ステルスガス（GASS）2026年第2四半期決算説明会：流動性が2億5000万ドルを突破

主要なポイント

• ステルスガスが発表した2026年第2四半期の売上高は4,290万ドルとなり、第1四半期から横ばいとなったものの、運航船隊の縮小やスポット市場向け小形船3隻の稼働停止時間の増加を主な要因として、前年同期の4,700万ドルを下回りました。
• 純利益は1,730万ドルに達し、第1四半期の1,590万ドルから増加したものの、前年同期比では15%減少しました。EPS（1株当たり利益）は当四半期が0.46ドル、2026年上半期累計では0.89ドルとなりました。
• 同社は無借金経営を維持しました。手元流動性は前年末の9,900万ドルから6月30日時点で1億6,830万ドルに増加し、その後、営業キャッシュフロー、船舶売却、およびEcho Wizard件の保険金7,700万ドル超に支えられて2億5,000万ドルを超過しました。
• ステルスガスは2026年残存期間の稼働可能日数の60%で契約を確保しており、これは約5,000万ドルの売上高に相当します。2029年までの契約済み売上高の合計は約9,000万ドルとなっています。
• 経営陣は、手元流動性の一部を船隊の更新に充てる意向です。取締役会は、会社および株主への長期的な利益に主眼を置き、資本配分の選択肢を検討していると述べています。
• 経営陣は2026年下半期も高水準の収益性が維持されると予想していますが、主要な不確実性として、地政学的混乱、ホルムズ海峡の危険な通航、および需要の減退の可能性を挙げています。

主要財務データ

事業および運航業績

ステルスガスは、スポット市場への露出よりも契約済み売上高の確保を継続して優先しました。9月時点の1年先契約カバー率は45%でした。同社は少なくとも3か月以上の新規定期チャーター契約を4件締結しました（2年契約が1件、1年契約が1件、6か月の延長契約が2件）。

ハンディサイズ船2隻を含む4隻がスポット市場で運航されていました。2027年の契約済み売上高は約3,000万ドルで、2029年までの確保済み将来売上高の合計は約9,000万ドルでした。経営陣は、地政学的不確実性の中で一部の用船者が歴史的な高日額レートでの契約を躊躇したため、このカバー率は理想の水準をやや下回っていると述べています。

船隊縮小プログラムも継続しました。2023年初以降、ステルスガスは合弁事業の船舶を除き13隻の船舶売却を完了し、約1億7,000万ドルを取得しました。船隊規模は、Echo Wizard号およびEcho Royalty号の直近の処分を含め、2023年初の約40隻から約25隻へと減少しました。

2026年に計画されている5件のドック入りのうち4件が上半期に完了しました。年内に残り1隻のドック入りが予定されていますが、第2四半期後半のドック入りに伴う費用の一部は第3四半期に持ち越される可能性があります。

株主還元に関しては、ステルスガスは2023年以降、自社株買いに約2,100万ドルを充当しました。なお、株価が上昇したため第2四半期中の自社株買いは実施しませんでした。

市場環境

経営陣によると、第2四半期のスポット市場は季節的な軟化傾向を示したものの、過去の水準と比較するとレートは堅調を維持しました。定期借船レートは、船舶の需給バランスが保たれたことから概ね安定して推移しました。

米国とイランの紛争およびホルムズ海峡の封鎖に伴う混乱が大型船型に影響を及ぼしたことで、ハンディサイズのスポットレートは上昇しました。経営陣は、今後数年間のハンディサイズの受注残高を既存船隊の10%近くにとどまるとみています。

MGC（中型ガス運搬船）のスポット市場も、米国での積み込み増加に伴い大西洋横断航路の需要が高まったことで上昇しました。しかし経営陣は、MGCの受注残高が既存船隊の約40%と高水準を維持しており、新造船の引き渡しに需要の伸びが追いつかない場合、中長期的なリスクとなり得ると指摘しました。

