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 September 2024

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 six months ended June 30, 2024

The press release issued by StealthGas Inc. (the “Company”) on September 5, 2024 announcing its financial and operating results for the three and six months ended June 30, 2024, is attached hereto as Exhibit 99.1.

EXHIBIT INDEX

 

99.1    StealthGas Inc. Press Release dated September 5, 2024

****

This report on Form 6-K (other than the section of exhibit 99.1 hereto entitled “CEO Harry Vafias Commented”) is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (Reg. No. 333-143804) and Registration Statements on Form S-8 (Reg. Nos. 333-144240, 333-207168 and  333-278984).

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: September 6, 2024

 

STEALTHGAS INC.
By:   /s/ Harry Vafias
Name:   Harry Vafias
Title:   Chief Executive Officer

Exhibit 99.1

 

LOGO

STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2024 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, September 5, 2024. 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 second quarter and six months ended June 30, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  •  

All-time record quarterly Net Income of $25.8 million for the second quarter of 2024, a 145.8% increase compared to last year’s second quarter, corresponding to a basic EPS of $0.70.

 

  •  

Revenues increased by 13.9% compared to the same period of last year to $41.8 million. Voyage and operating expenses decreased by 10% and Income from operations increased by 59.5% compared to the same period of last year.

 

  •  

Further increased period coverage. About 85% of fleet days for remainder of 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating over $220 million (excl. JV vessels) in contracted revenues.

 

  •  

Continued to repay debt, making $85.3 million in debt repayments during the first six months and $21.3 million so far during the third quarter.

 

  •  

Maintaining ample cash and cash equivalents (incl. restricted cash) of $76.6 million as of June 30, 2024 enabling the Company to further reduce debt.

Second Quarter 2024 Results1:

 

  •  

Revenues for the three months ended June 30, 2024 amounted to $41.8 million compared to revenues of $36.7 million for the three months ended June 30, 2023, based on an average of 27.0 vessels and 30.5 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 June 30, 2024 were $2.7 million and $12.5 million, respectively, compared to $3.5 million and $13.4 million, respectively, for the three months ended June 30, 2023. The $0.8 million decrease in voyage expenses was the result of lower spot days, while the $0.9 million, or 6.7%, 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 three months ended June 30, 2024 and 2023 were $0.6 million and $1.5 million, respectively. Drydocking expenses during the second quarter of 2024 mainly relate to the completed drydocking of one vessel, while the drydocking of one vessel was still in progress, compared to the completed drydocking of two of the larger handysize vessels in the fleet in the same period of last year.

  •  

General and administrative expenses for the three months ended June 30, 2024 and 2023 were $2.4 million and $1.2 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.

 

  •  

Depreciation for the three months ended June 30, 2024 and 2023 was $6.5 million and $6.0 million, respectively, a $0.5 million increase despite the decrease in average vessels owned by the Company, as the Company partly replaced some of the older vessels with newer and bigger ones which have a higher cost.

 

  •  

Impairment loss for the three months ended June 30, 2024 was nil compared to $2.8 million for the same period of last year, which related to two vessels for which the Company had entered into separate agreements to sell them to third parties.

Gain on sale of vessels for the three months ended June 30, 2024 was nil compared to $2.9 million for the same period last year, which was primarily due to the sale of two of the Company’s vessels.

 

  •  

Interest and finance costs for the three months ended June 30, 2024 and 2023, were $2.7 million and $2.5 million, respectively. The $0.2 million increase from the same period of last year is mostly due to the reduction of income from closing of interest rate swap positions as a result of debt prepayments and due to the increase in variable interest rates.

 

  •  

Equity earnings in joint ventures for the three months ended June 30, 2024 and 2023 was a gain of $11.5 million and $1.7 million, respectively. The $9.8 million increase was mainly due to the gain derived from the sale of one vessel owned by one of our joint ventures.

 

  •  

As a result of the above, for the three months ended June 30, 2024, the Company reported net income of $25.8 million, compared to net income of $10.5 million for the three months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the three months ended June 30, 2024 and 2023 was 35.2 million and 38.1 million, respectively.

 

  •  

Earnings per share, basic and diluted, for the three months ended June 30, 2024 amounted to $0.70 compared to earnings per share of $0.27 for the same period of last year.

