Slide 1: Q2 2018 Financial & Operating Results
Q2 2018 Financial & Operating Results August 23, 2018 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 97.8% in Q2 18’ (94.9% in Q2 17’) due to improved market conditions leading to Operations increased time charter and spot coverage. • About 57% reduction of commercial off hire days in Q2 18’ compared to Q2 17’. Commercial o
Slide 4: StealthGas Sale & Purchase Activity
❶ Highlights StealthGas Sale & Purchase Activity • Since the beginning of 2018 we have agreed to sell a total of 7 small LPG vessels, the majority of which will be delivered to their new owners by the end of 2018. Sale • Aggregate sale price is in the order of about $ 40.0 million while net cash pro
Slide 5: Fleet Employment Analytics (as of August 2018)
❶ Highlights Fleet Employment Analytics (as of August 2018) 2018 2019 EARNINGS VISIBILITY Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Vessel Charter End Date Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type Rate 1 Gas Exelero B/B Jun 2022 2 Eco Chios B/B Jun 2022 Eco
Slide 6: LPG Fleet Trading Profile
Belgium Rest 7% EU~ 29% United 12% France 13% ❶ Highlights Kingdom 20% LPG Fleet Trading Profile Norway 20% Sweden 7% • StealthGas focuses on regional trade and local distribution of gas. Spain Poland 7% Portugal 7% • Fleet trading pattern is geographically diversified and is continuously 7% adjuste
Slide 7: Financials – Income Statement Q2 2018 & Q2 2017
❷ Financials Financials – Income Statement Q2 2018 & Q2 2017 Comparing Q2 2018 to Q2 2017 Q2 Q2 Incom e Statem ent ( Am ounts in U SD' 000s ) 2017 2018 6M 2017 6M 2018 - Revenues increased by $ 4.1 million (10.5%) in spite of of one less vessel in the fleet as a result of higher prevailing rates in
Slide 8: Financials - Performance Highlights Q2 2018 & Q2 2017
❷ Financials Financials -Performance Highlights Q2 2018 & Q2 2017 Fleet Data Q2 2017 Q2 2018 6M 2017 6M 2018 Key Comments Period number of owned vessels in fleet 54 52 54 52 Total calendar days for fleet 5,045 5,026 9,995 9,865 - Operational utilization of 97.8% in Q2 18’ our best performance Total
Slide 9: Financials – Balance Sheet 6M 2018
❷ Financials Financials – Balance Sheet 6M 2018 Key Remarks Balance Sheet (Amounts in #039;000s) 12M 2017 6M 2018 Assets 6M 2018 Assets • Strong liquidity continues as unrestricted cash totals c. $ 56.0 mm. Cash & cash equivalents Current assets excl. cash 51,754 11,085 55,669 21,540 • Increase of vess
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 • What we notice in Q2 18’ is a visible increase of our daily average TCE and a slight reduction of our daily breakeven as a result of a 6,000 decrease in our daily opex
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Intra Regional Trade (Olefin & LPG ‘000 tonnes) China Olefin Imports (2017) Europe Asia- Pacific 14,000 3% 3% 4% 12,000 10,000 Asia- Pacific 8,000 Middle East Europe 6,000 Others 4,000 91% 2,000 0 2015 2016 2017 • Intra- regional trade of LPG which supp
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q2 Q3 Q4 Q1 Q2 % Change % Change 2017 2017 2017 2018 2018 1 Year Last Quarter • During Q2 2018, rates for small LPGs continued their positive 7,500 PR 10,645 10,300 9,800 10,500 10,600 (0.4%) 1.0% momentum. 5,000 PR
Slide 13: GASS Share Performance vs Peers (January 2017- August 2018)
❹ Share Performance GASS Share Performance vs Peers (January 2017- August 2018) 40% Crude Oil StealthGas Inc. Dorian LPG Ltd. Navigator Holdings Ltd. 30% % change of price 20% 10% 0% -10% -20% 1/1/2018 2/1/2018 3/1/2018 4/1/2018 5/1/2018 6/1/2018 7/1/2018 8/1/2018 • For the past couple of weeks the
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2018A Q2 2018A Q3 2018E Q4 2018E Total 2018 Q1 2019E Q2 2019E Q3 2019E Q4 2019E Total 2019 Number of Operating Vessels 56 55 52 50 50 49 49 49 49 49 Operational Utilization 93.3% 94.2% 96.6% 97.1% 95.4% 96.9%
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (18 Current) Navigator Holdings 1.48 11.7 Dorian LPG 0.58 11.7 Average 1.03 11.7 StealthGas 0.29 9.1 StealthGas deviation to comps (72%) (22%) Source: Seaborne Capital Advisors, July 2018 • Our Company trades at a discount to its Net
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