斯蒂加斯海运 2025年年度报告和过渡报告

Table of Contents TABLE OF CONTENTS FORWARD-LOOKING INFORMATION PART I Item 1.Identity of Directors, Senior Management and AdvisersItem 2.Offer Statistics and Expected TimetableItem 3.Key InformationItem 4.Information on the CompanyItem 4A.Unresolved Staff CommentsItem 5.Operating and Financial Review and ProspectsItem 6.Directors, Senior Management and EmployeesItem 7.Major Shareholders and Related Party TransactionsItem 8.Financial InformationItem 9.The Offer and ListingItem 10.Additional InformationItem 11.Quantitative and Qualitative Disclosures About Market RiskItem 12.Description of Securities Other than Equity SecuritiesItem 13.Defaults, Dividend Arrearages and Delinquencies PART II Item 14.Material Modifications to the Rights of Security Holders and Use of ProceedsItem 15.Controls and ProceduresItem 16A.Audit Committee Financial ExpertItem 16B.Code of EthicsItem 16C.Principal Accountant Fees and ServicesItem 16D.Exemptions from the Listing Standards for Audit CommitteesItem 16E.Purchases of Equity Securities by the Issuer and Affiliated PurchasersItem 16F.Change in Registrant’s Certifying AccountantItem 16G.Corporate GovernanceItem 16H.Mine Safety DisclosuresItem 16I.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsItem 16J.Insider Trading PoliciesItem 16K.Cybersecurity PART III Item 17.Financial StatementsItem 18.Financial StatementsItem 19.Exhibits Table of Contents FORWARD-LOOKING INFORMATION This Annual Report on Form20-Fincludes assumptions, expectations, projections, intentions and beliefs about future events. These statements areintended as “forward-looking statements.” We caution that assumptions, expectations, projections, intentions and beliefs about future events may andoften do vary from actual results and the differences can be material. All statements in this document that are not statements of historical fact are forward-looking statements as defined in Section27A of the U.S.Securities Act of 1933, as amended (the “Securities Act”) and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).Forward-looking statements include, but are not limited to, such matters as: •future operating or financial results;•global and regional economic and political conditions, including the conflict in Ukraine and related global response and sanctions, the warin Gaza and attacks by Houthis in the Red Sea and Gulf of Aden;•ending or recent acquisitions, business strategy and expected capital spending or operating expenses;•our cooperation with our joint venture partners and any expected benefits from such joint venture arrangements;•competition in the LPG marine transportation industry;•shipping market trends, including charter rates, factors affecting supply and demand and world fleet composition;•potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists, including due tothe conflict in Ukraine and related global response and sanctions, the war in Gaza and attacks by Houthis in the Red Sea and Gulf of Aden,and tariffs imposed by the U.S. and other countries;•ability to employ our vessels profitably;•performance by the counterparties to our charter agreements;•future liquefied petroleum gas (“LPG”) prices and production;•future supply and demand for oil and natural gas of which LPG is a byproduct;•our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions andother general corporate activities, the terms of such financing and our ability to comply with covenants set forth in our existing and futurefinancing arrangements;•performance by the shipyards constructing any newbuilding vessels; and•expectations regarding vessel acquisitions and dispositions. When used in this document, the words “anticipate,” “believe,” “intend,” “estimate,” “project,” “forecast,” “plan,” “potential,” “may,” “should”and “expect” reflect forward-looking statements. Such statements reflect our current views and assumptions and all forward-looking statements aresubject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect our futurefinancial results are discussed more fully under “Item 3. Key Information—Risk Factors,” as well as elsewhere in this Annual Report on Form20-Fandin our other filings with the U.S. Securities and Exchange Commission (“SEC”). We caution readers of this Annual Report not to place undue relianceon these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or revise any forward-lookingstatements. Table of Contents PART I StealthGas Inc. is a Marshall Islands company that is referred to in this Annual Report on Form20-F,together with its subsidiaries, as“StealthGas,” the “Company,” “we,” “us,” or “our.” This Annual Report should be read in conjunction with our consol