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 August 2023

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, 2023

The press release issued by StealthGas Inc. (the “Company”) on August 18, 2023 announcing its financial and operating results for the three and six months ended June 30, 2023, is attached hereto as Exhibit 99.1.

EXHIBIT INDEX

 

99.1    StealthGas Inc. Press Release dated August 18, 2023

****

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 and 333-207168).

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: August 21, 2023

 

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 2023

FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 18, 2023. 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, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS1

 

  •  

All-time record Net Income of $27.3 million for the 2023 six-month period corresponding to an EPS of $0.71. Strong profitability continued for the second quarter with Net Income of $10.5 million for the 2023 three-month period corresponding to an EPS of $0.27.

 

  •  

About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $90 million (excl. JV vessels) in contracted revenues.

 

  •  

Concluded the previously announced sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma. All four vessels were sold at a profit, two were delivered during Q2 23’ and two during Q3 23’.

 

  •  

Entered into an agreement to sell two more vessels, the Eco Dream and Eco Green with forward delivery in January 2024.

 

  •  

Initiated a share repurchase program of up to $15 million. As of the date of this release, 1.1 million shares had been repurchased.

 

  •  

Massively reduced debt by $104.9 million from $245.4 million as of March 31, 2023, net of deferred finance charges, to $140.5 million as of June 30, 2023.

 

  •  

Revenues at $36.7 million for Q2 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q2 22’ to 29 vessels at the end of Q2 23’.

Second Quarter 2023 Results:

 

  •  

Revenues for the three months ended June 30, 2023 amounted to $36.7 million compared to revenues of $39.3 million for the three months ended June 30, 2022 while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q2 2022 to 29 vessels at the end of Q2 2023 with the vessels remaining in the fleet seeing a rise in revenues due to better market conditions.

 

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.

  •  

Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2023 were $3.5 million and $13.4 million, respectively, compared to $4.6 million and $13.3 million, respectively, for the three months ended June 30, 2022. The $1.1 million decrease in voyage expenses was the result of lower port expenses and bunker prices.

 

  •  

Drydocking costs for the three months ended June 30, 2023 and 2022 were $1.5 million and $0.2 million, respectively. Drydocking expenses during the second quarter of 2023 mainly relate to the completed drydocking of two of the larger handysize vessels in the fleet, compared to only the drydocking preparation of three smaller vessels in the same period of last year.

 

  •  

Depreciation for the three months ended June 30, 2023 and 2022 was $6.0 million and $7.0 million, respectively, as the number of our vessels declined.

 

  •  

Impairment loss for the three months ended June 30, 2023 was $2.8 million compared to nil 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.

 

  •  

Interest and finance costs for the three months ended June 30, 2023 and 2022, were $2.5 million and $2.8 million, respectively. The $0.3 million decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in Libor rates as well as profits from closing of swap positions due to debt prepayments.

 

  •  

Equity earnings in joint ventures for the three months ended June 30, 2023 and 2022 was a gain of $1.7 million and $1.9 million, respectively. The $0.2 million decrease was due to the decrease in the number of joint venture vessels from 7 to 5.

 

  •  

As a result of the above, for the three months ended June 30, 2023, the Company reported net income of $10.5 million, compared to net income of $12.2 million for the three months ended June 30, 2022. The weighted average number of shares outstanding for the three months ended June 30, 2023 and 2022 was 38.1 million and 37.9 million, respectively.

 

  •  

Earnings per share, basic and diluted, for the three months ended June 30, 2023 amounted to $0.27 compared to earnings per share of $0.32 for the same period of last year.

 

  •  

Adjusted net income was $10.7 million corresponding to an Adjusted EPS of $0.28 for the three months ended June 30, 2023 compared to Adjusted net income of $11.3 million corresponding to an Adjusted EPS of $0.30 for the same period of last year.

 

  •  

EBITDA for the three months ended June 30, 2023 amounted to $18.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 30.5 vessels were owned by the Company during the three months ended June 30, 2023 compared to 34.6 vessels for the same period of 2022.

Six Months 2023 Results:

 

  •  

Revenues for the six months ended June 30, 2023, amounted to $74.7 million, a decrease of $0.4 million, or 0.5%, compared to revenues of $75.1 million for the six months ended June 30, 2022, primarily due to reduction in the fleet size.

