StealthGas（GASS）发布2026年Q2及半年报：净利润同比下降但环比改善，6-K为9月2日已发布新闻稿的行政备案

----- d148734d6k.htm -----
6-K
1
d148734d6k.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number 001-36797
STEALTHGAS INC.
(Translation of registrant’s name into English)
331 Kifissias Avenue Kifissia 14561 Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒    Form
40-F ☐
Financial and Operating Results for the three and six months ended June 30, 2026
The press release issued by StealthGas Inc. (the “Company”) on September 2, 2026 announcing its financial and operating results for the three
and six months ended June 30, 2026, is attached hereto as Exhibit 99.1.
EXHIBIT INDEX
99.1
StealthGas Inc. Press Release dated September 2, 2026
****
This
report on
Form 6-K, including
exhibit 99.1 hereto other than the section entitled “CEO Harry Vafias Commented”, is hereby incorporated by reference into the Company’s
Registration Statement on
Form F-3 (Reg. No. 333-143804) and
Registration Statements on
Form S-8 (Reg.
Nos. 333-144240 and 333-207168).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Date: September 3, 2026
STEALTHGAS INC.
By:
/s/ Harry Vafias
Name:
Harry Vafias
Title:
Chief Executive Officer

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EX-99.1
2
d148734dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2026 FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE, September
2, 2026.
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 second quarter and six months ended June 30, 2026.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
•
Strong profitability continued for the second quarter, with Net income of $17.3 million corresponding to a
basic EPS of $0.46, 8.8% higher than the previous quarter’s $15.9 million but reduced compared to the $20.4 million achieved in the second quarter of 2025.
•
Revenues recorded were $42.9 million in the second quarter, same as the previous quarter. TCE rates improved
for the larger vessels but were slightly reduced for the smaller vessels due to idle time, representing an average daily TCE of $15,709.
•
Continued focus on period coverage. About 60% of fleet days for the remainder of 2026 are secured on period
charters, with total fleet employment days for all periods generating about $90 million (excl. our single JV vessel) in contracted revenues.
•
All of the vessels in the fully owned fleet are unencumbered. The Company has paid down all its bank debt since
Q3 2025.
•
The Company strengthened its liquidity with cash and cash equivalents and short term investments of
$168.3 million as of June 30, 2026 and has enhanced it further to over $250 million currently following the successful resolution of the insurance claim for the loss of one of its vessels.
Second Quarter 2026 Results
1
:
•
Revenues
for the three months ended June 30, 2026, amounted to $42.9 million compared to
revenues of $47.2 million for the three months ended June 30, 2025, based on an average of 26.4 vessels and 28.3 vessels owned by the Company, respectively. The decrease in revenue is attributable to the decreased number of vessels.
•
Voyage expenses and vessels
’
operating expenses
for the three months ended
June 30, 2026 were $7.2 million and $12.8 million, respectively, compared to $4.4 million and $12.8 million, respectively, for the three months ended June 30, 2025. 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. The vessels’ operating expenses remained at the same level, despite decrease in average number of
vessels.
•
Drydocking costs
for both the three months ended June 30, 2026 and 2025 were $0.5 million and
$0.6 million, respectively.
•
General and administrative expenses
for the three months ended June 30, 2026 and 2025 were
$1.9 million and $2.0 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
•
Depreciation
for the three months ended June 30, 2026 and 2025 was $5.9 million and
$6.6 million, respectively. The $0.7 million decrease is mainly related to the decrease in average number of vessels owned by the Company.
•
Gain on sale of vessels
for the three months ended June 30, 2026 was $1.3 million compared to
loss of $0.1 million for the same period last year. The gain was attributable to the sale of one vessel during the three months ended June 30, 2026 compared to a loss recognized on the sale of one vessel during the corresponding period in
2025.
•
Interest and finance costs
for the three months ended June 30, 2026 and 2025, were
$0.006 million and $0.6 million, respectively. The $0.6 million decrease from the same period of last year is primarily due to full debt prepayments.
•
Interest income
for the three months ended June 30, 2026 and 2025, was $1.2 million and
$0.7 million, respectively. The $0.5 million increase from the same period of last year is primarily due to increase in amounts of time deposits.
