The Vafias Group has officially joined the exclusive league of shipping firms boasting fleets of 100 vessels or more, encompassing five companies under its “umbrella,” three of which are publicly traded on US stock exchanges.
This announcement was made during the 9th Shipping Conference hosted by “Naftemporiki.”
The group’s five companies operate a diverse range of vessels, including tankers, bulk carriers, and LPG carriers.
Vafias, who became the youngest CEO to take a shipping company public at just 26, discussed shipbuilding countries and highlighted the USA’s desire to boost its maritime industry. During the “N” conference, he remarked:
“US shipyards cannot compete with the pricing offered by China, Japan, and Korea. Moreover, India, leveraging its affordable labor force, may gradually emerge as a competitive player.”
The Vafias Group oversees StealthGas, Imperial Petroleum, and C3is, along with the privately-held Stealth Maritime and Brave Maritime, bringing its total fleet to 100 ships, including those currently under construction.
For the three publicly listed companies, their financial performance in the first quarter of 2025 mirrored previous trends.
All three maintained zero debt—StealthGas being net debt-free—and continued to report net profitability.
Notably, C3is operates four vessels and reported net profits of $8 million, with a fleet valuation of $104 million.
Imperial Petroleum (IMPP) possesses a fleet of 20 ships, posting net profits of $12 million for the first quarter of 2025, while its fleet is valued at $500 million.
Meanwhile, StealthGas, with 31 vessels, recorded net profits of $15 million and has a fleet valued at $800 million.
Overall, these three listed companies manage a combined fleet of 55 ships, achieving net profits of $35 million and showcasing total asset values reaching $1.404 billion.
Exports
Haris Vafias, CEO of StealthGas, expressed optimism about LPG market trends while commenting on the company’s financial results. He noted a record-high propane production in the US and characterized the ongoing trade tensions between Washington and Beijing as temporary.
During an investor briefing, Vafias announced that US propane exports surpassed 2 million barrels per day in May, achieving the highest level on record, following an 8% growth in LPG exports during the first quarter compared to the previous year.
He mentioned that while LPG, which includes propane, faces current productivity limitations, this situation is expected to improve.
Energy Transfer Partners’ terminal in Nederland, Texas, is projected to add 250,000 barrels per day to the market.
“As several more expansion projects are completed by 2028 across the U.S. Gulf Coast, East Coast, and western Canada, volumes should rise by over 25%,” he stated.
Dry Cargo
Turning to the market for C3is handysize bulk carriers, which consists of three bulkers and one tanker, the company’s presentation suggested that the 2025 market outlook will hinge on several key factors:
- Global economic conditions
- US tariff policies
- Liquidity trends in China
- Weak recovery of industrial activity in developed nations
- High interest rates and a strong dollar
- Environmental regulations.
