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,
2021.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- Fleet utilization of 98.3% with 62 days of technical off-hire,
mainly as a result of the full completion of two drydockings in Q4
2021.
- Operational utilization of 96.1%, an improved performance
compared to the third quarter of 2021, mainly due to a 10%
reduction of spot days.
- About 49% of fleet days are secured on period charters for the
remainder of 2022, with total fleet employment days for all
subsequent periods generating approximately $70 million (excl. JV
vessels) in contracted revenues. Period coverage for the second
quarter of 2022 is currently 63%.
- Completion of our spin-off of four tankers on December 3, 2021
to a new NASDAQ listed company called Imperial Petroleum Inc.
- Completion of our 3,500 cbm LPG vessel, the Eco Loyalty (2014
built) sale, for further trading and delivery to her new owner on
February 22, 2022. This vessel had been classified as held for sale
as at December 31, 2021.
- Sale in Q1 22’ of our 5,000 cbm LPG vessel, the Gas Inspiration
(2006 built), for further trading.
- Voyage revenues of $36.1 million in Q4 21’, a decrease of $1.2
million compared to Q4 20’, mostly due to a decline in revenues
stemming from the tanker vessels which were accounted in StealthGas
financials up to December 3, 2021, the spin-off completion
date.
- Impairment charge of $40.2 million as a result of our tankers’
spin-off.
- Net loss of $38.7 million for Q4 21’ corresponding to a loss
per share of $1.02.
- EBITDA1(losses) of $27.0 million in Q4 21’ compared to EBITDA
of $11.8 million in Q4 20’.
- Adjusted EBITDA1 of $14.6 million in Q4 21’ compared to $13.7
million in Q4 20’ due to higher operating income before impairment
charges.
- Low gearing is preserved even following the completion of the
spin-off transaction, as debt to assets stands at 37.7% compared to
37.3% as at the end of 2020.
- Total cash, including restricted cash, of $45.7 million as of
December 31, 2021.
- Adjusted Net Income1 of $2.8 million for Q4 21’ corresponding
to an Adjusted EPS of $0.07.
- For the twelve-month period ended December 31, 2021, our
adjusted net income came in at $10.2 million corresponding to an
Adjusted EPS of $0.27.
______________________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.
Fourth Quarter 2021
Results:
- Revenues for the three months ended December 31, 2021 amounted
to $36.1 million, a decrease of $1.2 million, or 3.2%, compared to
revenues of $37.3 million for the three months ended December 31,
2020, mainly due to a decline in revenues stemming from the
spin-off of our 4 tanker vessels which were accounted for in
StealthGas financials up to December 3, 2021, the spin-off
completion date, partially offset by the 15.2% increase of our time
charter revenues generated from our LPG vessels.
- Voyage expenses and vessels’ operating expenses for the three
months ended December 31, 2021 were $4.8 million and $15.1 million,
respectively, compared to $5.3 million and $14.7 million,
respectively, for the three months ended December 31, 2020. The
$0.5 million decrease in voyage expenses is small when considering
the decline of spot days by 56%. This fact is attributed to the
sharp rise of daily bunker costs by almost $2,600 (113%). The $0.4
million increase in vessels’ operating expenses compared to the
same period of 2020 is due to fewer vessels on bareboat as our
bareboat days declined by 15.8%, along with a further increase of
our crew costs due to the COVID-19 pandemic by $0.2 million.
- General and administrative expenses for the three months ended
December 31, 2021 and 2020 were $1.3 million and $0.7 million,
respectively. This $0.6 million increase compared to the same
period of last year is due to stock compensation costs along with
costs related to the spin-off transaction.
- Drydocking costs for the three months ended December 31, 2021
and 2020 were $0.9 million and $0.9 million, respectively, and both
relate to the full completion of two drydockings.
- Depreciation for the three months ended December 31, 2021 and
2020, was $8.6 million and $9.5 million, respectively, as the
number of our vessels declined following the spin-off of our four
tanker vessels.
