Slide 1: StealthGas Inc. 3rd Quarter & Nine Months 2010 Results
StealthGas Inc. 3rd Quarter & Nine Months 2010 Results November 16th , 2010
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements 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 h
Slide 3: Business Strategy
Business Strategy Business Strategy Implementation Consolidation and fleet Sold 2 LPG Carriers in 2009, and 5 so far in 2010 renewal Acquiring 4 new LPG Carriers in 2011 and 1 more in 2012 Acquired new Aframax Crude Oil Tanker in July 2010 Moderate Leverage Third Quarter 2010 net debt to cap
Slide 4: Fleet Development
Fleet Development No scheduled vessel deliveries until Q1 of 2011 Acquisition strategy for fleet to number of 42 ships by year end 2011, 43 by 2012 Selective sale of older & smaller tonnage in 2009/10 3
Slide 5: Fleet Employment Profile
Fleet Employment Profile ARR yum sn) eens mmm mls 0S scm Sammy | De oc a 2 eee ‘Qt 2011 22011 2011 Q4 2011 Qt 2012 22012 03.2012 Os 2012 Nov J dec Tian To reb [nar [ape J way Tun Pot TP Aug JT sep | oct Tov [dec Jan [Feb [mer [Ape J May Tun Yu! [Aug [sep [oct J Nov [dec | Gas Sikousis Gas Spit Spike
Slide 6: Third Quarter 2010 Financial Highlights
Third Quarter 2010 Financial Highlights Third Quarter 2010 Q3 Net Income of $1.0 million, net revenues of $26.7 million, EBITDA of $9.7 million Q3 Net income of $0.9 million before net non cash loss of $1.0 million on interest rate swaps and foreign currency hedging arrangements, $1.1 million gain o
Slide 7: Third Quarter 2010 Income Statement
Third Quarter 2010 Income Statement In US$ 000, except per share 3Q09 4Q09 1Q10 2Q10 3Q10 amounts Net Revenues $28,384 $28,381 $28,757 $26,870 $26,727 (3) (1) Operating Income 6,772 (20,843) 6,611 6,056 4,540 (2) (3) (1) Net Income 7,159 (27,151) 1,614 4,146 990 Net Income, net of interest rate swap
Slide 8: Third Quarter 2010 Operating Highlights
Third Quarter 2010 Operating Highlights Fleet Data & Daily Results Fleet Data FY08 FY09 3Q09 4Q09 1Q10 2Q10 3Q10 Average number of vessels in fleet 38.6 42.0 42.9 42.8 41.0 37.6 37.7 Period end number of vessels in fleet 40 42 43 42 40 37 38 Total calendar days for fleet 14,113 15,335 3,944 3,934 3,
Slide 9: Nine Months 2010 Financial Highlights
Nine Months 2010 Financial Highlights Nine Months 2010 Nine months Net income of $6.8 million, net revenues of $82.4 million, EBITDA of $31.8 million Nine months Net income of $6.1 million before net non cash loss of $1.3 million on interest rate swaps and foreign currency hedging arrangements, $1.0
Slide 10: Nine Months 2010 Income Statement
Nine Months 2010 Income Statement Nine Months Nine Months In US$ 000, except per share amounts 2009 2010 Net Revenues $84,665 $82,354 Operating Income 22,129 17,207 Net Income 13,839 6,750 Net Income, net of interest rate swap, gain on sale of vessel, unrealized exchange difference and stock based 1
Slide 11: Daily Breakeven
Daily Breakeven Q3 2010 vs Q2 2010 Daily Cashflow and Net Income Breakeven Composition ($ per vessel per day) Q2 2010 fleet calendar days: 3,418 Q3 2010 fleet calendar days: 3,471 Q2 2010 Q3 2010 Expenses Cash Flow Net Income Cash Flow Net Income Operating $2,715(1) $2,715 (1) $2,934(1) $2,934 (1) M
Slide 12: Financial Estimator
Financial Estimator 38 Vessels by ($ in millions) 31/12/2010 2010E Non Contracted Voyage Days 920 Daily Spot Charter Rate - 4,250 cbm vessel ? Spot Revenue ? Period Charter Revenue (T/C and Bareboat) $104.3 Total Revenue ? Operating Expenses 48.1 SG&A and Management Fees 7.9 Commissions 3.2 Maintena
Slide 13: LPGC Freight Rates
LPGC Freight Rates Average earnings in the spot market excluding waiting time / 1 yr TC rates 800 USD 1000's per month 700 15000 SR TCE 600 8000 ETH TCE 500 6500 SR TCE 400 3500 SR 1yr TC 300 3500 PR 1yr TC east 200 100 INGE STEENSLAND AS 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Inge Ste
Slide 14: 1-Year TC Rate Volatility Since 2000
1-Year TC Rate Volatility Since 2000 But, small LPG rates remain relatively stable Small LPG tanker rates are less volatile than crude tanker and drybulk rates 1-Year TC Rate Volatility Since 2000 Data source: Clarkson Research Services 2009 Rates: 1-year TC measured weekly Dry Bulk: average of Cape
Slide 15: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q3 2010 Average Current Q4 2010 Forecast 3,200 CBM S/R 250,000 250,000 250,000 3,500 CBM P/R 227,000 235,000 240,000 5,000 CBM P/R 260,000 265,000 270,000 6,000 CBM S/R 450,000 450,000 450,000 15,000 CBM S/R 500,000 500,000 500,000 35,000 CBM 600,000 590,
Slide 16: TC equiv. spot earnings
3000-7999 cbm Fleet Development Vs. TC Rates/Earnings* 600 15% TC rates in USD 1000's per month (lines) 500 10% TC equiv. spot earnings Fleet growth in % (bars) 400 5% 300 0% 200 -5% 100 INGE STEENSLAND AS - -10% 1989 1991 1992 1993 1995 1996 1997 1999 2000 2001 2003 2004 2005 2007 2008 2009 2011 20
Slide 17: Despite a "stop" in new ordering, lots of ships will be delivered
Despite a “stop” in new ordering, lots of ships will be delivered But not in the LPG space Orderbooks in Percent of Existing Fleet 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% Tank Drybulk Product C hemical LPG * LNG C ontainer Reefer PC C sep.09 jan.10 Source: DnB NOR Markets – Shipping Sector Outlook 201
Slide 18: Shipping Sector "Value" Comparison
Shipping Sector “Value” Comparison P/E Company Name Symbol NAV P/NAV Ratio StealthGas Inc. “GASS” $13.40 0.62x 10.24x Diana Shipping Inc. * “DSX” $13.93 0.98x 8.55x DryShips Inc. * “DRYS” $6.93 0.78x 6.49x Nordic American Tanker Shipping Ltd. * “NAT” $18.16 1.48x 86.77x Seaspan Corporation * “SSW” $
Slide 19: Contacts
Contacts Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. Weekly LPG Market Report 011-30-210-6250-001 updated every Monday E-mail: simmons@stealthgas.com www.stealthgas.com Comprehensive Investor Relations Information 18