StealthGas Inc. (GASS): Business Model Canvas

In der dynamischen Welt der maritimen Logistik entwickelt sich StealthGas Inc. (GASS) zu einem zentralen Akteur in der Transportbranche für Flüssiggas (LPG) und orchestriert eine komplexe Symphonie der globalen Energiebewegung. Mit einem ausgeklügelten Geschäftsmodell, das Spitzentechnologie, strategische Partnerschaften und innovative Servicebereitstellung nahtlos miteinander verbindet, navigiert dieses maritime Kraftpaket durch die komplizierten Gewässer der internationalen Schifffahrt und bietet seinen Kunden einen robusten und flexiblen Ansatz für den Energietransport. Ihr einzigartiges Wertversprechen liegt nicht nur in der Beförderung von Gas, sondern auch in der Schaffung eines umfassenden Ökosystems zuverlässiger, effizienter und umweltfreundlicher maritimer Lösungen, die Energieerzeuger mit Verbrauchern auf der ganzen Welt verbinden.

StealthGas Inc. (GASS) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften für den Schiffbau

StealthGas Inc. unterhält strategische Partnerschaften mit spezialisierten Werften für den Bau von LPG-Tankern. Im Jahr 2024 besteht die Flotte des Unternehmens aus 54 Schiffen mit einem Durchschnittsalter von 13,4 Jahren.

Werftpartner	Anzahl der gebauten Schiffe	Schiffstyp
Hyundai Heavy Industries	12	LPG-Tanker mittlerer Reichweite
Samsung Heavy Industries	8	Große LPG-Tanker

Reedereien und maritime Leasingfirmen

StealthGas arbeitet mit globalen Schifffahrts- und Leasingunternehmen zusammen, um die Schiffsauslastung zu optimieren.

• Gesamter Charterumsatz im Jahr 2023: 175,2 Millionen US-Dollar
• Durchschnittliche Charterdauer: 2-3 Jahre
• Wichtige Leasingpartner: BW LPG, Dorian LPG

Händler und Energieunternehmen für Flüssiggas (LPG).

Strategische Partnerschaften mit LPG-Händlern und Energieunternehmen sorgen für einen konsistenten Gütertransport.

Energieunternehmen	Jährliches transportiertes LPG-Volumen	Geografische Region
Muschel	1,2 Millionen Tonnen	Mittelmeer
Gesamt-SE	0,9 Millionen Tonnen	Naher Osten

Finanzinstitute und Seeversicherungsanbieter

StealthGas unterhält wichtige Finanz- und Versicherungspartnerschaften, um Risiken zu verwalten und den Flottenbetrieb zu unterstützen.

• Gesamtkreditfazilitäten: 320 Millionen US-Dollar
• Seeversicherungsschutz: 750 Millionen US-Dollar
• Primäre Bankpartner: DNB Bank, Credit Suisse

Klassifikationsgesellschaften und maritime Regulierungsbehörden

Compliance- und Sicherheitspartnerschaften gewährleisten die Einhaltung gesetzlicher Vorschriften und operative Exzellenz.

Klassifikationsgesellschaft	Zertifizierungstyp	Schiffe zertifiziert
DNV GL	Sicherheitsmanagement	38 Schiffe
Amerikanisches Schifffahrtsbüro	Technische Compliance	16 Schiffe

StealthGas Inc. (GASS) – Geschäftsmodell: Hauptaktivitäten

LPG-Transport und maritime Logistik

StealthGas Inc. betreibt im vierten Quartal 2023 eine Flotte von 47 Schiffen mit einer Gesamtkapazität von 1.558.000 Kubikmetern für den LPG-Transport. Zur Flottenzusammensetzung des Unternehmens gehören:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (CBM)
Handygroße LPG-Tanks	22	578,000
Mittelgroße LPG-Tanker	15	620,000
Kleine LPG-Tanker	10	360,000

Flottenmanagement und Schiffswartung

Die jährlichen Ausgaben für die Flottenwartung beliefen sich im Jahr 2023 auf 42,3 Millionen US-Dollar. Zu den wichtigsten Wartungsaktivitäten gehören:

• Trockendock-Inspektionen für jedes Schiff alle 2,5 Jahre
• Kontinuierliches technisches Management von Schiffen
• Einhaltung der Sicherheitsstandards der International Maritime Organization (IMO).