- Impairment loss for the three months ended December 31, 2021
was $41.5 million and is mainly attributed to the spin-off
transaction. Impairment loss for the three months ended December
31, 2020 was $0.7 million relating to one of our oldest
vessels.
- Interest and finance costs for the three months ended December
31, 2021 and 2020, were $3.1 million and $3.1 million,
respectively. Although interest charges declined by almost $0.4
million compared to the same period of last year due to the decline
of LIBOR rates, we incurred about $0.4 million of swap prepayment
and arrangement fees in relation to loan refinancings.
- Equity (losses)/earnings in joint ventures for the three months
ended December 31, 2021 and 2020 was a gain of $1.7 million and a
loss of $0.5 million, respectively. The $2.2 million increase from
the same period of last year is mainly due to increased operating
revenues which enhanced the profitability stemming from our joint
venture arrangements.
- As a result of the above, for the three months ended December
31, 2021, the Company reported a net loss of $38.7 million,
compared to a net loss of $0.7 million for the three months ended
December 31, 2020. The weighted average number of shares
outstanding for the three months ended December 31, 2021 and 2020
was 37.9 million and 37.9 million, respectively.
- Loss per share, basic and diluted, for the three months ended
December 31, 2021 amounted to $1.02 compared to loss per share of
$0.02 for the same period of last year.
- Adjusted net income was $2.8 million corresponding to an
Adjusted EPS of $0.07 for the three months ended December 31, 2021
compared to adjusted net income of $1.1 million corresponding to an
Adjusted EPS of $0.03 for the same period of last year.
- EBITDA for the three months ended December 31, 2021 amounted to
losses of $27.0 million. Reconciliations of Adjusted Net Income,
EBITDA and Adjusted EBITDA to Net (Loss)/Income are set forth
below.
- An average of 39.7 vessels were owned by the Company during the
three months ended December 31, 2021 compared to 42.1 vessels for
the same period of 2020.
Twelve Months 2021 Results:
- Revenues for the twelve months ended December 31, 2021,
amounted to $150.2 million, an increase of $5.2 million, or 3.6%,
compared to revenues of $145.0 million for the twelve months ended
December 31, 2020, primarily due to the reduction of our bareboat
activity by 47.6% (equivalent to 1,630 days) where revenues are
inherently lower, along with an increase in spot days.
- Voyage expenses and vessels’ operating expenses for the twelve
months ended December 31, 2021 were $22.2 million and $61.5
million, respectively, compared to $14.1 million and $53.3 million
for the twelve months ended December 31, 2020. The $8.1 million
increase in voyage expenses was an outcome of the 16.5% (or 435
days) increase of spot days in conjunction with a year-on-year
increase of our daily bunker costs by 50.4%. The $8.2 million
increase in vessels’ operating expenses, is due to the seven
vessels (six small LPGs and our aframax tanker), which in 2020 were
on bareboat either for the entire year or for a fair amount of
time, while during the whole of 2021 operated either on time
charter or in the spot market for which we incur operating costs.
Operating expenses were also affected by a rise in crew related
costs due to the COVID-19 pandemic, mostly evident from the second
half of the year 2021 and onwards.
- General and administrative expenses for the twelve months ended
December 31, 2021 were $4.3 million and $2.3 million, respectively.
This $2.0 million increase compared to the same period of last year
is primarily due to stock compensation costs along with costs
related to the spin off transaction.
- Drydocking costs for the twelve months ended December 31, 2021
and 2020 were $5.3 million and $3.6 million, respectively. The
costs for the twelve months ended December 31, 2021 mainly related
to the drydocking of eight small LPG vessels, while the costs for
the same period of last year related to the drydocking of six small
LPG vessels and the drydocking of our aframax tanker.
- Depreciation for the twelve months ended December 31, 2021, was
$37.1 million, a $0.4 million decrease from $37.5 million for the
same period of last year, primarily due to the decline of the
number of our vessels following the spin-off of our four tanker
vessels that was completed on December 3, 2021.
