Stealthgas Inc. (GASS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Stealthgas Inc. (GASS) surge como um participante fundamental no setor de transporte de gás petrolífero liquefeito (GLP), orquestrando uma complexa sinfonia do movimento global de energia. Com um modelo de negócios sofisticado que combina perfeitamente a tecnologia de ponta, parcerias estratégicas e a prestação inovadora de serviços, essa potência marítima navega nas águas complexas do transporte internacional, oferecendo aos clientes uma abordagem robusta e flexível ao transporte energético. Sua proposta de valor única está não apenas na movimentação do gás, mas na criação de um ecossistema abrangente de soluções marítimas confiáveis, eficientes e ambientalmente responsáveis ​​que conectam produtores de energia a consumidores em todo o mundo.

Stealthgas Inc. (GASS) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros para construção de embarcações

A Stealthgas Inc. mantém parcerias estratégicas com estaleiros especializados para a construção de transportadores de GLP. A partir de 2024, a frota da empresa consiste em 54 navios com idade média de 13,4 anos.

Parceiro do estaleiro	Número de embarcações construídas	Tipo de embarcação
Hyundai Heavy Industries	12	Portadores de GLP de médio alcance
Samsung Heavy Industries	8	Grandes portadores de GLP

Empresas de navegação e empresas de leasing marítimas

O Stealthgas colabora com entidades globais de remessa e leasing para otimizar a utilização de embarcações.

• Receita total de fretamento em 2023: US $ 175,2 milhões
• Duração média da fretamento: 2-3 anos
• Principais parceiros de leasing: BW GLP, Dorian GLPG

Comerciantes de gás de petróleo liquefeito (GLP) e empresas de energia

Parcerias estratégicas com comerciantes de GLP e empresas de energia garantem transporte de carga consistente.

Empresa de energia	Volume anual de GLP transportado	Região geográfica
Concha	1,2 milhão de toneladas métricas	Mediterrâneo
Total SE	0,9 milhão de toneladas	Médio Oriente

Instituições financeiras e provedores de seguros marítimos

O Stealthgas mantém parcerias financeiras e de seguros críticas para gerenciar riscos e apoiar operações de frota.

• Linhas de crédito totais: US $ 320 milhões
• Cobertura de seguro marítimo: US $ 750 milhões
• Parceiros bancários primários: DNB Bank, Credit Suisse

Sociedades de classificação e órgãos regulatórios marítimos

As parcerias de conformidade e segurança garantem adesão regulatória e excelência operacional.

Sociedade de Classificação	Tipo de certificação	Certificado em embarcações
Dnv gl	Gerenciamento de segurança	38 navios
American Bureau of Shipping	Conformidade técnica	16 navios

Stealthgas Inc. (GASS) - Modelo de negócios: Atividades -chave

Transporte de GLP e logística marítima

A Stealthgas Inc. opera uma frota de 47 embarcações a partir do quarto trimestre 2023, com uma capacidade total de carga de 1.558.000 metros cúbicos para o transporte de GLP. A composição da frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Capacidade total (CBM)
Handsize portadores de GLP	22	578,000
Portadores de GLP de tamanho médio	15	620,000
Pequenas transportadoras de GLP	10	360,000

Gerenciamento de frota e manutenção de embarcações

As despesas anuais de manutenção da frota para 2023 foram de US $ 42,3 milhões. As principais atividades de manutenção incluem:

• Inspeções a seco para cada embarcação a cada 2,5 anos
• Gerenciamento técnico contínuo de embarcações
• Conformidade com os padrões de segurança da Organização Marítima Internacional (IMO)

Serviços de fretamento para transportadores de GLP e gás

Em 2023, a Stealthgas Inc. gerou US $ 187,5 milhões em receita de fretamento. Redução do serviço de fretamento:

Tipo de fretamento	Porcentagem de receita	Duração média da fretamento
Carta de tempo	68%	12-18 meses
Carta de ponto	32%	1-3 meses

Otimização de rota e agendamento de carga

A empresa utiliza tecnologia avançada de otimização de rota, alcançando:

• 95,7% de taxa de entrega no tempo
• 12% de melhoria da eficiência de combustível em 2023
• Distância média de viagem de 4.200 milhas náuticas por embarcação

