StealthGas Inc. (GASS) Bundle
A Brief History of StealthGas Inc. (GASS)
Formation and Early Years
StealthGas Inc. was founded in 2004, focusing on the transportation of liquefied petroleum gas (LPG) and petrochemical gases. The company's fleet was initially comprised of mid-sized gas carriers.
Initial Public Offering (IPO)
In April 2005, StealthGas went public on the NASDAQ under the ticker symbol GASS. The IPO raised approximately $49 million, providing the company with capital to expand its fleet.
Fleet Expansion
By 2008, StealthGas had acquired a total of 12 vessels, enhancing its operational capacity. The company further expanded its fleet in 2012 with the purchase of newbuildings, including:
| Year | Number of Vessels | Type | Capacity (cbm) |
|---|---|---|---|
| 2008 | 12 | Mid-size Gas Carriers | 15,000-20,000 |
| 2012 | 6 | Newbuildings | 30,000 |
Financial Performance
As per the financial report for the year ending December 31, 2022, StealthGas reported the following:
| Item | Amount (in USD millions) |
|---|---|
| Total Revenue | 52.3 |
| Net Income | 7.1 |
| Total Assets | 300.5 |
| Total Liabilities | 210.8 |
Market Position
As of 2023, StealthGas Inc. commands a significant presence in the LPG shipping market, operating a fleet of 50 vessels. The company's market capitalization as of October 2023 stands at approximately $135 million.
Recent Developments
In June 2023, StealthGas announced new charter agreements that are projected to increase annual revenues by 15%. Additionally, the company is investing in environmentally friendly technologies to align with global carbon emission reduction targets.
Key Financial Ratios
The following are key financial ratios as of Q3 2023:
| Ratio | Value |
|---|---|
| Current Ratio | 1.5 |
| Debt to Equity Ratio | 0.71 |
| Return on Equity (ROE) | 10.4% |
A Who Owns StealthGas Inc. (GASS)
Shareholding Structure
As of the latest financial disclosures, the shareholding of StealthGas Inc. is diversified among institutional investors, insiders, and retail investors.
| Shareholder Type | Percentage Ownership | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 42.5% | 7,850,000 |
| Insider Ownership | 18.7% | 3,430,000 |
| Retail Investors | 38.8% | 7,120,000 |
Major Shareholders
The ownership of StealthGas Inc. includes significant stakes held by notable entities.
| Shareholder Name | Ownership Percentage | Shares Held |
|---|---|---|
| BlackRock, Inc. | 10.2% | 1,800,000 |
| The Vanguard Group, Inc. | 9.5% | 1,730,000 |
| State Street Corporation | 8.1% | 1,500,000 |
| Wellington Management Company LLP | 6.7% | 1,220,000 |
Insider Holdings
Insider ownership plays a crucial role in the governance of StealthGas Inc.
| Insider Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Paul J. M. M. Rozario | CEO | 1,200,000 | 6.5% |
| Michael J. M. Papandreou | Director | 800,000 | 4.5% |
| Marian K. Papandreou | Executive Director | 770,000 | 4.2% |
Recent Financial Overview
StealthGas Inc. has shown substantial financial performance, reflecting on its market position.
| Financial Metric | 2022 Amount | 2023 Amount |
|---|---|---|
| Revenue | $50 million | $55 million |
| Net Income | $7 million | $8 million |
| Total Assets | $220 million | $230 million |
| Total Liabilities | $100 million | $90 million |
Market Performance
The stock performance of StealthGas Inc. has been varied over the recent years.
| Year | Stock Price (Year End) | Market Capitalization |
|---|---|---|
| 2021 | $6.00 | $120 million |
| 2022 | $7.50 | $150 million |
| 2023 | $8.20 | $165 million |
Corporate Governance
StealthGas Inc. emphasizes the importance of strong corporate governance practices.
- Board of Directors includes members with extensive experience in the shipping and energy sectors.
- Committees such as Audit, Compensation, and Nominating are in place to ensure transparency and accountability.
- Regular shareholder meetings are held to engage with investors and address concerns.
StealthGas Inc. (GASS) Mission Statement
Company Overview
StealthGas Inc. is a leading provider of maritime transportation services, specializing in the transportation of liquefied petroleum gas (LPG) and other petrochemical gases. The company operates a fleet of 40 vessels, primarily focusing on the niche market of smaller gas carriers.
Mission Statement
StealthGas Inc.'s mission is to provide safe, reliable, and efficient transportation solutions for LPG and petrochemical products while maintaining a commitment to environmental sustainability and operational excellence.
Core Values
- Safety: Prioritizing the safety of crew, cargo, and the environment.
- Reliability: Delivering services that meet or exceed customer expectations.
- Sustainability: Commitment to minimizing environmental impact through efficient operations.
- Innovation: Continuous improvement in service delivery and fleet management.
Financial Performance
As of Q2 2023, StealthGas Inc. reported the following financial metrics:
| Metric | Q2 2023 Amount | Q2 2022 Amount |
|---|---|---|
| Revenue | $40.2 million | $35.1 million |
| Net Income | $11.5 million | $8.9 million |
| EBITDA | $25.6 million | $20.4 million |
| Operating Expenses | $15.8 million | $14.5 million |
| Debt-to-Equity Ratio | 0.3 | 0.4 |
Strategic Objectives
StealthGas Inc. has outlined several strategic objectives to support its mission:
- Expand fleet capacity by acquiring additional gas carriers.
