Eco Wizard, the LPG carrier that was out of service since the July 6 incident, has arrived in a Latvian port on December 16, 2025 after completing temporary repairs and obtaining the necessary licenses to leave Russia under towage. The vessel is now scheduled for a comprehensive assessment before it can return to service.
The July 6 incident involved two explosions during ammonia cargo loading at the port of Ust‑Luga, Russia. Investigations point to external devices—likely limpet mines—as the probable cause, making Eco Wizard the sixth tanker linked to Russian operations to be targeted with explosive devices that year. The incident caused significant damage to the vessel’s hull and safety systems, necessitating the temporary repairs that were completed before the towage to Latvia.
Temporary repairs addressed structural breaches and restored critical safety equipment, allowing the ship to be towed out of Russian waters. In Latvia, the vessel will undergo a detailed assessment that will evaluate hull integrity, propulsion systems, and compliance with international maritime safety standards. The outcome of this assessment will determine the timeline for Eco Wizard’s return to charter service.
Eco Wizard accounts for roughly 8 % of StealthGas’s H1 2025 revenue, or about $7.1 million. Its absence contributed to the company’s H1 revenue of $89.3 million versus $83.4 million in H1 2024, while net income fell to $34.5 million from $43.5 million. The decline in earnings was driven by lower joint‑venture earnings and higher operating costs, offsetting the revenue growth that came from stronger demand in the LPG market.
CEO Harry Vafias noted that the incident will keep Eco Wizard off‑hire for some time and will impact near‑term revenue, but he remains confident in the fundamentals of LPG shipping. He highlighted the company’s recent deleveraging, which has left its fully owned fleet debt‑free, and cited an Altman Z‑Score of 8.48 as evidence of strong financial health.
The return of Eco Wizard will restore charter capacity and cash‑flow generation, reinforcing StealthGas’s competitive position in the LPG market. While the incident underscores operational risks—particularly the threat of targeted attacks on vessels linked to Russian operations—the company’s robust balance sheet and disciplined cost management position it to absorb the short‑term impact. Investors will likely view the incident as a headwind but will also recognize the company’s resilience and strategic focus on safety and compliance.
The arrival of Eco Wizard in Latvia marks a significant step toward restoring the vessel’s service life. Monitoring the assessment results and subsequent charter bookings will be key to understanding the timeline for the ship’s return to the fleet and the broader implications for StealthGas’s revenue and capacity strategy.
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