olivLaw · US equity research
StealthGas Inc. GASS
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
StealthGas Inc. is an international seaborne operator of LPG carriers, with a fleet of small and medium-sized vessels managed by an external manager based in Greece. It earns revenue from period charters and the spot market, and its exposure to market cycles and geopolitical tensions makes it relevant now. Revenues reached 173.2 million USD in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, StealthGas Inc. (GASS) stock was 8.29 USD (−3.38% on the day), with market capitalisation 308.3 m USD, P/E 5.1 on diluted EPS of 1.64 USD over the last 12 months, dividend yield 2.26%, beta 0.46, 52-week range 6.69–10.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 7.75 – 9.17
- in the lower half of the band · %B 0.38 · band width 16.8%
- SMA 50 / 200
- 8.93 / 8.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.3% | −1.1% | −8.2 pp | — |
| 3 months | −3.2% | −0.5% | −2.7 pp | — |
| 6 months | −16.9% | +4.4% | −21.3 pp | — |
| Year to date | +18.1% | +12.3% | +5.8 pp | — |
| 1 year | +22.3% | +13.5% | +8.7 pp | +36.7% |
| 3 years | +43.7% | +76.4% | −32.7 pp | +39.6% |
| 5 years | +227.7% | +63.7% | +164.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 5-quarter history (min 2.0, median 4.3, max 7.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 164.3 m | 144.3 m | 145.0 m | 150.2 m | 152.8 m | 143.5 m | 167.3 m | 173.2 m |
| Revenue YoY | +6.5% | −12.2% | +0.5% | +3.6% | +1.7% | −6.0% | +16.5% | +3.5% |
| Net income | -12.3 m | 2.1 m | 12.0 m | -35.1 m | 34.3 m | 51.9 m | 69.9 m | 60.6 m |
| Net income YoY | unavailable | unavailable | +472.6% | −393.1% | unavailable | +51.6% | +34.5% | −13.2% |
| Diluted EPS | -0.31 | unavailable | 0.31 | -0.93 | 1.37 | 1.37 | 1.90 | 1.64 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −400.0% | unavailable | 0.0% | +38.7% | −13.7% |
| net % | -7.5% | 1.5% | 8.3% | -23.4% | 22.4% | 36.2% | 41.8% | 35.0% |
| Free cash flow | -70.5 m | 27.8 m | 4.0 m | 15.8 m | 42.3 m | 77.4 m | -2.7 m | 84.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 99.1 m USD
- Financial debt
- 0 USD
- Net debt
- -99.1 m USD
- Equity
- 690.3 m USD
- Total assets
- 711.7 m USD
- Debt / equity
- 0.00x
- Current ratio
- 9.30x
- ROE
- 9.2%
- ROA
- 8.4%
- FCF margin
- 49.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 145.0 m | 150.2 m | 152.8 m | 143.5 m | 167.3 m | 173.2 m | SEC (XBRL)· 28 Apr 2026verified |
| SG&A | — | — | 1.0 m | 1.1 m | 1.0 m | 1.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | 23.3 m | -31.0 m | 32.6 m | 45.8 m | 59.9 m | 55.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Interest expense | 14.1 m | 12.7 m | 12.1 m | 10.0 m | 9.1 m | 1.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | 12.0 m | -35.1 m | 34.3 m | 51.9 m | 69.9 m | 60.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | 0.31 | -0.93 | 1.37 | 1.37 | 1.90 | 1.64 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 38.4 m | 37.9 m | 37.2 m | 37.2 m | 35.3 m | 35.9 m | SEC (XBRL)· 28 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 38.2 m | 31.3 m | 55.8 m | 77.2 m | 80.7 m | 99.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | 3.6 m | 2.1 m | 4.6 m | 4.5 m | 6.2 m | 7.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | 3.7 m | 2.8 m | 3.1 m | 2.0 m | 3.9 m | 1.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | 48.1 m | 51.7 m | 104.7 m | 120.8 m | 92.1 m | 196.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | 832.3 m | 681.3 m | 628.5 m | 504.3 m | 608.2 m | 491.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | 944.0 m | 798.7 m | 821.5 m | 697.2 m | 732.2 m | 711.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | 10.0 m | 8.6 m | 11.8 m | 10.0 m | 11.0 m | 9.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | 40.5 m | 31.8 m | 30.1 m | 16.6 m | 23.3 m | 0 | SEC (XBRL)· 28 Apr 2026verified |