 

  •  

Adjusted net income was $27.5 million corresponding to an Adjusted EPS, basic, of $0.75 for the three months ended June 30, 2024 compared to Adjusted net income of $10.7 million corresponding to an Adjusted EPS of $0.28 for the same period of last year.

 

  •  

EBITDA for the three months ended June 30, 2024 amounted to $34.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 27.0 vessels were owned by the Company during the three months ended June 30, 2024 compared to 30.5 vessels for the same period of 2023.

Six Months 2024 Results:

 

  •  

Revenues for the six months ended June 30, 2024, amounted to $83.4 million, an increase of $8.7 million, or 11.6%, compared to revenues of $74.7 million for the six months ended June 30, 2023, based on an average of 27.0 vessels and 31.4 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 six months ended June 30, 2024 were $5.5 million and $24.0 million, respectively, compared to $7.5 million and $27.9 million for the six months ended June 30, 2023. The $2.0 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.9 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 six months ended June 30, 2024 and 2023 were $0.6 million and $2.6 million, respectively. The costs for the six months ended June 30, 2024 mainly related to the completed drydocking of one vessel while one vessel was still in progress, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize of vessels.

  •  

General and administrative expenses for the six months ended June 30, 2024 and 2023 were $4.6 million and $2.0 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.

 

  •  

Depreciation for the six months ended June 30, 2024, was $13.0 million, a $0.4 million increase from $12.6 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and bigger ones which have a higher cost.

 

  •  

Impairment loss for the six months ended June 30, 2024 and 2023 were nil and $2.8 million relating to two vessels, for which the Company had entered into separate agreements to sell them to third parties.

 

  •  

Gain on sale of vessels for the six months ended June 30, 2024 was $0.04 million compared to $2.9 million for the same period last year. The decrease is attributed to the higher gain from the sale of two vessels during the six months ended June 30, 2023 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, 2024 and 2023 were $5.9 million and $5.1 million respectively. The $0.8 million, or 15.7%, increase from the same period of last year is mostly due to the reduction of income from closing of interest rate swap positions as a result of debt prepayments and due to the increase in variable interest rates.

 

  •  

Equity earnings in joint ventures for the six months ended June 30, 2024 and 2023 was a gain of $14.1 million and a gain of $10.5 million, respectively. The $3.6 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 six months ended June 30, 2024 of $43.5 million, compared to a net income of $27.3 million for the six months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2024 and 2023 was 35.2 million and 38.1 million, respectively. Earnings per share, basic and diluted, for the six months ended June 30, 2024 amounted to $1.20 and $1.19, respectively, compared to earnings per share, basic and diluted, of $0.71 and $0.71, respectively, for the same period of last year.

 

  •  

Adjusted net income was $46.7 million, corresponding to an Adjusted EPS, basic, of $1.28 per share, for the six months ended June 30, 2024 compared to adjusted net income of $28.0 million, or $0.73 per share, for the same period of last year.

 

  •  

EBITDA for the six months ended June 30, 2024 amounted to $60.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 27.0 vessels were owned by the Company during the six months ended June 30, 2024, compared to 31.4 vessels for the same period of 2023.

 

  •  

As of June 30, 2024, cash and cash equivalents (including restricted cash) amounted to $76.6 million and total debt amounted to $107.6 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 three years time charter extension for its 2024 built LPG carrier Eco Oracle, until Jan 2028.

 

  •  

A three years time charter extension for its 2006 built LPG carrier Gas Alice, until Jul 2027.

 

  •  

A two years time charter extension for its 2014 built LPG carrier Eco Invictus, until Oct 2026.

 

  •  

A two years time charter for its 2011 built LPG carrier Gas Cerberus, until Dec 2026.

 

  •  

A two years time charter for its 2011 built LPG carrier Gas Elixir, until Oct 2026.

 

  •  

A twelve months time charter extension for its 2021 built LPG carrier Eco Blizzard, until Oct 2025.

 

  •  

A twelve months time charter extension for its 2015 built LPG carrier Eco Royalty, until Aug 2025.

 

  •  

A three months time charter extension for its 2020 built LPG carrier Eco Alice, until Sep 2024 and subsequently a four months time charter until Jan 2025.

As of September 2024, the Company has total contracted revenues of approximately $220 million.

For the remainder of the year 2024 the Company has circa 85% of fleet days secured under period contracts and 55% for the year 2025.

