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Athens, Greece - February 21, 2024 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, 2023. Operational And Financial Highlights • All-time record Net Income of $51.9 million for the twelve-month period, a 51% increase compared to last year, corresponding to a basic EPS of $1.38. Strong profitability continued for the fourth quarter with Net Income of $8.9 million for the three-month period corresponding to a basic EPS of $0.25. • Further increased period coverage. About 66% of fleet days for 2024 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues. • Repurchased 2.01 million shares during the fourth quarter. To date, 3.9 million shares have been repurchased, more than 10% of the outstanding shares, for a total of $19.1 million under our $25 million share repurchase program. • Massively reduced debt during 2023 by $153.6 million from $277.1 million as of December 31, 2022, net of deferred finance charges, to $123.5 million as of December 31, 2023. • Maintaining ample cash and cash equivalents (incl. restricted cash) of $83.8 million as of December 31, 2023 enabling the Company to further reduce debt. • Took successful delivery of the Medium Gas Carrier (MGC) newbuildings Eco Oracle and Eco Wizard in January 2024. Fourth Quarter 2023 Results: • Revenues for the three months ended December 31, 2023 amounted to $34.1 million compared to revenues of $42.7 million for the three months ended December 31, 2022, a decrease of $8.6 million, or 20%, as the number of our vessels declined from 34 vessels at the end of Q4 2022 to 27 vessels at the end of Q4 2023. • Voyage expenses and vessels' operating expenses for the three months ended December 31, 2023 were $3.3 million and $12.9 million, respectively, compared to $6.5 million and $14.6 million, respectively, for the three months ended December 31, 2022. The $3.2 million, or 49%, decrease in voyage expenses was the result of the reduction in spot market days, while the $1.7 million, or 12%, decrease in vessels' operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet partly offset by extraordinary costs related to one of our vessels. • Drydocking costs for the three months ended December 31, 2023 and 2022 were $0.03 million and $0.6 million, respectively. No vessels were drydocked during the fourth quarter of 2023 while drydocking expenses during the fourth quarter of 2022 mainly relate to the drydocking of two vessels. Management fees for the three months ended December 31, 2023 and 2022 were $1.0 million and $1.3 million, respectively. The change is attributed to the decrease in the average number of owned vessels in our fleet. • General and administrative expenses for the three months ended December 31, 2023 and 2022 were $1.7 million and $0.8 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense. • Depreciation for the three months ended December 31, 2023 and 2022 was $5.6 million and $6.8 million, respectively, as the number of our vessels declined. • Interest and finance costs for the three months ended December 31, 2023 and 2022, were $2.3 million and $3.4 million, respectively. The $1.1 million, or 32%, decrease from the same period of last year is mostly due to the reduction in debt outstanding despite increases in variable interest rates as well as profits from closing swap positions due to debt prepayments. • Interest income for the three months ended December 31, 2023 and 2022 was $1.0 million and $0.7 million, respectively. The increase is mainly attributed to increases in interest rates over the corresponding period. • Equity earnings in joint ventures for the three months ended December 31, 2023 and 2022 was a gain of $0.9 million and $1.2 million, respectively. The $0.3 million decrease was mainly due to the drydocking of one of the vessels during the 2023 period. • As a result of the above, for the three months ended December 31, 2023, the Company reported net income of $8.9 million, compared to net income of $7.7 million for the three months ended December 31, 2022 an increase of $1.2 million, or 16%. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2023 and 2022 was 35.3 million and 38.0 million, respectively. • Earnings per share, basic, for the three months ended December 31, 2023 amounted to $0.25 compared to earnings per share of $0.20 for the same period of last year. • Adjusted net income[1] was $10.3 million corresponding to an Adjusted EPS1 of $0.29 for the three months ended December 31, 2023 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS of $0.27 for the same period of last year. • EBITDA1 for the three months ended December 31, 2023 amounted to $15.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA1 to Net Income are set forth below. • An average of 27.0 vessels were owned by the Company during the three months ended December 31, 2023 compared to 34.0 vessels for the same period of 2022. Twelve Months 2023 Results: • Revenues for the twelve months ended December 31, 2023 amounted to $143.5 million, a decrease of $9.3 million, or 6%, compared to revenues of $152.8 million for the twelve months ended December 31, 2022, primarily due to a reduction in the fleet size. • Voyage expenses and vessels' operating expenses for the twelve months ended December 31, 2023 were $13.2 million and $53.1 million, respectively, compared to $22.2 million and $54.9 million for the twelve months ended December 31, 2022. The $9.0 million, or 41%, decrease in voyage expenses was mainly due to the decrease in spot days. The $1.8 million decrease in vessels' operating expenses was the result of the decrease in the number of vessels partly offset by inflationary cost pressures and cost overruns particularly in certain cost categories like spares and crew and was more pronounced during the Q1 23' and less so during Q4 23'. • Drydocking costs for the twelve months ended December 31, 2023 and 2022 were $2.6 million and $3.0 million, respectively. The costs for the twelve months ended December 31, 2023 mainly related to the completed drydocking of three of the larger handysize vessels, while the costs for the same period of last year related to the drydocking of five vessels. • General and administrative expenses for the twelve months ended December 31, 2023 and 2022 were $5.3 million and $3.4 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense. • Depreciation for the twelve months ended December 31, 2023 was $23.7 million, a $4.1 million decrease from $27.8 million for the same period of last year, due to the decrease in the average number of our vessels. • Impairment loss for the twelve months ended December 31, 2023 was $2.8 million relating to two vessels, for which the Company had entered into separate agreements to sell to third parties - both were delivered to their new owners in January 2024. Impairment loss for the twelve months ended December 31, 2022 was $3.2 million relating to four vessels, for which the Company had entered into sale agreements