•
Equity earnings in joint ventures
for the three months ended June 30, 2026 and 2025 were a gain of
$1.3 million and $0.7 million, respectively. The $0.6 million increase is primarily due to the higher charter rates of the JV vessel.
•
As a result of the above, for the three months ended June 30, 2026, the Company reported
net income
of $17.3 million, compared to net income of $20.4 million for the three months ended June 30, 2025. The
weighted average number of shares
outstanding, basic, for the three months ended June 30, 2026 and 2025 was
36.7 million and 35.8 million, respectively.
•
Earnings per share, basic,
for the three months ended June 30, 2026, amounted to $0.46 compared to
earnings per share, basic, of $0.55 for the same period of last year.
•
Adjusted net income
was $17.2 million corresponding to an Adjusted EPS of $0.46 for the three months
ended June 30, 2026 compared to Adjusted net income of $21.7 million corresponding to an Adjusted EPS of $0.59 for the same period of last year.
•
EBITDA
for the three months ended June 30, 2026 amounted to $22.1 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
•
An average of 26.4 vessels were owned by the Company during the three months ended June 30, 2026 compared to
28.3 vessels for the same period of 2025.
Six Months 2026 Results
1
:
•
Revenues
for the six months ended June 30, 2026, amounted to $85.8 million compared to revenues
of $89.3 million for the six months ended June 30, 2025, based on an average of 27.1 vessels and 28.1 vessels owned by the Company, respectively. The decrease in revenue is attributable to the decreased number of vessels.
•
Voyage expenses and vessels’ operating expenses
for the six months ended June 30, 2026, were
$13.4 million and $26.6 million, respectively, compared to $9.5 million and $26.2 million, respectively, for the six months ended June 30, 2025. The $3.9 million increase in voyage expenses was mainly due to an increase
in war risk insurance expenses. The vessels’ operating expenses mainly remained at the same levels.
•
Drydocking costs
for the six months ended June 30, 2026 and 2025 were $3.0 million and
$1.0 million, respectively. Drydocking expenses during the six months of 2026 mainly relate to the completion of three vessels’ drydockings, compared to the same period of last year which included the completion of one vessel’s
drydocking and the ongoing drydocking of another vessel.
•
General and administrative expenses
for the six months ended June 30, 2026 and 2025 were
$3.9 million and $4.2 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense.
•
Depreciation
for the six months ended June 30, 2026 and 2025 was $11.6 million and
$13.3 million, respectively, a $1.7 million decrease is mainly related to the decrease in average number of vessels owned by the Company.
•
Impairment loss
for the six months ended June 30, 2026 and 2025 was $0.3 million and
$0.5 million, respectively. As a result of the agreed sale terms for one vessel expected to be delivered in the third quarter of 2026, a
non-cash
impairment loss of $0.3 million was recognized in the
first quarter of 2026.
•
Gain on sale of vessels
for the six months ended June 30, 2026 was $3.9 million compared to loss
of $0.1 million for the same period last year. The gain was attributable to the sale of two vessels during the six months ended June 30, 2026 compared to a loss recognized on the sale of one vessel during the corresponding period in 2025.
•
Interest and finance costs
for the six months ended June 30, 2026 and 2025, were $0.01 million
and $2.0 million, respectively. The $1.99 million decrease from the same period of last year is primarily due to full debt prepayments.
•
Interest income
for the six months ended June 30, 2026 and 2025, was $2.1 million and
$1.5 million, respectively. The increase of $0.6 million is mainly attributed to the increase in the amounts of time deposits.
•
Equity earnings in joint ventures
for the six months ended June 30, 2026 and 2025 were a gain of
$2.4 million and $2.9 million, respectively. The $0.5 million decrease is primarily due to decrease in number of the vessels owned by our joint ventures compared to the same period of last year.
•
As a result of the above, for the six months ended June 30, 2026, the Company reported
net income
of
$33.2 million, compared to net income of $34.5 million for the six months ended June 30, 2025. The
weighted average number of shares
outstanding, basic, for the six months ended June 30, 2026 and 2025 was 36.6 million
and 35.8 million, respectively.