| Long-term debt | 311.2 m | 262.0 m | 247.0 m | 106.9 m | 61.6 m | 0 | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | 63.1 m | 58.7 m | 56.6 m | 38.7 m | 43.9 m | 21.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | 379.4 m | 323.9 m | 303.6 m | 147.5 m | 105.7 m | 21.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 564.6 m | 474.8 m | 517.9 m | 549.7 m | 626.5 m | 690.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | 37.9 m | 38.2 m | 38.2 m | 36.1 m | 37.0 m | 37.2 m | SEC (XBRL)· 28 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 52.1 m | 41.0 m | 66.6 m | 77.4 m | 103.5 m | 85.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 48.1 m | 25.2 m | 24.2 m | 85.2 k | 106.2 m | 412.4 k | SEC (XBRL)· 28 Apr 2026verified |
| Free cash flow | 4.0 m ≈ | 15.8 m ≈ | 42.3 m ≈ | 77.4 m ≈ | -2.7 m ≈ | 84.8 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Investing cash flow | -58.1 m | -19.2 m | -17.3 m | 111.3 m | -64.5 m | 16.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | -23.1 m | -29.1 m | -25.9 m | -174.2 m | -38.3 m | -87.3 m | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 308.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth38
- Valuation82
- Quality61
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.46 – 48.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)32.90 – 48.51 (Mid 39.00)WACC 9.3% · starting FCFF 86.1 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E6.26 – 26.57 (Mid 15.30)30 companies used · median multiple 9.3x · quartiles 3.8x – 16.2xASC, CCEC, CISS, CMBT, CMRE, CTRM, DAC, DHT, DSX, ECO, EHLD, ESEA, FRO, GNK, GSL, HSHP, IMPP, LPG, NMM, NVGS, PANL, PSHG, PXS, SBLK, SHIP, STNG, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)2.46 – 3.31 (Mid 2.83)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.6% | 32 (vs peers) | 15% |
| Net margin · Quality | 35.0% | 71 (vs peers) | 9% |
| FCF conversion · Quality | 139.8% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 4.3% | 36 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 6.2% | 41 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 34.8x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 9.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 5.1x | 68 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 27.5% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth38/100 · 2/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation82/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STEALTHGAS INC. (GASS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 173.2 m USD in 2025; YoY growth 3.5%; net margin 35.0%; ROE 9.2%.
The estimated value range is 6.26–26.57 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 15.30 USD, the price of 8.29 USD leaves a potential of 84.6% (value / price − 1) and a margin of safety of 45.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.0%
- FCF conversion: 139.8%
- Interest coverage: 34.8x
- Current ratio: 9.3x
- FCF yield: 27.5%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| DACDanaos Corporation | 2.8 bn | 5.7 | 13.7% | 47.4% | +2.8% | +56% / +117% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +22% / +44% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for GASS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.86 Total return -41% · Per year -41% | 8.60 Total return 4% · Per year 4% | 12.95 Total return 56% · Per year 56% |
| 3 years | 4.70 Total return -43% · Per year -17% | 9.35 Total return 13% · Per year 4% | 15.46 Total return 86% · Per year 23% |
| 5 years | 4.54 Total return -45% · Per year -11% | 10.16 Total return 23% · Per year 4% | 18.46 Total return 123% · Per year 17% |
- Exit P/E± 2.34
- Net margin± 1.64
- Annual revenue growth± 1.35
- Annual dilution± 0.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (03 Sept 2026), 6-K (28 Aug 2026), 6-K (08 Jun 2026).