and were all delivered to their new owners in a subsequent period. • Gain on sale of vessels for the twelve months ended December 31, 2023 was $7.6 million, which was primarily due to the sale of seven of the Company's vessels, whereas loss on sale of vessels for the twelve months ended December 31, 2022 was $0.4 million due to the sale of three of the Company's vessels in 2022. • Interest and finance costs for the twelve months ended December 31, 2023 and 2022 were $10.0 million and $12.1 million, respectively. Despite increases in interest rates during that period, interest costs fell mainly due to the decrease of our outstanding indebtedness as well as profits from closing swap positions due to debt prepayments. • Interest income for the twelve months ended December 31, 2023 and 2022 was $3.7 million and $1.1 million, respectively. The more than three-fold increase is mainly attributed to increases in interest rates and in our average cash and cash equivalents on time deposits over the corresponding period. • Equity earnings in joint ventures for the twelve months ended December 31, 2023 and 2022 was a gain of $12.3 million and a gain of $10.9 million, respectively. The $1.4 million increase from the same period of last year is mainly due to a gain on sale of one of the Medium Gas carriers owned by one of our joint ventures. • As a result of the above, the Company reported a net income for the twelve months ended December 31, 2023 of $51.9 million, compared to a net income of $34.3 million for the twelve months ended December 31, 2022 an increase of $17.6 million, or 51%. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2023 and 2022 was 37.2 million and 38.0 million, respectively. • Earnings per share, basic, for the twelve months ended December 31, 2023 amounted to $1.38 compared to earnings per share, basic, of $0.90 for the same period of last year. • Adjusted net income was $50.5 million, or $1.34 per share, for the twelve months ended December 31, 2023 compared to adjusted net income of $36.7 million, or $0.97 per share, for the same period of last year, an increase of $13.8 million, or 38%. • EBITDA for the twelve months ended December 31, 2023 amounted to $81.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. • An average of 29.3 vessels were owned by the Company during the twelve months ended December 31, 2023, compared to 34.8 vessels for the same period of 2022. • As of December 31, 2023, cash and cash equivalents (including restricted cash) amounted to $83.8 million and total debt amounted to $123.5 million. Fleet Update Since Previous Announcement The Company announced the conclusion of the following chartering arrangements (of three or more months duration): • A twelve months time charter extension for its 2011 built LPG carrier Gas Cerberus, until Dec 2024. • A twelve months time charter extension for its 2014 built LPG carrier Eco Chios, until Nov 2024. • A twelve months time charter extension for its 2016 built LPG carrier Eco Dominator, until Mar 2025. • A twelve months time charter for its 2012 built LPG carrier Gas Husky, until Dec 2024. • A six months time charter extension for its 2015 built LPG carrier Eco Royalty, until Aug 2024. • A six months time charter for its 2017 built LPG carrier Eco Frost, until May 2024. • A three months time charter for its 2009 built LPG carrier Gas Astrid, until April 2024. As of January 2024, the Company has total contracted revenues of approximately $200 million. For the year 2024, the Company has circa 66% of fleet days secured under period contracts, and approximately $120 million in contracted revenues. In addition the following charter arrangements were concluded for the joint venture vessels: • A twelve months time charter extension for the 2008 built LPG carrier Gas Shuriken, until Dec 2024. • A six months time charter extension for the 2008 built LPG carrier Gas Defiance, until May 2024. • A six months time charter for the 2007 built LPG carrier Gas Haralambos, until May 2024. • A five months time charter for the 2015 built LPG carrier Eco Lucidity, until Apr 2024. During January 2024, the Company concluded the previously announced sale of the 2015 built Eco Dream (4,989 cbm) and 2015 built Eco Green (4,991 cbm) and also took delivery of the MGC newbuildings Eco Oracle (40,551 cbm) and Eco Wizard (40,551 cbm) in Korea. Upon delivery, the vessels were deployed on their previously announced respective period charters. The Company received $70 million in finance proceeds from a recently concluded 8-year credit facility related to these vessels. In regards to the joint venture vessel Eco Ethereal, the charterer notified of its intention to exercise its purchase option on the vessel. The sale, subject to customary closing conditions, is expected to be completed in April 2024. The sale will result in a profit being recorded at the time of delivery for the joint venture and the proceeds, subject to the joint venture partners decision, are expected to be distributed thereafter. Board Chairman Michael Jolliffe Commented StealthGas reported for the fourth quarter 2023 Net Income of $8.9 million. It was yet another quarter of strong profitability. For the full year 2023 Net Income amounted to $51.9 million, far surpassing last year's record yearly profit of $34.3 million, corresponding to a 51% increase. So it gives me great pleasure that not only has the Company managed to sustain its record profitability but drastically improve it successively. Obviously the main driver of such results is the lasting recovery of the LPG markets that hopefully will continue. But markets are volatile, and sound policies as well as opportunistic plays need to also guide decisions. As such the Company did not focus on growth for 2023, it rather focused on taking advantage of the market and securing more period charters, currently having over $200 million in contracted revenues, selling vessels as asset prices were rising, paying down debt as interest rates were rising, over $150 million was repaid in 2023 and over $30 million in the current quarter and returning value to our shareholders by buying back our own stock, having bought over 10% of the issued shares during last year and spending $19.1 million. That being said, it was also important not to neglect to renew the fleet and in January of this year StealthGas took delivery of the two 40,000 MGC vessels, Eco Oracle and Eco Wizard, whose period charters should support profitability this year. So far, the beginning of 2024 looks promising as the market for our vessels remains firm and barring any extraordinary events we should expect solid revenues in the current quarter. Full report 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 33 LPG carriers, including six Joint Venture vessels in the water. These LPG vessels have a total capacity of 389,420 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 StealthGas Inc. Press Release 
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