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Stealthgas, Inc.
STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2021 Financial and Operating Results
Business
Mar 8 2022
5 min read

STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2021 Financial and Operating Results

ATHENS, Greece, March 08, 2022 (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, 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 DATAQ4 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 fleet41 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 derivatives29,565 (222,365)50,976 (240,153)
Less/Plus swap interest (paid)/ received(24,847)-- (89,537)-- 
Plus net loss on sale of vessels1,134,854 -- 1,134,854 304,210 
Plus impairment loss714,895 41,519,823 3,857,307 44,616,214 
Plus share based compensation-- 256,586 -- 610,788 
Adjusted Net Income1,114,430 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 costs3,136,666 3,149,967 14,129,893 12,678,101 
Less interest income(14,715)(23,400)(167,794)(26,379)
Plus depreciation9,456,606 8,638,329 37,455,093 37,125,903 
EBITDA11,838,520 (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 derivatives29,565 (222,365)50,976 (240,153)
Plus net loss on sale of vessels1,134,854 -- 1,134,854 304,210 
Plus impairment loss714,895 41,519,823 3,857,307 44,616,214 
Plus share based compensation-- 256,586 -- 610,788 
Plus interest and finance costs3,136,666 3,149,967 14,129,893 12,678,101 
Less interest income(14,715)(23,400)(167,794)(26,379)
Plus depreciation9,456,606 8,638,329 37,455,093 37,125,903 
Adjusted EBITDA13,717,834 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 income1,114,430 2,821,691 16,938,085 10,167,851 
Weighted average number of shares37,858,437 37,858,437 38,357,893 37,858,437 
EPS - Basic and Diluted(0.02)(1.02)0.31 (0.93)
Adjusted EPS0.03 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 party253,500  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 income14,715  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 construction6,539,115  -- 
 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 ventures43,177,657  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 derivatives5,099,464  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 flows53,040,202  45,700,537 

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Source: STEALTHGAS INC.