 

  •  

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2023 were $7.5 million and $27.9 million, respectively, compared to $8.9 million and $26.2 million for the six months ended June 30, 2022. The $1.4 million decrease in voyage expenses was mainly due to the decrease in spot days and the lower prevailing bunker prices. The $1.7 million increase in vessels’ operating expenses despite the reduction in fleet size was primarily the result of cost overruns in certain cost categories like spares and crew and was more pronounced during the Q1 23’ and less so during Q2 23’.

 

  •  

Drydocking costs for the six months ended June 30, 2023 and 2022 were $2.6 million and $0.6 million, respectively. The costs for the six months ended June 30, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of one smaller vessel and to the drydocking preparation of three smaller vessels.

 

  •  

Depreciation for the six months ended June 30, 2023, was $12.6 million, a $1.5 million decrease from $14.1 million for the same period of last year, due to the decrease in the average number of our vessels.

 

  •  

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

Impairment loss for the six months ended June 30, 2022 was $0.5 million relating to one vessel, for which the Company had entered into an agreement to sell and subsequently delivered to its new owner.

 

  •  

Gain on sale of vessels for the six months ended June 30, 2023 was $2.9 million, which was primarily due to the sale of two of the Company’s vessels.

 

  •  

Interest and finance costs for the six months ended June 30, 2023 and 2022 were $5.1 million and $5.1 million respectively. Despite increases in interest rates during that period interest rate costs remained flat mainly due to the decrease of our indebtedness.

 

  •  

Equity earnings in joint ventures for the six months ended June 30, 2023 and 2022 was a gain of $10.5 million and a gain of $3.6 million, respectively. The $6.9 million increase from the same period of last year is mainly due to a gain on 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, 2023 of $27.3 million, compared to a net income of $19.8 million for the six months ended June 30, 2022. The weighted average number of shares outstanding as of June 30, 2023 and 2022 was 38.1 million and 37.9 million, respectively. Earnings per share, basic and diluted, for the six months ended June 30, 2023 amounted to $0.71 compared to earnings per share, basic and diluted, of $0.52 for the same period of last year.

 

  •  

Adjusted net income was $28.0 million, or $0.73 per share, for the six months ended June 30, 2023 compared to adjusted net income of $20.0 million, or $0.53 per share, for the same period of last year.

 

  •  

EBITDA for the six months ended June 30, 2023 amounted to $43.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 31.4 vessels were owned by the Company during the six months ended June 30, 2023, compared to 35.5 vessels for the same period of 2022.

 

  •  

As of June 30, 2023, cash and cash equivalents (including restricted cash) amounted to $55.2 million and total debt amounted to $140.5 million.

Fleet Update Since Previous Announcement

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

 

  •  

A six months time charter for its 2011 built LPG carrier Gas Cerberus, until Dec 2023.

 

  •  

A six months time charter extension for its 2015 built LPG carrier Eco Green, until Dec 2023.

As of August 2023, the Company has total contracted revenues of approximately $90 million.

For the remainder of the year 2023, the Company has about 80% of fleet days secured under period contracts, with contracted revenues of approximately $43 million.

During Q2 23’, the previously announced sale of Eco Texiana and Eco Enigma was concluded, resulting in a profit of $2.9 million from the sale, while during the current quarter the Eco Czar and Eco Nemesis were also delivered to their new owners and the profits will be reflected in Q3 23’.

The Company also announced the sale of two vessels, the 2015 built Eco Dream and Eco Green to third parties. The vessels were sold with forward deliveries as they are currently on charters, and the sales are expected to be concluded in January 2024. The Company recognized an impairment loss of $2.8 million, while the sale proceeds will be reflected in the cashflow results at the time of delivery. Both vessels are unencumbered.

