StealthGas reports higher profit on strong period coverage amid lower geopolitical volatility

US-listed StealthGas reported net income of US$13.3M for Q3 2025, up from US$12.1M in the same period last year. Revenue rose to US$44.5M, compared with US$40.4M a year earlier.

“Due to the high period coverage in our fleet, we achieved another quarter of solid profits with a 10% increase compared to last year,” said StealthGas chief executive Harry Vafias.

The company noted that about 85% of its fleet days for 2025 are already secured on period charters, along with 46% for 2026. Across all periods, contracted revenues amount to approximately US$130M. StealthGas has also recently concluded chartering arrangements – both new deals and extensions – for five vessels, with durations ranging from three to 12 months.

For the January–September 2025 period, net income declined to US$47.8M, down from US$55.6M in the same period of 2024. Revenues, however, increased to US$133.8M, from US$123.8M last year.

Mr Vafias added that although the market experienced seasonal softening in spot rates over the summer, the reduction in activity was “relatively modest.”

Commenting on current market conditions, he said charter rates have been trending upward, while geopolitical volatility “seems to have subsided somewhat, at least temporarily,” leading to improving trade flows and market sentiment.

Sale activity

StealthGas has agreed to sell 2014-built Eco Invictus to a third party, with delivery expected in Q1 2026. The company has already sold three LPG carriers this year – including one held through a joint venture – and during the summer acquired the remaining 50% stake in two small LPG carriers from its JV partner.

“We are always looking for opportunities to divest older assets, and as such we entered into an agreement for the third time this year to sell another one of our older vessels,” Mr Vafias said.

Following the latest sale, StealthGas’ fully owned fleet will consist of 27 LPG carriers, with one additional vessel held through a joint venture. The company has fully repaid the debt on its wholly owned fleet, making US$85.9M in repayments in the first nine months of 2025 and US$350.0M since December 2022.

Eco Wizard still stranded in Russia

StealthGas also provided an update on Eco Wizard, which suffered an ammonia leak at the port of Ust-Luga in July. The vessel remains stranded, though it has shifted berth and temporary repairs have been completed.

The company said the vessel must be drydocked for permanent repairs and that it is working with local and EU authorities to secure permission for the ship’s release so it can be moved to a European yard.

Until repairs are fully completed – if the vessel returns to service at all – Eco Wizard will remain off-hire and generate no revenue.