Slide 1: StealthGas Inc. 2nd Quarter 2012 Results
StealthGas Inc. 2nd Quarter 2012 Results August 17th , 2012 CONSISTENCY & GREAT VALUE
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 Took delivery of 5 Newbuilding LPG carriers (February, April & September 2011, January & June 2012) renewal Sold 4 LPG carriers in 2011 & 2 LPG carriers in 2012 Moderate Leverage Q2 2012 net debt to capitalization: 47.8
Slide 4: Fleet Employment Profile
Fleet Employment Profile EARNINGS VISIBILITY m2 Q42012 Q1 2013 wm @m3 m2 wn wm 204 Gas Esco Gas Husky Alpine Endurance Gas Sikousis Gas Spirit Gas Elixir Spike NavigS Fath Navigg Fidelity Gas Pasha Gas Defiance Gas Myth Gas Shuriken Gas Sincerity Gas Exelero Gas Astrid Gas Zael Gas Texiana Gas Cerbe
Slide 5: Financial Highlights
Financial Highlights Second Quarter 2012 Q2 Net Income of $7.2 million, net revenues of $29.1 million, EBITDA of $16.5 million. EPS of $0.35 per share on 20.6 million shares outstanding. Q2 Adjusted Net Income of $6.5 million and Adjusted EPS $0.31 per share, before net non cash loss of $0.3 million
Slide 6: 2012 Income Statement
2012 Income Statement In US$ 000, except per share Q2 2011 Q1 2012 Q2 2012 amounts Net Revenues $31,366 $29,123 $29,148 Voyage Costs 5,296 2,592 2,708 Running Costs 9,856 7,665 7,493 Operating Income 1,177 10,119 9,880 Net Income / (Loss) (3,623) 7,380 7,186 Net Income, adjusted 3,364 5,219 6,458 EB
Slide 7: Balance Sheet
Balance Sheet December 31, June 30, 2011 2012 Cash and Cash Equivalents incl. restricted 51,793,666 63,970,761 Current Assets excl. cash 5,106,792 4,941,161 Vessels held for sale 921,285 -- Advances for vessels under construction 22,347,811 -- Vessels, net 613,832,973 649,267,998 Other assets 1,707,
Slide 8: 2012 Operating Highlights
2012 Operating Highlights Fleet Data & Daily Results Fleet Data Q2 2011 Q1 2012 Q2 2012 Average number of vessels in fleet 38.7 37.0 36.5 Period end number of vessels in fleet 37 37 37 Total calendar days for fleet 3,525 3,367 3,319 Total voyage days for fleet 3,496 3,265 3,288 Fleet utilization 99.
Slide 9: Financial Estimator 2012 (Q3+Q4)
Financial Estimator 2012 (Q3+Q4) Contracted Revenues $45 million Non contracted Voyage days 1,380 Operating Expenses $8 million per quarter Drydock Expenses $1 million (2 vessels) Interest & Swaps (cash portion) $7 million D&A $14.5 million 8
Slide 10: LPG Supply increasing
LPG Supply increasing Increasing volumes will be on account of the VLGCs and sourced from mainly 3 players: Qatar, Abu Dhabi and Saudi Arabia (+/-) Qatar added 3mio ton of trade in 2011 US to become an exporter of LPG, potentially 2.5-3million mt Strong increase expected of LPG volumes to 70 million
Slide 11: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q1 2012 Average Q2 2012 Average Q3 2012 Forecast 5,000 CBM P/R 310,000 310,000 310,000 35,000 CBM 792,500 792,860 825,000 60,000 CBM 801,900 837,500 950,000 78,000 CBM 903,800 907,860 1,100,000 Source: Lorentzen & Stemoco 10
Slide 12: TC equiv. spot earnings
3000-8000 cbm Fleet Development Vs. TC Rates/Earnings* 600 9% INGE STEENSLAND AS TC rates in USD 1000's per month (lines) 500 Fleet growth in % (bars) 6% TC equiv. spot earnings 400 3% 300 0% 200 -3% 100 Overall 3000-7999 fleet growth SR 3000-7999 fleet growth SR 6500 cbm TCE SR 3500 cbm 1yr TC PR 3
Slide 13: 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 30% 25% 24% 24% 22% 20% 20% 15% 13% 12% 10% 9% 5% 0% Drybulk Offshore Container LNG Crude Tankers Chemical LPG Tankers LPG orderbook significantly smaller than other shipping segments with a limited fleet grow
Slide 14: Valuations comparison
Valuations comparison Company P/NAV GOLAR LNG (GNLG) 162% GASLOG (GLOG) 113% TEEKAY TANKERS (TNK) 134% NORDIC AMERICAN TANKERS (NAT) 123% SAFEBULKERS (SB) 163% STEALTHGAS (GASS) 43% Based on Dahlman & Rose (August 2012) and Seaborne Capital Advisors as of July 2012. For StealthGas, based on company’
Slide 15: Contacts
Contacts Company Contact: Konstantinos Sistovaris 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: sistovaris@stealthgas.com www.stealthgas.com Comprehensive Investor Relations Information 18