この紛争により世界的なLPG貿易が混乱しました。経営陣は2026年上半期の世界のLPG輸出量が8%減少したと言及しました。5月の米国のLPG輸出量は日量290万バレルと過去最高を記録し、第2四半期のプロパン輸出量は9%増加しました。喜望峰を経由する米国からアジアへの航路長期化が、トンマイル需要を支えました。

経営見通し

経営陣は、2026年下半期も高水準の収益性が維持されることに自信を示しています。また、冬季には追加の定期チャーター契約を確保する機会が増えると見込んでいます。

同社は、無借金の財務基盤と拡大するキャッシュポジションを活用して船隊の更新に投資する意向です。取締役会は資金運用の選択肢を検討中ですが、経営陣は具体的な投資額や時期については明らかにしていません。

リスクと注視すべきポイント

• ホルムズ海峡の通航は引き続き危険な状態にあり、中東からのLPG輸出が制限され、既存の貿易ルートが混乱しています。
• 攻撃がエスカレートした場合、紅海でのさらなる混乱が新たな海上輸送のチョークポイントとなる可能性があります。
• 地政学的紛争の長期化は、LPG需要の減退を引き起こすか、中東の生産設備や中国のPDHプラントへの投資を遅らせる可能性があります。
• 経営陣が挙げた数値によると、第2四半期におけるインドのLPG需要は20%減少した一方、中国のLPG輸入量は29%減少しました。
• パナマ運河の通航規制の可能性や手数料の値上げは、航海期間やルート選定に影響を与える可能性があります。
• 既存船隊の約40%を占めるMGCの受注残高は、需要の伸びが新造船の引き渡しを吸収できない場合、将来の運賃レートを押し下げる要因となる可能性があります。
• 乗組員費用、バンカー油費用、およびペルシャ湾の追加保険料が、引き続き運航費用の圧迫要因となっています。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you. Please be advised that today's conference has been recorded. I would now like to hand the conference over to our speaker today, Harry Vafias. Please go ahead.

Harry Vafias

Good morning, everyone, and welcome to our Second Quarter of 2026 Earnings and Conference Call. This is Harry Vafias, the CEO. And joining me today is, as usual, our Chairman, Michael Jolliffe, and Konstantinos Sistovaris from Investor Relations. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, subject to material risks and uncertainties. So if you could all take a moment to read our disclaimer on slide 2. The risks are further disclosed in our filings with the Securities and Exchange Commission.

Let's proceed on slide 3 for an overview of the quarter and our strategy implementation. While the market for the second quarter was relatively stable for the smaller ships and strengthening for the larger ones, our company managed to achieve revenues of $42.9 million, similar to the previous quarter but somewhat reduced from the record of $47 million achieved last year. The company continued to generate superior returns with profits of $17.3 million for the quarter, improving on the $15.9 million achieved in the previous quarter.

Thus far in '26, the performance has been very strong, reporting earnings per share of $0.46 for the second quarter and $0.89 for the first half, underlining the fact that the company stock is very attractive on a price to earnings multiple. Our focus has been on delivering on our strategic principles. In terms of our commercial strategy, that means keeping visible revenue stream and reducing our exposure to the volatile spot market. Currently, 45% of the fleet calendar days are covered by the time charters, and total secured future revenues are $90 million.

The company has also made prudent use of its capital by mostly paying down its debt, over $350 million of debt prepaid over the last few years, and being one of the few public shipping companies having achieved zero leverage, allocating funds for a share repurchase program and having spent about $21 million in buybacks since 2023. But as the share price has appreciated, we did not buy back any shares during the second quarter.

It is also part of our strategy to sell older tonnage while the market is high in order to crystallize returns and improve the averages of the fleet. 13 vessel sales, excluding joint venture vessels, since the start of '23, but have amounted to approximately $170 million. We have reduced the overall fleet from approximately 40 vessels at the start of 2023, down to approximately 25 vessels. With the latest exits, the Echo Wizard and just this week the delivery of the Echo Royalty, to sell older and smaller tonnage, although the market for LPG vessels is not very liquid in that respect.