- Impairment loss for the twelve months ended December 31, 2021
was $44.6 million; $40.2 million is attributed to the spin-off
transaction while the remaining $4.4 million relates to four
vessels, one older vessel and three vessels for which the Company
entered into separate agreements to sell them to third parties.
Impairment loss for the twelve months ended December 31, 2020 was
$3.9 million relating to four of our oldest vessels.
- Interest and finance costs for the twelve months ended December
31, 2021 and 2020 were $12.7 million and $14.1 million
respectively. The $1.4 million decrease from the same period of
last year is mostly due to the decline of LIBOR rates along with
the reduction in our leverage, partially offset by the incurrence
of refinancing related costs.
- Equity earnings in joint ventures for the twelve months ended
December 31, 2021 and 2020 was $8.3 million and $2.7 million,
respectively. The $5.6 million increase from the same period of
last year is mainly due to the gain on sale of one of the vessels
owned by the MGC joint venture arrangement which was sold in
2021.
- As a result of the above, the Company reported a net loss for
the twelve months ended December 31, 2021 of $35.1 million,
compared to a net income of $12.0 million for the twelve months
ended December 31, 2020. The weighted average number of shares
outstanding for the twelve months ended December 31, 2021 and 2020
was 37.9 million and 38.4 million, respectively.
- Loss per share for the twelve months ended December 31, 2021
amounted to $0.93 compared to earnings per share of $0.31 for the
same period of last year.
- Adjusted net income was $10.2 million corresponding to an
Adjusted EPS of $0.27, for the twelve months ended December 31,
2021 compared to adjusted net income of $16.9 million corresponding
to an Adjusted EPS of $0.44, for the same period of last year.
- EBITDA for the twelve months ended December 31, 2021 amounted
to $14.7 million. Reconciliations of Adjusted Net Income, EBITDA
and Adjusted EBITDA to Net (Loss)/Income are set forth below.
- An average of 41.3 vessels were owned by the Company during the
twelve months ended December 31, 2021, compared to 41.6 vessels for
the same period of 2020.
- As of December 31, 2021, cash and cash equivalents amounted to
$32.1 million and total debt amounted to $301.0 million. During the
twelve months ended December 31, 2021 debt repayments amounted to
$173.0 million.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A one-year time charter for its 2016 built LPG carrier the Eco
Nemesis, to an Oil Major up until March 2023.
- A one-year time charter for its 2014 built LPG carrier the Eco
Corsair, to an Oil Major up until February 2023.
- A one-year time charter for its 2015 built LPG carrier the Eco
Royalty, to an Oil Major until February 2023.
- A five months’ time charter extension for its 2020 built LPG
carrier the Eco Texiana, to an Oil Major up until July 2022.
- A five months’ time charter extension for its 2012 built LPG
carrier the Gas Husky, to an Oil Major up until July 2022.
- A three months’ time charter extension for its 2020 built LPG
carrier the Eco Alice, to an International trading house until
April 2022.
- A three months’ time charter extension for its 2012 built LPG
carrier the Gas Flawless, to an international LP trader up until
March 2022.
- A one month time charter for its 2016 built LPG carrier
the Eco Nical, to an International LPG trader up until March
2022.
- A one month time charter for its 2011 built LPG carrier the Gas
Cerberus, to an International trading house up until April
2022.
With these charters, the Company has total
contracted revenues of approximately $70 million.
For the remainder of the year 2022, the Company
has about 49% of fleet days secured under period contracts.
Board Chairman Michael Jolliffe
Commented
Year 2021 has been throughout its course
demanding, as it required shipping companies to adapt to the
pressures arising from the ongoing COVID-19 pandemic, along with
inflationary pressures as an outcome of rising energy prices.
Regrettably, the Russian war outbreak in Ukraine has made our
global reality uncertain with considerable effects on humanitarian,
geopolitical and economic aspects; LPG trade will not remain
unaffected, and we may see direct effects such as changes in trade
patterns as well as indirect ones such as further increases in
energy prices, and various other costs that may increase such as
insurance war risk premiums.
