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 November 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 nine months ended September 30, 2023

The press release issued by StealthGas Inc. (the “Company”) on November 21, 2023 announcing its financial and operating results for the three and nine months ended September 30, 2023, is attached hereto as Exhibit 99.1.

EXHIBIT INDEX

 

99.1    StealthGas Inc. Press Release dated November 21, 2023

****

This report on Form 6-K 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: November 22, 2023

 

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

Exhibit 99.1

 

LOGO

STEALTHGAS INC. REPORTS THIRD QUARTER AND NINE MONTHS 2023 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, November 21, 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 third quarter and nine months ended September 30, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  •  

All-time record Net Income of $43.0 million for the nine-month period corresponding to a basic EPS of $1.12. Strong profitability continued for the third quarter with Net Income of $15.7 million for the three-month period corresponding to a basic EPS of $0.41, a 134% increase compared to last year.

 

  •  

Significantly increased period coverage. About 50% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating approximately $195 million (excl. JV vessels) in contracted revenues.

 

  •  

Expanded the share repurchase program by an additional $10 million for a total of $25 million. To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares.

 

  •  

Massively reduced debt by $149.4 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $127.7 million as of September 30, 2023.

 

  •  

Revenues at $34.7 million for Q3 23’ despite having reduced the number of vessels in the fleet from 34 vessels at the end of Q3 22’ to 27 vessels at the end of Q3 23’.

Third Quarter 2023 Results:

 

  •  

Revenues for the three months ended September 30, 2023 amounted to $34.7 million compared to revenues of $34.9 million for the three months ended September 30, 2022, a decrease of $0.2 million, or 1%, while the fleet over the corresponding periods was reduced from 34 vessels at the end of Q3 2022 to 27 vessels at the end of Q3 2023 so the vessels remaining in the fleet saw a rise in revenues due to better market conditions.

 

  •  

Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2023 were $2.4 million and $12.3 million, respectively, compared to $6.8 million and $14.1 million, respectively, for the three months ended September 30, 2022. The $4.4 million, or 65%, decrease in voyage expenses was the result of lower spot voyage days, while the $1.8 million, or 13%, 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 September 30, 2023 and 2022 were $0.1 million and $1.8 million, respectively. Drydocking expenses during the third quarter of 2023 mainly relate to the preparation for drydocking of one vessel, compared to the drydocking of four vessels in the same period of last year.

  •  

Management fees for the three months ended September 30, 2023 and 2022 were $1.1 million and $1.3 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet.

 

  •  

General and administrative expenses for the three months ended September 30, 2023 and 2022 were $1.7 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.

 

  •  

Depreciation for the three months ended September 30, 2023 and 2022 was $5.5 million and $6.9 million, respectively, as the number of our vessels declined.

 

  •  

Gain on sale of vessels for the three months ended September 30, 2023 was $4.7 million which was due to the sale of two of the Company’s vessels.

 

  •  

Interest and finance costs for the three months ended September 30, 2023 and 2022, were $2.5 million and $3.5 million, respectively. The $1.0 million, or 29%, decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in variable interest rates as well as profits from closing of swap positions due to debt prepayments.

 

  •  

Interest income for the three months ended September 30, 2023 and 2022 was $0.8 million and $0.3 million, respectively. The increase is mainly attributed to increases in interest rates over the corresponding period.

 

  •  

Equity earnings in joint ventures for the three months ended September 30, 2023 and 2022 was a gain of $0.9 million and $6.1 million, respectively. The $5.2 million decrease was mainly due to the gain from a sale of a vessel that was recorded in one of the joint ventures during the three months ended September 30, 2022.

 

  •  

As a result of the above, for the three months ended September 30, 2023, the Company reported net income of $15.7 million, compared to net income of $6.7 million for the three months ended September 30, 2022 an increase of $9.0 million, or 134%. The weighted average number of shares outstanding, basic, for the three months ended September 30, 2023 and 2022 was 37.3 million and 37.9 million, respectively.

 

  •  

Earnings per share, basic, for the three months ended September 30, 2023 amounted to $0.41 compared to earnings per share of $0.18 for the same period of last year.

 

  •  

Adjusted net income1 was $12.0 million corresponding to an Adjusted EPS1 of $0.31 for the three months ended September 30, 2023 compared to Adjusted net income of $6.1 million corresponding to an Adjusted EPS of $0.16 for the same period of last year, an increase in Adjusted net income of $5.9 million, or 97%.