This has also allowed us to raise cash and improve the liquidity of the company. As of June 30th, the cash position was $168 million. Since then, through our operational cash flow and especially the money received after the successful conclusion of the Echo Wizard insurance case of over $77 million, so current liquidity has grown to over $250 million. With our cash shooting at an all-time high, with no outstanding issues and the markets being firm, we are in a favorable position to deploy some of the liquidity.

We have always been patient and conservative in deploying funds. Our board is reviewing all the options with a focus on the long-term benefit of the company and its shareholders. On slide 4, we see our fleet employment as of September. Activity was relatively consistent over the past few months. We did conclude four new period charters of three months or longer. One of those was for two years, one for one year, and the other two were for six-month extensions. That leaves four ships operating in the spot market, including two of the handy sizes as we enter the next quarter. Winter months, we expect to find more opportunities to secure more time charters. Overall, we continue to maintain high period coverage, albeit lower than in the past.

As of September, for the remainder of '26, we have secured 60% of the fleet days, bringing in about $50 million in revenues for the remainder of the year. For 2027, we have secured about $30 million in revenues. One-year forward coverage stands at 45%. The total revenues secured for all future periods up to 2029 are about $90 million. This is slightly below where we would like, but with the market being historically high and the uncertainty surrounding the geopolitical situation, some charters are hesitant to commit to longer-term business at historically high day rates. In terms of dry docking, five ships were scheduled during this year. So far, four of these were completed during the first half, and one vessel remains to be dry docked in the remainder of the year, looking at the geographical allocation of the fleet.

On slide 5, our company mainly focuses on regional trade and local distribution of gas, while the larger ships mostly engage in intercontinental voyages like loading in the U.S., discharge in Europe. We continue to position the majority of our fleet two-thirds west of Sweden, particularly in Europe and the Med, where rates can be about 30% higher than in the East and with a more active spot market. The one smaller ship we had in the Far East, we decided to relocate west during the summer as it faced increased off-hires and is now trading in North-West Europe. East of Suez, we only have one of our vessels remaining, the larger vessel that was stranded for some time inside the Persian Gulf. Early in the summer, when there seemed to be a lull in hostilities, that vessel managed to safely exit the Hormuz Strait. The ceasefire unfortunately proved to be brief, and now the passage is dangerous again as both sides target vessels going through. Yet as we hear in the news, there are still corridors being used and some vessels still manage to make this passage.

I am now giving you over to Mr. Sistovaris for the financial performance.

Unknown Speaker

Thank you, Harry. Starting with slide 6, where we have a snapshot of the income statement for the second quarter against the same period of 2025. The second quarter was a very profitable quarter that would rank amongst the four best quarters on record, both in terms of revenue generation and overall profitability. However, when compared to last year, the reduced number of operational vessels in the fleet, as well as an increase in idle time for the three of the smaller vessels operating in the spot market, showed a reduction in revenues to the level of $42.9 million, which was the same as the previous quarter, the first quarter of 2026. Voyage expenses were higher at $7.2 million, mainly as a result of increased bunker expenses and some additional insurance premiums related to the Persian Gulf. That would give a time charter equivalent rate of $15,709 per vessel per day. Operating expenses were flat at $12.8 million for the quarter, albeit with a smaller fleet as there were cost pressures, particularly related to crew expenses. That being said, with an average of operating expenses around $5,310 per vessel per day, the company continues to run amongst the most efficient shipping operators in terms of cost structure.

This quarter, only one vessel was dry docked towards the end of the quarter, so we may have some spillover next quarter. Another item that influenced the results this quarter positively was a small gain of $1.3 million from the S&P activity. We also note that we benefited by an increase in financial gains of $1 million as we saw both a reduction in interest costs and an increase in interest income compared to last year, as the company no longer pays any loan interest following the debt extinguishment and has considerably increased its cash balances. Net income for the second quarter was $17.3 million, 15% below the $20.4 million achieved last year. Earnings per share for the quarter were $0.46, on an adjusted and non-adjusted basis. The company continues to operate on a very high profit margin of 40%, meaning for every dollar of revenue is converted to $0.40 of profit.