Charterdienste für LPG- und Gastankschiffe

Im Jahr 2023 erwirtschaftete StealthGas Inc. Chartereinnahmen in Höhe von 187,5 Millionen US-Dollar. Aufschlüsselung des Charterservices:

Chartertyp	Prozentsatz des Umsatzes	Durchschnittliche Charterdauer
Zeitcharter	68%	12-18 Monate
Spot-Charter	32%	1-3 Monate

Routenoptimierung und Frachtplanung

Das Unternehmen nutzt fortschrittliche Routenoptimierungstechnologie und erreicht damit:

• 95,7 % Pünktlichkeitsquote
• 12 % Verbesserung der Kraftstoffeffizienz im Jahr 2023
• Durchschnittliche Reisedistanz von 4.200 Seemeilen pro Schiff

Einhaltung internationaler Seeverkehrsvorschriften

Die Compliance-Ausgaben für 2023 beliefen sich auf 6,2 Millionen US-Dollar und umfassten:

• Einhaltung der Schwefelverordnung IMO 2020
• Anforderungen des Ballastwasser-Übereinkommens
• Jährliche Sicherheitsaudits im Seeverkehr durch Dritte

StealthGas Inc. (GASS) – Geschäftsmodell: Schlüsselressourcen

Moderne LPG-Tankerflotte

Flottenzusammensetzung ab 2023:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (CBM)
LPG-Tanker	39	752,483

Erfahrenes maritimes Management

Kennzahlen des Managementteams:

• Durchschnittliche Erfahrung in der maritimen Industrie: 22 Jahre
• Gesamtes Führungspersonal: 85 Fachkräfte
• Internationale Zertifizierungen: 92 % des oberen Managements

Finanzkapital

Finanzielle Ressourcen ab Q3 2023:

Finanzkennzahl	Wert
Gesamtvermögen	682,4 Millionen US-Dollar
Kreditfazilitäten	215,6 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	37,2 Millionen US-Dollar

Navigationstechnologien

Technologieinfrastruktur:

• Echtzeit-Schiffsverfolgungssysteme
• Fortschrittliche GPS- und maritime Kommunikationsnetze
• Automatisierte Routenoptimierungssoftware

Globale Versandrouten

Streckenabdeckung:

Region	Anzahl der aktiven Routen
Naher Osten	12
Europa	8
Asien-Pazifik	15
Amerika	7

StealthGas Inc. (GASS) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente LPG-Transportdienste

StealthGas Inc. betreibt im vierten Quartal 2023 eine Flotte von 47 Schiffen mit einer Gesamtkapazität von 1.456.267 Kubikmetern für den LPG-Transport.

Zusammensetzung der Flotte	Anzahl der Schiffe	Gesamtkapazität (CBM)
LPG-Tanker	47	1,456,267

Flexible Charteroptionen für globale Energiemärkte

StealthGas bietet Charterdienste auf mehreren internationalen Seerouten an und ist in Nordamerika, Europa und Asien tätig.

• Durchschnittliche Charterdauer: 6-12 Monate
• Chartereinnahmen im Jahr 2022: 140,2 Millionen US-Dollar
• Geografische Abdeckung: 15 internationale Seerouten

Hochwertige, gut gewartete Seeflotte

Flottenalter und Wartungskennzahlen ab 2023:

Flottenmetrik	Wert
Durchschnittliches Flottenalter	10,3 Jahre
Jährliche Wartungsausgaben	8,3 Millionen US-Dollar

Kostengünstige Versandlösungen für Energiehändler

Kennzahlen zur Versandkosteneffizienz für 2022:

• Durchschnittliche Kosten pro Kubikmeter: 0,85 $
• Kraftstoffeffizienz: 22,4 Tonnen pro Seemeile
• Reduzierung der Betriebskosten: 7,2 % im Jahresvergleich

Sicherer und umweltfreundlicher maritimer Betrieb

Sicherheits- und Umweltleistungsindikatoren:

Umweltmetrik	Leistung 2022
Reduzierung der CO2-Emissionen	6.5%
Sicherheitsvorfälle	0,3 pro 100.000 Seemeilen

StealthGas Inc. (GASS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energiekunden

StealthGas Inc. unterhält im dritten Quartal 2023 78 Zeitcharterverträge mit einer durchschnittlichen Laufzeit von 8,2 Monaten. Die Flottenauslastung des Unternehmens erreichte im Jahr 2023 96,4 %, was eine starke Kundenbindung und Vertragsstabilität zeigt.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Langfristige Zeitcharter	78	8,2 Monate

Personalisierter Kundenservice und Kontoverwaltung

StealthGas beschäftigt 12 spezialisierte Account-Management-Experten für die Betreuung der Kundenbeziehungen mit einer durchschnittlichen Kundeninteraktionshäufigkeit von 3,5 Kontaktpunkten pro Monat.

• Dedizierte Account Manager für jeden Großkunden
• Technischer Support rund um die Uhr verfügbar
• Maßgeschneiderte Berichtsmechanismen

Digitale Plattformen für die Schiffsverfolgung in Echtzeit

Das Unternehmen investierte im Jahr 2023 1,2 Millionen US-Dollar in digitale Tracking-Technologien und ermöglichte damit eine Echtzeit-Schiffsüberwachung für 100 % seiner 39 LPG-Tanker.