Regardless of the dire environment in 2021,
StealthGas followed a dynamic pace taking the strategic decision to
become a pure player in the broader LPG market; thus, transferring
the tankers to a separate listed entity; equally important, we
underwent a large scale project of refinancing the majority of our
fleet reaping benefits on both cash flow and costs.
Our year ended with a profit of $10.2 million
excluding impairment charges, a decent performance when taking into
consideration the large increase in our voyage costs, crew costs
related to the COVID-19 pandemic as well expenses for drydocking
again due to COVID-19 yard restrictions.
Going forward we cannot predict our market’s
reality especially in such erratic times; however, our sizeable
fleet, our market’s strong fundamentals, LPG rates improvement in
the fourth quarter of 2021 along with our healthy capital structure
are the strong points upon which we will rely, despite any market
disturbances we may face.
Conference Call details:
On March 8, 2022 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.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: ++1
8778709135 (US Toll Free Dial In) or 08002796619 (UK Toll Free Dial
In). Access Code: 2259136 In case
of any problems with the above numbers, please dial +1 6467413167
(US Toll Dial In), ++44 (0) 2071 928338 (Standard International
Dial In). Access Code: 2259136
A telephonic replay of the conference call will
be available until March 15, 2022 by dialing +1 (866) 331-1332 (US
Local Dial In), +44 (0) 3333009785 (Standard International Dial
In).
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 44 LPG carriers, including seven
Joint Venture vessels on the water and one Joint Venture 40,000 cbm
newbuilding Medium Gas Carrier on order to be delivered mid- 2023.
These LPG vessels have a total capacity of 434,444 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, or
impact or duration of the COVID-19 pandemic and underlying
assumptions and other statements, 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 impact of the COVID-19 pandemic and efforts throughout
the world to contain its spread, 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, potential disruption of
shipping routes due to 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 and Fleet
Deployment
For information on our fleet and further information: Visit our
website at www.stealthgas.com
Company Contact:Fenia
SakellarisSTEALTHGAS INC.00-30-210-6250-001E-mail:
info@stealthgas.com
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended December 31, 2020 and December 31, 2021.
|
FLEET DATA |
Q4 2020 |
|
Q4 2021 |
|
12M 2020 |
|
12M 2021 |
|
|
Average number of vessels (1) |
42.10 |
|
39.74 |
|
41.56 |
|
41.29 |
|
|
Period end number of owned vessels in fleet |
41 |
|
37 |
|
41 |
|
37 |
|
|
Total calendar days for fleet (2) |
3,873 |
|
3,656 |
|
15,292 |
|
15,071 |
|
|
Total voyage days for fleet (3) |
3,813 |
|
3,594 |
|
15,079 |
|
14,786 |
|
|
Fleet utilization (4) |
98.5 |
% |
98.3 |
% |
98.6 |
% |
98.1 |
% |
|
Total charter days for fleet (5) |
2,700 |
|
3,107 |
|
12,442 |
|
11,714 |
|