Conformidade com os regulamentos marítimos internacionais

As despesas com conformidade em 2023 foram de US $ 6,2 milhões, cobrindo:

• Conformidade de regulamentação de enxofre 2020 da IMO
• Requisitos de convenção de gerenciamento de água de lastro
• Auditorias anuais de segurança marítima de terceiros

Stealthgas Inc. (GASS) - Modelo de negócios: Recursos -chave

Frota de transportadora de GL moderna

Composição da frota a partir de 2023:

Tipo de embarcação	Número de embarcações	Capacidade total (CBM)
Transportadoras de GLP	39	752,483

Gerenciamento marítimo experiente

Métricas da equipe de gerenciamento:

• Experiência média da indústria marítima: 22 anos
• Pessoal de gerenciamento total: 85 profissionais
• Certificações internacionais: 92% da gerência sênior

Capital financeiro

Recursos financeiros a partir do terceiro trimestre de 2023:

Métrica financeira	Valor
Total de ativos	US $ 682,4 milhões
Linhas de crédito	US $ 215,6 milhões
Caixa e equivalentes de dinheiro	US $ 37,2 milhões

Tecnologias de navegação

Infraestrutura de tecnologia:

• Sistemas de rastreamento de embarcações em tempo real
• GPS avançados e redes de comunicação marítima
• Software de otimização de rota automatizada

Rotas de remessa globais

Cobertura de rota:

Região	Número de rotas ativas
Médio Oriente	12
Europa	8
Ásia -Pacífico	15
Américas	7

Stealthgas Inc. (GASS) - Modelo de negócios: proposições de valor

Serviços de transporte de GLP confiáveis ​​e eficientes

A Stealthgas Inc. opera uma frota de 47 embarcações a partir do quarto trimestre 2023, com uma capacidade de carga total de 1.456.267 metros cúbicos para o transporte de GLP.

Composição da frota	Número de embarcações	Capacidade total (CBM)
Transportadoras de GLP	47	1,456,267

Opções de fretamento flexível para mercados globais de energia

A Stealthgas fornece serviços fretados em várias rotas marítimas internacionais, com operações abrangendo a América do Norte, Europa e Ásia.

• Duração média da fretamento: 6 a 12 meses
• Receita de fretamento em 2022: US $ 140,2 milhões
• Cobertura geográfica: 15 rotas marítimas internacionais

Frota marítima de alta qualidade e bem mantida

Métricas de idade e manutenção da frota a partir de 2023:

Métrica da frota	Valor
Idade média da frota	10,3 anos
Gastos anuais de manutenção	US $ 8,3 milhões

Soluções de remessa econômicas para comerciantes de energia

Métricas de eficiência de custo de envio para 2022:

• Custo médio por metro cúbico: US $ 0,85
• Eficiência de combustível: 22,4 toneladas por milha náutica
• Redução de custos operacionais: 7,2% ano a ano

Operações marítimas seguras e ambientalmente responsáveis

Indicadores de segurança e desempenho ambiental:

Métrica ambiental	2022 Performance
Redução de emissões de CO2	6.5%
Incidentes de segurança	0,3 por 100.000 milhas náuticas

Stealthgas Inc. (GASS) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com clientes de energia

A Stealthgas Inc. mantém 78 contratos de fretamento de tempo a partir do terceiro trimestre de 2023, com uma duração média de 8,2 meses. A taxa de utilização da frota da empresa atingiu 96,4% em 2023, demonstrando forte retenção de clientes e estabilidade do contrato.

Tipo de contrato	Número de contratos	Duração média
Carta de longo prazo	78	8,2 meses

Atendimento ao cliente personalizado e gerenciamento de contas

O Stealthgas dedica 12 profissionais de gerenciamento de contas especializados para lidar com o relacionamento com os clientes, com uma frequência média de interação com o cliente de 3,5 pontos de contato por mês.

• Gerentes de conta dedicados para cada cliente principal
• Disponibilidade de suporte técnico 24/7
• Mecanismos de relatórios personalizados

Plataformas digitais para rastreamento de embarcações em tempo real

A empresa investiu US $ 1,2 milhão em tecnologias de rastreamento digital em 2023, permitindo o monitoramento de embarcações em tempo real por 100% de suas 39 portadoras de GLP.