 

  •  

EBITDA1 for the three months ended September 30, 2023 amounted to $22.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA1 to Net Income are set forth below.

 

  •  

An average of 27.6 vessels were owned by the Company during the three months ended September 30, 2023 compared to 34.0 vessels for the same period of 2022.

Nine Months 2023 Results:

 

  •  

Revenues for the nine months ended September 30, 2023 amounted to $109.4 million, a decrease of $0.6 million, or 0.5%, compared to revenues of $110.0 million for the nine months ended September 30, 2022, primarily due to reduction in the fleet size.

 

  •  

Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2023 were $9.9 million and $40.2 million, respectively, compared to $15.6 million and $40.3 million for the nine months ended September 30, 2022. The $5.7 million, or 37%, decrease in voyage expenses was mainly due to the decrease in spot days. The $0.1 million decrease 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 Q3 23’.

 

  •  

Drydocking costs for the nine months ended September 30, 2023 and 2022 were $2.6 million and $2.3 million, respectively. The costs for the nine months ended September 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 five vessels.

 

 

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.

  •  

General and administrative expenses for the nine months ended September 30, 2023 and 2022 were $3.7 million and $2.6 million, respectively. The change is mainly attributed to the increase in stock based compensation expense.

 

  •  

Depreciation for the nine months ended September 30, 2023 was $18.1 million, a $2.9 million decrease from $21.0 million for the same period of last year, due to the decrease in the average number of our vessels.

 

  •  

Impairment loss for the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2023 was $7.6 million, which was primarily due to the sale of seven of the Company’s vessels.

 

  •  

Interest and finance costs for the nine months ended September 30, 2023 and 2022 were $7.6 million and $8.7 million respectively. Despite increases in interest rates during that period, interest costs fell mainly due to the decrease of our outstanding indebtedness.

 

  •  

Interest income for the nine months ended September 30, 2023 and 2022 was $2.8 million and $0.4 million, respectively. The six fold increase is mainly attributed to increases in interest rates and in our average cash and cash equivalents including deposits over the corresponding period.

 

  •  

Equity earnings in joint ventures for the nine months ended September 30, 2023 and 2022 was a gain of $11.4 million and a gain of $9.7 million, respectively. The $1.7 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 nine months ended September 30, 2023 of $43.0 million, compared to a net income of $26.6 million for the nine months ended September 30, 2022 an increase of $16.4 million, or 62%. The weighted average number of shares outstanding, basic, as of September 30, 2023 and 2022 was 37.9 million and 37.8 million, respectively.

 

  •  

Earnings per share, basic, for the nine months ended September 30, 2023 amounted to $1.12 compared to earnings per share, basic, of $0.70 for the same period of last year.

 

  •  

Adjusted net income was $40.0 million, or $1.04 per share, for the nine months ended September 30, 2023 compared to adjusted net income of $26.1 million, or $0.69 per share, for the same period of last year, an increase of $13.9 million, or 53%.

 

  •  

EBITDA for the nine months ended September 30, 2023 amounted to $66.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 30.1 vessels were owned by the Company during the nine months ended September 30, 2023, compared to 35.0 vessels for the same period of 2022.

 

  •  

As of September 30, 2023, cash and cash equivalents (including restricted cash) amounted to $79.8 million and total debt amounted to $127.7 million.

Fleet Update Since Previous Announcement

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

 

  •  

A three-year time charter extension for its 2018 built LPG carrier Eco Freeze, until May 2027.

 

  •  

A three-year time charter extension for its 2018 built LPG carrier Eco Ice, until Sep 2027.

 

  •  

A three-year time charter extension for its 2011 built LPG carrier Gas Myth, until Jan 2027.

 

  •  

A twelve months time charter extension for its 2007 built LPG carrier Gas Flawless, until Dec 2024.

 

  •  

A twelve months time charter extension for its 2014 built LPG carrier Eco Invictus, until Oct 2024.

 

  •  

A twelve months time charter extension for its 2021 built LPG carrier Eco Blizzard, until Oct 2024.

  •  

A six months time charter extension for its 2016 built LPG carrier Eco Nical, until Apr 2024.

 

  •  

A six months time charter extension for its 2016 built LPG carrier Eco Alice, until Mar 2024.

 

  •  

A six months time charter for its 2018 built LPG carrier Eco Arctic, until Mar 2024.

 

  •  

A twelve months time charter for its LPG carrier Eco Oracle, to be delivered in Jan 2024.