The previously announced sale of the joint venture vessel Eco Ethereal was concluded in late April 2024 and the Company received a $24 million interim distribution from the joint venture.

CEO Harry Vafias Commented

Today we announce yet another record breaking quarter. Profits that were more than double compared to last year of $25.8 million for the second quarter of 2024 are an all time high for our company in the 20 years since its inception. While we managed to contain our operating costs we took full advantage of a strong chartering market fixing vessels at higher rates during that and previous quarters whose benefits we are enjoying now. The bottom line was furthered bolstered by the return from our investments related to the sale of a vessel by one of our joint ventures. We continue with the strategy of debt reduction and in the current quarter we have so far repaid over $21 million of debt and now have 24 unencumbered vessels, the vast majority of the fleet, and a net debt ratio below 5%. Market sentiment continues to be bullish and as we leave the seasonally weaker third quarter and enter into the winter months we are starting to see a strengthening in the market and, as a positive sign, interest from charterers to fix for longer than one year periods. As such we have recently fixed a number of longer charters that we announced today, bringing the contract coverage to 55% for next year, while all of our 27 fully owned vessels are currently fixed under period charters.

Conference Call details:

On September 5, 2024 at 11:00 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.

Online Registration: https://register.vevent.com/register/BI25c34f509b4240f9bdb0dfde53c8fd42

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 32 LPG carriers, including five Joint Venture vessels in the water. These LPG vessels have a total capacity of 354,188 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, or 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

Investor Relations

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 June 30, 2023 and June 30, 2024.

 

FLEET DATA

    Q2 2023     Q2 2024     6M 2023     6M 2024  

Average number of vessels (1)

      30.5       27.0       31.4       27.0  

Period end number of owned vessels in fleet

      29       27       29       27  

Total calendar days for fleet (2)

      2,774       2,457       5,677       4,918  

Total voyage days for fleet (3)

      2,725       2,411       5,596       4,850  

Fleet utilization (4)

      98.2 %      98.1 %      98.6 %      98.6 % 

Total charter days for fleet (5)

      2,361       2,173       4,986       4,405  

Total spot market days for fleet (6)

      364       238       610       445  

Fleet operational utilization (7)

      95.6 %      96.3 %      96.4 %      97.0 % 

 

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 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.

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.

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

    Second Quarter Ended
June 30th,		     Six Months Periods Ended
June 30th,		  
     2023     2024     2023     2024  

Net Income - Adjusted Net Income

         

Net income

      10,490,976       25,788,509       27,307,167       43,518,225  

Less gain on derivatives

      (358,422 )      —        (296,108 )      (99,286 ) 

Plus swap interest received

      195,969       —        389,287       208,127  

Less gain on sale of vessels, net

      (2,949,339 )      —        (2,925,985 )      (46,384 ) 

Plus impairment loss

      2,759,554       —        2,816,873       —   

Plus share based compensation

      552,932       1,758,054       728,501       3,103,463  

Adjusted Net Income

      10,691,670       27,546,563       28,019,735       46,684,145  

Net income - EBITDA

         

Net income

      10,490,976       25,788,509       27,307,167       43,518,225  

Plus interest and finance costs

      2,508,108       2,684,548       5,130,794       5,853,609  

Less interest income

      (884,209 )      (914,817 )      (1,925,153 )      (1,668,213 ) 

Plus depreciation

      6,013,651       6,493,048       12,592,017       12,985,424  

EBITDA

      18,128,526       34,051,288       43,104,825       60,689,045  

Net income - Adjusted EBITDA

         

Net income

      10,490,976       25,788,509       27,307,167       43,518,225  

Less gain on derivatives

      (358,422 )      —        (296,108 )      (99,286 ) 

Less gain on sale of vessels, net

      (2,949,339 )      —        (2,925,985 )      (46,384 ) 

Plus impairment loss

      2,759,554       —        2,816,873       —   

Plus share based compensation

      552,932       1,758,054       728,501       3,103,463  

Plus interest and finance costs

      2,508,108       2,684,548       5,130,794       5,853,609  

Less interest income

      (884,209 )      (914,817 )      (1,925,153 )      (1,668,213 ) 

Plus depreciation

      6,013,651       6,493,048       12,592,017       12,985,424  

Adjusted EBITDA

      18,133,251       35,809,342       43,428,106       63,646,838  

EPS - Adjusted EPS

         

