Stealthgas H1 2025 profit falls despite record revenue

Stealthgas has reported a mixed set of results for the first half of 2025, with a record-breaking quarterly revenue being overshadowed by a year-on-year decline in net profit. The liquefied petroleum gas (LPG) carrier owner’s bottom line was impacted by the comparison to a prior-year period that was boosted by a significant gain on a vessel sale.

For the three months ending June 30, the company posted an all-time high revenue of $47.2 million, a 13 per cent increase from the $41.8 million recorded in the second quarter of 2024. Despite this, net income for the period fell to $20.4 million, down from $25.8 million in the prior-year quarter.

The company’s outgoings saw mixed changes. Voyage expenses rose to $4.4 million from $2.7 million due to an increase in spot market days, while vessel operating expenses remained stable at $12.7 million. A key factor in the profit decline was a significant drop in equity earnings from joint ventures, which fell to $0.7 million from $11.5 million in the second quarter of 2024, a period that included a profitable vessel sale.

For the full first half of the year, revenues increased to $89.3 million from $83.4 million, while net income decreased to $34.5 million from $43.5 million.

Chief Executive Officer Harry Vafias commented, “Revenue growth exceeded our expectations setting a new quarterly record at $47.2 million.” He also highlighted the company’s successful deleveraging, stating, “during the current third quarter we completed our deleveraging, having repaid $86 million in debt this year…out of our 29 fully owned vessels none have any debt financing obligations.”

Looking ahead, Vafias noted an unfortunate incident involving the vessel Eco Wizard, which will remain off-hire for some time and will impact near-term revenue generation. However, he added, “We are confident that the fundamentals for LPG shipping continue to be positive.”