In brief
StealthGas Inc. is an international seaborne operator of LPG carriers, with a fleet of small and medium-sized vessels managed by an external manager based in Greece. It earns revenue from period charters and the spot market, and its exposure to market cycles and geopolitical tensions makes it relevant now 1. Revenues reached 173.2 million USD in fiscal 2025 1.
SWOT
Strengths
- A reputation as a safe and cost-efficient operator of modern, well-maintained vessels that attracts leading charterers 1.
- A relatively young fleet in the small and medium segment, where the company has its largest operating presence 1.
- Period charter coverage for part of upcoming fleet days, which gives some predictability to revenue 1.
Weaknesses
- Dependence on an affiliated manager that receives fixed fees and percentages of revenue, creating costs and related-party considerations to monitor 1.
- Revenue concentration in a few large customers, whose loss could affect financial results 1.
- Exposure to the spot market and short-term charters, which makes revenue harder to predict when rates decline 1.
Opportunities
- A possible rise in U.S. LPG exports could create additional demand for vessels in the United States and the Caribbean 1.
- Renewing expiring charters at high rates could support revenue if the market stays favorable 1.
- Fleet renewal and sale of older vessels could improve the cost and employment profile 1.
Threats
- Oversupply of MGC vessels from deliveries scheduled from 2026 could push charter rates down 1.
- Tensions in the Middle East, Ukraine and the Red Sea could disrupt routes and energy markets with uncertain effects on rates 1.
- Trade policies and tariffs could reduce global trade and demand for seaborne LPG transport 1.
Risks
- Cyclicality of the LPG transport markethigh
Charter rates and financial results can fluctuate significantly, and if rates fall, revenue from expiring charters or the spot market could be adversely affected 1.
- Dependence on major customersmedium
Losing one or more large customers could adversely affect financial performance, given the concentration of revenue 1.
- Dependence on the external managermedium
Operations depend on Stealth Maritime for fleet operation, chartering and other services, which creates operational and governance risks 1.
- Geopolitical and maritime security riskshigh
Conflicts in the Middle East and the Red Sea, and the risk of requisition of vessels or arrest by maritime claimants, could disrupt operations 1.
- Environmental compliance costsmedium
IMO rules and emission requirements could require additional capital expenditure or accelerate the retirement of older vessels 1.
Investment thesis
What would need to be true (bull case)
- The LPG market could stay favorable if disruptions in the Middle East and the Red Sea keep charter rates high, and rising U.S. exports could increase demand for the company's vessels 1.
- A relatively young fleet and a reputation for efficient operation could help the company renew charters on favorable terms 1.
- If rates stay elevated, revenue from spot and renewed charters could support financial results over the medium term 1.
What would break the thesis
- MGC vessels scheduled for delivery from 2026 could lead to oversupply and lower rates, affecting revenue from expiring charters 1.
- Dependence on a few large customers and an affiliated manager could create vulnerabilities if those relationships change 1.
- A drop in global LPG demand, from trade tariffs or an economic slowdown, could reduce rates and fleet utilization 1.
What to watch
- Share of fleet days covered by period charters for 2026 and 2027next 10-K
- Return to service of the Eco Wizard, unemployed since July 20252026
- Status of the sale of the Eco Universe and Eco Royalty and the effect on the fleetQ3 2026
- Trend in LPG charter rates after the Middle East ceasefire2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (03 Sept 2026), 6-K (28 Aug 2026), 6-K (08 Jun 2026).
The business
The company owns and operates a fleet of LPG carriers that transport liquefied petroleum gases such as propane, butane and propylene by sea, all byproducts of crude oil and natural gas production 1. According to the annual report, the fleet as of April 1, 2026 comprised 28 vessels, including one JV vessel, with a total capacity of about 339,134 cbm and an average age of 11.1 years 1. Technical, commercial and administrative management is provided by Stealth Maritime, a company controlled by the Vafias family, under an agreement with fixed daily fees per vessel and a percentage of gross freight 1.
