StealthGas, Inc. Q4 FY2024 earnings call

• Revenue growth: Q4 2024 revenues at $43.5 million, full-year 2024 at $167.3 million, highest in history.
• Profitability: Adjusted net income for full year 2024 was $77 million, third consecutive record profit.
• Deleveraging: Paid $108 million in 2024, debt below $50 million, net debt-free except two vessels with mortgages.
• Share repurchase: Board authorized up to $10.5 million for share repurchases.
• Fleet strategy: Focus on deleveraging, optimizing cash flow; 70% period coverage for 2025, secured over $200 million in future revenues.
• Dry dockings: Three vessels dry docked in Q4 2024, four scheduled in 2025.
• Joint ventures: Book value of investments reduced, vessels sold, proceeds used to prepay debts.
• Ammonia trades: Increasing engagement in ammonia trades with Handys and MGC vessels.

For the fourth quarter of 2024, revenues were $43.5 million, 27% higher than the previous year. Full-year 2024 revenues reached $167.3 million, the highest in the company's history. Adjusted net income for the full year was $77 million, marking the third consecutive year of record profits. On an adjusted basis, earnings per share were $0.44 for the quarter and $2.11 for the full year. The fully owned fleet has most vessels debt-free except two with mortgages. Joint venture investments had a book value of $27.7 million as of December 31, 2024, with vessels sold and dividends received. Revenues were boosted by the sale of smaller LPGs and delivery of new building medium gas carriers.

• Share repurchase: Management authorized to invest up to $10.5 million for share repurchases.
• Period coverage: 70% period coverage for 2025 secured.
• Debt reduction: Debt level close to $50 million, net debt-free, reduced debt amortization.
• Fleet: Conservatively diversifying and renewing fleet, no new announcements on new vessels in this call.

• Geopolitical: Volatile Middle East situation, Suez Canal uncertainties, US-China trade war potential, sanctions on Russian LPG, Iran sanctions.
• Regulatory: EU-ETS and FuelEU regulations penalizing less efficient vessels.
• Market: Order book impacts on MGC segment, soft rates in east compared to west, ammonia market risks if adoption doesn't materialize.