June 5, 2026

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StealthGas Inc. (NASDAQ: GASS) reported first-quarter 2026 results with higher revenue, stronger net income, improved liquidity, and continued charter coverage across its LPG carrier fleet.
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StealthGas owns and operates LPG carriers, serving energy and shipping customers through spot and period charter contracts.
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The company reported net income of $15.9 million, or $0.43 per basic share, compared with net income of $14.1 million, or $0.38 per basic share, in the prior-year quarter.

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Results Showed Continued Profitability

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Revenue increased 2% to $42.8 million from $42.0 million a year earlier, helped by better market conditions for the vessels remaining in the fleet. The company operated an average of 27.8 vessels during the quarter, compared with 28.0 vessels a year earlier.
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Net income rose to $15.9 million, up from $14.1 million in the prior-year quarter and $12.8 million in the previous quarter. The quarter also included a $2.5 million gain from the sale of one vessel.
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Adjusted net income was $15.0 million, or $0.40 per share, compared with adjusted net income of $16.1 million, or $0.44 per share, a year earlier. EBITDA came in at $20.7 million.
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Higher drydock costs weighed on results, as three vessels were drydocked during the quarter versus one vessel in the same period last year. Voyage expenses also increased due to war risk insurance premiums tied to geopolitical instability in the Middle East.

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Charter Coverage and Liquidity

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StealthGas said about 55% of fleet days for the rest of 2026 are secured on period charters.
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The company has about $100 million in contracted revenues across all periods, excluding its single joint venture vessel. For the remainder of 2026, contracted revenue is approximately $53 million.
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Liquidity remained strong. StealthGas ended the quarter with $131.2 million in cash and cash equivalents, and all vessels in its fully owned fleet are unencumbered. Interest and finance costs fell sharply to nearly zero after the company fully repaid its debt.

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Fleet Updates

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StealthGas announced several charter extensions and new charters, including a two-year extension for the Eco Nical through May 2028 and one-year charter coverage for the Eco Alice through May 2027.
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The company also completed the sale of the Eco Invictus in March 2026 and the Eco Universe after quarter-end in May. It also agreed to sell the Eco Royalty, with delivery expected in September 2026. Gross proceeds from recent and expected vessel sales are expected to further strengthen the company’s cash position.

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The Bigger Picture

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StealthGas delivered another profitable quarter with solid revenue, higher net income, strong liquidity, and meaningful charter coverage.
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The company’s debt-free fully owned fleet and growing cash position give it flexibility, while vessel sales continue to simplify the fleet and strengthen liquidity. The main watch points are drydock costs, geopolitical shipping expenses, and how much upside the company can capture from LPG carrier market conditions.
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