Recurso da plataforma digital	Cobertura	Investimento
Rastreamento de embarcações em tempo real	100% da frota	US $ 1,2 milhão

Comunicação transparente e relatório de desempenho

A Stealthgas fornece relatórios trimestrais de desempenho para 95% de seus clientes, com uma taxa de satisfação do cliente de 88% com base em 2023 pesquisas internas.

• Relatórios de desempenho abrangentes trimestrais
• Transparência operacional detalhada
• Mecanismos de integração de feedback do cliente

Soluções de remessa personalizadas para diversas necessidades de clientes

A empresa oferece soluções de remessa flexíveis em 15 mercados geográficos diferentes, com 42% dos contratos com otimização de rota personalizada em 2023.

Segmentos de mercado	Cobertura geográfica	Contratos de rota personalizados
Mercados totais servidos	15	42%

Stealthgas Inc. (GASS) - Modelo de Negócios: Canais

Equipe direta de vendas e desenvolvimento de negócios marítimos

A Stealthgas Inc. mantém uma equipe de vendas direta de 12 profissionais especializados em desenvolvimento de negócios marítimos a partir de 2024. A equipe cobre as principais regiões marítimas, incluindo Europa, Ásia e Oriente Médio.

Região	Membros da equipe de vendas	Foco de cobertura
Europa	4	Envio de GLP/GNL
Ásia	4	Mercados químicos de navios -tanque
Médio Oriente	4	Envio de gás de petróleo

Plataforma online e sistemas de comunicação digital

O Stealthgas utiliza uma plataforma de comunicação digital proprietária com recursos de rastreamento de embarcações em tempo real. A plataforma suporta 97% das necessidades de comunicação e rastreamento de sua frota.

• Plataforma digital lançada em 2022
• Suporta 18 navios em rastreamento em tempo real
• Sistema de comunicação integrado com 99,5% de tempo de atividade

Conferências da indústria marítima e exposições comerciais

Em 2024, o Stealthgas participa de 6 principais conferências marítimas, com um investimento anual de US $ 275.000 em participação na conferência e na exposição.

Nome da conferência	Localização	Custo de participação
Exposição marítima de Posidonia	Grécia	$85,000
Conferência Gastech	Cingapura	$65,000
Semana do dinheiro marinho	Nova Iorque	$45,000

Corretores de remessa e conexões de rede marítima

O Stealthgas mantém relacionamentos com 22 corretores de remessa internacionais, cobrindo rotas comerciais marítimas globais.

• 22 parcerias de corretor de remessa ativa
• Cobertura em 5 continentes
• Duração média do relacionamento do corretor: 7,3 anos

Site e plataformas de marketing digital

O site da empresa recebe 45.000 visitantes mensais, com despesas de marketing digital de US $ 180.000 anualmente em 2024.

Canal de marketing digital	Orçamento anual	Engajamento do visitante
LinkedIn	$45,000	15.000 visualizações mensais
Google anúncios	$75,000	22.000 cliques mensais
Plataformas da indústria marítima	$60,000	8.000 interações mensais

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

Comerciantes internacionais de GLP e empresas de energia

O Stealthgas atende 37 empresas de comércio internacional de GLP a partir de 2023, com uma capacidade de frota de 54 navios especializados em transporte de GLP.

Tipo de cliente	Número de clientes	Volume anual (toneladas métricas)
Principais comerciantes internacionais	12	1,2 milhão
Comerciantes regionais de energia	25	850,000

Fabricantes petroquímicos

O Stealthgas suporta 22 fabricantes petroquímicos em várias regiões.

• Mercados primários: Mediterrâneo, Mar Negro, Oriente Médio
• Duração média do contrato: 2-3 anos
• Receita anual de clientes petroquímicos anuais: US $ 47,3 milhões

Consumidores de gás industrial

A empresa atende 18 consumidores de gás industrial com serviços de transporte especializados.

Segmento da indústria	Número de clientes	Volume anual de transporte
Fabricação	8	425.000 toneladas métricas
Agricultura	6	210.000 toneladas métricas
Construção	4	165.000 toneladas métricas

Empresas de navegação marítima

O Stealthgas colabora com 15 companhias de navegação marítima para transporte de GLP.

