Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q4 2023 Earnings Presentation
13 slides from Stealthgas's earnings presentation, Feb 21, 2024
Slide 1: StealthGas Inc. Q4 2023 Financial and Operating Results
StealthGas Inc. | Q4 2023 Financial and Operating Results | February 21, 2024
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 dee
Slide 3: StealthGas Key Highlights
1| Highlights| StealthGas Key Highlights |Fleet & Operations • Completed the sale of two small LPG vessels in January 2024. • Took delivery of two MGC’s, the Eco Oracle and Eco Wizard in January 2024. • Entered into a number of new period charters increasing period coverage to 66% for 2024. • Contra
Slide 4: Fleet Employment Analytics (As of February 2024)
1| Highlights| Fleet Employment Analytics (As of February 2024) EARNINGS VISIBILITY Q1 2024 Q2 2024 Q3 2024 Q4 2024 Vessel Charter End Date Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type Eco Ice TC Sep 2027 Eco Freeze TC May 2027 Gas Myth TC Jan 2027 Gas Exelero TC Apr 2026 • 7 new period cha
Slide 5: Summary of our Two JVs
1| Highlights| Summary of our Two JVs Small LPG JV Structure- 1 • All four vessels were recently fixed on time charters. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Vessel Charter End Date Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type • One vessel completed its drydock in Q1 ’24. No Gas Shuriken TC Dec
Slide 6: LPG Fleet Trading Profile
1| Highlights| LPG Fleet Trading Profile EU-Med-18 vessels • StealthGas focuses on regional trade and local distribution of gas. Our Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our LPG fleet trading profile is a snapshot of our vessels as of Fe
Slide 7: Income Statement
2| Financials| Income Statement Income Statement Q4 Q4 (Amounts in USD'000s) 12M 2022 12M 2023 2022 2023 Voyage revenues 42,729 34,139 152,761 143,528 Voyage costs (6,528) (3,305) (22,177) (13,209) -15% Q Net revenues 36,202 30,834 130,583 130,319 -0.2% 12M Operating expenses (14,610) (12,898) (54,9
Slide 8: Balance Sheet
2|Financials | Balance Sheet Balance Sheet (Amounts in $'000s) Q4 2022 Q4 2023 Assets • Strong Liquidity on GASS balance sheet, including restricted cash and short Cash & cash equivalents (incl restricted) 95,655 83,756 term investments of $83.8 million. Vessel held for sale 11,107 34,880 Current as
Slide 9: Debt Analysis & Capital Structure
2|Financials |Debt Analysis & Capital Structure - In the previous two years the focus was on refinancing debt, lowering margins, reducing debt amortization and extending duration. - The current focus is on reducing debt levels to mitigate the effects of interest rate rises. - Over the last year outs
Slide 10: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • Global LPG exports increased +4.3% in 2023. 400 |Global LPG Production • New high’s for US LPG exports +15% y-o-y. Middle East exports continue to 350 trend lower. 300 250 • Mild winter and weak petrochemical demand in Europe, while imports in MMt/y
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q4 23’ rates strengthened across all sizes. LPG pressurized trade: • West of Suez: - Active market with firm rates. |Small-Handy-MGC LPG Daily Charter Rates Evolution ($) • East of Suez: -Market improved compared to Q3 but there remains a gap
Slide 12: LPG Fleet evolution - Continued commitment in LPG shipping
4|GASS- LPG Fleet evolution -Continued commitment in LPG shipping Cbm’s • Stealthgas became a pure LPG company in late 2021. • Stealthgas has been strategically diversifying its fleet selling smaller vessels and replacing them with larger modern vessels. • 8 vessels sold in 2023 (67,763cbm total) an
Slide 13: Outlook | Forecast | Considerations Going Forward
5|Outlook|Forecast|Considerations Going Forward • Given the turbulent and uncertain market, it is quite difficult to predict revenue and profitability. • Below are the key variables that will affect our performance going forward. Time charter rates for small, Handy and MGC LPGs have been rising ov