Stealthgas Inc. (GASS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la logistique maritime, Stealthgas Inc. (GASS) émerge comme un acteur pivot de l'industrie du transport du gaz de pétrole liquéfié (GPL), orchestrant une symphonie complexe du mouvement énergétique mondial. Avec un modèle commercial sophistiqué qui mélange de manière transparente les technologies de pointe, les partenariats stratégiques et la prestation de services innovants, cette puissance maritime navigue dans les eaux complexes de l'expédition internationale, offrant aux clients une approche robuste et flexible du transport d'énergie. Leur proposition de valeur unique ne réside pas seulement dans le mouvement du gaz, mais dans la création d'un écosystème complet de solutions maritimes fiables, efficaces et responsables de l'environnement qui connectent les producteurs d'énergie aux consommateurs à travers le monde.

Stealthgas Inc. (GASS) - Modèle commercial: partenariats clés

Fabricants de navires et chantiers navals pour la construction de navires

Stealthgas Inc. entretient des partenariats stratégiques avec des chantiers navals spécialisés pour la construction de transporteurs de GPL. En 2024, la flotte de l'entreprise se compose de 54 navires avec un âge moyen de 13,4 ans.

Commanditaire	Nombre de navires construits	Type de navire
Hyundai Heavy Industries	12	Porteurs de GPL à moyenne portée
Samsung Heavy Industries	8	Grands transporteurs de GPL

Compagnies maritimes et sociétés de location maritime

Stealthgas collabore avec les entités mondiales d'expédition et de location pour optimiser l'utilisation des navires.

• Revenu total de charte en 2023: 175,2 millions de dollars
• Durée de la charte moyenne: 2-3 ans
• Partenaires de location clés: BW LPG, Dorian LPG

Traders et sociétés d'énergie liquéfiées au gaz du pétrole (GPL)

Les partenariats stratégiques avec les commerçants et les sociétés énergétiques de GPL garantissent un transport cohérent de fret.

Entreprise énergétique	Volume de GPL annuel transporté	Région géographique
Coquille	1,2 million de tonnes métriques	méditerranéen
Total SE	0,9 million de tonnes métriques	Moyen-Orient

Institutions financières et assurance maritimes

Stealthgas maintient des partenariats financiers et d'assurance critiques pour gérer les risques et soutenir les opérations de la flotte.

• CONCULTÉS TOTAL DE CRÉDIT: 320 millions de dollars
• Couverture d'assurance maritime: 750 millions de dollars
• Partners bancaires primaires: DNB Bank, Credit Suisse

Sociétés de classification et organismes de réglementation maritime

Les partenariats de conformité et de sécurité garantissent l'adhésion réglementaire et l'excellence opérationnelle.

Société de classification	Type de certification	Navires certifiés
DNV GL	Gestion de la sécurité	38 navires
Bureau américain d'expédition	Conformité technique	16 navires

Stealthgas Inc. (GASS) - Modèle d'entreprise: activités clés

Transport GPL et logistique maritime

Stealthgas Inc. exploite une flotte de 47 navires au T4 2023, avec une capacité de charge totale de 1 558 000 mètres cubes pour le transport de GPL. La composition de la flotte de l'entreprise comprend:

Type de navire	Nombre de navires	Capacité totale (CBM)
Transporteurs de GPL de la taille	22	578,000
Transporteurs de GPL de taille moyenne	15	620,000
Petits transporteurs de GPL	10	360,000

Gestion de la flotte et maintenance des navires

Les dépenses annuelles de maintenance de la flotte pour 2023 étaient de 42,3 millions de dollars. Les activités de maintenance clés comprennent:

• Inspections à sec pour chaque navire tous les 2,5 ans
• Gestion technique continue des navires
• Conformité aux normes de sécurité de l'Organisation maritime internationale (OMI)

Services à charte pour le GPL et les transporteurs de gaz

En 2023, Stealthgas Inc. a généré 187,5 millions de dollars de revenus de charte. Répartition des services à charte:

Type charter	Pourcentage de revenus	Durée de charte moyenne
Charte de temps	68%	12-18 mois
Charte	32%	1 à 3 mois

Optimisation de l'itinéraire et planification des cargaisons

L'entreprise utilise une technologie avancée d'optimisation des itinéraires, réalisant:

• Taux de livraison à 95,7%
• 12% d'amélioration de l'efficacité énergétique en 2023
• Distance moyenne de voyage de 4 200 milles marins par navire

Conformité aux réglementations maritimes internationales

Les dépenses de conformité pour 2023 étaient de 6,2 millions de dollars, couvrant:

• Composition de la réglementation de l'OMI 2020 Soufre
• Exigences de la Convention de gestion des eaux de ballast
• Audits annuels de sécurité maritime tiers

Stealthgas Inc. (GASS) - Modèle commercial: Ressources clés

Flotte de transporteur de GPL moderne

Composition de la flotte à partir de 2023:

Type de navire	Nombre de navires	Capacité totale (CBM)
Transporteurs GPL	39	752,483

Gestion maritime expérimentée

Métriques de l'équipe de gestion:

• Expérience moyenne de l'industrie maritime: 22 ans
• Personnel de gestion total: 85 professionnels
• Certifications internationales: 92% de la haute direction

Capital financier

Ressources financières au troisième trimestre 2023:

Métrique financière	Valeur
Actif total	682,4 millions de dollars
Facilités de crédit	215,6 millions de dollars
Equivalents en espèces et en espèces	37,2 millions de dollars

Technologies de navigation

Infrastructure technologique:

• Systèmes de suivi des navires en temps réel
• Réseaux de communication GPS et maritimes avancés
• Logiciel automatisé d'optimisation de l'itinéraire

Itinéraires d'expédition mondiaux

Couverture d'itinéraire:

Région	Nombre de routes actives
Moyen-Orient	12
Europe	8
Asie-Pacifique	15
Amériques	7

Stealthgas Inc. (GASS) - Modèle d'entreprise: propositions de valeur

Services de transport de GPL fiables et efficaces

Stealthgas Inc. exploite une flotte de 47 navires au quatrième trimestre 2023, avec une capacité de charge totale de 1 456 267 mètres cubes pour le transport de GPL.

Composition de la flotte	Nombre de navires	Capacité totale (CBM)
Transporteurs GPL	47	1,456,267

Options de charter flexibles pour les marchés énergétiques mondiaux

Stealthgas fournit des services à charte sur plusieurs routes maritimes internationales, avec des opérations couvrant l'Amérique du Nord, l'Europe et l'Asie.

• Durée de la charte moyenne: 6-12 mois
• Revenus charter en 2022: 140,2 millions de dollars
• Couverture géographique: 15 routes maritimes internationaux

Flotte maritime de haute qualité et bien entretenue

Mesures d'âge et de maintenance de la flotte en 2023:

Métrique de la flotte	Valeur
Âge moyen de la flotte	10,3 ans
Dépenses de maintenance annuelles	8,3 millions de dollars

Solutions d'expédition rentables pour les commerçants d'énergie

Expédition de mesures de rentabilité pour 2022:

• Coût moyen par mètre cube: 0,85 $
• Efficacité énergétique: 22,4 tonnes par mille nautique
• Réduction des coûts opérationnels: 7,2% d'une année à l'autre

Opérations maritimes sûrs et respectueux de l'environnement

Indicateurs de sécurité et de performance environnementale:

Métrique environnementale	2022 Performance
Réduction des émissions de CO2	6.5%
Incidents de sécurité	0,3 pour 100 000 milles marins

Stealthgas Inc. (GASS) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des clients énergétiques

Stealthgas Inc. maintient 78 contrats de charte de temps au troisième trimestre 2023, avec une durée moyenne de 8,2 mois. Le taux d'utilisation de la flotte de l'entreprise a atteint 96,4% en 2023, démontrant une forte rétention de la clientèle et une stabilité des contrats.

Type de contrat	Nombre de contrats	Durée moyenne
Charte à long terme	78	8,2 mois

Service client personnalisé et gestion des comptes

Stealthgas consacre 12 professionnels spécialisés de la gestion des comptes pour gérer les relations avec les clients, avec une fréquence d'interaction client moyenne de 3,5 points de contact par mois.

• Gestionnaires de compte dédiés pour chaque client majeur
• Disponibilité du support technique 24/7
• Mécanismes de rapports personnalisés

Plateformes numériques pour le suivi des navires en temps réel

La société a investi 1,2 million de dollars dans les technologies de suivi numérique en 2023, permettant une surveillance des navires en temps réel pour 100% de ses 39 transporteurs LPG.

