StealthGas Inc. (GASS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Stealthgas Inc. (GASS) surge como un jugador fundamental en la industria del transporte de gas licuado de gas petrolero (GLP), que orquesta una compleja sinfonía de movimiento energético global. Con un modelo de negocio sofisticado que combina perfectamente la tecnología de vanguardia, las asociaciones estratégicas y la entrega innovadora de servicios, esta potencia marítima navega por las intrincadas aguas del envío internacional, ofreciendo a los clientes un enfoque robusto y flexible para el transporte de energía. Su propuesta de valor única radica no solo en el movimiento de gas, sino en la creación de un ecosistema integral de soluciones marítimas confiables, eficientes y ambientalmente responsables que conectan a los productores de energía con los consumidores de todo el mundo.

Stealthgas Inc. (GASS) - Modelo de negocios: asociaciones clave

Fabricantes de barcos y astilleros para la construcción de embarcaciones

Stealthgas Inc. mantiene asociaciones estratégicas con astilleros especializados para la construcción de operadores de GLP. A partir de 2024, la flota de la compañía consta de 54 embarcaciones con una edad promedio de 13.4 años.

Socio de astillero	Número de embarcaciones construidas	Tipo de vaso
Industrias pesadas de Hyundai	12	Portadores de GLP de mediano alcance
Samsung Heavy Industries	8	Grandes portadores de GLP

Compañías navieras y empresas de arrendamiento marítimo

Stealthgas colabora con entidades globales de envío y arrendamiento para optimizar la utilización de buques.

• Ingresos de la Carta Total en 2023: $ 175.2 millones
• Duración promedio de la carta: 2-3 años
• Socios de arrendamiento clave: BW LPG, Dorian LPG

Comerciantes de gas licuado de petróleo (GLP) y compañías de energía

Las asociaciones estratégicas con comerciantes de GLP y compañías de energía garantizan un transporte de carga constante.

Compañía de energía	Volumen anual de GLP transportado	Región geográfica
Caparazón	1.2 millones de toneladas métricas	mediterráneo
SE total	0.9 millones de toneladas métricas	Oriente Medio

Instituciones financieras y proveedores de seguros marítimos

Stealthgas mantiene asociaciones financieras y de seguros críticas para administrar las operaciones de flota de riesgos y apoyar.

• Facilidades de crédito total: $ 320 millones
• Cobertura de seguro marino: $ 750 millones
• Socios bancarios principales: DNB Bank, Credit Suisse

Sociedades de clasificación y cuerpos regulatorios marítimos

Las asociaciones de cumplimiento y seguridad aseguran la adherencia regulatoria y la excelencia operativa.

Sociedad de clasificación	Tipo de certificación	Buques certificados
DNV GL	Gestión de seguridad	38 embarcaciones
Oficina Americana de envío	Cumplimiento técnico	16 embarcaciones

Stealthgas Inc. (GASS) - Modelo de negocio: actividades clave

Transporte de GLP y logística marítima

Stealthgas Inc. opera una flota de 47 embarcaciones a partir del cuarto trimestre de 2023, con una capacidad de carga total de 1,558,000 metros cúbicos para el transporte de GLP. La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (CBM)
Manipulando portadores de GLP	22	578,000
Portadores de LPG de tamaño mediano	15	620,000
Pequeños portadores de GLP	10	360,000

Gestión de la flota y mantenimiento de los buques

El gasto anual de mantenimiento de la flota para 2023 fue de $ 42.3 millones. Las actividades de mantenimiento clave incluyen:

• Inspecciones de división en seco para cada recipiente cada 2.5 años
• Gestión técnica continua de embarcaciones
• Cumplimiento de los estándares de seguridad de la Organización Marítima Internacional (OMI)

Servicios de chárter para GLP y portadores de gas

En 2023, Stealthgas Inc. generó $ 187.5 millones en ingresos charter. Desglose del servicio chárter:

Tipo de afición	Porcentaje de ingresos	Duración promedio de la carta
Estatuto de tiempo	68%	12-18 meses
Estatuto	32%	1-3 meses

Optimización de ruta y programación de carga

La compañía utiliza tecnología avanzada de optimización de rutas, logrando:

• 95.7% de tasa de entrega a tiempo
• Mejora de la eficiencia de combustible del 12% en 2023
• Distancia promedio de viaje de 4,200 millas náuticas por embarcación

