable position to take advantage of the rising demand. As we are now exiting the seasonally weaker summer months, we expect chartering activity to pick up in the fourth quarter.”
Source: Stealthgas