|
Total spot market days for fleet (6) |
1,113 |
|
487 |
|
2,637 |
|
3,072 |
|
|
Fleet operational utilization (7) |
93.6 |
% |
96.1 |
% |
96.1 |
% |
94.9 |
% |
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 (loss)/income
before loss/gain on derivatives excluding swap interest
paid/received, impairment loss, net loss on sale of vessels and
share based compensation. EBITDA represents net (loss)/income
before interest and finance costs, interest income and
depreciation. Adjusted EBITDA represents net (loss)/income before
interest and finance costs, interest income, depreciation,
impairment loss, net loss on sale of vessels, share based
compensation and loss/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, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
Net (loss)/income - Adjusted Net Income |
|
|
|
|
|
Net (loss)/income |
(740,037 |
) |
(38,732,353 |
) |
11,984,485 |
|
(35,123,208 |
) |
|
Plus/Less loss/(gain) on derivatives |
29,565 |
|
(222,365 |
) |
50,976 |
|
(240,153 |
) |
|
Less/Plus swap interest (paid)/ received |
(24,847 |
) |
-- |
|
(89,537 |
) |
-- |
|
|
Plus net loss on sale of vessels |
1,134,854 |
|
-- |
|
1,134,854 |
|
304,210 |
|
|
Plus impairment loss |
714,895 |
|
41,519,823 |
|
3,857,307 |
|
44,616,214 |
|
|
Plus share based compensation |
-- |
|
256,586 |
|
-- |
|
610,788 |
|
|
Adjusted Net Income |
1,114,430 |
|
2,821,691 |
|
16,938,085 |
|
10,167,851 |
|
|
|
|
|
|
|
|
Net (loss)/income - EBITDA |
|
|
|
|
|
Net (loss)/income |
(740,037 |
) |
(38,732,353 |
) |
11,984,485 |
|
(35,123,208 |
) |
|
Plus interest and finance costs |
3,136,666 |
|
3,149,967 |
|
14,129,893 |
|
12,678,101 |
|
|
Less interest income |
(14,715 |
) |
(23,400 |
) |
(167,794 |
) |
(26,379 |
) |
|
Plus depreciation |
9,456,606 |
|
8,638,329 |
|
37,455,093 |
|
37,125,903 |
|
|
EBITDA |
11,838,520 |
|
(26,967,457 |
) |
63,401,677 |
|
14,654,417 |
|
|
|
|
|
|
|
|
Net income - Adjusted EBITDA |
|
|
|
|
|
Net (loss)/income |
(740,037 |
) |
(38,732,353 |
) |
11,984,485 |
|
(35,123,208 |
) |
|
Plus/Less loss/(gain) on derivatives |
29,565 |
|
(222,365 |
) |
50,976 |
|
(240,153 |
) |
|
Plus net loss on sale of vessels |
1,134,854 |
|
-- |
|
1,134,854 |
|
304,210 |
|
|
Plus impairment loss |
714,895 |
|
41,519,823 |
|
3,857,307 |
|
44,616,214 |
|
|
Plus share based compensation |
-- |
|
256,586 |
|
-- |
|
610,788 |
|
|
Plus interest and finance costs |
3,136,666 |
|
3,149,967 |
|
14,129,893 |
|
12,678,101 |
|
|
Less interest income |
(14,715 |
) |
(23,400 |
) |
(167,794 |
) |
(26,379 |
) |
|
Plus depreciation |
9,456,606 |
|
8,638,329 |
|
37,455,093 |
|
37,125,903 |
|
|
Adjusted EBITDA |
13,717,834 |
|
14,586,587 |
|
68,444,814 |
|
59,945,476 |
|
|
|
|
|
|
|
|
EPS - Adjusted EPS |
|
|
|
|
|
Net (loss)/income |
(740,037 |
) |
(38,732,353 |
) |
11,984,485 |
|
(35,123,208 |
) |
|
Adjusted net income |
1,114,430 |
|
2,821,691 |
|
16,938,085 |
|
10,167,851 |
|
|
Weighted average number of shares |
37,858,437 |
|
37,858,437 |
|
38,357,893 |
|
37,858,437 |
|
|
EPS - Basic and Diluted |
(0.02 |
) |
(1.02 |
) |
0.31 |
|
(0.93 |
) |
|
Adjusted EPS |
0.03 |
|
0.07 |
|
0.44 |
|
0.27 |
|