Cumplimiento de las regulaciones marítimas internacionales

El gasto de cumplimiento para 2023 fue de $ 6.2 millones, cubriendo:

• IMO 2020 Cumplimiento de la regulación de azufre
• Requisitos de la Convención de gestión del agua de lastastes
• Auditorías anuales de seguridad marítima de terceros

Stealthgas Inc. (GASS) - Modelo de negocio: recursos clave

Flota de operador de GLP moderna

Composición de la flota a partir de 2023:

Tipo de vaso	Número de embarcaciones	Capacidad total (CBM)
Portadores de LPG	39	752,483

Gestión marítima experimentada

Métricas del equipo de gestión:

• Experiencia de la industria marítima promedio: 22 años
• Personal de gestión total: 85 profesionales
• Certificaciones internacionales: 92% de la alta gerencia

Capital financiero

Recursos financieros a partir del tercer trimestre 2023:

Métrica financiera	Valor
Activos totales	$ 682.4 millones
Facilidades de crédito	$ 215.6 millones
Equivalentes de efectivo y efectivo	$ 37.2 millones

Tecnologías de navegación

Infraestructura tecnológica:

• Sistemas de seguimiento de buques en tiempo real
• GPS avanzados y redes de comunicación marítima
• Software de optimización de ruta automatizada

Rutas de envío globales

Cobertura de ruta:

Región	Número de rutas activas
Oriente Medio	12
Europa	8
Asia Pacífico	15
América	7

Stealthgas Inc. (GASS) - Modelo de negocio: propuestas de valor

Servicios de transporte de GLP confiables y eficientes

Stealthgas Inc. opera una flota de 47 embarcaciones a partir del cuarto trimestre de 2023, con una capacidad de carga total de 1,456,267 metros cúbicos para el transporte de GLP.

Composición de la flota	Número de embarcaciones	Capacidad total (CBM)
Portadores de LPG	47	1,456,267

Opciones de chárter flexibles para mercados de energía global

Stealthgas brinda servicios chárter en múltiples rutas marítimas internacionales, con operaciones que abarcan América del Norte, Europa y Asia.

• Duración promedio de la carta: 6-12 meses
• Ingresos chárter en 2022: $ 140.2 millones
• Cobertura geográfica: 15 rutas marítimas internacionales

Flota marítima de alta calidad y bien mantenida

Métricas de edad y mantenimiento de la flota a partir de 2023:

Métrica de la flota	Valor
Edad de flota promedio	10.3 años
Gastos de mantenimiento anual	$ 8.3 millones

Soluciones de envío rentables para comerciantes de energía

Envío de métricas de costo de costo para 2022:

• Costo promedio por metro cúbico: $ 0.85
• Eficiencia de combustible: 22.4 toneladas por milla náutica
• Reducción de costos operativos: 7.2% año tras año

Operaciones marítimas seguras y ambientalmente responsables

Indicadores de seguridad y desempeño ambiental:

Métrica ambiental	Rendimiento 2022
Reducción de emisiones de CO2	6.5%
Incidentes de seguridad	0.3 por 100,000 millas náuticas

Stealthgas Inc. (GASS) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo con clientes de energía

Stealthgas Inc. mantiene 78 contratos charter de tiempo a partir del tercer trimestre de 2023, con una duración promedio de 8.2 meses. La tasa de utilización de la flota de la compañía alcanzó el 96.4% en 2023, demostrando una fuerte retención de clientes y estabilidad del contrato.

Tipo de contrato	Número de contratos	Duración promedio
Carta de tiempo a largo plazo	78	8.2 meses

Servicio al cliente personalizado y gestión de cuentas

Stealthgas dedica 12 profesionales especializados de gestión de cuentas para manejar las relaciones con los clientes, con una frecuencia promedio de interacción del cliente de 3.5 puntos de contacto por mes.

• Gerentes de cuentas dedicados para cada cliente importante
• Disponibilidad de soporte técnico 24/7
• Mecanismos de informes personalizados

Plataformas digitales para el seguimiento de embarcaciones en tiempo real

La compañía invirtió $ 1.2 millones en tecnologías de seguimiento digital en 2023, lo que permite el monitoreo de embarcaciones en tiempo real para el 100% de sus 39 operadores de GLP.