 

  •  

A twelve months time charter for its LPG carrier Eco Wizard, to be delivered in Jan 2024.

As of November 2023, the Company has total contracted revenues of approximately $195 million.

For the remainder of the year 2023, the Company has about 85% of fleet days secured under period contracts, and 50% for the year 2024.

On October 6, 2023, the 40,000 cbm vessel newbuilding Eco Sorcerer was delivered in Korea to our joint venture. The vessel has been deployed on a twelve-month time charter.

Board Chairman Michael Jolliffe Commented

2023 has turned out to be a tremendous year for gas shipping overall and especially for StealthGas. So far for the first nine months of 2023 we have reported our strongest performance on record, with a basic EPS of $1.12. For the third quarter, in what normally would be a seasonally weak quarter, we reported net income of $15.7 million, the second-best quarter on record, only surpassed by the first quarter of this year. As the market is firming we took advantage of the momentum and entered into a number of long period charters some with durations as long as three years thus securing part of our future revenues. We have thus extended the duration of our contract coverage to over 50% for 2024.

Also part of our strategy is deleveraging, and so far during this year we have more than halved our outstanding debt, repaying $151 million and greatly reducing our interest rate expenses in the process while at the same time keeping 15 out of the 27 vessels debt-free. At the same time we sought to expand the repurchase of shares with an additional $10 million as we used the initial $15 million, and during a short period of time we have so far repurchased over 10% of the outstanding shares with the aim to return value to our shareholders. The market remains firm as we are entering the seasonally stronger winter months and is buoyant for the larger sized vessels, in what we hope will prove a well-timed diversification of the fleet with the addition of larger sized vessels. We believe we are well positioned to benefit from strong markets and to continue to generate shareholder value.

Conference Call details:

On November 21, 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/BIc9d639270b9242e791b8bf60598acfb3

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 33 LPG carriers, including six Joint Venture vessels in the water, and two 40,000 cbm newbuilding Medium Gas Carriers 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 resurgence of the COVID-19 pandemic, 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 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 September 30, 2022 and September 30, 2023.

 

FLEET DATA

    Q3 2022     Q3 2023     9M 2022     9M 2023  

Average number of vessels (1)

      34.0       27.6       35.0       30.1  

Period end number of owned vessels in fleet

      34       27       34       27  

Total calendar days for fleet (2)

      3,128       2,537       9,559       8,214  

Total voyage days for fleet (3)

      3,028       2,529       9,420       8,125  

Fleet utilization (4)

      96.8 %      99.7 %      98.5 %      98.9 % 

Total charter days for fleet (5)

      2,185       2,351       7,814       7,337  

Total spot market days for fleet (6)

      843       178       1,606       788  

Fleet operational utilization (7)

      87.9 %      96.9 %      92.5 %      96.6 % 

 

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 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 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)

    Third Quarter Ended
September 30th,		     Nine Months Period Ended
September 30th,		  
     2022     2023     2022     2023  

Net Income - Adjusted Net Income

         

Net income

      6,733,657       15,740,616       26,552,524       43,047,783  

Less gain on derivatives

      (713,507 )      (197,247 )      (1,779,309 )      (493,355 ) 

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

      (8,844 )      217,754       (90,425 )      607,042  

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

      —         (4,719,796 )      408,637       (7,645,781 ) 

Plus impairment loss

      —         —         529,532       2,816,873  

Plus share based compensation

      85,529       920,688       525,260       1,649,189  

Adjusted Net Income

      6,096,835       11,962,015       26,146,219       39,981,751  

Net income - EBITDA

         

Net income

      6,733,657       15,740,616       26,552,524       43,047,783  

Plus interest and finance costs

      3,549,687       2,481,489       8,668,720       7,612,283  

Less interest income

      (306,815 )      (834,799 )      (378,193 )      (2,759,952 ) 

Plus depreciation

      6,929,887       5,549,825       20,982,015       18,141,842  

EBITDA

      16,906,416       22,937,131       55,825,066       66,041,956  

Net income - Adjusted EBITDA

         

Net income

      6,733,657       15,740,616       26,552,524       43,047,783  

Less gain on derivatives

      (713,507 )      (197,247 )      (1,779,309 )      (493,355 ) 

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

      —         (4,719,796 )      408,637       (7,645,781 ) 

