ATHENS, Greece, Feb. 21, 2024 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2023.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
All-time record Net Income of $51.9 million for the twelve-month period, a 51% increase compared to last year, corresponding to a basic EPS of $1.38. Strong profitability continued for the fourth quarter with Net Income of $8.9 million for the three-month period corresponding to a basic EPS of $0.25.
Further increased period coverage. About 66% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.
Repurchased 2.01 million shares during the fourth quarter. To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares, for a total of $19.1 million under our $25 million share repurchase program.
Massively reduced debt during 2023 by $153.6 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $123.5 million as of December 31, 2023.
Maintaining ample cash and cash equivalents (incl. restricted cash) of $83.8 million as of December 31, 2023 enabling the Company to further reduce debt.
Took successful delivery of the Medium Gas Carrier (MGC) newbuildings Eco Oracle and Eco Wizard in January 2024.
Fourth Quarter 2023 Results:
Revenues for the three months ended December 31, 2023 amounted to $34.1 million compared to revenues of $42.7 million for the three months ended December 31, 2022, a decrease of $8.6 million, or 20%, as the number of our vessels declined from 34 vessels at the end of Q4 2022 to 27 vessels at the end of Q4 2023.Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2023 were $3.3 million and $12.9 million, respectively, compared to $6.5 million and $14.6 million, respectively, for the three months ended December 31, 2022. The $3.2 million, or 49%, decrease in voyage expenses was the result of the reduction in spot market days, while the $1.7 million, or 12%, decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet partly offset by extraordinary costs related to one of our vessels.Drydocking costs for the three months ended December 31, 2023 and 2022 were $0.03 million and $0.6 million, respectively. No vessels were drydocked during the fourth quarter of 2023 while drydocking expenses during the fourth quarter of 2022 mainly relate to the drydocking of two vessels. Management fees for the three months ended December 31, 2023 and 2022 were $1.0 million and $1.3 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet.General and administrative expenses for the three months ended December 31, 2023 and 2022 were $1.7 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the three months ended December 31, 2023 and 2022 was $5.6 million and $6.8 million, respectively, as the number of our vessels declined.Interest and finance costs for the three months ended December 31, 2023 and 2022, were $2.3 million and $3.4 million, respectively. The $1.1 million, or 32%, decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in variable interest rates as well as profits from closing swap positions due to debt prepayments.Interest income for the three months ended December 31, 2023 and 2022 was $1.0 million and $0.7 million, respectively. The increase is mainly attributed to increases in interest rates over the corresponding period.Equity earnings in joint ventures for the three months ended December 31, 2023 and 2022 was a gain of $0.9 million and $1.2 million, respectively. The $0.3 million decrease was mainly due to the drydocking of one of the vessels during the 2023 period.As a result of the above, for the three months ended December 31, 2023, the Company reported net income of $8.9 million, compared to net income of $7.7 million for the three months ended December 31, 2022 an increase of $1.2 million, or 16%. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2023 and 2022 was 35.3 million and 38.0 million, respectively. Earnings per share, basic, for the three months ended December 31, 2023 amounted to $0.25 compared to earnings per share of $0.20 for the same period of last year.Adjusted net income1 was $10.3 million corresponding to an Adjusted EPS1 of $0.29 for the three months ended December 31, 2023 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS of $0.27 for the same period of last year.EBITDA1 for the three months ended December 31, 2023 amounted to $15.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA1 to Net Income are set forth below.An average of 27.0 vessels were owned by the Company during the three months ended December 31, 2023 compared to 34.0 vessels for the same period of 2022.
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1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.
