Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2019 Earnings Presentation
16 slides from Stealthgas's earnings presentation, May 23, 2019
Slide 1: Q1 2019 Financial & Operating Results
Q1 2019 Financial & Operating Results May 23, 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 Fleet & • Operational utilization of 98.8.% in Q1 19’ (93.3% in Q1 18’), an excellent performance as commercial off hire days Operations were as low as 1 day per vessel. This marks our best performance since Q2 2008. • Fleet calendar days down 10.6% quarter ove
Slide 4: Fleet Employment Analytics (as of May 2019)
❶ Highlights Fleet Employment Analytics (as of May 2019) 2019 2020 EARNINGS VISIBILITY Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type Rate 1 Eco Corsair TC-BB Dec 2019/Dec 2029
Slide 5: JV Agreement Summary
❶ Highlights JV Agreement Summary • At the end of March 2019, we had another two of our small LPG vessels, the Gas Haralambos and the Eco Lucidity joining our newly established JV scheme. • A 49.9% stake of the equity in these vessels was sold for an aggregate consideration of c. $14.0 million • All
Slide 6: LPG Fleet Trading Profile
Poland Rest 14% 22% EU~ 50% ❶ Highlights Spain 14% LPG Fleet Trading Profile France 9% Norway 5% • StealthGas focuses on regional trade and local distribution of UK Portugal gas. 27% 9% • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our trading
Slide 7: Financials – Income Statement Q1 2019 & Q1 2018
❷ Financials Financials – Income Statement Q1 2019 & Q1 2018 Incom e Sta tem ent Q1 Q1 Comparing Q1 2019 to Q1 2018 ( A m ounts i n U SD' 000s ) 2018 2019 - Revenues at $38.4 million in Q1 19’ a decrease of 3.2% compared to the same Voyage revenues 39,695 38,443 Voyage costs (5,635) (3,805) period o
Slide 8: Financials - Performance Highlights Q1 2019 & Q1 2018
❷ Financials Financials -Performance Highlights Q1 2019 & Q1 2018 Fleet Data Q1 2 0 1 8 Q1 2 0 1 9 Key Comments Period number of owned vessels in fleet 52 42 Total calendar days for fleet 4,839 4,327 - Operational utilization of 98.8 % in Q1 19’, around 5.5% higher than Q1 18’ due to Total voyage da
Slide 9: Financials – Balance Sheet Q1 2019
❷ Financials Financials – Balance Sheet Q1 2019 Balance Sheet (Amounts in $'000s) 12M 2018 Q1 2019 Key Remarks Assets Q1 2019 Assets Cash & cash equivalents Current assets excl. cash 64,498 74,368 74,797 8,969 • Strong liquidity continues as unrestricted cash totals c. $75 mm. Advances for vessels u
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,800 7,600 7,400 • Strong and visible increase to our daily TCE whereas our daily breakeven has remained relatively stable. 7,200 7,000 6,800 6,600 Q1 2018 Q2 2018 Q3 2018 Q4
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends World LPG Trade (mm. tonnes) U.S LPG Exports (mm. tonnes) 120 Trade Volumes Y-o-Y Growth 12.0% 1,600 70.0% Exports Y-o-Y Growth 100 10.0% 1,400 60.0% 1,200 50.0% 80 8.0% 1,000 40.0% 60 6.0% 800 30.0% 600 40 4.0% 20.0% 400 20 2.0% 10.0% 200 0 0.0% 0 0.0%
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates • During Q1 2019’, rates for the majority of small LPGs remained flat, both in Small LPG Daily Charter Rates Evolution ($) the West and the East , as there was a general reluctance from charterers Q1 Q2 Q3 Q4 Q1 % Change % Change to take forward positions in
Slide 13: GASS Share Performance vs Peers (January 2019 – May 2019)
❹ Share Performance GASS Share Performance vs Peers (January 2019 – May 2019) 60% Crude Oil StealthGas Inc. Dorian Lpg Ltd Navigator Holdings Ltd. 50% 40% % change of price 30% 20% 10% 0% -10% -20% 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 • During the first five months of 2019 , price of oil fol
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2019A Q2 2019E Q3 2019E Q4 2019E Total 2019 Q1 2020E Q2 2020E Q3 2020E Q4 2020E Total 2020 Number of Operating Vessels (excl. JV Vessels) 44 44 44 44 44 44 44 44 44 Operational Utilization 98.8% 96.5% 95.5% 9
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (2019) EPIC GAS n/a 6.32 Navigator Holdings 1.09 9.1 Dorian LPG 0.62 12.2 Average 0.86 9.2 StealthGas 0.24 7.9 StealthGas deviation to comps (72%) (14%) Source: Bloomberg, Seaborne Capital Advisors, May 2019 • Our Company trades at a
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