Fonctionnalité de plate-forme numérique	Couverture	Investissement
Suivi des navires en temps réel	100% de la flotte	1,2 million de dollars

Communication transparente et rapport de performance

StealthGas fournit des rapports de performance trimestriels à 95% de ses clients, avec un taux de satisfaction du client de 88% sur la base de 2023 enquêtes internes.

• Rapports de performance complets trimestriels
• Transparence opérationnelle détaillée
• Mécanismes d'intégration des commentaires du client

Solutions d'expédition personnalisées pour divers besoins des clients

La société propose des solutions d'expédition flexibles sur 15 marchés géographiques différents, avec 42% des contrats avec une optimisation de route personnalisée en 2023.

Segments de marché	Couverture géographique	Contrats d'itinéraire personnalisés
Les marchés totaux servis	15	42%

Stealthgas Inc. (GASS) - Modèle d'entreprise: canaux

Équipe de vente directe et développement commercial maritime

Stealthgas Inc. maintient une équipe de vente directe de 12 professionnels spécialisés dans le développement des affaires maritimes à partir de 2024. L'équipe couvre les principales régions maritimes, notamment l'Europe, l'Asie et le Moyen-Orient.

Région	Membres de l'équipe de vente	Focus de la couverture
Europe	4	Expédition GPL / GNL
Asie	4	Marchés de pétrolier chimique
Moyen-Orient	4	Expédition de gaz de pétrole

Plate-forme en ligne et systèmes de communication numérique

Stealthgas utilise une plate-forme de communication numérique propriétaire avec des capacités de suivi des navires en temps réel. La plate-forme prend en charge 97% des besoins de communication et de suivi de leur flotte.

• Plateforme numérique lancée en 2022
• Prend en charge 18 navires dans le suivi en temps réel
• Système de communication intégré avec une disponibilité de 99,5%

Conférences de l'industrie maritime et expositions commerciales

En 2024, Stealthgas participe à 6 grandes conférences maritimes, avec un investissement annuel de 275 000 $ en conférence et en présence d'exposition.

Nom de conférence	Emplacement	Coût de participation
Exposition maritime de Posidonia	Grèce	$85,000
Conférence Gastech	Singapour	$65,000
Marine Money Week	New York	$45,000

Expédition des courtiers et des connexions de réseau maritime

Stealthgas entretient des relations avec 22 courtiers de transport international, couvrant les routes mondiales du commerce maritime.

• 22 partenariats de courtiers d'expédition actifs
• Couverture sur 5 continents
• Durée de relation moyenne du courtier: 7,3 ans

Plates-formes de marketing de site Web et numérique

Le site Web de la société reçoit 45 000 visiteurs mensuels, avec des dépenses de marketing numérique de 180 000 $ par an en 2024.

Canal de marketing numérique	Budget annuel	Engagement des visiteurs
Liendin	$45,000	15 000 vues mensuelles
Publicités Google	$75,000	22 000 clics mensuels
Plateformes de l'industrie maritime	$60,000	8 000 interactions mensuelles

Stealthgas Inc. (GASS) - Modèle d'entreprise: segments de clientèle

Traders internationaux de GPL et sociétés d'énergie

Stealthgas dessert 37 sociétés commerciales internationales de GPL à partir de 2023, avec une capacité de flotte de 54 navires spécialisés dans le transport de GPL.

Type de client	Nombre de clients	Volume annuel (tonnes métriques)
Traders internationaux majeurs	12	1,2 million
Commerçants d'énergie régionaux	25	850,000

Fabricants pétrochimiques

Stealthgas soutient 22 fabricants de pétrochimiques dans plusieurs régions.

• Marchés primaires: Méditerranée, mer Noire, Moyen-Orient
• Durée du contrat moyen: 2-3 ans
• Revenus de clients pétrochimiques annuels totaux: 47,3 millions de dollars

Consommateurs de gaz industriel

La société dessert 18 consommateurs de gaz industriels avec des services de transport spécialisés.

Segment de l'industrie	Nombre de clients	Volume de transport annuel
Fabrication	8	425 000 tonnes métriques
Agriculture	6	210 000 tonnes métriques
Construction	4	165 000 tonnes métriques

Compagnies maritimes maritimes

Stealthgas collabore avec 15 compagnies maritimes maritimes pour le transport de GPL.