Twelve Months 2023 Results:
Revenues for the twelve months ended December 31, 2023 amounted to $143.5 million, a decrease of $9.3 million, or 6%, compared to revenues of $152.8 million for the twelve months ended December 31, 2022, primarily due to a reduction in the fleet size.Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2023 were $13.2 million and $53.1 million, respectively, compared to $22.2 million and $54.9 million for the twelve months ended December 31, 2022. The $9.0 million, or 41%, decrease in voyage expenses was mainly due to the decrease in spot days. The $1.8 million decrease in vessels’ operating expenses was the result of the decrease in the number of vessels partly offset by inflationary cost pressures and cost overruns particularly in certain cost categories like spares and crew and was more pronounced during the Q1 23’ and less so during Q4 23’.Drydocking costs for the twelve months ended December 31, 2023 and 2022 were $2.6 million and $3.0 million, respectively. The costs for the twelve months ended December 31, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of five vessels.General and administrative expenses for the twelve months ended December 31, 2023 and 2022 were $5.3 million and $3.4 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.Depreciation for the twelve months ended December 31, 2023 was $23.7 million, a $4.1 million decrease from $27.8 million for the same period of last year, due to the decrease in the average number of our vessels.Impairment loss for the twelve months ended December 31, 2023 was $2.8 million relating to two vessels, for which the Company had entered into separate agreements to sell to third parties – both were delivered to their new owners in January 2024.
Impairment loss for the twelve months ended December 31, 2022 was $3.2 million relating to four vessels, for which the Company had entered into sale agreements and were all delivered to their new owners in a subsequent period.Gain on sale of vessels for the twelve months ended December 31, 2023 was $7.6 million, which was primarily due to the sale of seven of the Company’s vessels, whereas loss on sale of vessels for the twelve months ended December 31, 2022 was $0.4 million due to the sale of three of the Company’s vessels in 2022.Interest and finance costs for the twelve months ended December 31, 2023 and 2022 were $10.0 million and $12.1 million, respectively. Despite increases in interest rates during that period, interest costs fell mainly due to the decrease of our outstanding indebtedness as well as profits from closing swap positions due to debt prepayments.Interest income for the twelve months ended December 31, 2023 and 2022 was $3.7 million and $1.1 million, respectively. The more than three-fold increase is mainly attributed to increases in interest rates and in our average cash and cash equivalents on time deposits over the corresponding period.Equity earnings in joint ventures for the twelve months ended December 31, 2023 and 2022 was a gain of $12.3 million and a gain of $10.9 million, respectively. The $1.4 million increase from the same period of last year is mainly due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures.As a result of the above, the Company reported a net income for the twelve months ended December 31, 2023 of $51.9 million, compared to a net income of $34.3 million for the twelve months ended December 31, 2022 an increase of $17.6 million, or 51%. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2023 and 2022 was 37.2 million and 38.0 million, respectively.Earnings per share, basic, for the twelve months ended December 31, 2023 amounted to $1.38 compared to earnings per share, basic, of $0.90 for the same period of last year.Adjusted net income was $50.5 million, or $1.34 per share, for the twelve months ended December 31, 2023 compared to adjusted net income of $36.7 million, or $0.97 per share, for the same period of last year, an increase of $13.8 million, or 38%.EBITDA for the twelve months ended December 31, 2023 amounted to $81.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.An average of 29.3 vessels were owned by the Company during the twelve months ended December 31, 2023, compared to 34.8 vessels for the same period of 2022.As of December 31, 2023, cash and cash equivalents (including restricted cash) amounted to $83.8 million and total debt amounted to $123.5 million.
Fleet Update Since Previous Announcement
The Company announced the conclusion of the following chartering arrangements (of three or more months duration):
· A twelve months time charter extension for its 2011 built LPG carrier Gas Cerberus, until Dec 2024.
· A twelve months time charter extension for its 2014 built LPG carrier Eco Chios, until Nov 2024.
· A twelve months time charter extension for its 2016 built LPG carrier Eco Dominator, until Mar 2025.
· A twelve months time charter for its 2012 built LPG carrier Gas Husky, until Dec 2024.
· A six months time charter extension for its 2015 built LPG carrier Eco Royalty, until Aug 2024.
· A six months time charter for its 2017 built LPG carrier Eco Frost, until May 2024.
· A three months time charter for its 2009 built LPG carrier Gas Astrid, until April 2024.
As of January 2024, the Company has total contracted revenues of approximately $200 million.
For the year 2024, the Company has circa 66% of fleet days secured under period contracts, and approximately $120 million in contracted revenues.
In addition the following charter arrangements were concluded for the joint venture vessels:
· A twelve months time charter extension for the 2008 built LPG carrier Gas Shuriken, until Dec 2024.
· A six months time charter extension for the 2008 built LPG carrier Gas Defiance, until May 2024.