•
Earnings per share, basic,
for the six months ended June 30, 2026 amounted to $0.89 compared to
earnings per share, basic, of $0.93 for the same period of last year.
•
Adjusted net income
was $32.2 million corresponding to an Adjusted EPS of $0.86 for the six months
ended June 30, 2026 compared to Adjusted net income of $37.9 million corresponding to an Adjusted EPS of $1.02 for the same period of last year.
•
EBITDA
for the six months ended June 30, 2026 amounted to $42.8 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
•
An average of 27.1 vessels were owned by the Company during the six months ended June 30, 2026 compared to
28.1 vessels for the same period of 2025.
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.
Fleet Update Since Previous Announcement
The Company
announced the conclusion of the following chartering arrangements (of three or more months duration):
•
A two year time charter for its 2007 built LPG carrier Gas Flawless until Jul 2028.
•
A one year time charter for its 2016 built LPG carrier Eco Dominator until Sep 2027.
•
A six months time charter extension for its 2012 built LPG carrier Gas Husky until Mar 2027.
•
A six months time charter extension for the JV owned 2023 built LPG carrier Eco Sorcerer until Feb 2027.
As of September 2026, the Company has total contracted revenues of approximately $90 million (excluding the JV vessel), while for
the remainder of the year the Company has circa 60% of fleet days secured under period contracts and contracted revenues of approximately $30 million (excluding the JV vessel).
CEO Harry Vafias Commented
The second quarter was challenging to navigate due to the developing geopolitical turbulence. The continuous rise in attacks on commercial vessels is a
worrying development for everyone involved in shipping. Through our strong, debt-free operating platform and solid business, we once more reported superior returns for our shareholders. For the first six months of this year we recorded earnings per
share of $0.89. We are confident that profitability will remain elevated. After having successfully resolved all major outstanding issues, our attention turns to the optimal utilization of our growing liquidity that has reached an
all-time
high of over $250 million currently. As always, we are guided by patience and dynamism in order to secure the long term success of the Company.
Conference Call details:
On September 2, 2026 at
10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference
call participants should
pre-register
using the below link to receive the
dial-in
numbers and a personal PIN, which are required to access the conference call.
https://register-conf.media-server.com/register/BI7c97b65f674a48169d15851ed05283e3
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 26 LPG carriers, including one Joint Venture vessel, in the water. These LPG vessels have a total capacity of 288,542
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 and underlying assumptions and other statements, including regarding contracted revenue, market conditions and pending
vessel sales, 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 strength of world economies and currencies, geopolitical conditions, including any
trade disruptions resulting from tariffs and other protectionist measures imposed by the United States, China or other countries, 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 any financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political
conditions, the conflict in Ukraine and related sanctions, tensions in the Middle East and particularly the war in the Persian Gulf, potential disruption of shipping routes due to attacks by Houthis in the Red Sea and Gulf of Aden, 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
For information
on our fleet and further information:
Visit our website at
www.stealthgas.com
Company Contact:
Konstantinos Sistovaris
Investor Relations
STEALTHGAS INC.
00-30-210-6250-001
E-mail:
info@stealthgas.com
Fleet Data:
The following key indicators highlight the
Company’s operating performance during the periods ended June 30, 2025 and June 30, 2026.
FLEET DATA
Q2 2025
Q2 2026
6M 2025
6M 2026
Average number of vessels (1)
28.3
26.4
28.1
27.1
Period end number of owned vessels in fleet
29
26
29
26
Total calendar days for fleet (2)
2,572
2,402
5,090
4,907
Total voyage days for fleet (3)
2,563
2,271
5,063
4,559
Fleet utilization (4)
99.7
%
94.5
%
99.5
%
92.9
%
Total charter days for fleet (5)
2,171
1,756
4,289
3,858
Total spot market days for fleet (6)
392
515
774
701
Fleet operational utilization (7)
94.7
%
82.3
%
94.4
%
86.3
%
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 income before impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA
represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels and
share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.
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.
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.