Plus impairment loss

      —         —         529,532       2,816,873  

Plus share based compensation

      85,529       920,688       525,260       1,649,189  

Plus interest and finance costs

      3,549,687       2,481,489       8,668,720       7,612,283  

Less interest income

      (306,815 )      (834,799 )      (378,193 )      (2,759,952 ) 

Plus depreciation

      6,929,887       5,549,825       20,982,015       18,141,842  

Adjusted EBITDA

      16,278,438       18,940,776       55,509,186       62,368,882  

EPS - Adjusted EPS

         

Net income

      6,733,657       15,740,616       26,552,524       43,047,783  

Adjusted net income

      6,096,835       11,962,015       26,146,219       39,981,751  

Weighted average number of shares, basic

      37,924,542       37,332,943       37,891,672       37,815,107  

EPS - Basic

      0.18       0.41       0.70       1.12  

Adjusted EPS

      0.16       0.31       0.69       1.04  

StealthGas Inc.

Unaudited Consolidated Statements of Income

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

 

     Quarters Ended
September 30,		     Nine Month Periods Ended
September 30,		  
     2022     2023     2022     2023  

Revenues

         

Revenues

      34,885,398       34,653,846       110,031,503       109,388,521  

Expenses

         

Voyage expenses

      6,342,084       1,951,151       14,295,103       8,550,984  

Voyage expenses - related party

      431,035       426,428       1,354,552       1,353,380  

Vessels’ operating expenses

      13,862,097       12,102,515       39,560,293       39,516,125  

Vessels’ operating expenses - related party

      259,500       199,000       774,450       703,000  

Drydocking costs

      1,770,727       62,409       2,347,352       2,614,010  

Management fees - related party

      1,338,145       1,072,119       3,910,830       3,483,120  

General and administrative expenses

      820,599       1,652,958       2,588,510       3,673,358  

Depreciation

      6,929,887       5,549,825       20,982,015       18,141,842  

Impairment loss

      —         —         529,532       2,816,873  

Net (gain)/loss on sale of vessels

      —         (4,719,796 )      408,637       (7,645,781 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      31,754,074       18,296,609       86,751,274       73,206,911  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations

      3,131,324       16,357,237       23,280,229       36,181,610  
  

 

 

    

 

 

    

 

 

    

 

 

  

Other (expenses)/income

         

Interest and finance costs

      (3,549,687 )      (2,481,489 )      (8,668,720 )      (7,612,283 ) 

Gain on derivatives

      713,507       197,247       1,779,309       493,355  

Interest income

      306,815       834,799       378,193       2,759,952  

Foreign exchange gain/(loss)

      38,352       (29,894 )      83,057       (162,893 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other expenses, net

      (2,491,013 )      (1,479,337 )      (6,428,161 )      (4,521,869 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before equity in earnings of investees

      640,311       14,877,900       16,852,068       31,659,741  

Equity earnings in joint ventures

      6,093,346       862,716       9,700,456       11,388,042  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income

      6,733,657       15,740,616       26,552,524       43,047,783  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share

         

- Basic & Diluted

      0.18       0.41       0.70       1.12  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of shares

         

- Basic

      37,924,542       37,332,943       37,891,672       37,815,107  

- Diluted

      37,924,542       37,436,333       37,891,672       37,855,518  
  

 

 

    

 

 

    

 

 

    

 

 

  

StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

     December 31,
2022		     September 30,
2023		  

Assets

     

Current assets

     

Cash and cash equivalents

      55,770,823       73,216,142  

Short term investments

      26,500,000       —    

Trade and other receivables

      4,630,536       3,754,076  

Other current assets

      270,514       43,224  

Claims receivable

      182,141       55,475  

Inventories

      3,064,011       1,844,197  

Advances and prepayments

      681,413       1,669,215  

Restricted cash

      2,519,601       667,458  

Vessel held for sale

      11,107,182       34,879,925  
  

 

 

    

 

 

  

Total current assets

      104,726,221       116,129,712  
  

 

 

    

 

 

  

Non current assets

     

Advances for vessel acquisitions

      23,400,000       23,400,000  

Operating lease right-of-use assets

      —         124,268  

Vessels, net

      628,478,453       509,862,136  

Other receivables

      162,872       44,046  

Restricted cash

      10,864,520       5,916,169  

Investments in joint ventures

      46,632,720       38,742,762  

Deferred finance charges

      165,666       1,015,456  

Fair value of derivatives

      7,102,855       2,711,898  
  

 

 

    

 

 

  

Total non current assets

      716,807,086       581,816,735  
  

 

 

    

 

 

  