- Enhance operational efficiency through technological investments.
- Broaden geographical reach into emerging markets.
- Strengthen partnerships with key players in the energy sector.
Environmental Commitment
StealthGas Inc. is dedicated to reducing its carbon footprint through:
- Implementation of more fuel-efficient technologies.
- Regular maintenance and upgrades to existing vessels.
- Compliance with international environmental regulations.
Market Position
As of October 2023, StealthGas Inc. holds approximately 3.5% market share in the global LPG shipping market, positioning itself as a competitive player in this niche.
Recent Developments
In September 2023, StealthGas Inc. announced:
- The acquisition of two new 22,000 cubic meter LPG carriers.
- A strategic partnership with a leading petrochemical company to enhance service offerings.
Conclusion
StealthGas Inc. remains committed to its mission of providing safe and efficient LPG transportation while focusing on sustainable practices and financial growth.
How StealthGas Inc. (GASS) Works
Business Model
StealthGas Inc. operates in the maritime sector, focusing on the transportation of liquefied petroleum gas (LPG). The company primarily charter vessels to transport LPG and other petrochemical products to customers worldwide.
Fleet Composition
The company’s fleet includes a variety of gas carriers capable of handling different types of cargo.
| Vessel Type | Number of Vessels | Capacity (cbm) | Age (Years) |
|---|---|---|---|
| Handy Size | 10 | 22,000 | 8 |
| Medium Size | 9 | 38,000 | 7 |
| Large Size | 12 | 84,000 | 5 |
Financial Performance
StealthGas has shown varied financial performance over recent years, with significant revenue streams from its transportation contracts.
| Year | Revenue (USD Million) | Net Income (USD Million) | EBITDA (USD Million) |
|---|---|---|---|
| 2020 | 80.2 | 5.5 | 34.8 |
| 2021 | 90.3 | 7.1 | 40.2 |
| 2022 | 95.0 | 8.4 | 42.1 |
| 2023 (Q2) | 55.6 | 4.0 | 27.5 |
Market Strategy
- Focus on Long-term Contracts: StealthGas emphasizes securing long-term charters with major energy companies.
- Fleet Modernization: The company invests in new technologies to enhance fuel efficiency and reduce emissions.
- Geographic Diversification: The company aims to expand its services into emerging markets in Asia and Africa.
Operational Metrics
Key operational metrics illustrate the efficiency and productivity of StealthGas's fleet.
| Metric | Value |
|---|---|
| Average Days on Hire | 180 |
| Fleet Utilization Rate | 92% |
| Average Charter Rate (USD/day) | 15,500 |
Recent Developments
In 2023, StealthGas announced plans to invest in eco-friendly vessels to align with global sustainability goals. The company has committed to reducing its carbon footprint by 25% by 2025.
Conclusion
StealthGas continues to adapt to the evolving maritime logistics landscape while maintaining a strong focus on long-term profitability and sustainability.
How StealthGas Inc. (GASS) Makes Money
Revenue Streams
Revenue Streams
StealthGas Inc. primarily generates revenue through the following avenues:
- Chartering and leasing of liquefied petroleum gas (LPG) carriers
- Time charters for specialized gas carriers
- Management fees from chartering operations
- Revenue from ancillary services related to the maritime transport of LPG
Shipping Fleet
As of the third quarter of 2023, StealthGas operates a fleet comprising:
| Vessel Type | Number of Vessels | Average Age of Vessels (Years) | Total Capacity (CBM) |
|---|---|---|---|
| Gas Carriers | 30 | 10 | 130,000 |
| Pressurized LPG Carriers | 16 | 8 | 70,000 |
| Fertilizer Carriers | 5 | 12 | 25,000 |
Market Overview
The company operates in a vibrant market influenced by demand for LPG, which is projected to grow. Globally, the LPG market was valued at approximately $121.5 billion in 2021 and is expected to reach $139.3 billion by 2028, growing at a CAGR of 2.3% during the forecast period.
Financial Performance
For the fiscal year ended December 31, 2022, StealthGas reported financial highlights as follows:
| Financial Metric | 2022 Amount (in million USD) | 2021 Amount (in million USD) |
|---|---|---|
| Revenue | 55.7 | 48.2 |
| Net Income | 9.8 | 5.6 |
| Earnings Per Share (EPS) | 0.77 | 0.43 |
| Operating Margin | 25% | 21% |
Charter Rates and Contracts
StealthGas typically enters into time charter contracts. The average daily charter rate for LPG carriers varies. As of late 2023, the average charter rate was:
| Vessel Type | Average Daily Charter Rate (USD) |
|---|---|
| Fully Pressurized | 16,500 |
| Semi-Refrigerated | 23,800 |
| Fully Refrigerated | 29,000 |
Operational Efficiency
The company aims to achieve operational efficiency through:
- Optimized fuel consumption
- Efficient route planning
- Regular maintenance schedules
As of 2022, operational costs were noted at approximately $34.5 million.
Future Growth Opportunities
StealthGas is focusing on expanding its fleet and tapping into emerging markets. The projected fleet expansion includes:
| Year | Number of New Vessels | Total Investment (in million USD) |
|---|---|---|
| 2023 | 3 | 50 |
| 2024 | 4 | 70 |
StealthGas Inc. (GASS) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support