CEO Harry Vafias Commented

We continued operating in a firm market that underpinned yet another quarter of high profitability. So far for the first six months of 2023 we have reported the strongest performance on record, with an EPS of $0.71. During the second quarter we further divested assets in a rising market and will continue to diversify the fleet with the timely addition of bigger sized vessels. We were also highly focused on reducing debt, repaying $105million during the quarter alone, thus greatly reducing our interest rate expenses. At the same time our Board authorised us to repurchase shares, which we started doing late in the previous quarter. Up to now we have repurchased over 1million common shares and will continue. We are in the fortunate position where we can deleverage, diversify, repurchase stock and maintain strong liquidity concurrently. Despite any seasonal fluctuations the market remains relatively firm and we expect an upturn in the winter months that are approaching. We remain positive for the medium-term outlook of the LPG shipping market.

Conference Call details:

On August 18, 2023 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/BI05865c475c6741a6b32fe9d9e6b9ab20

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.

SteatlhGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. SteatlhGas Inc. has a fleet of 32 LPG carriers, including five Joint Venture vessels in the water, and three 40,000 cbm newbuilding Medium Gas Carriers (one owned through Joint Venture) to be delivered by the end of Q1 2024. These LPG vessels have a total capacity of 397,747 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 any lingering impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, 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, potential disruption of shipping routes due to 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 June 30, 2022 and June 30, 2023.

 

FLEET DATA

    Q2 2022     Q2 2023     6M 2022     6M 2023  

Average number of vessels (1)

      34.6       30.5       35.5       31.4  

Period end number of owned vessels in fleet

      34       29       34       29  

Total calendar days for fleet (2)

      3,147       2,774       6,431       5,677  

Total voyage days for fleet (3)

      3,142       2,725       6,392       5,596  

Fleet utilization (4)

      99.8 %      98.2 %      99.4 %      98.6 % 

Total charter days for fleet (5)

      2,778       2,361       5,629       4,986  

Total spot market days for fleet (6)

      364       364       763       610  

Fleet operational utilization (7)

      96.9 %      95.6 %      94.8 %      96.4 % 

 

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 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,		  
     2022      2023      2022      2023  

Net Income - Adjusted Net Income

            

Net income

      12,218,614        10,490,976        19,818,867        27,307,167  

Less gain on derivatives

      (1,049,015 )       (358,422 )       (1,065,802 )       (296,108 ) 

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

      (81,581 )       195,969        (81,581 )       389,287  

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

      (569 )       (2,949,339 )       408,637        (2,925,985 ) 

Plus impairment loss

      —          2,759,554        529,532        2,816,873  

Plus share based compensation

      188,722        552,932        439,731        728,501  

Adjusted Net Income

      11,276,171        10,691,670        20,049,384        28,019,735  

Net income - EBITDA

            

Net income

      12,218,614        10,490,976        19,818,867        27,307,167  

Plus interest and finance costs

      2,757,529        2,508,108        5,119,033        5,130,794  

Less interest income

      (63,488 )       (884,209 )       (71,378 )       (1,925,153 ) 

Plus depreciation

      7,031,345        6,013,651        14,052,128        12,592,017  

EBITDA

      21,944,000        18,128,526        38,918,650        43,104,825  

Net income - Adjusted EBITDA

            

Net income

      12,218,614        10,490,976        19,818,867        27,307,167  

Less gain on derivatives

      (1,049,015 )       (358,422 )       (1,065,802 )       (296,108 ) 

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

      (569 )       (2,949,339 )       408,637        (2,925,985 ) 

Plus impairment loss

      —          2,759,554        529,532        2,816,873  

Plus share based compensation

      188,722        552,932        439,731        728,501  

Plus interest and finance costs

      2,757,529        2,508,108        5,119,033        5,130,794  

Less interest income

      (63,488 )       (884,209 )       (71,378 )       (1,925,153 ) 

Plus depreciation

      7,031,345        6,013,651        14,052,128        12,592,017  

Adjusted EBITDA

      21,083,138        18,133,251        39,230,748        43,428,106  

EPS - Adjusted EPS

            

Net income

      12,218,614        10,490,976        19,818,867        27,307,167  

Adjusted net income

      11,276,171        10,691,670        20,049,384        28,019,735  

Weighted average number of shares

      37,924,542        38,096,414        37,891,672        38,063,544  

EPS - Basic

      0.32        0.27        0.52        0.71  

Adjusted EPS

      0.30        0.28        0.53        0.73  

StealthGas Inc.

