What StealthGas does

StealthGas Inc. is an international shipping transportation company that owns and operates one of the world's largest independently owned fleets of liquefied petroleum gas (LPG) carriers, focused on transporting petroleum and petrochemical gas products in liquefied form, including propane, butane, butadiene, isoprene, propylene, and vinyl chloride monomer. The fleet of approximately 27-28 LPG carriers (including one joint venture vessel), with total capacity of roughly 329,000-334,000 cubic meters as of Q1 2026, spans fully pressurized, semi-refrigerated, and fully refrigerated vessel types across the 3,000 to 40,000 cbm range, with strategic concentration in the 3,000-8,000 cbm pressurized segment. Vessels are deployed under multi-year time charters and spot market arrangements directly to LPG traders, energy companies, and petrochemical producers, with no intermediary brokers in the distribution chain.

The company generates revenue through three primary streams: (1) time charter hire from period contracts (approximately 54-55% of 2026 fleet days secured, generating around $100M of contracted revenue), (2) spot market charter hire for uncontracted fleet days, and (3) vessel sales used to divest older tonnage and recycle capital into fleet modernization (approximately $26M in gross proceeds in 2026). Equity earnings from joint venture vessels, such as Eco Sorcerer, contribute a smaller fourth stream ($1.1M in Q1 2026). Charter rates are negotiated bilaterally and are not publicly disclosed.

StealthGas has been listed on the Nasdaq Global Select Market under the symbol "GASS" since its October 2005 IPO and is headquartered in Kifisia, Greece. The company operates with a debt-free balance sheet as of 2025 after repaying $350M since December 2022, holds $131.2M in cash as of March 2026, and has a market capitalization of approximately $335M. Following the 2021 spin-off of Imperial Petroleum and the 2023 spin-off of C3is, StealthGas operates as a pure-play LPG shipping company, having shed its earlier crude/product tanker exposure. Harry N. Vafias has served as President and CEO since the company's inception in 2004 and as CFO since 2014.

Name

StealthGas

Legal name

StealthGas Inc.

Website

https://stealthgas.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

StealthGas Inc. is a publicly traded (NASDAQ: GASS) international LPG shipping company that owns and operates one of the world's largest independently owned fleets of pressurized, semi-refrigerated, and fully refrigerated LPG carriers (3,000-40,000 cbm), serving LPG traders, energy firms, and petrochemical producers via time and spot charters.

Ownership category

akta.pro rank

Product category

LPG Maritime Shipping

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

LPG Carrier Operators (TLADABAG)

akta.pro secondary industry

Liquefied Gas Transport (LNG/LPG/Ammonia) (TLADALAC)

Keywords

• LPG shipping
• Gas carrier fleet
• Maritime transport
• Petroleum logistics
• Sea transportation

Headquarters

HQ city

Kifisiá

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Time Charter Revenue: Revenue generated from time charters where vessels are leased for specified periods, providing predictable contracted revenue streams. Approximately 54-55% of fleet days secured under period charters for 2026 with contracted revenues of approximately $100 million.
2. Spot Market Charter Revenue: Revenue from short-term spot market charters where vessels are hired for individual voyages or short periods, exposed to market rate fluctuations.
3. Vessel Sales: One-time revenue from sale of vessels, including older tonnage divestment. Sales completed in 2026 include Eco Invictus (March), Eco Universe (May), and Eco Royalty (expected September). Gross proceeds of approximately $26 million from vessel sales.
4. Joint Venture Earnings: Equity earnings from joint venture vessels including Eco Sorcerer. Q1 2026 equity earnings of $1.1 million from joint ventures.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

StealthGas provides seaborne transportation services for liquefied petroleum gas (LPG) using its fleet of LPG carrier vessels. The company operates one of the world's largest independently owned LPG carrier fleets, transporting LPG cargoes internationally for energy, trading, and petrochemical customers.