| StealthGas
Inc. Unaudited Consolidated Statements of
Operations (Expressed in United States Dollars,
except for number of shares) |
|
|
|
|
Quarters Ended December 31, |
|
Twelve Month Periods Ended December 31, |
|
|
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
37,294,459 |
|
|
36,053,396 |
|
|
145,003,021 |
|
|
150,204,527 |
|
| |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
| |
Voyage
expenses |
|
4,850,659 |
|
|
4,349,018 |
|
|
12,259,795 |
|
|
20,342,186 |
|
| |
Voyage
expenses - related party |
|
467,176 |
|
|
448,803 |
|
|
1,799,209 |
|
|
1,867,100 |
|
| |
Charter hire
expenses |
|
-- |
|
|
-- |
|
|
318,606 |
|
|
-- |
|
| |
Vessels'
operating expenses |
|
14,407,053 |
|
|
14,833,968 |
|
|
52,344,721 |
|
|
60,443,813 |
|
| |
Vessels' operating expenses - related party |
253,500 |
|
|
256,500 |
|
|
950,500 |
|
|
1,065,750 |
|
| |
Drydocking
costs |
|
936,396 |
|
|
853,546 |
|
|
3,640,327 |
|
|
5,285,490 |
|
| |
Management
fees - related party |
|
1,493,341 |
|
|
1,413,996 |
|
|
5,599,351 |
|
|
5,831,900 |
|
| |
General and
administrative expenses |
|
657,483 |
|
|
1,286,731 |
|
|
2,301,308 |
|
|
4,337,013 |
|
| |
Depreciation |
|
9,456,606 |
|
|
8,638,329 |
|
|
37,455,093 |
|
|
37,125,903 |
|
| |
Impairment
loss |
|
714,895 |
|
|
41,519,823 |
|
|
3,857,307 |
|
|
44,616,214 |
|
| |
Net loss on
sale of vessels |
|
1,134,854 |
|
|
-- |
|
|
1,134,854 |
|
|
304,210 |
|
|
Total expenses |
|
34,371,963 |
|
|
73,600,714 |
|
|
121,661,071 |
|
|
181,219,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from operations |
|
2,922,496 |
|
|
(37,547,318 |
) |
|
23,341,950 |
|
|
(31,015,052 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
| |
Interest and
finance costs |
|
(3,136,666 |
) |
|
(3,149,967 |
) |
|
(14,129,893 |
) |
|
(12,678,101 |
) |
| |
(Loss)/gain
on derivatives |
|
(29,565 |
) |
|
222,365 |
|
|
(50,976 |
) |
|
240,153 |
|
| |
Interest income |
14,715 |
|
|
23,400 |
|
|
167,794 |
|
|
26,379 |
|
|
|
Foreign exchange (loss)/gain |
|
(51,982 |
) |
|
30,604 |
|
|
(54,374 |
) |
|
(23,288 |
) |
|
Other expenses, net |
|
(3,203,498 |
) |
|
(2,873,598 |
) |
|
(14,067,449 |
) |
|
(12,434,857 |
) |
| |
|
|
|
|
|
|
|
|
|
|
(Loss)/Income before equity in earnings of
investees |
(281,002 |
) |
|
(40,420,916 |
) |
|
9,274,501 |
|
|
(43,449,909 |
) |
|
Equity (losses)/earnings in joint ventures |
|
(459,035 |
) |
|
1,688,563 |
|
|
2,709,984 |
|
|
8,326,701 |
|
|
Net (Loss)/Income |
|
(740,037 |
) |
|
(38,732,353 |
) |
|
11,984,485 |
|
|
(35,123,208 |
) |
| |
|
|
|
|
|
|
|
|
|
|
(Loss)/ Earnings per share |
|
|
|
|
|
|
|
|
|
- Basic & Diluted |
|
(0.02 |
) |
|
(1.02 |
) |
|
0.31 |
|
|
(0.93 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
- Basic & Diluted |
|
37,858,437 |
|
|
37,858,437 |
|
|
38,357,893 |
|
|
37,858,437 |
|
|
StealthGas Inc.Unaudited Consolidated Balance
Sheets(Expressed in United States Dollars) |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2020 |
|
2021 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
38,242,411 |
|
|
32,068,745 |
|
|
|
Receivable from related party |
|
-- |
|
|
63,767 |
|
|
|
Trade and other receivables |
|