Looking at the balance sheet at the next slide, 7, as of June 30th, 2026, the most important point to consider is the fast growth in the company's cash position. In the space of six months, the company grew its liquidity consisting of cash and short-term investments by 70% from $99 million to $168.3 million. This $70 million increase in the liquidity position was achieved through the sale of two small vessels and a $40 million improvement in operational cash flow. Vessels held for sale as of June 30th was $10 million, with the proceeds expected to boost the cash position in Q3. The book value of the 24 vessels in the fleet was $473 million, reduced by 3.7%. Current assets were steady at $81.5 million, with a large part, the $64 million, being the book value and related expenses of the medium gas carrier, as this was resolved in the next quarter. And the company received all the proceeds and more based on the market values, and this will be moved to the cash in the next quarter. On the liability side, we want to show again that debt remains zero debt and the total liabilities of the company are a mere $28 million. All current, mainly trade payables from its operations and deferred income from monthly hires.

In a very short time, the company has achieved one of the healthiest balance sheets in the shipping space. Shareholders' equity increased over the six-month period by $36.4 million to $726 million, a percent increase. Moving on to slide 8 where we reiterate how StealthGas achieved its strategic goal of deleverage. The company in the past always relied on moderate leverage to finance its capital requirements. Since the beginning of 2023, in a little over two and a half years, as cash flow improved, it aggressively repaid about $350 million and became in July of 2025, over a year ago, for the first time a debt-free company. The elimination of bank debt enhanced dramatically the financial flexibility of the company when the time comes for expansion, while at the same time achieving significant savings in interest costs. With no debt amortization or interest payments, the cash flow break-even for the fleet is significantly reduced, enhancing the fleet competitiveness, while at the same time, and also due to S&P activity, liquidity has been improving every quarter and is at the highest point it has ever been. I will now hand you to our Chairman, Michael Jolliffe, for some insights on the market.

Michael Jolliffe

Good morning. At the forefront, of course, is the conflict with Iran and the closure of the straits. One third of LPG supply came from the Middle East, and the majority going through the Straits of Hormuz. As a result of the conflict in the Persian Gulf, global exports of LPG in the first half of 2026 fell by 8%. This is certainly a large number and would have led to significant downward pressure in rates, were it not for the increase in ton miles. Instead, rates for VLGCs hit new records and continue to remain at very high levels as more product was sourced from the U.S. It was reported that U.S. LPG exports hit a record of 2.9 million barrels per day in May, while EIA data show that propane exports were up by 9% in the second quarter. Many vessels previously trading in the Middle East have been repositioned to the U.S. and many of these once loaded, return to the Far East, taking the longer route via the Cape of Good Hope, a 45-day journey, adding significant ton miles to the equation. We also read reports lately of increasing Panama Canal fees and possible restrictions in the number of vessels passing through there due to low water levels result of drought caused by El Nino. This ramp-up of U.S. exports is an ongoing theme, as exports from the U.S. have been rising consistently for many years, and the U.S. currently accounts for 55% of the world's LPG supply. As previously discussed, the expansion of terminals in the U.S. will continue with projects running into early 2030, and the more recent news on that front was that Energy Transfer announced in June another project to increase export capacity from Nederland. On the other side of the Atlantic, Europe remained well supplied with U.S. product. As more propane cargoes entered the continent, the propane-naphtha differential induced petrochemical producers to favor the former, keeping the market active. In addition, two crackers in Terneuzen and Geismar came back online after a long absence supporting petrochemical demand.

On the other hand, residential demand weakened as a result of lack of heating needs during the summer. The maybe premature exportation of the conflict resolution seen in backward dated future prices also discouraged stock building. So while Europe remained well supplied, the situation in the Strait of Hormuz has not changed. Asian countries imported 46% of their LPG supply from that area before the conflict began. Now we only see a handful of LPG vessels daring to cross the straits, while efforts to bypass the straits and export through Oman or the Red Sea produce some additional volumes not enough to cover Asian customers. Recently, the Houthis have started targeting Saudi vessels while in the Red Sea and in. If this escalates, it could become another block choke point. As a result of the geopolitical turmoil, demand in Asia last year registered large drops.