Product overview

StealthGas operates a fleet of LPG (Liquefied Petroleum Gas) carriers for international seaborne transportation of petroleum and petrochemical gas products including propane, butane, butadiene, isoprene, propylene, and vinyl chloride monomer. The fleet consists of three vessel types: fully pressurised, semi-refrigerated, and fully refrigerated LPG carriers. The core product is the vessel fleet itself, organized into the main LPG Fleet (owned vessels) and JV Vessels (joint venture vessels). The fleet spans capacity ranges from 3,500 cbm to 40,000 cbm, with the strategic focus on the 3,000-8,000 cbm pressurized segment where StealthGas claims to own one of the world's largest independently owned fleets, supplemented by Medium Gas Carriers (MGCs) up to 40,000 cbm. The company offers vessels under time charter arrangements to customers in the global LPG trade.

Differentiator

Problem solved

Functional benefit

Products and services

• LPG Carrier Shipping Services Seaborne transportation of liquefied petroleum gas (LPG) cargoes using StealthGas's fleet of LPG carrier vessels, provided to international LPG producers, traders, and petrochemical firms under voyage or time charter arrangements.

Quantifiable outcome

• Q1 2026 net income of $15.9 million, up 24% from previous quarter
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Joint Venture Partner (Eco Sorcerer)minorStrategic or Co-development PartnerJoint venture arrangement for ownership of LPG carriers including Eco Sorcerer vessel (built 2023). StealthGas maintains joint venture investments in vessel ownership alongside partners.

Scale indicators13 records

Recent moves11 records

Expansion highlights4 records

Broad incumbents

• Mitsui O.S.K. Lines: One of Japan's largest diversified shipping conglomerates operating tankers, LNG carriers, and bulk carriers globally. A broad incumbent in seaborne energy transportation with significant LPG carrier tonnage competing for global charter business.
• International Seaways: NYSE-listed owner-operator of crude, product, and LNG carriers globally. Broad incumbent in seaborne energy transportation competing for capital, charters, and talent with StealthGas, though not a direct LPG carrier competitor.
• Tsakos Energy Navigation: NYSE-listed diversified energy shipper (crude, product, LNG) co-founded by StealthGas Chairman Michael Jolliffe. Operates in broader energy shipping rather than LPG pure-play, but serves similar international charter customers and competes for capital and management attention.

Direct peers

• BW LPG: Oslo-listed global leader in LPG transportation with a fleet of VLGCs and LGCs. Operates in the same LPG seaborne transport market with overlapping customers and charter structures, including both time and voyage charters.
• Anthony Veder: Privately held Dutch shipping company operating LPG and gas carriers. Competes in the smaller-to-mid-size LPG carrier segments across European and global routes, serving similar petrochemical and LPG trader customers.
• Dorian LPG: NYSE-listed pure-play LPG carrier owner-operator with a fleet of VLGCs (Very Large Gas Carriers). Most direct publicly traded LPG shipping peer; competes for global LPG time charter business with similar customer base of energy traders and petrochemical companies.
• Avance Gas Holding: Oslo-listed owner and operator of Very Large Gas Carriers (VLGCs) and LGCs transporting LPG worldwide. Directly comparable business model focused on LPG seaborne transportation with similar time/voyage charter mix.
• Navigator Holdings: NYSE-listed owner-operator of a fleet of handysize and midsize LPG and petrochemical gas carriers. Most direct competitor in the smaller LPG carrier segments where StealthGas has its strategic 3,000-8,000 cbm focus.

Regional players

• Imperial Petroleum: NASDAQ-listed company spun off from StealthGas in 2021, operating MR product tankers and Aframax tankers. Common management (CEO Harry Vafias) and board overlap, but focuses on petroleum product tankers rather than LPG carriers.

Emerging players

• Hoegh LNG: Oslo-listed owner-operator of LNG carriers and floating storage regasification units, with some LPG exposure. Adjacent peer in seaborne gas transportation; serves overlapping customers (energy traders, utilities) but specializes in LNG rather than LPG.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/StealthGasInc
• Facebookfacebook.com/stealthgas
• LinkedInlinkedin.com/company/2428032

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about StealthGas