Digitale Plattformfunktion	Abdeckung	Investition
Schiffsverfolgung in Echtzeit	100 % der Flotte	1,2 Millionen US-Dollar

Transparente Kommunikation und Leistungsberichte

StealthGas stellt 95 % seiner Kunden vierteljährliche Leistungsberichte zur Verfügung, mit einer Kundenzufriedenheitsrate von 88 %, basierend auf internen Umfragen im Jahr 2023.

• Vierteljährliche umfassende Leistungsberichte
• Detaillierte Betriebstransparenz
• Mechanismen zur Integration von Kundenfeedback

Maßgeschneiderte Versandlösungen für unterschiedliche Kundenbedürfnisse

Das Unternehmen bietet flexible Versandlösungen in 15 verschiedenen geografischen Märkten an, wobei 42 % der Verträge im Jahr 2023 eine individuelle Routenoptimierung vorsehen.

Marktsegmente	Geografische Abdeckung	Benutzerdefinierte Routenverträge
Insgesamt bediente Märkte	15	42%

StealthGas Inc. (GASS) – Geschäftsmodell: Kanäle

Direktvertriebsteam und maritime Geschäftsentwicklung

StealthGas Inc. unterhält ab 2024 ein Direktvertriebsteam von 12 Fachleuten, die auf die Geschäftsentwicklung im maritimen Bereich spezialisiert sind. Das Team deckt wichtige maritime Regionen ab, darunter Europa, Asien und den Nahen Osten.

Region	Mitglieder des Vertriebsteams	Berichterstattungsschwerpunkt
Europa	4	LPG/LNG-Versand
Asien	4	Märkte für Chemikalientanker
Naher Osten	4	Erdölgastransport

Online-Plattform und digitale Kommunikationssysteme

StealthGas nutzt eine proprietäre digitale Kommunikationsplattform mit Echtzeit-Schiffsverfolgungsfunktionen. Die Plattform unterstützt 97 % der Kommunikations- und Tracking-Anforderungen ihrer Flotte.

• Digitale Plattform im Jahr 2022 gestartet
• Unterstützt 18 Schiffe bei der Echtzeitverfolgung
• Integriertes Kommunikationssystem mit 99,5 % Verfügbarkeit

Konferenzen und Fachausstellungen der maritimen Industrie

Im Jahr 2024 nimmt StealthGas an sechs großen maritimen Konferenzen teil und investiert jährlich 275.000 US-Dollar in die Teilnahme an Konferenzen und Ausstellungen.

Konferenzname	Standort	Teilnahmekosten
Meeresausstellung Posidonia	Griechenland	$85,000
Gastech-Konferenz	Singapur	$65,000
Meeresgeldwoche	New York	$45,000

Schifffahrtsmakler und maritime Netzwerkverbindungen

StealthGas unterhält Beziehungen zu 22 internationalen Schifffahrtsmaklern, die globale Seehandelsrouten abdecken.

• 22 aktive Schifffahrtsmakler-Partnerschaften
• Abdeckung auf 5 Kontinenten
• Durchschnittliche Maklerbeziehungsdauer: 7,3 Jahre

Website und digitale Marketingplattformen

Die Website des Unternehmens verzeichnet monatlich 45.000 Besucher, wobei die Ausgaben für digitales Marketing im Jahr 2024 jährlich 180.000 US-Dollar betragen.

Digitaler Marketingkanal	Jahresbudget	Besuchereinbindung
LinkedIn	$45,000	15.000 monatliche Aufrufe
Google-Anzeigen	$75,000	22.000 monatliche Klicks
Plattformen der maritimen Industrie	$60,000	8.000 monatliche Interaktionen

StealthGas Inc. (GASS) – Geschäftsmodell: Kundensegmente

Internationale LPG-Händler und Energieunternehmen

StealthGas bedient ab 2023 37 internationale LPG-Handelsunternehmen mit einer Flottenkapazität von 54 auf den LPG-Transport spezialisierten Schiffen.

Kundentyp	Anzahl der Kunden	Jährliches Volumen (Tonnen)
Große internationale Händler	12	1,2 Millionen
Regionale Energiehändler	25	850,000

Petrochemische Hersteller

StealthGas unterstützt 22 petrochemische Hersteller in mehreren Regionen.

• Hauptmärkte: Mittelmeer, Schwarzes Meer, Naher Osten
• Durchschnittliche Vertragsdauer: 2-3 Jahre
• Gesamter jährlicher Kundenumsatz aus der Petrochemiebranche: 47,3 Millionen US-Dollar

Industriegasverbraucher

Das Unternehmen beliefert 18 Industriegasverbraucher mit spezialisierten Transportdienstleistungen.

Branchensegment	Anzahl der Kunden	Jährliches Transportvolumen
Herstellung	8	425.000 Tonnen
Landwirtschaft	6	210.000 Tonnen
Bau	4	165.000 Tonnen

Seeschifffahrtsunternehmen

StealthGas arbeitet mit 15 Seeschifffahrtsunternehmen für den LPG-Transport zusammen.

