斯蒂加斯海运 2026年年度报告和过渡报告

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)OF THE SECURITIES EXCHANGE ACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934OR☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission file number 001-36797 TABLE OF CONTENTS FORWARD-LOOKING INFORMATION PART I Item1.Identity of Directors, Senior Management and AdvisersItem 2.Offer Statistics and Expected TimetableItem 3.Key InformationItem 4.Information on the CompanyItem4A.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 Material Modifications to the Rights of Security Holders and Use of ProceedsControls and ProceduresAudit Committee Financial ExpertCode of EthicsPrincipal Accountant Fees and ServicesExemptions from the Listing Standards for Audit CommitteesPurchases of Equity Securities by the Issuer and Affiliated PurchasersChange in Registrant’s Certifying AccountantCorporate GovernanceMine Safety DisclosuresDisclosure Regarding Foreign Jurisdictions that Prevent InspectionsInsider Trading PoliciesCybersecurity PART III Item 17.Financial StatementsItem 18.Financial StatementsItem 19.Exhibits Table of Contents FORWARD-LOOKING INFORMATION This Annual Report on Form 20-F includes 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 war in the Middle East between Iran and the U.S. and Israel, theconflict in Ukraine and related global response and sanctions, the war in 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 impact of the war in the Middle East between Iran and the U.S. and Israel, the conflict in Ukraine and related global response andsanctions, 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 any future financingarrangements;•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 Form 20-F andin our other filings with the U.S. Securities and Exchange Commission (“SEC”). We caution readers of this Annual Report not to place undue rel