Net income

      10,490,976       25,788,509       27,307,167       43,518,225  

Adjusted net income

      10,691,670       27,546,563       28,019,735       46,684,145  

Weighted average number of shares, basic

      38,096,414       35,241,126       38,063,544       35,180,313  

EPS - Basic

      0.27       0.70       0.71       1.20  

Adjusted EPS - Basic

      0.28       0.75       0.73       1.28  

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Income

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

 

     Quarters Ended June 30,     Six Month Periods Ended
June 30,		  
     2023     2024     2023     2024  

Revenues

         

Revenues

      36,672,505       41,786,154       74,734,675       83,350,062  

Expenses

         

Voyage expenses

      3,081,142       2,148,758       6,599,833       4,493,958  

Voyage expenses - related party

      453,270       514,624       926,952       1,027,871  

Vessels’ operating expenses

      13,124,829       12,262,936       27,413,610       23,498,295  

Vessels’ operating expenses - related party

      246,500       212,002       504,000       453,502  

Drydocking costs

      1,461,559       575,535       2,551,601       575,535  

Management fees - related party

      1,176,881       1,051,962       2,411,001       2,105,681  

General and administrative expenses

      1,211,471       2,427,411       2,020,400       4,641,264  

Depreciation

      6,013,651       6,493,048       12,592,017       12,985,424  

Impairment loss

      2,759,554       —        2,816,873       —   

Net gain on sale of vessels

      (2,949,339 )      —        (2,925,985 )      (46,384 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      26,579,518       25,686,276       54,910,302       49,735,146  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations

      10,092,987       16,099,878       19,824,373       33,614,916  
  

 

 

    

 

 

    

 

 

    

 

 

  

Other (expenses)/income

         

Interest and finance costs

      (2,508,108 )      (2,684,548 )      (5,130,794 )      (5,853,609 ) 

Gain on derivatives

      358,422       —        296,108       99,286  

Interest income

      884,209       914,817       1,925,153       1,668,213  

Foreign exchange loss

      (28,673 )      (13,727 )      (132,999 )      (62,771 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other expenses, net

      (1,294,150 )      (1,783,458 )      (3,042,532 )      (4,148,881 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before equity in earnings of investees

      8,798,837       14,316,420       16,781,841       29,466,035  

Equity earnings in joint ventures

      1,692,139       11,472,089       10,525,326       14,052,190  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

      10,490,976       25,788,509       27,307,167       43,518,225  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share

         

- Basic

      0.27       0.70       0.71       1.20  
  

 

 

    

 

 

    

 

 

    

 

 

  

- Diluted

      0.27       0.70       0.71       1.19  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of shares

         

- Basic

      38,096,414       35,241,126       38,063,544       35,180,313  
  

 

 

    

 

 

    

 

 

    

 

 

  

- Diluted

      38,114,257       35,355,879       38,072,466       35,318,308  
  

 

 

    

 

 

    

 

 

    

 

 

  

StealthGas Inc.

Unaudited Condensed Consolidated Balance Sheets

(Expressed in United States Dollars)

 

     December 31,
2023		     June 30,
2024		  

Assets

     

Current assets

     

Cash and cash equivalents

      77,202,843       71,375,229  

Trade and other receivables

      4,506,741       4,540,268  

Other current assets

      130,589       26,951  

Claims receivable

      55,475       55,475  

Inventories

      1,979,683       2,214,758  

Advances and prepayments

      1,409,418       2,303,243  

Restricted cash

      659,137       —   

Assets held for sale

      34,879,925       —   
  

 

 

    

 

 

  

Total current assets

      120,823,811       80,515,924  
  

 

 

    

 

 

  

Non current assets

     

Advances for vessel acquisitions

      23,414,570       —   

Operating lease right-of-use assets

      99,379       49,909  

Vessels, net

      504,295,083       611,313,831  

Other receivables

      48,040       112,638  

Restricted cash

      5,893,721       5,274,067  

Investments in joint ventures

      39,671,603       29,753,793  

Deferred finance charges

      1,105,790       —   

Fair value of derivatives

      1,858,677       732,550  
  

 

 

    

 

 

  

Total non current assets

      576,386,863       647,236,788  
  

 

 

    

 

