Slide 1: Q4 2018 Financial & Operating Results
Q4 2018 Financial & Operating Results February 21, 2019 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 • Operational utilization of 94.5% in Q4 18’ (97.4% in Q4 17’), a lower than expected performance, due to the Fleet & deterioration of the Asian LPG spot market. Operations • Fleet calendar days down 4% quarter over quarter to 4,685 days attributed to our recen
Slide 4: StealthGas S&P and Growth Plans
❶ Highlights StealthGas S&P and Growth Plans • Since the beginning of 2018, we have sold 7 LPG vessel for a total price of c. $ 40 million. S&P • All of these vessels have been delivered to their new owners – the Gas Sincerity was delivered in January 2019 while the Gas Texiana, in mid- February 201
Slide 5: Fleet Employment Analytics (as of February 2019)
❶ Highlights Fleet Employment Analytics (as of February 2019) 2019 EARNINGS VISIBILITY Q1 2019 Q2 2019 Q3 2019 Q4 2019 Vessel Charter End Date 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 3 Eco Loyalty B/B Jun 2022 Eco Royalty • 4 B/B
Slide 6: LPG Fleet Trading Profile
Rest France EU~ 39% 13% 7% Germany 6% ❶ Highlights UK Italy LPG Fleet Trading Profile 20% 20% • StealthGas focuses on regional trade and local distribution of gas. • Norway Portugal 20% 14% Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our tradin
Slide 7: Financials – Income Statement Q4 2018 & Q4 2017
❷ Financials Financials – Income Statement Q4 2018 & Q4 2017 Incom e Sta tem ent Q4 Q4 12M 12M ( A m ounts i n U SD' 000s ) 2017 2018 Comparing Q4 2018 to Q4 2017 2017 2018 Voyage revenues Voyage costs 38,428 (3,920) 38,530 (4,994) 154,312 (15,717) 164,330 (20,687) - Revenues increased by $ 100 K (0
Slide 8: Financials - Performance Highlights Q4 2018 & Q4 2017
❷ Financials Financials -Performance Highlights Q4 2018 & Q4 2017 Key Comments Fleet Data Q4 2017 Q4 2018 12M 2017 12M 2018 Period number of owned vessels in fleet 50 48 50 48 Total calendar days for fleet 4,870 4,685 19,917 19,544 - Operational utilization of 94.5% in Q4 18’ lower compared to the T
Slide 9: Financials – Balance Sheet 12M 2018
❷ Financials Financials – Balance Sheet 12M 2018 Balance Sheet (Amounts in #039;000s) 12M 2017 12M 2018 Key Remarks Assets 12 M 2018 Assets Cash & cash equivalents 51,754 64,498 • Strong liquidity continues as unrestricted cash totals c. $ 64.5 mm. Current assets excl. cash 11,085 74,368 Advances for v
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 6,000 5,000 • Due to the weaker than expected Q4 and increased spot 4,000 exposure what we notice in Q4 18’ is a decrease of our daily TCE whereas our daily breakeven ha
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Chinese PDH Capacity Additions (mm. tonnes) India LPG Imports (mm. tonnes) 10 1.8 9 1.6 8 1.4 7 1.2 6 1 5 0.8 4 0.6 3 0.4 2 0.2 1 0 0 2014 2015 2016 2017 2018 2019E 2020E 2009 2010 2011 2012 2013 2014 2015 2016 2017 • Chinese LPG import growth is expect
Slide 12: Market Update: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) • During Q4 2018, rates for small LPGs in the West tracked upwards from the third quarter. This rise was driven mainly by seasonal Q4 Q1 Q2 Q3 Q4 % Change % Change factors. 2017 2018 2018 2018 2018 1 Year Last Quart
Slide 13: GASS Share Performance vs Peers
❹ Share Performance GASS Share Performance vs Peers (September 2018- February 2019) 20% Crude Oil StealthGas Inc. Dorian Lpg Ltd Navigator Holdings Ltd. 10% 0% % change of price -10% -20% -30% -40% 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1/1/2019 2/1/2019 • During the last couple of months of 2018, p
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2019E Q2 2019E Q3 2019E Q4 2019E Total 2019 Number of Operating Vessels 47 46 46 46 46 Operational Utilization 96.4% 95.8% 95.2% 96.0% 95.9% Fixed Income plus current spot rates 18,623 17,489 16,798 17,845 70
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (18 Current) EPIC GAS n/a 7.6 Navigator Holdings 1.13 10.8 Dorian LPG 0.43 12.7 Average 0.78 10.4 StealthGas 0.24 7.7 StealthGas deviation to comps (69%) (26%) Source: Bloomberg, Seaborne Capital Advisors, February 2019 • Our Company
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