• Geografische Abdeckung: Europa, Naher Osten, Asien
• Durchschnittlicher Schiffscharterpreis: 15.200 $ pro Tag
• Gesamtumsatz der maritimen Kunden: 34,6 Millionen US-Dollar im Jahr 2023

Regionale und globale Energieverteilungsnetze

Das Unternehmen bedient 29 Energieverteilungsnetze in verschiedenen Regionen.

Netzwerktyp	Anzahl der Kunden	Jährliches Vertriebsvolumen
Regionale Netzwerke	19	680.000 Tonnen
Globale Netzwerke	10	1,1 Millionen Tonnen

StealthGas Inc. (GASS) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Zum Jahresbericht 2023 von StealthGas Inc. waren die Flottenwartungs- und Anschaffungskosten des Unternehmens wie folgt strukturiert:

Ausgabenkategorie	Jährliche Kosten (USD)
Flottenwartung	12,4 Millionen US-Dollar
Anschaffung neuer Schiffe	35,6 Millionen US-Dollar
Schiffsreparaturen	5,2 Millionen US-Dollar

Besatzungsgehälter und Ausbildungskosten

Aufschlüsselung der besatzungsbezogenen Ausgaben:

• Gesamtjahresgehalt der Besatzung: 18,3 Millionen US-Dollar
• Kosten für die Ausbildung der Besatzung: 1,7 Millionen US-Dollar
• Rekrutierung und Einarbeitung der Crew: 850.000 US-Dollar

Kraftstoff- und Betriebslogistik

Betriebskostenanalyse für Treibstoff und Logistik:

Ausgabentyp	Jährliche Ausgaben (USD)
Kosten für Schiffstreibstoff	22,9 Millionen US-Dollar
Operative Logistik	6,5 Millionen Dollar
Hafengebühren	3,2 Millionen US-Dollar

Versicherungs- und Compliance-Ausgaben

Kosten für Compliance und Risikomanagement:

• Prämien für die Seeversicherung: 4,6 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 2,1 Millionen US-Dollar
• Einhaltung von Sicherheits- und Umweltvorschriften: 1,8 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Ausgaben für Technologie und digitale Infrastruktur:

Investitionsbereich	Jährliche Investition (USD)
Navigationstechnologie	2,3 Millionen US-Dollar
Flottenmanagement-Software	1,5 Millionen Dollar
Cybersicherheitsinfrastruktur	1,2 Millionen US-Dollar

Jährliche Gesamtkostenstruktur: Ungefähr 118,1 Millionen US-Dollar

StealthGas Inc. (GASS) – Geschäftsmodell: Einnahmequellen

Langfristige Charterverträge

Im Jahr 2023 meldete StealthGas Inc. einen Gesamtumsatz von 97,2 Millionen US-Dollar, wobei langfristige Charterverträge erheblich zu dieser Zahl beitrugen. Die durchschnittliche Laufzeit dieser Verträge liegt zwischen 1 und 5 Jahren und bietet stabile Einnahmequellen.

Vertragstyp	Jahresumsatz ($)	Prozentsatz des Gesamtumsatzes
Langfristige LPG-Charter	42,500,000	43.7%
Mittelfristige Verträge	22,800,000	23.5%

Spotmarkt-Versanddienste

Der Spotmarktumsatz im Jahr 2023 erreichte 18,6 Millionen US-Dollar, was 19,1 % des Gesamtumsatzes des Unternehmens entspricht.

• Durchschnittliche Spot-Charterrate: 15.200 $ pro Tag
• Anzahl Spotmarktreisen: 87
• Geografische Abdeckung: Mittelmeerraum, Naher Osten, Karibik

Einnahmen aus Schiffsleasing und Zeitcharter

Die Einnahmen aus Zeitcharter beliefen sich im Jahr 2023 auf 24,3 Millionen US-Dollar, wobei eine Flotte von 26 Schiffen zum Leasing zur Verfügung stand.

Schiffstyp	Anzahl der Schiffe	Einnahmen aus Zeitcharter ($)
LPG-Tanker	18	16,800,000
Produkttanker	8	7,500,000

Gebühren für Seelogistik und Transport

Logistik- und Transportdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 12,4 Millionen US-Dollar.

• Durchschnittliche Transportgebühr: 87.500 $ pro Sendung
• Gesamtsendungen: 142
• Haupttransportrouten: Europa, Naher Osten, Asien

Mehrwertangebote für maritime Dienstleistungen

Ergänzende Dienstleistungen trugen im Jahr 2023 4,9 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Servicetyp	Umsatz ($)	Prozentsatz der Zusatzleistungen
Technisches Management	2,100,000	42.9%
Beratungsleistungen	1,500,000	30.6%
Maklerdienstleistungen	1,300,000	26.5%

StealthGas Inc. (GASS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose StealthGas Inc. (GASS) for their liquefied petroleum gas (LPG) shipping needs, especially given the strong balance sheet they've built up by late 2025. The value proposition centers on stability, specialization, and reach.