3,602,764 |
|
|
2,117,636 |
|
|
|
Other current assets |
|
309,608 |
|
|
298,984 |
|
|
|
Claims receivable |
|
120,547 |
|
|
62,652 |
|
|
|
Inventories |
|
3,687,098 |
|
|
2,772,532 |
|
|
|
Advances and prepayments |
|
782,125 |
|
|
637,881 |
|
|
|
Restricted cash |
|
1,308,971 |
|
|
1,434,181 |
|
|
|
Vessel held for sale |
|
-- |
|
|
12,250,000 |
|
|
Total current assets |
|
48,053,524 |
|
|
51,706,378 |
|
|
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
|
Advances for vessels under construction |
6,539,115 |
|
|
-- |
|
|
|
Operating lease right-of-use assets |
|
-- |
|
|
104,168 |
|
|
|
Vessels, net |
|
832,335,059 |
|
|
681,337,153 |
|
|
|
Other receivables |
|
26,427 |
|
|
-- |
|
|
|
Restricted cash |
|
13,488,820 |
|
|
12,197,611 |
|
|
|
Investments in joint ventures |
43,177,657 |
|
|
53,323,032 |
|
|
|
Deferred finance charges |
|
385,705 |
|
|
-- |
|
|
Total non current assets |
|
895,952,783 |
|
|
746,961,964 |
|
|
Total assets |
|
944,006,307 |
|
|
798,668,342 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Payable to related parties |
|
4,659,861 |
|
|
1,491,705 |
|
|
|
Trade accounts payable |
|
9,974,751 |
|
|
8,592,124 |
|
|
|
Accrued and other liabilities |
|
3,773,499 |
|
|
3,842,879 |
|
|
|
Operating lease liabilities |
|
-- |
|
|
104,168 |
|
|
|
Customer deposits |
|
968,000 |
|
|
-- |
|
|
|
Deferred income |
|
2,995,657 |
|
|
5,666,285 |
|
|
|
Fair value of derivatives |
|
141,447 |
|
|
-- |
|
|
|
Current portion of long-term debt |
|
40,547,892 |
|
|
31,836,619 |
|
|
|
Current portion of long-term debt associated with vessel held for
sale |
-- |
|
|
7,173,988 |
|
|
Total current liabilities |
|
63,061,107 |
|
|
58,707,768 |
|
|
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
|
Fair value of derivatives |
5,099,464 |
|
|
3,151,880 |
|
|
|
Deferred income |
-- |
|
|
76,949 |
|
|
|
Long-term debt |
|
311,249,321 |
|
|
261,960,975 |
|
|
Total non current liabilities |
|
316,348,785 |
|
|
265,189,804 |
|
|
Total liabilities |
|
379,409,892 |
|
|
323,897,572 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Capital stock |
|
431,836 |
|
|
435,274 |
|
|
|
Treasury stock |
|
(25,373,380 |
) |
|
(25,373,380 |
) |
|
|
Additional paid-in capital |
|
499,564,087 |
|
|
443,009,334 |
|
|
|
Retained earnings |
|
94,926,695 |
|
|
59,803,487 |
|
|
|
Accumulated other comprehensive loss |
(4,952,823 |
) |
|
(3,103,945 |
) |
|
Total stockholders' equity |
|
564,596,415 |
|
|
474,770,770 |
|
|
Total liabilities and stockholders' equity |
|
944,006,307 |
|
|
798,668,342 |
|
|
StealthGas Inc. Unaudited Consolidated Statements
of Cash Flows (Expressed in United States
Dollars) |
|
|
|
|
Twelve Month Periods Ended December 31, |
|
|
|
|
2020 |
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income/(loss) for the year |
|
11,984,485 |
|
|
(35,123,208 |
) |
|
|
|
|
|
|
|
|
Adjustments to reconcile net income/(loss) to net
cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
|
37,455,093 |
|
|
37,125,903 |
|
|
|
Amortization of deferred finance charges |
|
698,364 |
|
|
1,157,804 |
|
|
|
Amortization of operating lease right-of-use assets |
|
473,132 |
|
|
89,638 |
