Slide 1: Q3 2017 Financial & Operating Results
Q3 2017 Financial & Operating Results November 22, 2017 StealthGas Inc.
Slide 2: Disclaimer
Disclaimer This presentation contains forward‐looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deeme
Slide 3: StealthGas Key Highlights
❶ Highlights StealthGas Key Highlights Fleet & • Operational utilization of about 95.5% in Q3 17’ (88.1% in Q3 16’). Operations • Commercial off hire days reduced in Q3 17’ by c. 63% compared to Q3 16’. • About 90% of fleet days secured on period charters for the remainder of 2017, with a total of c
Slide 4: Fleet Employment Analytics (as of November 2017)
❶ Highlights Fleet Employment Analytics (as of November 2017) EARNINGS VISIBILITY Vessel Charter End Date Nov 2017 Q4 2017 Dec Jan Q1 2018 Feb Mar Apr Q2 2018 May Jun 2018 Jul Q3 2018 Aug Sep Oct Q4 2018 Nov Dec • 16 new charters and charter extensions concluded in spite of the 1 Name Gas Exelero Ty
Slide 5: Fleet Trading Profile
EU~ 28% ❶ Highlights Fleet Trading Profile • StealthGas focuses on regional trade and local distribution of gas. • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Currently 50% of the fleet trades in the Middle‐ Far East , 28% in Europe, 11% in Sou
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • On May 22nd we took delivery of the Eco Frost, our first 22K new eco semi ref (Amounts in USD mm) vessel. • Remaining investment program, excluding advances paid, is about $ 100 mm up to mid 2018. 200 • A pay
Slide 7: Financials – Income Statement Q3 2016 & Q3 2017
❷ Financials Financials – Income Statement Q3 2016 & Q3 2017 Incom e Sta tem ent Q3 Q3 9M 9M ( Am ounts i n U SD' 000s ) 2016 2017 2016 2017 Comparing Q3 2017 to Q3 2016 Voyage revenues 34,440 38,546 106,659 115,884 Voyage costs (4,046) (3,693) (11,683) (11,797) ‐ Revenues increased by c. 12% as a r
Slide 8: Financials ‐Performance Highlights Q3 2017 & Q3 2016
❷ Financials Financials ‐Performance Highlights Q3 2017 & Q3 2016 Fleet Data Q3 2016 Q3 2017 9M 2016 9M 2017 Key Comments Average number of vessels in fleet 54 53 53 53 Period number of vessels in fleet 54 52 54 52 ‐ Clear improvement on Operational Utilization both on a Total calendar days for flee
Slide 9: Financials – Balance Sheet 9M 2017
❷ Financials Financials – Balance Sheet 9M 2017 Balance Sheet Key Remarks (Amounts in #039;000s) 12M 2016 9M 2017 Assets 9M 2017 Assets • Strong liquidity continues as unrestricted cash amounts to c. $ 42 mm. Cash & cash equivalents 64,994 41,506 Current assets excl. cash 11,484 24,371 • Asset base a s
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven • As a general trend, our breakeven has more or less stabilized in 7,000 the past quarters at satisfactory levels while the improvement 6,000 of our average TCE is quite evide
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends World LPG Trade (mil tons) US LPG Trade (‘000s bpd) 100 12% 1200 90 10% 1000 80 70 8% 800 60 6% 50 600 40 4% 30 400 2% 20 0% 200 10 0 ‐2% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 LPG Trade Volumes
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q3 Q4 Q1 Q2 Q3 % Change % Change % Change • Rates continue to be on the rise, but still have not reached the high 2016 2016 2017 2017 2017 since 2014 1 Year Last Quarter levels of 2014. 7,500 PR 10,200 10,200 10,300
Slide 13: GASS Share Performance vs Peers
❹ Share Performance GASS Share Performance vs Peers (July 2017‐ November 2017) Crude Oil PCT Change GASS PCT Change Dorian LPG PCT Change Navigator Holdings PCT Change 50% 40% % change of price 30% 20% 10% 0% ‐10% ‐20% ‐30% • All stocks follow a broad correlation with oil price movement. • Higher oi
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2018E Q2 2018E Q3 2018E Q4 2018E Total 2018E Number of Operating Vessels 54 55 55 55 55 Operational Utilization 94.2% 93.5% 92.6% 92.1% 93.1% Fixed Income plus current spot rates 16,976 17,293 17,064 16,488 6
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (17E) Navigator Gas 0.58 10.3 Dorian LPG 1.2 13.8 Average 0.89 12.1 StealthGas 0.26 7.8 StealthGas deviation to comps (71%) (35%) Source: Seaborne Capital Advisors, October 2017 • Most peer group companies trade at a discount to thei
Slide 16: Why StealthGas?
❺Outlook Why StealthGas? StealthGas Strengths Positive Market Drivers Our Company’s core value lies on the following: Market Factors that will positively affect our segment and consequently our Company: Conservative chartering policy and capital structure management with significant secured pre co