(Expressed in United States Dollars,
except number of
shares)
Second Quarter Ended
June 30,
Six Months Periods Ended
June 30,
2025
2026
2025
2026
Net Income - Adjusted Net Income
Net income
20,437,326
17,296,206
34,545,006
33,225,552
Plus loss/less (gain) on sale of vessels, net
121,218
(1,313,472
)
121,218
(3,855,218
)
Plus impairment loss
—
—
488,400
270,061
Plus share based compensation
1,160,222
1,254,549
2,700,624
2,562,887
Adjusted Net Income
21,718,766
17,237,283
37,855,248
32,203,282
Net income - EBITDA
Net income
20,437,326
17,296,206
34,545,006
33,225,552
Plus interest and finance costs
592,648
6,309
2,008,253
14,382
Less interest income
(715,451
)
(1,154,743
)
(1,467,922
)
(2,098,058
)
Plus depreciation
6,602,515
5,924,405
13,255,975
11,620,334
EBITDA
26,917,038
22,072,177
48,341,312
42,762,210
Net income - Adjusted EBITDA
Net income
20,437,326
17,296,206
34,545,006
33,225,552
Plus loss/less (gain) on sale of vessels, net
121,218
(1,313,472
)
121,218
(3,855,218
)
Plus impairment loss
—
—
488,400
270,061
Plus share based compensation
1,160,222
1,254,549
2,700,624
2,562,887
Plus interest and finance costs
592,648
6,309
2,008,253
14,382
Less interest income
(715,451
)
(1,154,743
)
(1,467,922
)
(2,098,058
)
Plus depreciation
6,602,515
5,924,405
13,255,975
11,620,334
Adjusted EBITDA
28,198,478
22,013,254
51,651,554
41,739,940
EPS - Adjusted EPS
Net income
20,437,326
17,296,206
34,545,006
33,225,552
Adjusted net income
21,718,766
17,237,283
37,855,248
32,203,282
Weighted average number of shares, basic
35,808,017
36,688,740
35,767,096
36,557,232
EPS - Basic
0.55
0.46
0.93
0.89
Adjusted EPS – Basic
0.59
0.46
1.02
0.86
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
Quarters Ended June 30,
Six Month Periods Ended June 30,
2025
2026
2025
2026
Revenues
Revenues
47,234,265
42,908,853
89,260,252
85,752,293
Expenses
Voyage expenses
3,833,787
6,779,813
8,407,743
12,415,357
Voyage expenses - related party
570,353
454,966
1,088,793
951,229
Vessels’ operating expenses
12,427,868
12,557,791
25,710,103
26,168,435
Vessels’ operating expenses - related party
239,496
196,000
467,696
418,500
Drydocking costs
622,225
523,935
1,034,845
3,017,954
Management fees - related party
1,101,679
1,020,719
2,181,680
2,100,719
General and administrative expenses
2,018,097
1,914,308
4,183,806
3,895,580
Depreciation
6,602,515
5,924,405
13,255,975
11,620,334
Impairment loss
—
—
488,400
270,061
Net loss/(gain) on sale of vessels
121,218
(1,313,472
)
121,218
(3,855,218
)
Total expenses
27,537,238
28,058,465
56,940,259
57,002,951
Income from operations
19,697,027
14,850,388
32,319,993
28,749,342
Other (expenses)/income
Interest and finance costs
(592,648
)
(6,309
)
(2,008,253
)
(14,382
)
Interest income
715,451
1,154,743
1,467,922
2,098,058
Foreign exchange loss
(109,676
)
(30,709
)
(136,160
)
(55,794
)
Other (expenses)/income, net
13,127
1,117,725
(676,491
)
2,027,882
Income before equity in earnings of investees
19,710,154
15,968,113
31,643,502
30,777,224
Equity earnings in joint ventures
727,172
1,328,093
2,901,504
2,448,328
Net Income
20,437,326
17,296,206
34,545,006
33,225,552
Earnings per share
- Basic
0.55
0.46
0.93
0.89
- Diluted
0.55
0.46
0.93
0.88
Weighted average number of shares
- Basic
35,808,017
36,688,740
35,767,096
36,557,232
- Diluted
35,870,868
36,847,602
35,818,156
36,702,415
StealthGas Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in United States Dollars)
December 31,
June 30,
2025
2026
Assets
Current assets
Cash and cash equivalents
99,077,831
98,308,389
Short term investments
—
70,000,000
Trade and other receivables
7,744,675