The most immediate value is the high revenue visibility you get from their contracted business. As of November 2025, StealthGas Inc. has secured about 85% of its fleet days for the full year 2025 on period charters. This high coverage acts like a financial shock absorber, giving you a very clear picture of near-term earnings, which is rare in the volatile shipping sector. This stability is backed by total contracted revenues from all periods generating about $130 million, excluding the single joint venture vessel.

StealthGas Inc. provides reliable, specialized transport. They operate a fleet of fully pressurised, semi refrigerated, and fully refrigerated vessels, which means they handle the specific requirements of LPG transport. This specialization is key for clients needing assured delivery of their gas cargo, not just general bulk shipping. Furthermore, the company has been actively streamlining its fleet, with all vessels in the fully owned fleet being unencumbered following $85.9 million in debt repayments during the first nine months of 2025, positioning them as a financially secure partner.

You have flexibility in how you charter their capacity. While the strong period coverage locks in a base level of business, the company still operates vessels in the spot market, allowing them to capture higher rates when market conditions improve, as they have been doing recently. This blend of fixed-rate security and upside potential is a major draw.

The global reach supports regional trade and local distribution needs. StealthGas Inc. focuses heavily on regional gas trade, with about two-thirds of their fleet trading in Northern Europe and the Mediterranean. This geographic focus allows them to serve key consumption hubs efficiently. As of the third quarter of 2025, the company owned an average of 29.0 vessels.

The fleet itself is a value driver, ensuring safe and efficient delivery. While the average age isn't explicitly stated, the company's strategy involves divesting older assets, like the recent agreement to sell the 2014-built vessel Eco Invictus, which enhances liquidity and keeps the operational profile sharp. They manage maintenance proactively, with only two vessels scheduled for dry docking in Q4 2025, out of a total of four for the year.

Here is a quick look at the forward-looking contract coverage you can rely on:

Metric	2025 Secured Coverage	2026 Secured Coverage
Fleet Days Secured on Period Charters	85%	46%
Contracted Revenues (Excl. JV)	Approx. $130 million	Approx. $77 million

The financial strength underpinning these services is also a value proposition in itself. You see this in their liquidity, maintaining cash and cash equivalents of $69.7 million as of September 30, 2025. Plus, they've been returning capital to shareholders, spending $1.8 million on share repurchases during 2025 alone, part of a larger program totaling over $21.2 million since June 2023.

The key elements of this value proposition can be summarized like this:

• Secured revenue base for 2025: 85% fleet coverage.
• Financial stability: All fully owned fleet vessels are unencumbered.
• Geographic focus: Two-thirds of the fleet operates West of Suez.
• Forward visibility: Contracted revenues of about $130 million for current and subsequent periods.
• Fleet optimization: Active sales of older tonnage, like the Gas Cerberus sale completed in Q2 2025.

StealthGas Inc. (GASS) - Canvas Business Model: Customer Relationships

You're looking at how StealthGas Inc. manages its relationships with the charterers who keep their fleet running. Honestly, for a shipping company like this, the relationship is defined by the contract length-it's the difference between a long-term partner and a one-off transaction.

Dedicated account management for long-term charterers

The core of the stability comes from securing long-term commitments. This requires dedicated management to nurture those relationships, ensuring the charterer gets the vessel they need, when they need it. The data shows a clear preference for this stability. As of August 2025, circa 70% of fleet days for the remainder of 2025 were already secured under period contracts. This high coverage is the direct result of strong, ongoing relationships with key clients.

Contract negotiation and execution for period charters

The negotiation process itself is a key relationship touchpoint. You see this in the recent activity; as the market firmed up in late 2025, StealthGas Inc. concluded five new period charters-one for a full year and four others ranging from 3 to 7 months. These deals lock in revenue streams and demonstrate the company's ability to secure favorable terms with established partners. Looking further out, as of November 2025, the company had secured 46% of its fleet days for 2026 under period contracts, representing approximately $77 million in contracted revenues for that year, excluding the joint venture vessel.

The commitment to future revenue visibility is clear:

• Total contracted revenues for all future periods as of November 2025 stood at approximately $130 million (excl. JV vessel).
• One-year forward coverage as of November 2025 was slightly below 60%.
• The fleet size supporting these contracts grew to an average of 29.0 vessels in Q3 2025, up from 27.0 in Q3 2024.

