Slide 1: Q1 2017 Financial & Operating Results
Q1 2017 Financial & Operating Results May 25 , 2017 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 97.3% in Q1 17’ (91.1% in Q1 16’) best performance since the beginning of 2014. Operations • Commercial off hire days reduced in Q1 17’ by 55.6% compared to previous quarter. • About 70% of fleet days secured on period chart
Slide 4: Fleet Employment Analytics (as of May 2017)
❶ Highlights Fleet Employment Analytics (as of May 2017) EARNINGS VISIBILITY 2017 2018 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov ` Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gas Exelero B/B Jun 2022 31 30 31 31 30 31 30 31 31
Slide 5: Fleet Trading Profile
Rest 17% UK EU~ 31% 20% ❶ Highlights Germany 6% Fleet Trading Profile Sweden 7% France 13% Portugal 7% • StealthGas focuses on regional trade and local distribution Italy 10% of gas. Netherland 10% Belgium 10% • Fleet trading pattern is geographically diversified and is continuously adjusted to mark
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • On May 22nd we took delivery of the Eco Frost our first 22K semi ref vessel. (Amounts in USD mm) • Remaining investment program, excluding advances paid, of about $ 104 mm up to mid 2018. 200 52.08 • Three re
Slide 7: Financials – Income Statement Q1 2016 & Q1 2017
❷ Financials Financials – Income Statement Q1 2016 & Q1 2017 Incom e Sta tem ent Q1 Q1 ( A m ounts i n U SD' 000s ) 2016 2017 Comparing Q1 2017 to Q1 2016 Voyage revenues 36,474 38,064 Voyage costs Net revenues (3,976) 32,498 (3,563) 34,501 - Revenues increased by c. 4% due to higher operational uti
Slide 8: Financials - Performance Highlights Q1 2017 & Q1 2016
❷ Financials Financials -Performance Highlights Q1 2017 & Q1 2016 Fleet Data Q1 2 0 1 6 Q1 2 0 1 7 Key Comments Average number of vessels in fleet 53 53 - Operational utilization at 97.3% reflecting demand picking up- Period number of vessels in fleet 53 53 mostly due to seasonal factors. Total cale
Slide 9: Financials – Balance Sheet 3M 2017
❷ Financials Financials – Balance Sheet 3M 2017 Balance Sheet (Amounts in #039;000s) 12M 2016 3M 2017 Key Remarks Assets Assets 3M 2017 Cash & cash equivalents 64,994 50,143 Current assets excl. cash 11,484 13,387 • Strong liquidity continues as cash amounts to c. $ 50 mm. Advances for vessels under co
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 6,000 5,000 • As a general trend, our breakeven has more or less stabilized in the past quarters at satisfactory levels while the improvement 4,000 of our average TCE is
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends US LPG Exports (mil tons) Average US Share to Asia 45 60% 40.8 53% 51% 40 36.7 50% 45% 35 29.8 39% 30 40% 24.5 25 30% 26% 20 16.9 15 20% 17% 11.2 10 10% 5 0 0% 2013 2014 2015 2016e 2017e 2018e 2013 2014 2015 2016e 2017e 2018e • Seaborne LPG trade stood
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q1 Q2 Q3 Q4 Q1 % Change % Change % Change • During Q1 17’ rates demonstrated an upward trend across all 2016 2016 2016 2016 2017 2 Years 1 Year Last Quarter 7,500 PR 11,300 10,800 10,200 10,200 10,300 (7.2%) (8.8%)
Slide 13: GASS Share Performance vs Peers (November 2016- May 2017)
❹ Share Performance GASS Share Performance vs Peers (November 2016- May 2017) 120% Crude Oil PCT Change GASS PCT Change Dorian LPG PCT Change Navigator Holdings PCT Change 100% 80% % change of price 60% 40% 20% 0% -20% • To an extent, all stocks follow a broader correlation with oil price movement.
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q2 2017E Q3 2017E Q4 2017E Q1 2018E Q2 2018E Number of Operating Vessels 56 57 58 58 59 Operational Utilization 95.2% 93.1% 91.6% 90.9% 90.5% Fixed Income plus spot rates 15,636 13,936 13,632 15,462 16,020 Fixed
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (17E) Navigator Gas 1.18 8.5 Dorian LPG 0.69 16.1 Average 0.94 12.3 StealthGas 0.23 8.1 StealthGas deviation to comps (75%) (34%) Source: Seaborne Capital Advisors, April 2017, • All peer group companies trade at a discount or very c
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