• Cobertura geográfica: Europa, Oriente Médio, Ásia
• Taxa média de fretamento de embarcações: US $ 15.200 por dia
• Receita total do cliente marítimo: US $ 34,6 milhões em 2023

Redes de distribuição de energia regional e global

A empresa atende 29 redes de distribuição de energia em diferentes regiões.

Tipo de rede	Número de clientes	Volume anual de distribuição
Redes regionais	19	680.000 toneladas métricas
Redes globais	10	1,1 milhão de toneladas métricas

Stealthgas Inc. (GASS) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

A partir do relatório anual de 2023 da Stealthgas Inc., os custos de manutenção e aquisição da empresa foram estruturados da seguinte forma:

Categoria de despesa	Custo anual (USD)
Manutenção da frota	US $ 12,4 milhões
Novas aquisições de embarcações	US $ 35,6 milhões
Reparos de embarcações	US $ 5,2 milhões

Salários da tripulação e custos de treinamento

Redução de despesas relacionadas à tripulação:

• Salários anuais totais da tripulação: US $ 18,3 milhões
• Despesas de treinamento da tripulação: US $ 1,7 milhão
• Recrutamento e integração da tripulação: US $ 850.000

Logística de combustível e operacional

Análise de custo operacional para combustível e logística:

Tipo de despesa	Despesas anuais (USD)
Custos de combustível marítimo	US $ 22,9 milhões
Logística operacional	US $ 6,5 milhões
Taxas portuárias	US $ 3,2 milhões

Despesas de seguros e conformidade

Custos de conformidade e gerenciamento de riscos:

• Prêmios de seguro marítimo: US $ 4,6 milhões
• Custos de conformidade regulatória: US $ 2,1 milhões
• Segurança e conformidade ambiental: US $ 1,8 milhão

Investimentos de tecnologia e infraestrutura

Gastos de tecnologia e infraestrutura digital:

Área de investimento	Investimento anual (USD)
Tecnologia de navegação	US $ 2,3 milhões
Software de gerenciamento de frota	US $ 1,5 milhão
Infraestrutura de segurança cibernética	US $ 1,2 milhão

Estrutura de custo anual total: aproximadamente US $ 118,1 milhões

Stealthgas Inc. (GASS) - Modelo de negócios: fluxos de receita

Contratos de fretamento de longo prazo

Em 2023, a Stealthgas Inc. relatou receitas totais de US $ 97,2 milhões, com contratos de fretamento de longo prazo contribuindo significativamente para esse número. A duração média desses contratos varia de 1 a 5 anos, fornecendo fluxos de receita estáveis.

Tipo de contrato	Receita anual ($)	Porcentagem da receita total
Cartas de LPG de longo prazo	42,500,000	43.7%
Contratos de médio prazo	22,800,000	23.5%

Serviços de remessa de mercado spot

As receitas do mercado à SPOT em 2023 atingiram US $ 18,6 milhões, representando 19,1% da receita total da empresa.

• Taxa média de fretamento à vista: US $ 15.200 por dia
• Número de viagens de mercado à vista: 87
• Cobertura geográfica: Mediterrâneo, Oriente Médio, Caribe

Receitas de leasing de embarcações e fretamento de tempo

As receitas da Carta de Time em 2023 totalizaram US $ 24,3 milhões, com uma frota de 26 navios disponíveis para leasing.

Tipo de embarcação	Número de embarcações	Receita de fretamento de tempo ($)
Transportadoras de GLP	18	16,800,000
Tanques de produtos	8	7,500,000

Taxas de logística e transporte marítimas

Os serviços de logística e transporte geraram US $ 12,4 milhões em receita para 2023.

• Taxa média de transporte: US $ 87.500 por remessa
• Remessas totais: 142
• Rotas de transporte primário: Europa, Oriente Médio, Ásia

Ofertas de serviço marítimo de valor agregado

Os serviços suplementares contribuíram com US $ 4,9 milhões para a receita da empresa em 2023.

Tipo de serviço	Receita ($)	Porcentagem de serviços adicionais
Gerenciamento técnico	2,100,000	42.9%
Serviços de consultoria	1,500,000	30.6%
Serviços de corretagem	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.