Slide 1: 3rd Quarter 2013 Results
3rd Quarter 2013 Results November 22th , 2013
Slide 2: Disclaimer: Forward-Looking Statements
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 Fully-Pressurized LPG Fleet Market Share1 Built-In Growth (15 NBs LPG) Remaining Capex: $240mil Available cash: $90mil Leverage: 60-70% ($200mil) Current Fleet: 38 LPG Vessels Targeted Fleet: ~55-60 LPG Vessels Current Fleet 38 + 15 NBs LPG vessels 1 Leading owner of Handysize LPG
Slide 4: Fleet Development
Fleet Development Current fleet of 38 LPG vessels, 3 product tankers and 1 aframax tanker Contracted 15 eco-type LPG vessels Investments in modern vessels and newbuilding LPG carriers 3
Slide 5: 2013 Q3 Income Statement
2013 Q3 Income Statement In US$ 000, except per share Q3 2012 Q3 2013 9M 2012 9M 2013 amounts Net Revenues $30,357 $29,738 $88,627 $89,449 Voyage Costs 3,547 2,895 8,848 10,984 Running Costs 7,699 9,852 22,858 26,514 Operating Income 9,448 6,132 29,447 21,429 Net Income 6,634 4,147 21,199 15,685 Net
Slide 6: Balance Sheet
Balance Sheet December 31, September 30, 2012 2013 Cash and Cash Equivalents incl. restricted 50,913,655 104,822,265 Current Assets excl. cash 6,649,752 9,281,386 Advances for vessels under construction 19,321,045 46,283,936 Vessels, net 634,634,671 685,112,848 Other assets 1,519,908 1,994,165 Total
Slide 7: 2013 Q3 Operating Highlights
2013 Q3 Operating Highlights Fleet Data Q3 2012 Q3 2013 9M 2012 9M 2013 Average number of vessels in fleet 37.0 40.6 36.82 38.6 Period end number of vessels in fleet 37 42 37 42 Total calendar days for fleet 3,404 3,735 10,090 10,535 Total voyage days for fleet 3,388 3,665 9,941 10,376 Fleet utiliza
Slide 8: Fleet Employment Profile
Fleet Employment Profile 39 vessels out of 42 on period charters to secure visible revenue stream $183 million in secured revenues 7
Slide 9: What is LPG? StealthGas Seaborne Trade Model
What is LPG? StealthGas Seaborne Trade Model LPG is the World’s Most Multi-Purpose Energy: accessible, environmentally friendly, available supply, less expensive than other fuel sources Natural Gas (LNG) Production (~60%) StealthGas hub and spoke model Commercial/ 10% is LPG Residential (52%) Indust
Slide 10: LPG Shipping is a Resilient and Growing Sector
LPG Shipping is a Resilient and Growing Sector LPG Production by Region 2012 & 2016 LPG Consumption by Region 2012 & 2016 Key Drivers LPG Seaborne Trade 2005 – 2016 Forecast GDP growth in emerging economies Growth in demand for LNG creates by-product that needs to be shipped (too expensive to store)
Slide 11: LPG Imports and Exports
LPG Imports and Exports Regions Exporting LPG The Middle East continues to account for >50% of total exports U.S. market share of global seaborne LPG exports is steadily increasing and forecasted to triple by 2016 to 12.1mm tons (11% global total), up from 4.5mm tons in 2011 (4% global total) Region
Slide 12: U.S. Shale Gas - The Game Changer
U.S. Shale Gas - The Game Changer U.S. Net Exports of LPG 2005 -2040 • EIA projects that the U.S. will continue to be a net exporter of LPG through 2040, mainly because of continued increases in natural gas and oil production. U.S. LPG Trade: International Prices Support Exports Global Propane Price
Slide 13: Limited LPG Fleet Growth
Limited LPG Fleet Growth Age Profile Orderbook as % of Fleet1 35,0% 31,0% 30,0% 25,0% 19,8% 20,0% 19,0% 15,0% 12,8% 9,7% 2 10,0% 9,2% 5,0% 0,0% LNG Container Dry Bulk Product Crude LPG (3-8k Tankers Tankers cbm)2 Our niche LPG shipping segments remains smaller than other sector More than 20% of the
Slide 14: Limited LPG Fleet Growth Has Led to Greater Charter Rate Stability
Limited LPG Fleet Growth Has Led to Greater Charter Rate Stability LPG Timecharter Rates Historically Less Volatile ($ Thousands / Month) 5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings $2,500 $2,000 $1,500 $1,000 $500 $0 2 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Slide 15: Q&A
Q&A
Slide 16: Appendix - Indicative EBITDA calculator
Appendix - Indicative EBITDA calculator Fleet Data Q1-Q2-Q3 Q4 2013 2013 Contracted Gross revenues $89.5mil $28.2mil Spot Revenues N/A ? Commissions (Voyage Expenses) $2.4mil ? Other Voyage Expenses (Spot vessels) $8.6mil ? Total Days 10,535 3863 Available Days 10,376 3823 Spot Days N/A 370 Bareboat
Slide 17: Appendix – Listed Companies Comparables
Appendix – Listed Companies Comparables EV/EBITDA P/EPS Company P/NAV 2015 2014 GASLOG (GLOG) 115.7% 7.8x 13.6x GOLAR LNG (GLNG) 143.4% 7.5x 23.1x SCORPIO TANKERS (STNG) 155.7% 4.2x 24.5x CAPITAL PRODUCT PARTNERS (CPLP) 168.1% 10.8x 20.3x TEEKAY TANKERS (TNK) 153.7% 11.3x 69.0x SAFE BULKERS (SB) 153
Slide 18: Contacts
Contacts Company Contact: Weekly LPG Market Report updated every Monday Harry Charogiannis Chief Financial Officer StealthGas Inc. Comprehensive Investor Relations Information 011-30-210-6250-001 E-mail: info@stealthgas.com Visit our Website at: www.stealthgas.com