• Couverture géographique: Europe, Moyen-Orient, Asie
• Taux de charte moyen des navires: 15 200 $ par jour
• Revenu total des clients maritimes: 34,6 millions de dollars en 2023

Réseaux de distribution d'énergie régionaux et mondiaux

La société dessert 29 réseaux de distribution d'énergie dans différentes régions.

Type de réseau	Nombre de clients	Volume de distribution annuel
Réseaux régionaux	19	680 000 tonnes métriques
Réseaux mondiaux	10	1,1 million de tonnes métriques

Stealthgas Inc. (GASS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

En ce qui concerne le rapport annuel de Stealthgas Inc. en 2023, les frais de maintenance et d'acquisition de la flotte de la société ont été structurés comme suit:

Catégorie de dépenses	Coût annuel (USD)
Entretien de la flotte	12,4 millions de dollars
Nouvelles acquisitions de navires	35,6 millions de dollars
Réparations du navire	5,2 millions de dollars

Salaires de l'équipage et frais de formation

Répartition des dépenses liées à l'équipage:

• Total des salaires annuels de l'équipage: 18,3 millions de dollars
• Frais de formation de l'équipage: 1,7 million de dollars
• Recrutement d'équipage et intégration: 850 000 $

Carburant et logistique opérationnelle

Analyse des coûts opérationnels pour le carburant et la logistique:

Type de dépenses	Dépenses annuelles (USD)
Coûts de carburant marin	22,9 millions de dollars
Logistique opérationnelle	6,5 millions de dollars
Frais de port	3,2 millions de dollars

Dépenses d'assurance et de conformité

Coûts de conformité et de gestion des risques:

• Primes d'assurance maritime: 4,6 millions de dollars
• Coûts de conformité réglementaire: 2,1 millions de dollars
• Sécurité et conformité environnementale: 1,8 million de dollars

Investissements technologiques et infrastructures

Dépenses technologiques et infrastructures numériques:

Zone d'investissement	Investissement annuel (USD)
Technologie de navigation	2,3 millions de dollars
Logiciel de gestion de la flotte	1,5 million de dollars
Infrastructure de cybersécurité	1,2 million de dollars

Structure totale des coûts annuels: environ 118,1 millions de dollars

Stealthgas Inc. (GASS) - Modèle d'entreprise: Strots de revenus

Contrats de charte à long terme

En 2023, Stealthgas Inc. a déclaré des revenus totaux de 97,2 millions de dollars, les contrats de charte à long terme contribuant de manière significative à ce chiffre. La durée moyenne de ces contrats varie de 1 à 5 ans, fournissant des sources de revenus stables.

Type de contrat	Revenus annuels ($)	Pourcentage du total des revenus
Chartes GPL à long terme	42,500,000	43.7%
Contrats à moyen terme	22,800,000	23.5%

Services d'expédition du marché au comptant

Les revenus du marché au comptant pour 2023 ont atteint 18,6 millions de dollars, ce qui représente 19,1% des revenus totaux de la société.

• Taux de charte à point moyen: 15 200 $ par jour
• Nombre de voyages sur le marché au comptant: 87
• Couverture géographique: Méditerranée, Moyen-Orient, Caraïbes

Revenus de location de navires et de revenus de la Charte à l'heure

Les revenus de la charte à l'heure en 2023 s'élevaient à 24,3 millions de dollars, avec une flotte de 26 navires disponibles pour la location.

Type de navire	Nombre de navires	Revenus de charte de temps ($)
Transporteurs GPL	18	16,800,000
Pétroliers de produits	8	7,500,000

Frais de logistique et de transport maritimes

Les services de logistique et de transport ont généré 12,4 millions de dollars de revenus pour 2023.

• Frais de transport moyen: 87 500 $ par expédition
• Expéditions totales: 142
• Routes de transport primaires: Europe, Moyen-Orient, Asie

Offres de services maritimes à valeur ajoutée

Les services supplémentaires ont contribué 4,9 millions de dollars aux revenus de la société en 2023.

Type de service	Revenus ($)	Pourcentage de services supplémentaires
Gestion technique	2,100,000	42.9%
Services de conseil	1,500,000	30.6%
Services de courtage	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.