StealthGas Inc. (GASS) SEC Filings & Earnings Calls

Revenue decline due to fleet reduction; voyage expense increase from bunker costs and spot market days.

“The decrease in revenue is attributable to the decreased number of vessels. The $2.8 million increase in voyage expenses was mainly due to an increase in bunkers costs driven by an increase in the number of spot market days for the fleet and higher bunker prices.” · word for word

Geopolitical risks and trade route disruptions could impact operations.

“disruption and closure of key maritime routes, including the Suez Canal and, this year, the Strait of Hormuz.” · word for word

Geopolitical instability in Middle East increasing war risk insurance premiums

“The $1.0 million increase in voyage expenses was primarily due to war risk insurance premiums, which were affected by the ongoing geopolitical instability in the Middle East.” · word for word

Elevated drydocking costs due to three vessels drydocked in Q1 2026

“Drydocking expenses were elevated during the first quarter of 2026 as a result of the drydocking of three vessels, compared to one vessel in the same period of last year.” · word for word

PFIC tax risk

“If we or our subsidiaries do not qualify for the exemption under Section 883 of the Code for any taxable year, then we or our subsidiaries would be subject for those years to the 4% United States federal income tax on gross United States shipping income” · word for word

Vessel idle risk

“Our 40,551 cbm vessel, the Eco Wizard, has continued, since July 2025, to be unable to be employed as a result of an incident in a Russian port.” · word for word

Vessel incident loss: Eco Wizard rendered inoperable since July 2025, causing revenue loss.

“Loss of revenue from our vessel Eco Wizard due to the incident that occurred in July 2025 and rendered it inoperable.” · word for word

Fuel cost pressure: Voyage expenses increased significantly due to higher bunker costs and spot market exposure.

“Voyage expenses $5.9 million vs $3.2 million, increase mainly due to increase in bunkers costs and port expenses as a result of increase in spot market days.”

Voyage expense volatility due to spot market exposure

“increase in voyage expenses of $4.3 million was mainly due to an increase in bunkers costs and port expenses as a result of the increase in spot market days for the fleet.” · word for word

Fleet operating expense increase from repairs and crew costs

“The $2.7 million increase in vessels’ operating expenses was mainly due to an increase in the number of vessels as well as repairs for the Eco Wizard.” · word for word