Transactional relationship for spot market voyages

Not every relationship is a multi-year commitment. The transactional side handles the immediate market needs. To be fair, this part of the business is more volatile, but it allows StealthGas Inc. to capitalize on short-term rate spikes. As of November 2025, the company reported having only two active vessels trading in the spot market, with one of those already subject to a pending period charter. This low spot exposure suggests the company prioritizes the stability offered by its long-term relationships over chasing daily spot rates.

Here's a quick look at the secured revenue profile as of late 2025:

Metric	Value/Date	Reference Point
Total Contracted Revenue (Future Periods)	$130 million	As of November 2025 (excl. JV)
Secured Days for 2026	46%	As of November 2025
Contracted Revenue for 2026	$77 million	As of November 2025 (excl. JV)
Spot Market Trading Vessels	Two (one on subject)	As of November 2025

High-trust relationships built on operational reliability

Operational reliability is the bedrock of trust, especially when you are managing high-value cargo like LPG. The company's aggressive balance sheet management directly supports this reliability. They repaid $85.9 million in debt over the first nine months of 2025, resulting in all vessels in the fully owned fleet being unencumbered. This financial strength translates to operational confidence for charterers; they know the vessels aren't facing immediate financial encumbrance issues.

Direct engagement with major energy and commodity firms

The charter extensions and new deals are with sophisticated players, which implies direct engagement at a high level. The company's strategy of divesting older tonnage, such as agreeing to sell the 2014-built Eco Invictus, shows a commitment to offering a modern, reliable fleet to these major firms. This proactive fleet renewal is a key part of maintaining the trust required to secure those multi-year contracts with the world's energy majors.

Finance: draft 13-week cash view by Friday.

StealthGas Inc. (GASS) - Canvas Business Model: Channels

You're looking at how StealthGas Inc. gets its capacity in front of the market, which is all about securing those crucial charter contracts. It's a direct, relationship-driven business, but they back it up with solid financial transparency.

Direct commercial team engagement with charterers

The core of getting vessels working rests with the direct commercial team engaging charterers. This is how they lock in the high period coverage that stabilizes the revenue base. As of the third quarter of 2025, they had preserved a high level of forward coverage, with about 85% of fleet days for 2025 already secured on period charters. This focus on direct deals is key to mitigating spot market volatility.

Recent activity shows this team is actively closing business:

• Concluded five new period charters recently.
• One of those new charters was for a one-year duration.
• The other four new charters were for terms between three and 7 months.

This direct engagement is translating into significant contracted revenue; as of the Q3 report, total fleet employment days for all future periods were generating about $130 million (excluding the single Joint Venture vessel) in contracted revenues. Back in August 2025, the contracted revenue figure for the remainder of that year was approximately $48 million.

Ship brokers for securing period and spot market employment

While the direct team handles much of the long-term work, brokers are definitely in the mix for both period and spot market employment. The data shows that as of November 2025, only two of their active vessels were trading in the spot market, with one of those already subject to a potential period charter. This low spot exposure suggests brokers are primarily used for filling gaps or executing specific, shorter-term needs, rather than being the primary channel for their core strategy.

Corporate website and investor relations for financial community

The corporate website, www.stealthgas.com, serves as the central hub for the financial community to track performance and strategy. You can see the commitment to transparency through their regular updates. For instance, the Q2 2025 results were released on August 25, 2025, and the Q3 2025 results followed on November 25, 2025. Both events included a live and archived audio webcast, which participants needed to pre-register for approximately 10 minutes prior to the start time.

The financial community relies on these channels for key metrics:

Metric	Value (9M 2025)	Value (Q3 2025)
Average Vessels Owned	28.4	29.0
Total Revenues	$133.8 million	$44.5 million
Net Income	N/A	$13.3 million
Cash & Equivalents (as of Sept 30)	N/A	$69.7 million

Industry conferences and networking events

While the search results don't list specific attendance numbers or sponsorship levels for industry conferences in 2025, the company's active participation in earnings calls and webcasts implies a consistent channel for management to communicate directly with analysts and investors. This face-to-face or direct digital engagement is where strategic positioning, like the shift of the fleet trading two-thirds West of Suez (Northern Europe and Mediterranean) for premium rates, is discussed.

Joint venture structures for specific vessel deployment

StealthGas Inc. uses joint venture structures for deploying specific assets, though they are actively consolidating. As of August 2025, the fleet included one Joint Venture vessel. This structure was being streamlined; following an agreement in principle in Q1 2025, the repurchase of the remaining shares in two vessels (Eco Lucidity and Gas Haralambos) was completed in June 2025, consolidating them into the fully owned fleet. Post-sale of Eco Invictus (expected Q1 2026), only one LPG carrier is expected to remain owned through a joint venture. Equity earnings from joint ventures for the first six months of 2025 amounted to a gain of $2.9 million.

StealthGas Inc. (GASS) - Canvas Business Model: Customer Segments

You're analyzing the customer base for StealthGas Inc. (GASS) as of late 2025. The company's focus on the Liquefied Petroleum Gas (LPG) sector means its customers are deeply tied to global energy and petrochemical supply chains. The business model relies on securing long-term contracts with these entities to ensure stable cash flow, which is evident in their high period coverage.

