Slide 1: Q2 2016 Financial & Operating Results
Q2 2016 Financial & Operating Results August 25th 2016 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 & • Successful delivery of one new eco- LPG carrier, the Eco Dominator, at the end of June 2016. Operations • Period on period increase of vessel calendar days by 15%. • Operational utilization of 91.2% in Q2 2016. • About 70% of fleet days secured on per
Slide 4: Fleet Employment Analytics (as of August 2016)
❶ Highlights Fleet Employment Analytics (as of August 2016) 2017 EARNINGS VISIBILITY Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter End Date Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Gas Exelero B/B Jun 2022 31 30 31 30 31 31 28 31 30 31 30 31 31 30 31 30
Slide 5: Fleet Trading Profile
Rest 13% EU~ 30% ❶ Highlights Belgium 7% UK 20% Fleet Trading Profile Portugal 7% France Spain 13% 13% • StealthGas focuses on regional trade and local distribution of gas. Netherlands Norway Finland 10% • Company trading pattern is geographically diversified and is 10% 7% continuously adjusted to m
Slide 6: Fleet Development
❶ Highlights Fleet Development • As of August 2016 StealthGas owned 54 vessels. 58 53 53 54 54 GASS S&P activity 55 54 4 1 1 0 0 4 4 LPG Vessel Capacity (cbm) Built Status Date 10 4 4 4 45 Q2 2016 45 42 42 Eco Dominator 7,500 Newbuilding delivered Jun-16 40 4 4 4 4 4 35 Sale/Scrapping • Eco Dominato
Slide 7: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of about 162 USD mm up to end of 2017. (Amounts in USD mm) • 4 remaining LPG orders of 88,000 cbm aggregate capacity, under construction in Korea. 200 46
Slide 8: Financials – Income Statement Q2 2016 & Q2 2015
❷ Financials Financials – Income Statement Q2 2016 & Q2 2015 Incom e Sta tem ent Q2 Q2 6M 6M ( A m ounts i n U SD' 000s ) 2015 2016 2015 2016 Comparing Q2 2016 to Q2 2015 Voyage revenues 32,437 35,745 68,113 72,219 Voyage costs (3,888) (3,661) (8,141) (7,637) Net revenues 28,549 32,084 59,972 64,582
Slide 9: Financials - Performance Highlights Q2 2016 & Q2 2015
❷ Financials Financials -Performance Highlights Q2 2016 & Q2 2015 Fleet Data Q2 2015 Q2 2016 6M 2015 6M 2016 Key Comments Average number of vessels in fleet 46.0 53.0 46.0 53.0 Period number of vessels in fleet 48.0 54.0 48.0 54.0 - Fleet utilization fell to 97.6% in Q2 16’ compared to 99.9% in Tota
Slide 10: Financials – Balance Sheet 6M 2016
❷ Financials Financials – Balance Sheet 6M 2016 Key Remarks Balance Sheet (Amounts in #039;000s) 12M 2015 6M 2016 Assets 6M 2016 Assets • Vessels net value up by c. $ 25 mm mainly as a result of the delivery of 2 Cash & cash equivalents 100,063 71,576 new eco LPG vessel- one in Q1 16’ and one at the en
Slide 11: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) • Average TCE follows the trend of the market. As evident from 8,000 the table below that presents the average TCE decline of our 7,000 segment against rates in the beginning of 2015, rates are lower 6,000 by approx
Slide 12: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Global LPG Supply and Demand Global LPG Imports and Exports • In spite of low oil prices, demand for LPG is forecast to follow an upward trend in the upcoming years mostly led by China, India and the US. • It is also worth to mention that household dema
Slide 13: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) • Focusing on our segment- that of small LPGs- it is noticeable that Average Average Average % Change % Change in the past months rates do not show a sign of clear recovery. Q2 2015 Q1 2016 Q2 2016 (Q2 15 Vs Q2 16)
Slide 14: GASS Share Performance vs Peers (April – August, 2016)
❹ Share Performance GASS Share Performance vs Peers (April – August, 2016) Crude Oil GASS Dorian Navigator 50% 40% 30% % change of price 20% 10% 0% 1-Apr-16 -10% 16-Apr-16 1-May-16 16-May-16 31-May-16 15-Jun-16 30-Jun-16 15-Jul-16 30-Jul-16 -20% -30% -40% -50% -60% • Oil price movement continues to
Slide 15: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE /EBITDA Q1 2017E Q2 2017E Q3 2017E Q4 2017E Total 2017E Number of Operating Vessels 56 56 56 56 56 Number of Vessels on Spot 20 20 20 20 20 TCE at 7,000-7,500 12,644 13,438 13,779 13,093 52,955 TCE at 7,500-8,000 14,48
Slide 16: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV Total Debt/ Assets EV/EBITDA (16E) BW LPG 0.54 0.44 4.3 Navigator Gas 0.73 0.40 8.0 Dorian LPG 0.65 0.44 6.1 Epic Gas 0.38 0.47 7.8 Average 0.58 0.44 6.9 StealthGas 0.30 0.41 6.5 StealthGas deviation to comps (48%) (6%) (6%) Source: Clarkson's
Slide 17: 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 a significant measure of s