Función de plataforma digital	Cobertura	Inversión
Seguimiento de embarcaciones en tiempo real	100% de la flota	$ 1.2 millones

Informes de comunicación y rendimiento transparentes

Stealthgas proporciona informes de rendimiento trimestrales al 95% de sus clientes, con una tasa de satisfacción del cliente del 88% basada en 2023 encuestas internas.

• Informes de rendimiento integral trimestral
• Transparencia operativa detallada
• Mecanismos de integración de comentarios de los clientes

Soluciones de envío personalizadas para diversas necesidades del cliente

La compañía ofrece soluciones de envío flexibles en 15 mercados geográficos diferentes, con el 42% de los contratos con optimización de rutas personalizadas en 2023.

Segmentos de mercado	Cobertura geográfica	Contratos de ruta personalizados
Mercados totales atendidos	15	42%

Stealthgas Inc. (GASS) - Modelo de negocios: canales

Equipo de ventas directo y desarrollo comercial marítimo

Stealthgas Inc. mantiene un equipo de ventas directo de 12 profesionales que se especializan en el desarrollo de negocios marítimos a partir de 2024. El equipo cubre regiones marítimas clave como Europa, Asia y Oriente Medio.

Región	Miembros del equipo de ventas	Enfoque de cobertura
Europa	4	Envío de GLP/GNL
Asia	4	Mercados de petroleros químicos
Oriente Medio	4	Envío de gas petrolero

Plataforma en línea y sistemas de comunicación digital

Stealthgas utiliza una plataforma de comunicación digital patentada con capacidades de seguimiento de embarcaciones en tiempo real. La plataforma admite el 97% de las necesidades de comunicación y seguimiento de su flota.

• Plataforma digital lanzada en 2022
• Admite 18 embarcaciones en el seguimiento en tiempo real
• Sistema de comunicación integrado con tiempo de actividad del 99.5%

Conferencias de la industria marítima y exposiciones comerciales

En 2024, Stealthgas participa en 6 conferencias marítimas importantes, con una inversión anual de $ 275,000 en asistencia de conferencia y exhibición.

Nombre de conferencia	Ubicación	Costo de participación
Exposición marítima de posidonia	Grecia	$85,000
Conferencia Gastech	Singapur	$65,000
Semana del dinero marino	Nueva York	$45,000

Envío de corredores y conexiones de red marítima

Stealthgas mantiene las relaciones con 22 corredores internacionales de envío, que cubren las rutas comerciales marítimas globales.

• 22 asociaciones activas de agente de envío
• Cobertura en 5 continentes
• Duración promedio de la relación de corredor: 7.3 años

Sitio web y plataformas de marketing digital

El sitio web de la compañía recibe 45,000 visitantes mensuales, con gastos de marketing digital de $ 180,000 anuales en 2024.

Canal de marketing digital	Presupuesto anual	Compromiso de visitantes
LinkedIn	$45,000	15,000 vistas mensuales
Ads de Google	$75,000	22,000 clics mensuales
Plataformas de la industria marítima	$60,000	8,000 interacciones mensuales

Stealthgas Inc. (GASS) - Modelo de negocio: segmentos de clientes

Comerciantes internacionales de LPG y compañías energéticas

Stealthgas atiende a 37 empresas comerciales internacionales de GLP a partir de 2023, con una capacidad de flota de 54 buques especializados en el transporte de GLP.

Tipo de cliente	Número de clientes	Volumen anual (toneladas métricas)
Principales comerciantes internacionales	12	1.2 millones
Comerciantes de energía regional	25	850,000

Fabricantes petroquímicos

Stealthgas admite 22 fabricantes petroquímicos en múltiples regiones.

• Mercados primarios: Mediterráneo, Mar Negro, Medio Oriente
• Duración promedio del contrato: 2-3 años
• Ingresos anuales de clientes petroquímicos totales: $ 47.3 millones

Consumidores de gas industrial

La compañía atiende a 18 consumidores de gas industriales con servicios de transporte especializados.

Segmento de la industria	Número de clientes	Volumen de transporte anual
Fabricación	8	425,000 toneladas métricas
Agricultura	6	210,000 toneladas métricas
Construcción	4	165,000 toneladas métricas

Compañías navieras marítimas

Stealthgas colabora con 15 compañías navieras marítimas para el transporte de GLP.