· A six months time charter for the 2007 built LPG carrier Gas Haralambos, until May 2024.
· A five months time charter for the 2015 built LPG carrier Eco Lucidity, until Apr 2024.
During January 2024, the Company concluded the previously announced sale of the 2015 built Eco Dream (4,989 cbm) and 2015 built Eco Green (4,991 cbm) and also took delivery of the MGC newbuildings Eco Oracle (40,551 cbm) and Eco Wizard (40,551 cbm) in Korea. Upon delivery, the vessels were deployed on their previously announced respective period charters. The Company received $70 million in finance proceeds from a recently concluded 8-year credit facility related to these vessels.
In regards to the joint venture vessel Eco Ethereal, the charterer notified of its intention to exercise its purchase option on the vessel. The sale, subject to customary closing conditions, is expected to be completed in April 2024. The sale will result in a profit being recorded at the time of delivery for the joint venture and the proceeds, subject to the joint venture partners decision, are expected to be distributed thereafter.
Board Chairman Michael Jolliffe Commented
StealthGas reported for the fourth quarter 2023 Net Income of $8.9 million. It was yet another quarter of strong profitability. For the full year 2023 Net Income amounted to $51.9 million, far surpassing last year’s record yearly profit of $34.3 million, corresponding to a 51% increase. So it gives me great pleasure that not only has the Company managed to sustain its record profitability but drastically improve it successively. Obviously the main driver of such results is the lasting recovery of the LPG markets that hopefully will continue. But markets are volatile, and sound policies as well as opportunistic plays need to also guide decisions. As such the Company did not focus on growth for 2023, it rather focused on taking advantage of the market and securing more period charters, currently having over $200 million in contracted revenues, selling vessels as asset prices were rising, paying down debt as interest rates were rising, over $150 million was repaid in 2023 and over $30 million in the current quarter and returning value to our shareholders by buying back our own stock, having bought over 10% of the issued shares during last year and spending $19.1 million. That being said, it was also important not to neglect to renew the fleet and in January of this year StealthGas took delivery of the two 40,000 MGC vessels, Eco Oracle and Eco Wizard, whose period charters should support profitability this year. So far, the beginning of 2024 looks promising as the market for our vessels remains firm and barring any extraordinary events we should expect solid revenues in the current quarter.
Conference Call details:
On February 21, 2024 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
Online Registration:
https://register.vevent.com/register/BIe5a9a46dfca042dc92ba8964d5249798
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 33 LPG carriers, including six Joint Venture vessels in the water. These LPG vessels have a total capacity of 389,420 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
Visit our website at www.stealthgas.com
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, including those related to future revenues and profitability, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.
Fleet List
For information on our fleet and further information:
Visit our website at www.stealthgas.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2022 and December 31, 2023.
FLEET DATAQ4 2022Q4 202312M 202212M 2023Average number of vessels (1)34.0 27.0 34.8 29.3 Period end number of owned vessels in fleet34 27 34 27 Total calendar days for fleet (2)3,128 2,484 12,687 10,698 Total voyage days for fleet (3)3,118 2,441 12,538 10,566 Fleet utilization (4)99.7% 98.3% 98.8% 98.8% Total charter days for fleet (5)2,522 2,207 10,336 9,544 Total spot market days for fleet (6)596 234 2,202 1,022 Fleet operational utilization (7)96.5% 96.8% 93.5% 96.6%
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and gain on derivatives.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in United States Dollars,
