Vafias-led StealthGas posts record profit, declares net-debt free status

The US-listed LPG carrier specialist posted an all-time high net income of US$70M for 2024, marking a 35% increase from US$52M the previous year. StealthGas chief executive Harry Vafias emphasised the company’s performance far outpaced the underlying market improvement.

Voyage revenues surged to US$167M, reflecting a 17% year-on-year growth, which the company attributed to improved market conditions in the LPG carrier sector.

StealthGas also announced new chartering arrangements for four vessels, securing total contracted revenues of approximately US$200M. As of February 2025, the company has 70% of fleet days covered under period contracts, with contracted revenues of approximately US$107M for the remainder of the year.

“It is with great pride we announce for the third consecutive year record annual profits,” said Mr Vafias. However, he cautioned that shipping remains a volatile industry, where fortunes can be made and lost rapidly. He remains cautiously optimistic about the future, citing global geopolitical factors as a key influence on shipping markets.

Net-debt free status 

Mr Vafias further highlighted StealthGas is now net-debt free, having significantly reduced its debt in the current quarter. “We are close to completing our deleveraging, which will provide a long-term advantage to the fleet. The company is on solid footing,” he stated.

The company’s earnings report revealed that StealthGas repaid US$108M in debt during 2024, followed by an additional US$34M in Q1 2025.

Share repurchase programme

StealthGas also announced its board has authorised a US$5M increase to its existing US$25M common stock repurchase programme, bringing the total authorisation to US$30M.

As of 21 February 2025, the company had repurchased shares worth approximately US$19M.

Following the release of its earnings report, StealthGas’ share price surged by approximately 10% on the US stock exchange.

The company owns a fleet of 31 LPG carriers with a total capacity of 349,170 m³.