• Cobertura geográfica: Europa, Medio Oriente, Asia
• Tasa de chárter de buques promedio: $ 15,200 por día
• Ingresos totales del cliente marítimo: $ 34.6 millones en 2023

Redes de distribución de energía regional y global

La compañía atiende a 29 redes de distribución de energía en diferentes regiones.

Tipo de red	Número de clientes	Volumen de distribución anual
Redes regionales	19	680,000 toneladas métricas
Redes globales	10	1.1 millones de toneladas métricas

Stealthgas Inc. (GASS) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir del informe anual 2023 de Stealthgas Inc., los costos de mantenimiento y adquisición de la flota de la compañía se estructuraron de la siguiente manera:

Categoría de gastos	Costo anual (USD)
Mantenimiento de la flota	$ 12.4 millones
Nuevas adquisiciones de embarcaciones	$ 35.6 millones
Reparaciones de embarcaciones	$ 5.2 millones

Salarios de la tripulación y costos de capacitación

Desglose de gastos relacionados con la tripulación:

• Salarios de la tripulación anual total: $ 18.3 millones
• Gastos de capacitación de la tripulación: $ 1.7 millones
• Reclutamiento de la tripulación e incorporación: $ 850,000

Logística de combustible y operacional

Análisis de costos operativos para combustible y logística:

Tipo de gasto	Gasto anual (USD)
Costos de combustible marino	$ 22.9 millones
Logística operativa	$ 6.5 millones
Tarifas portuarias	$ 3.2 millones

Gastos de seguro y cumplimiento

Costos de cumplimiento y gestión de riesgos:

• Primas de seguro marino: $ 4.6 millones
• Costos de cumplimiento regulatorio: $ 2.1 millones
• Seguridad y cumplimiento ambiental: $ 1.8 millones

Inversiones de tecnología e infraestructura

Tecnología y gasto de infraestructura digital:

Área de inversión	Inversión anual (USD)
Tecnología de navegación	$ 2.3 millones
Software de gestión de flotas	$ 1.5 millones
Infraestructura de ciberseguridad	$ 1.2 millones

Estructura total de costos anuales: aproximadamente $ 118.1 millones

Stealthgas Inc. (GASS) - Modelo de negocios: flujos de ingresos

Contratos de la carta a largo plazo

A partir de 2023, Stealthgas Inc. reportó ingresos totales de $ 97.2 millones, con contratos charter a largo plazo que contribuyeron significativamente a esta cifra. La duración promedio de estos contratos varía de 1 a 5 años, proporcionando flujos de ingresos estables.

Tipo de contrato	Ingresos anuales ($)	Porcentaje de ingresos totales
Cartas de GLP a largo plazo	42,500,000	43.7%
Contratos a mediano plazo	22,800,000	23.5%

Servicios de envío del mercado spot

Los ingresos del mercado spot para 2023 alcanzaron los $ 18.6 millones, lo que representa el 19.1% de los ingresos totales de la compañía.

• Tasa promedio de la carta de la Carta: $ 15,200 por día
• Número de viajes al mercado spot: 87
• Cobertura geográfica: Mediterráneo, Medio Oriente, Caribe

Lesing de buques e ingresos de la carta de tiempo

Los ingresos de la carta de tiempo en 2023 ascendieron a $ 24.3 millones, con una flota de 26 embarcaciones disponibles para el arrendamiento.

Tipo de vaso	Número de embarcaciones	Ingresos de la carta de tiempo ($)
Portadores de LPG	18	16,800,000
Petroleros de productos	8	7,500,000

Logística marítima y tarifas de transporte

Los servicios de logística y transporte generaron $ 12.4 millones en ingresos para 2023.

• Tarifa de transporte promedio: $ 87,500 por envío
• Envíos totales: 142
• Rutas de transporte primario: Europa, Medio Oriente, Asia

Ofertas de servicio marítimo de valor agregado

Los servicios complementarios contribuyeron con $ 4.9 millones a los ingresos de la compañía en 2023.

Tipo de servicio	Ingresos ($)	Porcentaje de servicios adicionales
Gestión técnica	2,100,000	42.9%
Servicios de consultoría	1,500,000	30.6%
Servicios de corretaje	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.