12,083,036
Other current assets
22,419
127,196
Claims receivable
61,697,544
64,239,851
Inventories
1,899,887
3,404,844
Advances and prepayments
1,145,504
1,396,123
Assets held for sale
24,945,022
10,543,500
Total current assets
196,532,882
260,102,939
Non current assets
Operating lease
right-of-use
assets
104,801
39,188
Vessels, net
491,413,817
473,333,614
Other receivables
171,275
71,463
Investments in joint ventures
23,467,353
21,561,992
Total non current assets
515,157,246
495,006,257
Total assets
711,690,128
755,109,196
Liabilities and Stockholders’ Equity
Current liabilities
Payable to related parties
1,045,962
1,454,356
Trade accounts payable
9,881,737
12,445,699
Accrued and other liabilities
4,443,142
9,351,748
Operating lease liabilities
104,801
39,188
Deferred income
5,665,271
4,667,859
Total current liabilities
21,140,913
27,958,850
Non current liabilities
Deferred income
222,605
342,047
Total non current liabilities
222,605
342,047
Total liabilities
21,363,518
28,300,897
Commitments and contingencies
Stockholders’ equity
Capital stock
371,857
376,317
Additional
paid-in
capital
413,450,279
416,701,956
Retained earnings
276,504,474
309,730,026
Total stockholders’ equity
690,326,610
726,808,299
Total liabilities and stockholders’ equity
711,690,128
755,109,196
StealthGas Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
Six Month Periods Ended June 30,
2025
2026
Cash flows from operating activities
Net income for the period
34,545,006
33,225,552
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
13,255,975
11,620,334
Amortization of deferred finance charges
554,554
—
Non-cash
lease expense
61,230
65,613
Share based compensation
2,700,624
2,562,887
Proceeds from disposal of interest rate swaps
280,577
—
Equity earnings in joint ventures
(2,901,504
)
(2,448,328
)
Dividends received from joint ventures
2,634,000
—
Impairment loss
488,400
270,061
Loss/(gain) on sale of vessels
121,218
(3,855,218
)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables
566,246
(4,238,549
)
Other current assets
(202,906
)
(104,777
)
Claims receivable
—
(2,542,307
)
Inventories
626,829
(1,504,957
)
Changes in operating lease liabilities
(61,230
)
(65,613
)
Advances and prepayments
316,774
(250,619
)
Increase/(decrease) in
Balances with related parties
2,401,207
361,644
Trade accounts payable
(647,393
)
2,563,962
Accrued liabilities
(920,727
)
4,908,606
Deferred income
223,263
(877,970
)
Net cash provided by operating activities
54,042,143
39,690,321
Cash flows from investing activities
Payment for acquisition of remaining interest in joint venture, net of cash acquired
(7,976,895
)
—
Proceeds from sale of vessels, net
12,217,067
28,800,237
Acquisition and improvements of vessels
(412,428
)
—
Increase in short term investments
—
(70,000,000
)
Net cash provided by/(used in) investing activities
3,827,744
(41,199,763
)
Cash flows from financing activities
Proceeds from exercise of stock options
356,250
693,250
Stock repurchase
(1,784,712
)
—
Advances to joint ventures
—
46,750
Loan repayments
(53,614,965
)
—
Net cash (used in)/provided by financing activities
(55,043,427
)
740,000
Net increase/(decrease) in cash, cash equivalents and restricted cash
2,826,460
(769,442
)
Cash, cash equivalents and restricted cash at beginning of period
84,521,150
99,077,831
Cash, cash equivalents and restricted cash at end of period
87,347,610
98,308,389
Cash breakdown
Cash and cash equivalents
86,253,860
98,308,389
Restricted cash, non current
1,093,750
—
Total cash, cash equivalents and restricted cash shown in the statements of cash
flows
87,347,610
98,308,389