Slide 1: Fourth Quarter 2015 Results
Fourth Quarter 2015 Results February 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 ten new eco- LPG carriers in 2015. Operations • Year on year increase of vessel calendar days by 15%. • Operational utilization of 92.5% in 2015. • Continuous reduction of daily opex costs and breakeven – an outcome of successfu
Slide 4: StealthGas The Largest LPG Ship-owner by Number of Vessels Worldwide
❶ Highlights StealthGas The Largest LPG Ship-owner by Number of Vessels Worldwide StealthGas Selected Peer Group StealthGas Positioning against Peers Company Sailing Fleet New Building Total • With an estimated market share of approximately 20% of total fleet, StealthGas is the market leader in the
Slide 5: Fleet Employment Analytics (as of February 2016)
❶ Highlights Fleet Employment Analytics (as of February 2016) EARNINGS VISIBILITY 2016 2017 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter End Date Feb Mar Apr 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 29
Slide 6: Fleet Trading Profile
Norway 25% EU~ 29% ❶ Highlights UK 13% Fleet Trading Profile Rest 12% Finland 13% • StealthGas focuses on regional trade and local distribution of Belgium gas. 12% Spain France 12% 13% • Company trading pattern is geographically diversified and is continuously adjusted to market needs. • Currently 5
Slide 7: Fleet Development
❶ Highlights Fleet Development 58 • As of February 2016 StealthGas owned 53 vessels. 53 53 54 54 4 GASS S&P activity 55 53 1 0 1 0 4 4 4 4 4 LPG Vessel Capacity (cbm) Built Status Date 10 45 45 Q1 2016 42 42 40 4 4 Gas Arctic 3,500 1992 Sold Jan-16 4 4 Eco Nical 7,500 Newbuilding delivered Feb-16 4
Slide 8: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of about 200 USD mm. to date up to end of 2017. (Amounts in USD mm.) • 5 remaining LPG orders of 95,200 cbm aggregate capacity, under construction in bot
Slide 9: Financials – Income Statement Q4 2015 & 12M 2015
❷ Financials Financials – Income Statement Q4 2015 & 12M 2015 Incom e Sta tem ent Q4 Q4 12M 12M ( A m ounts i n #039; 000s ) 2014 2015 2014 2015 Comparing Q4 2015 to Q4 2014 Voyage revenues 34,991 37,410 131,973 141,316 Voyage costs (3,504) (4,225) (14,088) (17,576) - Revenue Increased by c. 7% mainly
Slide 10: Financials - Performance Highlights Q4 2015 & 12M 2015
❷ Financials Financials -Performance Highlights Q4 2015 & 12M 2015 Fleet Data Q4 2014 Q4 2015 12M 2014 12M 2015 Key Comments Average number of vessels in fleet 46.4 53.0 44.1 48.8 Period number of vessels in fleet 45 53 45 53 • As we operate in a soft market environment Total calendar days for fleet
Slide 11: Financials – Balance Sheet 12M 2015
❷ Financials Financials – Balance Sheet 12M 2015 Balance Sheet Key Remarks (amounts in $ 000s) 12M 2014 12M 2015 Assets 12M 2015 Assets • Total Asset base surpassed $ 1bn.,marking a 10% increase against 2014. Cash & cash equivalents Current assets excl. cash 129,114 10,628 100,063 23,309 • Vessels n
Slide 12: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Breakeven Analysis 12,000 Daily TCE ($) Daily Break Even ($) 10,000 8,732 8,827 9,792 9,699 9,310 9,083 9,283 9,034 8,929 • LPG charter rates volatility history: $ 7,000 at the bottom of 8,335 8,166 8,112 the cycle vs. $ 13,000 at the peak. Cur
Slide 13: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Seaborne LPG Export 2000-2018 US LPG Exports 40 120.0 20% 35 100.0 15% 30 Total Trade (m tonne) 80.0 10% 25 m tonne 20 % 60.0 5% 15 40.0 0% 10 20.0 -5% 5 0.0 -10% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 14: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Average Average Average % Change % Change • Rates for small LPG’s are still at the bottom of the cycle. LPG Vessel Q4 2014 Q3 2015 Q4 2015 (Q4 14 vs Q4 15) (Q3 15 vs Q4 15) • During Q4 15’ and compared to the previo
Slide 15: GASS Share Performance vs Peers
❹ Share Performance 0.15 GASS Share Performance vs Peers (up to February 2016) 0.1 % change of price 0.05 0 -0.05 -0.1 Sep 01, 2015 Sep 16, 2015 Oct 01, 2015 Oct 16, 2015 Oct 31, 2015 Nov 15, 2015 Nov 30, 2015 Dec 15, 2015 Dec 30, 2015 Jan 14, 2016 Jan 29, 2016 Oil StealthGas Navigator Holdings • Oi
Slide 16: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2016E Q2 2016E Q3 2016E Q4 2016E Total 2016E Number of Operating Vessels 55 55 56 56 56 Percentage Operational Days Open 25% 26% 35% 47% 47% TCE at 7,000- 7,5000 13,091 13,257 12,489 12,831 51,667 TCE at 7,50
Slide 17: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/Assets EV/EBITDA (15E) BW LPG 0.97 0.79 4.2 Navigator Gas 0.87 0.86 6.9 Dorian LPG 0.65 0.60 9.3 EPIC GAS 0.32 0.47 11.2 Average 0.70 0.68 7.9 StealthGas 0.19 0.35 4.6 StealthGas discount to comps 73.0% 48.5% 41.8% Source: Seaborne Capital
Slide 18: Why StealthGas?
❺Outlook Why StealthGas? Company with a Good quality of proven leading ships from best position in the yards – mainly small coastal LPG Japanese. since its IPO in Successful 2005. expansion strategy while maintaining a Conservative healthy capital chartering structure, low strategy with breakeven an