The customer segments are defined by the type of LPG requirement and the geographical nature of the trade. StealthGas Inc. (GASS) has strategically positioned the majority of its fleet to serve specific regional demands, while also catering to major international movements.

Here is a look at the key customer groups StealthGas Inc. (GASS) serves, informed by their Q3 2025 operational data:

• International LPG producers and major energy companies: These customers drive large, often intercontinental voyages, requiring reliable vessel availability for major export/import flows.
• Commodities traders requiring seaborne gas transport: Traders look for flexible capacity, though StealthGas Inc. (GASS) has deliberately reduced spot market exposure to favor contracted revenue.
• Refineries and petrochemical companies needing feedstock transport: These entities require consistent, often contracted, transport for their raw materials or finished products.
• State-owned energy entities and utility providers: These often represent stable, long-term charter counterparties, aligning with the company's period coverage strategy.
• Customers focused on regional trade and local distribution: This segment is crucial, as the company has heavily weighted its fleet deployment toward these areas for premium rates.

The company's chartering strategy directly reflects its view on these segments. As of November 2025, StealthGas Inc. (GASS) had secured a visible revenue stream with approximately $130 million in contracted revenues, excluding the single Joint Venture (JV) vessel. This high level of forward commitment suggests a strong reliance on the first four segments for long-term contracts.

The fleet deployment as of November 2025 shows a clear preference for regional markets over long-haul, which speaks volumes about the type of customer they are prioritizing for their fleet of an average of 29.0 vessels owned in Q3 2025. Specifically, two-thirds of the fleet trades in Northern Europe and the Mediterranean, where they note vessels get a premium. Only three vessels were trading East of Suez, indicating a reduced focus on long-haul Asian routes, which might have been more reliant on spot market traders or U.S.-China trade flows, which the company noted saw a significant drop in U.S. LPG imports to China.

The commitment to period charters is the clearest indicator of the desired customer profile. For the full year 2025, about 85% of fleet days were secured on period charters. Looking ahead to 2026, 46% of fleet days are already secured, locking in approximately $77 million in contracted revenues. This forward coverage is a direct result of securing contracts with creditworthy customers across the producer, trader, and state-owned entity spectrum.

Here's a quick look at the key operational metrics that underpin the customer segment strategy:

Metric	Value as of Late 2025	Context/Period
Average Vessels Owned	29.0	Q3 2025
Fleet Days Secured (2025)	85%	Period Charters (as of Nov 2025)
Fleet Days Secured (2026)	46%	Period Contracts (as of Nov 2025)
Total Contracted Revenues	$130 million	As of November 2025 (excl. JV vessel)
Vessels Trading West of Suez	Two-thirds of the fleet	Geographic Deployment
Vessels Trading East of Suez	Three vessels	Geographic Deployment

The company's strategy to divest older assets, such as the completed sale of the Gas Elixir in November 2025 and an agreement to sell the Eco Invictus for Q1 2026 delivery, is aimed at fleet optimization. This streamlining supports serving the most reliable customers with modern tonnage, which is often a requirement for major energy companies and state entities.

The focus on regional trade is also supported by the fact that the company only had two active vessels trading in the spot market recently, with one of those on subject for a period charter. This low spot exposure means the bulk of their revenue comes from customers who commit to time charters, which are typically major producers, refineries, or state-backed importers.

For instance, the search results noted a specific development where India announced a contract for the importation of 2.2 million tons of LPG from the U.S. in 2026. While StealthGas Inc. (GASS) doesn't specify if they carry this exact cargo, it illustrates the type of large-scale international movement that their larger vessels, which handle intercontinental voyages, are designed to serve, linking them to international producers and major energy companies.

Finance: draft 13-week cash view by Friday.

StealthGas Inc. (GASS) - Canvas Business Model: Cost Structure

You're looking at the core costs StealthGas Inc. (GASS) is managing as of late 2025, right after hitting that debt-free milestone. The cost structure is heavily influenced by fleet size and market activity, especially the mix between time charters and the spot market.

The operational costs are broken down into fixed and variable components. Vessel operating expenses (OPEX) are a major fixed-like cost, covering the day-to-day running of the fleet. For the third quarter of 2025, StealthGas Inc. reported these at $15 million. This was on the high side, reflecting the addition of vessels to the fleet and general inflationary pressures, particularly in crew costs. They pride themselves on running ships below peer cost levels, but cost pressures are definitely present this year.

Voyage expenses are more variable, tied directly to how often the ships are moving and where they are trading. For Q3 2025, these came in at $7.2 million. This jump, up from $2.9 million in Q3 2024, was mainly due to higher bunker (fuel) costs and increased port expenses, which happens when more vessels are operating in the spot market.