Unaudited Consolidated Statements of Income

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

 

     Quarters Ended June 30,     Six Month Periods Ended
June 30,		  
     2022     2023     2022     2023  

Revenues

         

Revenues

      39,274,984       36,672,505       75,146,105       74,734,675  

Expenses

         

Voyage expenses

      4,161,806       3,081,142       7,953,019       6,599,833  

Voyage expenses - related party

      483,503       453,270       923,517       926,952  

Vessels’ operating expenses

      13,056,966       13,124,829       25,698,196       27,413,610  

Vessels’ operating expenses - related party

      278,000       246,500       514,950       504,000  

Drydocking costs

      193,090       1,461,559       576,625       2,551,601  

Management fees - related party

      1,287,765       1,176,881       2,572,685       2,411,001  

General and administrative expenses

      826,380       1,211,471       1,767,911       2,020,400  

Depreciation

      7,031,345       6,013,651       14,052,128       12,592,017  

Impairment loss

      —         2,759,554       529,532       2,816,873  

Net (gain)/loss on sale of vessels

      (569 )      (2,949,339 )      408,637       (2,925,985 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      27,318,286       26,579,518       54,997,200       54,910,302  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations

      11,956,698       10,092,987       20,148,905       19,824,373  
  

 

 

    

 

 

    

 

 

    

 

 

  

Other (expenses)/income

         

Interest and finance costs

      (2,757,529 )      (2,508,108 )      (5,119,033 )      (5,130,794 ) 

Gain on derivatives

      1,049,015       358,422       1,065,802       296,108  

Interest income

      63,488       884,209       71,378       1,925,153  

Foreign exchange gain/(loss)

      12,688       (28,673 )      44,705       (132,999 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other expenses, net

      (1,632,338 )      (1,294,150 )      (3,937,148 )      (3,042,532 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before equity in earnings of investees

      10,324,360       8,798,837       16,211,757       16,781,841  

Equity earnings in joint ventures

      1,894,254       1,692,139       3,607,110       10,525,326  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

      12,218,614       10,490,976       19,818,867       27,307,167  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share

         

- Basic

      0.32       0.27       0.52       0.71  
  

 

 

    

 

 

    

 

 

    

 

 

  

- Diluted

      0.32       0.27       0.52       0.71  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of shares

         

- Basic

      37,924,542       38,096,414       37,891,672       38,063,544  

- Diluted

      37,924,542       38,114,257       37,891,672       38,072,466  
  

 

 

    

 

 

    

 

 

    

 

 

  

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

     December 31,     June 30,  
     2022     2023  

Assets

     

Current assets

     

Cash and cash equivalents

      55,770,823       48,105,094  

Short term investments

      26,500,000       —    

Trade and other receivables

      4,630,536       4,327,270  

Other current assets

      270,514       178,070  

Claims receivable

      182,141       55,475  

Inventories

      3,064,011       2,190,731  

Advances and prepayments

      681,413       2,212,508  

Restricted cash

      2,519,601       866,942  

Assets held for sale

      11,107,182       63,163,308  
  

 

 

    

 

 

  

Total current assets

      104,726,221       121,099,398  
  

 

 

    

 

 

  

Non current assets

     

Advances for vessel acquisitions

      23,400,000       23,400,000  

Operating lease right-of-use assets

      —         147,872  

Vessels, net

      628,478,453       515,411,960  

Other receivables

      162,872       115,953  

Restricted cash

      10,864,520       6,201,735  

Investments in joint ventures

      46,632,720       37,880,047  

Deferred finance charges

      165,666       936,833  

Fair value of derivatives

      7,102,855       2,691,625  
  

 

 

    

 

 

  

Total non current assets

      716,807,086       586,786,025  
  

 

 

    

 

 

  

Total assets

      821,533,307       707,885,423  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Payable to related parties

      2,476,663       5,940,749  

Trade accounts payable

      11,838,243       11,518,132  

Accrued and other liabilities

      6,923,992       4,508,182  

Operating lease liabilities

      —         97,198  

Deferred income

      5,234,978       3,940,460  

Current portion of long-term debt

      30,083,806       16,596,302  

Current portion of long-term debt associated with vessel held for sale

      —         8,629,146  
  

 

