StealthGas Inc.

Second-quarter revenue was $42.9 million, about flat versus Q1 2026 and below the $47 million record cited for last year. Net income was $17.3 million, versus $20.4 million in the prior-year quarter and $15.9 million in Q1 2026; EPS was $0.46 for Q2 and $0.89 for the first half. Voyage expenses were $7.2 million, operating expenses were $12.8 million, TCE was $15.7 thousand per vessel per day, and the company cited a 40% profit margin. On the balance sheet, cash and short-term investments were $168.3 million at June 30, with total liabilities of $28 million and zero debt. Forward, management said 60% of the fee days for the remainder of 2026 are secured, representing about $50 million in revenues, about $30 million is secured for 2027, and total secured future revenues through 2029 are about $90 million.

Harry N. Vafias emphasized a strategy of reducing exposure to the volatile spot market by building visible revenue through time charters, selling older tonnage when market conditions are favorable, and preserving a strong balance sheet. He highlighted that the company has prepaid more than $350 million of debt over recent years, reached zero leverage, and built liquidity to an all-time high. His tone was confident and opportunistic, saying the board is reviewing options for deploying capital with a long-term focus.

Konstantinos Sistovaris said Q2 was one of the company’s four best quarters on record for both revenue generation and profitability, even though revenue was lower year over year due to a smaller fleet and more idle time in spot vessels. He cited $7.2 million of voyage expenses, $12.8 million of operating expenses, a $1.3 million gain from sale-and-purchase activity, and $1 million of financial gains from lower interest costs and higher interest income. He also noted liquidity grew 70% in six months from $99 million to $168.3 million, helped by vessel sales and a $40 million improvement in operating cash flow, while debt remained zero and liabilities were only $28 million.

There was no formal analyst Q&A section; the call was management-led commentary. The main points addressed were the impact of the Persian Gulf conflict on LPG trade routes, higher tonne-miles supporting rates, and the company’s ability to keep securing time charters despite some charterers hesitating at historically high day rates. Management also addressed fleet employment, noting four new time charters, four vessels still on spot, and continued West-of-Suez positioning because rates there are roughly 30% higher than in the East.