Fleet employment combines period charters, including time charters, and spot charters. As of April 1, 2026, 49% of anticipated fleet days for 2026 and 17% for 2027 were covered by period charters 1. The company has agreed to sell two vessels, and one 40,551 cbm vessel has been unable to be employed since July 2025 following an incident in a Russian port 1.
Customers are LPG producers, energy companies and traders, and industrial users. The three largest customers accounted for 34.1% of revenues in fiscal 2025, a relatively concentrated customer base 1. The company is listed on Nasdaq under the symbol GASS and is a Marshall Islands corporation with principal executive offices in Athens 1.
Segments
Fully-pressurized small and medium vessels
Most of the fleet consists of fully-pressurized vessels of 3,000 to 11,000 cbm, the segment where the company has its largest operating presence 1. This segment holds most vessels employed in the spot market or on short-term charters, and revenue is more sensitive to charter rate levels 1.
Market context
The seaborne LPG transport market is cyclical, with volatility in profitability, charter rates and vessel values driven by the supply of and demand for carrier capacity 1. Demand depends on LPG consumption in China, Japan, India, Southeast Asia and Europe, as well as U.S. shale production 1. In the 3,000 to 11,000 cbm segment newbuilding orders are limited for 2026-2027, but a considerable number of MGC vessels scheduled for delivery from 2026 could lead to oversupply 1.
The Middle East conflict has effectively closed the Strait of Hormuz, pushed up oil prices and raised concerns about LPG supply, creating volatile and uncertain charter markets 1. A two-week ceasefire announced in April 2026 was later extended, and its effect on charter rates remains uncertain 1.
Trends
- Geopolitical tensions and disrupted shipping routesmixed
The war involving Iran, the U.S. and Israel, the conflict in Ukraine and Houthi attacks in the Red Sea could alter routes and freight rates, which may support short-term rates but also create uncertainty 1.
- Rising U.S. LPG exportstailwind
According to industry reports, U.S. LPG product exports could continue to increase, which would create demand for vessels like the company's and could lead to deploying more vessels to the United States and the Caribbean 1.
- Potential oversupply of MGC vesselsheadwind
A considerable number of MGC vessels on order with deliveries from 2026 could lead to oversupply and lower charter rates 1.
- Trade tariffs and protectionist policiesheadwind
Tariffs imposed by the United States and protectionist measures by other countries could reduce global trade and demand for seaborne LPG transport, though their effects remain uncertain 1.
Competitive position
The company competes with other LPG carrier operators for charters and for customers such as producers and energy traders. The source does not name specific competitors, but notes that the manager Stealth Maritime also manages two other medium gas carriers and may manage third-party vessels in competition with the company 1.
- Other small and medium LPG carrier operators
The source does not name specific competitors; general LPG carrier operators compete for the same charters 1.
- Stealth Maritime (affiliated manager)
External manager controlled by the Vafias family that runs the fleet and may also manage third-party vessels in competition 1.
- Operators of MGC vessels on order
Newbuild MGC vessels scheduled for delivery from 2026 could create competitive pressure in the company's segment 1.
- Handysize LPG operators
Companies operating in the Handysize segment, where the company is also active, compete for the same cargoes 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- StealthGas (GASS): Shrinking Fleet Just Delivered This Shipper’s Best Profits YetYahoo Finance — News · 04 Sept 2026 · EN
- StealthGas (GASS) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 03 Sept 2026 · EN
- StealthGas Inc. Q2 2026 Earnings Call SummaryYahoo Finance — News · 02 Sept 2026 · EN
- StealthGas Q2 Earnings Call HighlightsYahoo Finance — News · 02 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)08 Jun 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)03 Mar 2026
- Current report (foreign issuer)25 Nov 2025
- Current report (foreign issuer)29 Aug 2025
- Current report (foreign issuer)25 Aug 2025
- Current report (foreign issuer)30 May 2025
- Annual report (foreign issuer)28 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / StealthGas Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.