 

    

 

 

  

Total current liabilities

      56,557,682       51,230,169  
  

 

 

    

 

 

  

Non current liabilities

     

Operating lease liabilities

      —         50,674  

Deferred income

      21,451       108,818  

Long-term debt

      247,028,823       115,272,799  
  

 

 

    

 

 

  

Total non current liabilities

      247,050,274       115,432,291  
  

 

 

    

 

 

  

Total liabilities

      303,607,956       166,662,460  
  

 

 

    

 

 

  

Commitments and contingencies

      —         —    

Stockholders’ equity

     

Capital stock

      435,274       442,604  

Treasury stock

      (25,373,380 )      (26,012,355 ) 

Additional paid-in capital

      443,620,122       444,341,293  

Retained earnings

      94,056,852       121,364,019  

Accumulated other comprehensive income

      5,186,483       1,087,402  
  

 

 

    

 

 

  

Total stockholders’ equity

      517,925,351       541,222,963  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

      821,533,307       707,885,423  
  

 

 

    

 

 

  

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

     Six Month Periods Ended
June 30,		  
     2022     2023  

Cash flows from operating activities

     

Net income for the period

      19,818,867       27,307,167  

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

     

Depreciation

      14,052,128       12,592,017  

Amortization of deferred finance charges

      537,936       1,138,934  

Amortization of operating lease right-of-use assets

      43,229       52,226  

Share based compensation

      439,731       728,501  

Change in fair value of derivatives

      (1,147,383 )      312,149  

Equity earnings in joint ventures

      (3,607,110 )      (10,525,326 ) 

Dividends received from joint ventures

      1,020,000       14,589,215  

Impairment loss

      529,532       2,816,873  

Loss/(Gain) on sale of vessels

      408,637       (2,925,985 ) 

Changes in operating assets and liabilities:

     

(Increase)/decrease in

     

Trade and other receivables

      (828,992 )      350,185  

Other current assets

      79,873       92,444  

Claims receivable

      (500,249 )      —    

Inventories

      (1,295,545 )      1,073,527  

Changes in operating lease liabilities

      (43,229 )      (52,226 ) 

Advances and prepayments

      (1,379,236 )      (1,531,095 ) 

Increase/(decrease) in

     

Balances with related parties

      611,148       3,461,488  

Trade accounts payable

      740,512       (248,382 ) 

Accrued liabilities

      2,282,746       (1,271,144 ) 

Deferred income

      (1,775,859 )      (1,207,151 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      29,986,736       46,753,417  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Insurance proceeds

      206,787       126,666  

Proceeds from sale of vessels, net

      23,887,379       47,187,215  

Acquisition of vessels

      (447,713 )      (71,729 ) 

Maturity of short term investments

      —         26,500,000  

Return of investments from joint ventures

      —         4,688,785  
  

 

 

    

 

 

  

Net cash provided by investing activities

      23,646,453       78,430,937  
  

 

 

    

 

 

  

Cash flows from financing activities

     

Stock repurchase

      —         (638,975 ) 

Deferred finance charges paid

      (534,600 )      (775,833 ) 

Advances from joint ventures

      1,655,684       2,698  

Advances to joint ventures

      (1,450,334 )      (100 ) 

Loan repayments

      (68,176,450 )      (137,753,317 ) 

Proceeds from long-term debt

      59,400,000       —    
  

 

 

    

 

 

  

Net cash used in financing activities

      (9,105,700 )      (139,165,527 ) 
  

 

 

    

 

 

  

Net increase/(decrease) in cash, cash equivalents and restricted cash

      44,527,489       (13,981,173 ) 

Cash, cash equivalents and restricted cash at beginning of year

      45,700,537       69,154,944  
  

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of period

      90,228,026       55,173,771  
  

 

 

    

 

 

  

Cash breakdown

     

Cash and cash equivalents

      77,874,497       48,105,094  

Restricted cash, current

      2,187,385       866,942  

Restricted cash, non current

      10,166,144       6,201,735  
  

 

 

    

 

 

  

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

      90,228,026       55,173,771  
  

 

 

    

 

 

  
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