Total assets

      821,533,307       697,946,447  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Payable to related parties

      2,476,663       2,119,288  

Trade accounts payable

      11,838,243       9,112,796  

Accrued liabilities

      6,923,992       4,468,024  

Operating lease liabilities

      —         96,062  

Deferred income

      5,234,978       3,839,245  

Current portion of long-term debt

      30,083,806       16,614,811  
  

 

 

    

 

 

  

Total current liabilities

      56,557,682       36,250,226  
  

 

 

    

 

 

  

Non current liabilities

     

Operating lease liabilities

      —         28,206  

Deferred income

      21,451       109,734  

Long-term debt

      247,028,823       111,077,917  
  

 

 

    

 

 

  

Total non current liabilities

      247,050,274       111,215,857  
  

 

 

    

 

 

  

Total liabilities

      303,607,956       147,466,083  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity

     

Capital stock

      435,274       445,104  

Treasury stock

      (25,373,380 )      (34,189,223 ) 

Additional paid-in capital

      443,620,122       446,006,981  

Retained earnings

      94,056,852       137,104,635  

Accumulated other comprehensive income

      5,186,483       1,112,867  
  

 

 

    

 

 

  

Total stockholders’ equity

      517,925,351       550,480,364  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

      821,533,307       697,946,447  
  

 

 

    

 

 

  

StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

     Nine Month Periods Ended
September 30,		  
     2022     2023  

Cash flows from operating activities

     

Net income for the period

      26,552,524       43,047,783  

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

     

Depreciation

      20,982,015       18,141,842  

Amortization of deferred finance charges

      698,877       1,263,253  

Amortization of operating lease right-of-use assets

      63,026       70,636  

Share based compensation

      525,260       1,649,189  

Change in fair value of derivatives

      (1,869,734 )      317,341  

Equity earnings in joint ventures

      (9,700,456 )      (11,388,042 ) 

Dividends received from joint ventures

      9,486,900       14,589,215  

Impairment loss

      529,532       2,816,873  

Loss/(Gain) on sale of vessels

      408,637       (7,645,781 ) 

Changes in operating assets and liabilities:

     

(Increase)/decrease in

     

Trade and other receivables

      (1,312,432 )      995,286  

Other current assets

      (138,561 )      227,290  

Claims receivable

      (500,249 )      —    

Inventories

      (2,786,366 )      1,500,675  

Changes in operating lease liabilities

      (63,026 )      (70,636 ) 

Advances and prepayments

      (631,944 )      (987,802 ) 

Increase/(decrease) in

     

Balances with related parties

      3,617,682       (354,739 ) 

Trade accounts payable

      3,449,280       (2,653,718 ) 

Accrued liabilities

      1,353,075       (1,206,302 ) 

Deferred income

      (665,410 )      (1,307,450 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      49,998,630       59,004,913  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Insurance proceeds

      282,787       126,666  

Advances for vessels acquisitions

      (23,400,000 )      —    

Proceeds from sale of vessels, net

      23,887,379       80,109,781  

Acquisition and improvement of vessels

      (780,217 )      (71,729 ) 

Maturity in short term investments

      8,066,100       26,500,000  

Advances to joint ventures

      —         (2,636 ) 

Return of investments from joint ventures

      —         4,688,785  
  

 

 

    

 

 

  

Net cash provided by investing activities

      8,056,049       111,350,867  
  

 

 

    

 

 

  

Cash flows from financing activities

     

Additional paid-in capital

      —         747,500  

Stock repurchase

        (8,815,843 ) 

Deferred finance charges paid

      (534,600 )      (988,166 ) 

Advances from joint ventures

      3,129,801       —    

Advances to joint ventures

      (4,266,484 )      —    

Loan repayments

      (75,913,139 )      (150,654,446 ) 

Proceeds from long-term debt

      59,400,000       —    
  

 

 

    

 

 

  

Net cash used in financing activities

      (18,184,422 )      (159,710,955 ) 
  

 

 

    

 

 

  

Net increase in cash, cash equivalents and restricted cash

      39,870,257       10,644,825  

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

      85,570,794       79,799,769  
  

 

 

    

 

 

  

Cash breakdown

     

Cash and cash equivalents

      72,660,000       73,216,142  

Restricted cash, current

      2,335,892       667,458  

Restricted cash, non current

      10,574,902       5,916,169  
  

 

 

    

 

 

  

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

      85,570,794       79,799,769  
  

 

 

    

 

 

  
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