|
|
|
Share based compensation |
|
-- |
|
|
610,788 |
|
|
|
Change in fair value of derivatives |
|
(38,561 |
) |
|
(240,153 |
) |
|
|
Equity earnings in joint ventures |
|
(2,709,984 |
) |
|
(8,326,701 |
) |
|
|
Impairment loss |
|
3,857,307 |
|
|
44,616,214 |
|
|
|
Net loss on sale of vessels |
|
1,134,854 |
|
|
304,210 |
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
Trade and other receivables |
|
874,825 |
|
|
(977,005 |
) |
|
|
Other current assets |
|
(191,362 |
) |
|
10,624 |
|
|
|
Claims receivable |
|
193,670 |
|
|
57,895 |
|
|
|
Inventories |
|
(1,239,395 |
) |
|
644,079 |
|
|
|
Changes in operating lease liabilities |
|
(473,132 |
) |
|
(89,638 |
) |
|
|
Advances and prepayments |
|
(32,444 |
) |
|
(100,482 |
) |
|
|
Increase/(decrease) in |
|
|
|
|
|
|
Balances with related parties |
|
1,617,032 |
|
|
(3,231,923 |
) |
|
|
Trade accounts payable |
|
761,193 |
|
|
262,569 |
|
|
|
Accrued liabilities |
|
(2,403,644 |
) |
|
557,086 |
|
|
|
Deferred income |
|
151,663 |
|
|
3,690,981 |
|
|
Net cash provided by operating activities |
|
52,113,096 |
|
|
41,038,681 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Vessels’ acquisitions and advances for vessels under
construction |
|
(48,121,422 |
) |
|
(25,224,746 |
) |
|
|
Proceeds from sale of vessels, net |
|
5,264,768 |
|
|
7,795,790 |
|
|
|
Investment in joint ventures |
|
(41,998,500 |
) |
|
(3,348,675 |
) |
|
|
Return of investments from joint ventures |
|
26,781,000 |
|
|
1,530,000 |
|
|
|
Advances to joint ventures |
|
(29,245 |
) |
|
-- |
|
|
|
Advances from joint ventures |
|
29,245 |
|
|
-- |
|
|
Net cash used in investing activities |
|
(58,074,154 |
) |
|
(19,247,631 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
Stock repurchase |
|
(3,880,930 |
) |
|
-- |
|
|
|
Deferred finance charges paid |
|
(538,004 |
) |
|
(1,463,766 |
) |
|
|
Advances from joint ventures |
|
1,841,380 |
|
|
-- |
|
|
|
Advances to joint ventures |
|
(5,841,672 |
) |
|
-- |
|
|
|
Customer deposits paid |
|
-- |
|
|
(600,000 |
) |
|
|
Loan repayments |
|
(41,804,846 |
) |
|
(173,012,428 |
) |
|
|
Proceeds from long-term debt |
|
27,105,000 |
|
|
150,650,000 |
|
|
|
Cash retained by Imperial Petroleum Inc. at spin-off |
|
-- |
|
|
(4,704,521 |
) |
|
Net cash used in financing activities |
|
(23,119,072 |
) |
|
(29,130,715 |
) |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(29,080,130 |
) |
|
(7,339,665 |
) |
|
Cash, cash equivalents and restricted cash at beginning of
year |
|
82,120,332 |
|
|
53,040,202 |
|
|
Cash, cash equivalents and restricted cash at end of
year |
|
53,040,202 |
|
|
45,700,537 |
|
|
Cash breakdown |
|
|
|
|
|
|
Cash and cash equivalents |
|
38,242,411 |
|
|
32,068,745 |
|
|
|
Restricted cash, current |
|
1,308,971 |
|
|
1,434,181 |
|
|
|
Restricted cash, non current |
|
13,488,820 |
|
|
12,197,611 |
|
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
53,040,202 |
|
|
45,700,537 |
|
StealthGas (NASDAQ:GASS)
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From Mar 2024 to Apr 2024
StealthGas (NASDAQ:GASS)
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From Apr 2023 to Apr 2024