except number of shares)Fourth Quarter Ended
December 31st,Twelve Months Period Ended
December 31st, 2022 2023 2022 2023 Net Income – Adjusted Net Income Net income7,700,842 8,889,046 34,253,365 51,936,829 Plus/(Less) loss/(gain) on derivatives80,847 255,736 (1,698,462)(237,618)(Less)/Plus swap interest (paid)/received(175,420)216,432 1,061 1,027,127 (Less)/Plus (gain)/loss on sale of vessels, net– — 408,637 (7,645,781)Plus impairment loss2,637,502 — 3,167,034 2,816,873 Plus share based compensation85,528 940,216 610,788 2,589,405 Adjusted Net Income10,329,299 10,301,430 36,742,423 50,486,835 Net income – EBITDA Net income7,700,842 8,889,046 34,253,365 51,936,829 Plus interest and finance costs3,407,579 2,344,430 12,076,300 9,956,712 Less interest income(720,596)(952,287)(1,098,789)(3,712,239)Plus depreciation6,832,886 5,565,955 27,814,901 23,707,797 EBITDA17,220,711 15,847,144 73,045,777 81,889,099 Net income – Adjusted EBITDA Net income7,700,842 8,889,046 34,253,365 51,936,829 Plus/(Less) loss/(gain) on derivatives80,847 255,736 (1,698,462)(237,618)(Less)/Plus (gain)/loss on sale of vessels, net– — 408,637 (7,645,781)Plus impairment loss2,637,502 — 3,167,034 2,816,873 Plus share based compensation85,528 940,216 610,788 2,589,405 Plus interest and finance costs3,407,579 2,344,430 12,076,300 9,956,712 Less interest income(720,596)(952,287)(1,098,789)(3,712,239)Plus depreciation6,832,886 5,565,955 27,814,901 23,707,797 Adjusted EBITDA20,024,588 17,043,096 75,533,774 79,411,978 EPS – Adjusted EPS Net income7,700,842 8,889,046 34,253,365 51,936,829 Adjusted net income10,329,299 10,301,430 36,742,423 50,486,835 Weighted average number of shares, basic38,030,309 35,300,965 37,961,560 37,166,449 EPS – Basic 0.20 0.25 0.90 1.38 Adjusted EPS – Basic0.27 0.29 0.97 1.34
StealthGas Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
Quarters Ended
December 31, Twelve Month Periods Ended
December 31, 2022 2023 2022 2023 Revenues Revenues 42,729,385 34,139,248 152,760,888 143,527,769 Expenses Voyage expenses 6,011,304 2,878,732 20,306,407 11,429,716 Voyage expenses – related party 516,519 426,108 1,871,071 1,779,488 Vessels’ operating expenses 14,349,035 12,690,873 53,909,328 52,206,248 Vessels’ operating expenses – related party261,000 207,500 1,035,450 911,250 Drydocking costs 607,223 27,696 2,954,575 2,641,706 Management fees – related party 1,332,160 1,048,800 5,242,990 4,531,920 General and administrative expenses 815,631 1,657,671 3,404,141 5,331,029 Depreciation 6,832,886 5,565,955 27,814,901 23,707,797 Impairment loss 2,637,502 — 3,167,034 2,816,873 Net loss/(gain) on sale of vessels — — 408,637 (7,645,781)Total expenses 33,363,260 24,503,335 120,114,534 97,710,246 Income from operations 9,366,125 9,635,913 32,646,354 45,817,523 Other (expenses)/income Interest and finance costs (3,407,579) (2,344,430) (12,076,300) (9,956,712) (Loss)/gain on derivatives (80,847) (255,736) 1,698,462 237,618 Interest income720,596 952,287 1,098,789 3,712,239 Foreign exchange (loss)/gain (59,684) (27,829) 23,373 (190,722)Other expenses, net (2,827,514) (1,675,708) (9,255,676) (6,197,577) Income before equity in earnings of investees6,538,611 7,960,205 23,390,678 39,619,946 Equity earnings in joint ventures 1,162,231 928,841 10,862,687 12,316,883 Net Income 7,700,842 8,889,046 34,253,365 51,936,829 Earnings per share – Basic 0.20 0.25 0.90 1.38 – Diluted 0.20 0.25 0.90 1.37 Weighted average number of shares – Basic 38,030,309 35,300,965 37,961,560 37,166,449 – Diluted 38,030,759 35,430,883 37,961,673 37,236,951