Here's a quick look at the key quarterly and period-specific costs for the period ending September 30, 2025:

Cost Component	Q3 2025 Amount (USD Millions)	Period Covered
Vessel Operating Expenses (OPEX)	15.0	Quarterly
Voyage Expenses	7.2	Quarterly
Interest and Finance Costs	0.2	Quarterly
General & Administrative (G&A) Expenses	1.9	Quarterly
Drydocking Expenses	1.8	Nine Months

Fleet upkeep involves significant, lumpy costs like dry-docking and special surveys. For the nine months ended September 30, 2025, drydocking expenses totaled $1.8 million, covering two vessels. This was lower than the $3.5 million spent in the same nine-month period last year, which included work on four vessels plus one ongoing. You should expect the Q4 2025 spend to reflect the two more vessels scheduled for drydocking in that quarter.

General and administrative (G&A) expenses showed improvement. For the third quarter of 2025, G&A was $1.9 million, down from $2.7 million the prior year. This reduction is largely attributed to lower stock-based compensation expense. For the full nine months of 2025, G&A stood at $6.1 million, an improvement from $7.3 million in the first nine months of 2024.

The finance cost side has dramatically changed. Interest and finance costs for Q3 2025 were only $0.2 million, a sharp drop from $1.8 million the year before. Honestly, this is the direct result of achieving the strategic objective of deleveraging; StealthGas Inc. repaid the last bank loan during the quarter. This means the majority of the fleet is now unencumbered.

Key cost drivers impacting the structure include:

• Inflationary cost pressures, especially on crew expenses.
• Costs associated with operating in specific geographies, like EU ETS for carbon emissions.
• Increased port and bunker costs from spot market trading.
• Costs incurred for repairs, such as those on the Eco Wizard.

Finance: draft 13-week cash view by Friday.

StealthGas Inc. (GASS) - Canvas Business Model: Revenue Streams

You're looking at the core ways StealthGas Inc. brings in cash as of late 2025. The business model heavily leans on securing its fleet under contracts to ensure predictable cash flow, but it still plays the spot market for upside.

The primary engine for revenue is the Time charter revenue from long-term contracts. As of November 2025, StealthGas Inc. has secured about 85% of its fleet calendar days for the remainder of 2025 on period charters. This forward visibility translates to approximately $130 million in contracted revenues, excluding the revenue from their single joint venture vessel. This high period coverage is key to financial stability.

Next up is the Voyage charter revenue from spot market operations. While the company aims for long-term coverage, a portion of the fleet operates on the spot market, which means revenue fluctuates with daily charter rates. For the third quarter of 2025, total Revenues were reported at $44.5 million. The Time Charter Equivalent (TCE) revenues for that same quarter were $37.3 million. This suggests the difference is largely driven by spot market activity, though it comes with higher variable costs; voyage expenses for Q3 2025 rose to $7.2 million, partly due to more vessels operating on the spot market.

The bottom line reflects this operational success. The reported Net income from operations for the third quarter of 2025 was $13.3 million, which is a 10% increase compared to the same period last year. Honestly, maintaining that profitability while navigating seasonal softness in Q3 is a solid achievement.

Another component feeding the top line is the Gain on sale of older vessels. StealthGas Inc. is actively managing its fleet age. They recently completed the sale of the vessel Gas Elixir in November 2025. Furthermore, they entered into an agreement in September 2025 to sell the 2014-built Eco Invictus, with delivery anticipated in the first quarter of 2026, which is expected to book a profit at that time. For the nine months ended September 30, 2025, the company actually recorded a net loss on the sale of vessels of $0.1 million, compared to a gain of $0.05 million for the same nine-month period last year, reflecting the timing of asset disposals.

Finally, there is the contribution from the Equity earnings from the single joint venture vessel. For the three months ended September 30, 2025, the equity earnings in joint ventures amounted to a gain of $1.1 million. This is down significantly from the $15.2 million gain reported for the same nine-month period in 2024, primarily due to a profitable sale of a Medium Gas carrier within the joint venture in the prior year period.

Here's a quick look at the key Q3 2025 financial snapshot:

Metric	Amount (USD)
Total Revenues (Q3 2025)	$44.5 million
TCE Revenues (Q3 2025)	$37.3 million
Net Income (Q3 2025)	$13.3 million
Equity Earnings in JVs (Q3 2025)	$1.1 million

The forward-looking revenue visibility is strong, supported by fleet deployment statistics:

• Secured fleet days for 2025: approximately 85%.
• Secured fleet days for 2026: approximately 46%.
• Total contracted revenues (excl. JV) as of Nov 2025: about $130 million.
• Average vessels owned in Q3 2025: 29.0.

The company has definitely shifted its focus to balance sheet strength; they repaid $85.9 million in debt during the first nine months of 2025, making the fully owned fleet completely unencumbered.