StealthGas (GASS) 2026 年第二季法說會：流動資金突破 2.5 億美元

重點總覽

• StealthGas 公布 2026 年第二季營收為 4,290 萬美元，與第一季持平，但低於去年同期的 4,700 萬美元，主要歸因於營運船隊規模縮小，以及三艘較小型現貨市場船舶的閒置時間增加。
• 淨利達 1,730 萬美元，高於第一季的 1,590 萬美元，但同比下降 15%。本季 EPS 為 0.46 美元，2026 年上半年 EPS 為 0.89 美元。
• 該公司保持無負債狀態。在營運現金流、船舶出售以及來自 Echo Wizard 保險索賠案件超過 7,700 萬美元 款項的挹注下，流動資金從年底的 9,900 萬美元 增加至 6 月 30 日的 1.683 億美元，隨後更突破 2.5 億美元。
• StealthGas 已鎖定 2026 年剩餘時間 60% 的船隊天數，相當於約 5,000 萬美元 的營收。截至 2029 年的合約總營收約為 9,000 萬美元。
• 管理層有意將部分流動資金用於船隊更新。管理層表示，董事會正在審視資本配置方案，重點關注公司與股東的長期利益。
• 管理層預計 2026 年下半年的獲利能力將維持在高檔，同時指出地緣政治動盪、荷姆茲海峽的危險航行以及潛在的需求破壞為主要不確定因素。

核心財務數據

業務與營運績效

StealthGas 繼續將合約營收視為優先事項，而非暴露於現貨市場風險。截至 9 月，一年期遠期涵蓋率為 45%。該公司已鎖定四項至少為期三個月的新期租合約：一份為期兩年、一份為期一年，以及兩份延長六個月的合約。

共有四艘船舶在現貨市場營運，包含兩艘便捷型 (Handysize) 船舶。2027 年的合約營收約為 3,000 萬美元，而截至 2029 年已鎖定的未來總營收約為 9,000 萬美元。管理層表示，該涵蓋率略低於偏好水準，因為在地緣政治不確定性下，部分租船方不願在歷史高位的日租金水準下簽署長期承諾。

船隊精簡計畫持續進行。自 2023 年初以來，不含合資企業的船舶，StealthGas 已完成 13 艘船舶出售，總金額約 1.7 億美元。在最近處分包括 Echo Wizard 與 Echo Royalty 在內的船舶後，船隊規模已從 2023 年初的約 40 艘減少至約 25 艘。

2026 年預計進行的五次進塢歲修中，有四次已在上半年完成。今年剩餘時間仍有一艘船舶預定進塢歲修，而第二季末歲修的部分費用可能會延續至第三季。

在資本回報方面，自 2023 年以來，StealthGas 已花費約 2,100 萬美元 用於股票回購。由於股價已上漲，該公司在第二季並未回購股票。

市場狀況

管理層表示，第二季現貨市場呈現典型的季節性轉弱，但與歷史水準相比，租金率仍維持堅挺。由於船舶供需保持平衡，期租租金率總體維持穩定。

隨著美伊衝突與荷姆茲海峽封鎖相關的干擾影響到較大型船型，便捷型 (Handysize) 現貨租金率有所走強。管理層估計，未來幾年便捷型船舶的新船訂單量接近現有船隊的 10%。

隨著美國裝貨量增加拉動跨大西洋航線的需求，中型氣體運輸船 (MGC) 現貨市場亦有所走強。然而，管理層指出，MGC 新船訂單量仍維持在現有船隊的 40% 左右，若需求成長無法跟上新船交付的速度，將構成長期風險。

衝突打亂了全球液化石油氣 (LPG) 貿易。管理層引用數據指出，2026 年上半年全球 LPG 出口量下降了 8%。美國 LPG 出口量在 5 月達到創紀錄的 每日 290 萬桶，而丙烷出口量在第二季成長了 9%。美國經由好望角至亞洲的更長航線支撐了噸海里需求。

管理層展望

管理層表示，對 2026 年下半年維持高獲利能力充滿信心。管理層亦預計冬季月份將帶來更多鎖定額定期租合約的機會。

該公司打算利用無負債的資產負債表及持續成長的現金部位來投資於船隊更新。董事會正在審視資金配置方案，但管理層並未提供具體的投資金額或時間表。

風險與關注焦點

• 通過荷姆茲海峽的航行依然危險，這限制了中東 LPG 的出口並打亂了既有的貿易航線。
• 如果襲擊升級，紅海的進一步干擾可能會造成另一個航運瓶頸。
• 地緣政治衝突延長可能會導致 LPG 需求破壞，或延後對中東生產設施及中國丙烷脫氫 (PDH) 廠的投資。
• 根據管理層引用的數據，第二季印度的 LPG 需求下降了 20%，而中國的 LPG 進口量則下降了 29%。
• 巴拿馬運河潛在的限制與更高額的費用可能會影響航行時間與航線選擇。
• 若需求成長無法消化新船交付，約占現有船隊 40% 的 MGC 手頭訂單可能會對未來的租金率帶來壓力。
• 船員費用、燃油費用以及額外的波斯灣保險費仍是營運成本的壓力來源。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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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