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31, December 31, 2022 2023 Assets Current assets Cash and cash equivalents 55,770,823 77,202,843 Short term investments 26,500,000 — Trade and other receivables 4,630,536 4,506,741 Other current assets 270,514 130,589 Claims receivable 182,141 55,475 Inventories 3,064,011 1,979,683 Advances and prepayments 681,413 1,409,418 Restricted cash 2,519,601 659,137 Vessel held for sale 11,107,182 34,879,925 Total current assets 104,726,221 120,823,811 Non current assets Advances for vessel acquisitions 23,400,000 23,414,570 Operating lease right-of-use assets — 99,379 Vessels, net 628,478,453 504,295,083 Other receivables 162,872 48,040 Restricted cash 10,864,520 5,893,721 Investments in joint ventures 46,632,720 39,671,603 Deferred finance charges 165,666 1,105,790 Fair value of derivatives 7,102,855 1,858,677 Total non current assets 716,807,086 576,386,863 Total assets 821,533,307 697,210,674 Liabilities and Stockholders’ Equity Current liabilities Payable to related parties 2,476,663 955,567 Trade accounts payable 11,838,243 9,953,137 Accrued liabilities 6,923,992 5,681,144 Operating lease liabilities — 71,173 Deferred income 5,234,978 5,386,126 Current portion of long-term debt 30,083,806 16,624,473 Total current liabilities 56,557,682 38,671,620 Non current liabilities Operating lease liabilities — 28,206 Deferred income 21,451 1,928,712 Long-term debt 247,028,823 106,918,176 Total non current liabilities 247,050,274 108,875,094 Total liabilities 303,607,956 147,546,713 Commitments and contingencies Stockholders’ equity Capital stock 435,274 453,434 Treasury stock (25,373,380) (44,453,836) Additional paid-in capital 443,620,122 446,938,868 Retained earnings 94,056,852 145,993,681 Accumulated other comprehensive income 5,186,483 731,814 Total stockholders’ equity 517,925,351 549,663,961 Total liabilities and stockholders’ equity 821,533,307 697,210,674
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
Twelve Month Periods Ended December 31, 2022 2023 Cash flows from operating activities Net income for the year 34,253,365 51,936,829 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 27,814,901 23,707,797 Amortization of deferred finance charges 855,472 1,345,941 Amortization of operating lease right-of-use assets 104,168 99,379 Share based compensation 610,788 2,589,405 Change in fair value of derivatives (1,964,307) 789,509 Equity earnings in joint ventures (10,862,687) (12,316,883) Dividends received from joint ventures 9,486,900 14,589,215 Impairment loss 3,167,034 2,816,873 Loss/(Gain) on sale of vessels 408,637 (7,645,781) Changes in operating assets and liabilities: (Increase)/decrease in Trade and other receivables (2,675,772) 238,627 Other current assets 28,470 139,925 Claims receivable (500,249) — Inventories (819,065) 1,365,189 Changes in operating lease liabilities (104,168) (99,379) Advances and prepayments (43,532) (728,005) Increase/(decrease) in Balances with related parties 2,185,408 (1,532,943) Trade accounts payable 3,328,208 (1,813,377) Accrued liabilities 1,775,447 (100,515) Deferred income (486,805) 2,058,409 Net cash provided by operating activities 66,562,213 77,440,215 Cash flows from investing activities Insurance proceeds 380,760 126,666 Advances for vessels acquisitions (23,400,000) — Proceeds from sale of vessels, net 25,027,379 80,109,781 Acquisition and improvement of vessels (830,937) (85,201) Maturity in short term investments — 26,500,000 Increase in short-term investments (26,500,000) — Return of investments from joint ventures 8,066,100 4,688,785 Net cash (used in)/provided by investing activities (17,256,698) 111,340,031 Cash flows from financing activities Additional paid-in capital — 747,500 Stock repurchase — (19,080,455) Deferred finance charges paid (534,600) (988,166) Advances from joint ventures 4,428,713 11,847 Advances to joint ventures (5,565,396) — Loan repayments (83,579,825) (154,870,215) Proceeds from long-term debt 59,400,000 — Net cash used in financing activities (25,851,108) (174,179,489) Net increase in cash, cash equivalents and restricted cash 23,454,407 14,600,757 Cash, cash equivalents and restricted cash at beginning of year 45,700,537 69,154,944 Cash, cash equivalents and restricted cash at end of year 69,154,944 83,755,701 Cash breakdown Cash and cash equivalents 55,770,823 77,202,843 Restricted cash, current 2,519,601 659,137 Restricted cash, non current 10,864,520 5,893,721 Total cash, cash equivalents and restricted cash shown in the statements of cash flows69,154,944 83,755,701 CONTACT: Company Contact:
Konstantinos Sistovaris
STEALTHGAS INC.
00-30-210-6250-001
E-mail: info@stealthgas.com
