스텔스가스(GASS) 2026년 2분기 실적발표 콜: 유동성 2억 5,000만 달러 돌파

핵심 요약

• 스텔스가스의 2026년 2분기 매출은 4,290만 달러로 1분기와 동일했으나, 운항 선대 축소와 소형 스팟 시장 선박 3척의 대기 시간 증가로 인해 전년 동기의 4,700만 달러에는 미치지 못했습니다.
• 순이익은 1,730만 달러를 기록해 1분기 1,590만 달러에서 증가했지만, 전년 동기 대비로는 15% 감소했습니다. 주당순이익(EPS)은 분기 0.46달러, 2026년 상반기 0.89달러를 기록했습니다.
• 동사는 무부채 상태를 유지했습니다. 유동성은 연말 9,900만 달러에서 6월 30일 기준 1억 6,830만 달러로 증가했으며, 영업활동 현금흐름, 선박 매각 및 에코 위저드(Echo Wizard) 보험 사건으로 발생한 7,700만 달러 이상의 유입에 힘입어 이후 2억 5,000만 달러를 넘어섰습니다.
• 스텔스가스는 2026년 잔여 기간 동안 선대 운항일수의 60%에 해당하는 계약을 확보했으며, 이는 약 5,000만 달러의 매출에 해당합니다. 2029년까지의 총 계약 매출은 약 9,000만 달러 수준입니다.
• 경영진은 유동성의 일부를 선대 교체에 투입할 계획입니다. 이사회는 회사와 주주의 장기적 이익에 초점을 맞춰 자본 배분 옵션을 검토 중이라고 밝혔습니다.
• 경영진은 2026년 하반기에도 수익성이 높은 수준을 유지할 것으로 예상하면서도, 지정학적 혼란, 호르무즈 해협의 위험한 통과, 잠재적인 수요 파괴를 주요 불확실성 요인으로 강조했습니다.

주요 재무 데이터

사업 및 영업 실적

스텔스가스는 스팟 시장 노출보다 계약 매출을 계속 우선시했습니다. 9월 기준 1년 선도 계약 비율은 45%였습니다. 회사는 최소 3개월 이상의 신규 정기용선 계약 4건(2년 계약 1건, 1년 계약 1건, 6개월 연장 계약 2건)을 체결했습니다.

핸디사이즈 선박 2척을 포함한 4척의 선박이 스팟 시장에서 운항 중이었습니다. 2027년 확정 계약 매출은 약 3,000만 달러였으며, 2029년까지 확보된 총 미래 매출은 약 9,000만 달러였습니다. 경영진은 지정학적 불확실성 속에서 일부 용선주들이 역사적으로 높은 일일 용선료 수준에서 장기 계약 체결을 주저함에 따라 이번 계약 비중이 목표 수준을 소폭 하회했다고 설명했습니다.

선대 축소 프로그램은 계속되었습니다. 2023년 초 이후 스텔스가스는 합작투자 선박을 제외하고 총 13척의 선박 매각을 완료하여 약 1억 7,000만 달러를 확보했습니다. 에코 위저드(Echo Wizard) 및 에코 로열티(Echo Royalty)를 포함한 최근 매각 이후 선대 규모는 2023년 초 약 40척에서 약 25척으로 줄었습니다.

2026년에 예정된 5건의 입거 수리(dry docking) 중 4건이 상반기에 완료되었습니다. 남은 기간 동안 1척의 입거 수리가 예정되어 있으며, 2분기 말 입거 수리 비용 중 일부는 3분기로 이월될 수 있습니다.

자본 환원 측면에서 스텔스가스는 2023년 이후 자사주 매입에 약 2,100만 달러를 집행했습니다. 2분기 중에는 주가 상승으로 인해 자사주를 매입하지 않았습니다.

시장 상황

경영진은 2분기 스팟 시장이 전형적인 계절적 약세를 보였으나, 과거 수준 대비 용선료는 견조하게 유지되었다고 밝혔습니다. 선박 수급이 균형을 이루면서 정기용선 용선료는 대체로 안정적인 모습을 보였습니다.

미국-이란 갈등 및 호르무즈 해협 봉쇄 관련 차질이 대형 선종에 영향을 미치면서 핸디사이즈 스팟 용선료가 강세를 나타냈습니다. 경영진은 향후 몇 년간 핸디사이즈 신조 발주 잔량이 기존 선대의 10%에 근접한 수준이라고 제시했습니다.

미국 선적량 증가로 대서양 횡단 운항 수요가 늘어나면서 중형가스선(MGC) 스팟 시장도 강세를 보였습니다. 다만 경영진은 MGC 발주 잔량이 기존 선대의 약 40% 수준을 유지하고 있어, 수요 증가가 선박 인도 속도를 따라가지 못할 경우 장기적 위험 요인이 될 수 있다고 지적했습니다.

분쟁으로 인해 글로벌 LPG 교역에 차질이 생겼습니다. 경영진은 2026년 상반기 글로벌 LPG 수출이 8% 감소했다고 언급했습니다. 미국의 LPG 수출은 5월 일일 290만 배럴로 사상 최고치를 기록했으며, 프로판 수출은 2분기에 9% 증가했습니다. 희망봉을 우회하는 미국-아시아 간 장거리 노선 운항이 톤마일 수요를 뒷받침했습니다.

경영진 전망

경영진은 2026년 하반기에도 수익성이 높은 수준을 유지할 것으로 확신한다고 밝혔습니다. 또한 겨울철에 추가 정기용선 계약을 확보할 기회가 늘어날 것으로 기대하고 있습니다.

회사는 무부채 재무제표와 늘어난 현금 자산을 활용해 선대 교체 투자에 나설 계획입니다. 이사회가 투자 옵션을 검토 중이지만, 경영진은 구체적인 투자 금액이나 일정은 밝히지 않았습니다.

리스크 및 주목할 점

• 호르무즈 해협 통과가 여전히 위험하여 중동의 LPG 수출이 제한되고 기존 교역로에 차질이 빚어지고 있습니다.
• 공격이 격화될 경우 홍해에서의 추가 차질이 또 다른 해운 병목 지점(choke point)을 형성할 수 있습니다.
• 지정학적 갈등이 장기화되면 LPG 수요 파괴를 유발하거나 중동 생산 시설 및 중국 PDH 공장에 대한 투자가 지연될 수 있습니다.
• 경영진이 인용한 수치에 따르면 2분기 인도의 LPG 수요는 20% 감소한 반면, 중국의 LPG 수입은 29% 감소했습니다.
• 파나마 운하의 잠재적 통항 제한 및 통행료 인상은 항해 기간과 운항 경로에 영향을 미칠 수 있습니다.
• 기존 선대의 약 40%에 달하는 MGC 발주 잔량은 수요 증가가 신조선 인도를 흡수하지 못할 경우 향후 용선료에 압박을 가할 수 있습니다.
• 선원 비용, 벙커유 비용 및 페르시아만 추가 보험료는 계속해서 영업 비용 압박 요인으로 남아 있습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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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