India, the second largest importer of LPG, saw a demand fall by 20%. But the establishment of new trading routes is going to have a longer lasting effect once the conflict ends. Last month it was reported in the Indian press that there are plans to diversify the sources of LPG and start importing at least 25% from the U.S. supply contracts with U.S. exporters. To remind you that it was about a year ago during the trade disputes that India had just announced they would increase their LNG imports from the U.S. from nearly zero to 10%. Similar to the situation in India, China, the world's largest importer of LPG, saw imports fall by 29% in the second quarter. The temporary reopening of the straits during July saw a temporary surge in imports, but demand remains weak as a result of continuous low utilization rates from PDH plants and higher propene prices, and that has an effect on local trading for smaller vessels. The conflict in Iran has shown how important it is to have resilient supply chains and the need for strategic reserves.

For the time being, it seems the conflict has entered a stalemate. The beneficiaries at this point are the U.S. exporters and shipping, but if the situation persists in the longer term, it could lead to demand destruction, and longer-term investments could be abandoned, be it production facilities in the Middle East like the Qatari projects, PDH plants in China. After this brief overview of the product market, let us move to how our shipping market has performed over this period. Moving to slide 10 to update you on the commercial side. The spot market in Q2 followed the typical seasonal trend of softening compared to Q1, although rates have still remained at firm levels compared to the historical average. TC rates remain relatively flat as the balance between tonnage supply and demand has remained relatively balanced with limited movement of vessels in and out. There were a handful of new orders for vessels, enough to keep the supply steady at a low. We are not worried about the order book as for quite some time now it has been restrained. The existing fleet has a large number of older vessels that will eventually need to be scrapped.

Roughly a third of the fleet is over 20 years of age, but with the firm market we continue to see only a few vessels being decommissioned. The handy size owners enjoyed a firming spot market in Q2 as the effects of the U.S.-Iran war and the Hormuz closure trickled down from the larger sizes. LPG trading on the handies became more active as the MGCs disappeared from the position lists. On the time-charter side, rates are holding at historically very firm levels. Again, there were no new orders for this size of vessel, and the current order book, sitting close to 10% over the next few years, remains very healthy. The MGC spot market got a significant boost in Q2 as the VLGCs shot up to all-time highs following the closure of Hormuz and the significant increase in U.S. loadings to compensate for the AG shortfalls. This led to significant increase in the requirements for transatlantic voyages on the MGCs, swap rates jumping to levels never seen before, times through Q2, and are currently sitting at historically very firm levels. The firming market helped absorb the incoming new buildings, as we are now in a period where the vessels previously ordered are starting to enter the fleet.

Unlike the VLGC market, where once more we saw a larger number of orders being placed over the last three months, the MGC order book with no new orders has started coming down. Yet the order book sits around 40% of the existing fleet, and while in the short-term conflicts have increased ton miles, it could prove detrimental to rates in the future if demand does not keep pace, despite the optimism. To conclude today's presentation, the second quarter was challenging to navigate due to the developing geopolitical turbulence. Through our strong operating platform and solid business, we once more reported superior returns for our shareholders. For the first six months of this year, we already recorded earnings per share of $0.89. We are confident the profitability will remain elevated in the second half of the year. After having successfully resolved all major outstanding issues, our attention turns to the optimal utilization of our growing liquidity that has reached an all-time high of over $250 million currently.

Our intention is to invest in renewing the fleet. We have placed StealthGas in the very fortunate position of having a fully flexible balance sheet with zero debt and a growing cash pile operating in a niche market with solid fundamentals. We have now reached the end of our presentation. We would like to thank you for joining us at our conference call today. We look forward to having you with us again at our next conference call for our third quarter results. Thank you.

Operator

This concludes this conference call. Thank you for participating. You may all now disconnect. Have a nice day.

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