 

  

Total assets

      697,210,674       727,752,712  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Payable to related parties

      955,567       2,019,249  

Trade accounts payable

      9,953,137       9,866,735  

Accrued liabilities

      5,681,144       5,832,950  

Operating lease liabilities

      71,173       49,909  

Deferred income

      5,386,126       5,708,485  

Current portion of long-term debt

      16,624,473       8,750,157  
  

 

 

    

 

 

  

Total current liabilities

      38,671,620       32,227,485  
  

 

 

    

 

 

  

Non current liabilities

     

Operating lease liabilities

      28,206       —   

Deferred income

      1,928,712       339,903  

Long-term debt

      106,918,176       98,880,886  
  

 

 

    

 

 

  

Total non current liabilities

      108,875,094       99,220,789  
  

 

 

    

 

 

  

Total liabilities

      147,546,713       131,448,274  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity

     

Capital stock

      453,434       459,937  

Treasury stock

      (44,453,836 )      (44,792,012 ) 

Additional paid-in capital

      446,938,868       450,392,079  

Retained earnings

      145,993,681       189,511,906  

Accumulated other comprehensive income

      731,814       732,528  
  

 

 

    

 

 

  

Total stockholders’ equity

      549,663,961       596,304,438  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

      697,210,674       727,752,712  
  

 

 

    

 

 

  

StealthGas Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

     Six Month Periods Ended June 30,  
     2023     2024  

Cash flows from operating activities

     

Net income for the period

      27,307,167       43,518,225  

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

     

Depreciation

      12,592,017       12,985,424  

Amortization of deferred finance charges

      1,138,934       563,469  

Non-cash lease expense

      52,226       49,470  

Share based compensation

      728,501       3,103,463  

Change in fair value of derivatives

      312,149       108,841  

Proceeds from disposal of interest rate swaps

      —        1,018,000  

Equity earnings in joint ventures

      (10,525,326 )      (14,052,190 ) 

Dividends received from joint ventures

      14,589,215       21,930,000  

Impairment loss

      2,816,873       —   

Gain on sale of vessels

      (2,925,985 )      (46,384 ) 

Changes in operating assets and liabilities:

     

(Increase)/decrease in

     

Trade and other receivables

      350,185       (98,125 ) 

Other current assets

      92,444       103,638  

Inventories

      1,073,527       11,653  

Changes in operating lease liabilities

      (52,226 )      (49,470 ) 

Advances and prepayments

      (1,531,095 )      (893,825 ) 

Increase/(decrease) in

     

Balances with related parties

      3,461,488       1,077,234  

Trade accounts payable

      (248,382 )      (263,880 ) 

Accrued liabilities

      (1,271,144 )      151,806  

Deferred income

      (1,207,151 )      (1,266,451 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      46,753,417       67,950,898  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Insurance proceeds

      126,666       —   

Proceeds from sale of vessels, net

      47,187,215       34,679,584  

Acquisition and improvements of vessels

      (71,729 )      (96,412,124 ) 

Maturity of short term investments

      26,500,000       —   

Return of investments from joint ventures

      4,688,785       2,040,000  

Advances to joint ventures

      —        (1,705 ) 
  

 

 

    

 

 

  

Net cash provided by/(used in) investing activities

      78,430,937       (59,694,245 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Proceeds from exercise of stock options

      —        356,250  

Stock repurchase

      (638,975 )      (338,176 ) 

Deferred finance charges paid

      (775,833 )      (22,167 ) 

Advances from/(to) joint ventures

      2,598       (11,848 ) 

Loan repayments

      (137,753,317 )      (85,347,117 ) 

Proceeds from long-term debt

      —        70,000,000  
  

 

 

    

 

 

  

Net cash used in financing activities

      (139,165,527 )      (15,363,058 ) 
  

 

 

    

 

 

  

Net decrease in cash, cash equivalents and restricted cash

      (13,981,173 )      (7,106,405 ) 

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 period

      55,173,771       76,649,296  
  

 

 

    

 

 

  

Cash breakdown

     

Cash and cash equivalents

      48,105,094       71,375,229  

Restricted cash, current

      866,942       —   

Restricted cash, non current

      6,201,735       5,274,067  
  

 

 

    

 

 

  

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

      55,173,771       76,649,296  
  

 

 

    

 

 

  
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