Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Non-Deal Roadshow (October 2009)
24 slides from Stealthgas's roadshow presentation, October 2009
Slide 1: StealthGas Inc. - A Leader in Green Shipping
STEALTHGAS INC. - A LEADER IN GREEN SHIPPING Investors’ Roadshow - October 2009
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements 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 h
Slide 3: StealthGas: Then vs. Now
StealthGas: Then vs. Now At IPO (Oct.2005) Today 40 LPG Carriers Fleet 9 LPG Carriers 3 Product Carriers (49 vessels by 2012) (1) Value Of Existing Fleet $87.0mm $610.4mm (2) (2) Average Age 10.5 Years 10.3 Years Revenue $72.3mm (2006A) $114.0mm (2009E) EBITDA $38.5mm (2006A) $51.0mm (2009E) Market
Slide 4: Business Strategy
Business Strategy Business Strategy Implementation Continued Expansion Expanded fleet to 43 vessels in Q3 2009 Sold 3 LPG Carriers in 2008 and 1 in 2009 Acquiring 1 Product Carrier in November 2009 Acquiring 4 LPG Carriers in 2011 and 1 more in 2012 Moderate Leverage Second Quarter 2009 ne
Slide 5: Fleet Development
Fleet Development No scheduled capital expenditures until Q1 of 2011 after acquisition of M.R. Product Carrier in Q4 2009 Acquisition strategy for fleet to number of 45 ships by year end 2009, 48 by 2011 and 49 by 2012 4
Slide 6: LPG Industry Ranking
LPG Industry Ranking StealthGas ranks #1 in owned and controlled vessels. Nearly double the second ranked competitor. The company owns 45 LPGs, (including 5 new buildings) and 4 Product Carriers (1 for November 2009 delivery) 3,000-7,999 cbm Pressurized/Semi-refrigerated LPG Carriers Owners & Operat
Slide 7: What is LPG?
What is LPG? Liquid petroleum gas also refers to petrochemical gases and ammonia Extracted from natural gas production (60%) and crude oil refining (40%) LPG in gaseous state at atmospheric pressure and normal temperature Ammonia Production Natural Gas 10% of natural gas is LPG, 3% Liquid Petroleum
Slide 8: LPG End Products
LPG End Products LPG used in a number of industries and consumer products 7
Slide 9: Asia leading the way in terms of LPG consumption
Asia leading the way in terms of LPG consumption LPG consumption stems from a variety of different sources. The domestic sector (heating and cooking) is by far the biggest contributor to overall demand, while the petrochemical industry (production of goods for both retail and industrial usage) is th
Slide 10: Project investments catalyze importance of LNG
Project investments catalyze importance of LNG Trade volumes of LNG have been significant in recent years, but will escalate once new production facilities come on stream. Although these projects mainly are based in the Middle East (with Saudi Arabia and Qatar the biggest contributors), big expansio
Slide 11: 1-Year TC Rate Volatility Since 2000
1-Year TC Rate Volatility Since 2000 But, small LPG rates remain relatively stable Small LPG tanker rates are less volatile than crude tanker and drybulk rates Data source: Clarkson Research Services 2009 Rates: 1-year TC measured weekly Dry Bulk: average of Cape, Panamax, Handymax, and Handysize ra
Slide 12: Fleet Employment Profile
Fleet Employment Profile Gas Chios Birgit Kosan Gas Defiance Gas Czar Gas Amazon Gas Formne Gas Maramnon Gasie Gas Cathar Gas Harsiambos = ~ Gas Propnet U 2009 2010 2011 Gas Shanghai -_...., Gas Courchevel Gas Crystal Gas Arctic 11
Slide 13: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q3 2009 Average Current Q4 2009 Forecast 3,200 CBM S/R 265,000 265,000 250,000 3,500 CBM P/R 218,076 220,000 210,000 5,000 CBM P/R 250,000 250,000 225,000 6,000 CBM S/R 435,000 435,000 415,000 15,000 CBM S/R 557,693 500,000 475,000 35,000 CBM 590,385 550,
Slide 14: First Half 2009 Income Statement
First Half 2009 Income Statement In US$ 000, except per share amounts Six Months 2008 Six Months 2009 Net Revenues $55,494 $56,282 Operating Income ** 22,426 * 15,357 Net Income ** 16,869 * 6,680 Net Income, net of interest rate swap, stock based 16,792 10,812 compensation & gain / (loss) on sale of
Slide 15: Second Quarter 2009 Operating Highlights
Second Quarter 2009 Operating Highlights Fleet Data & Daily Results Fleet Data FY08 2Q08 3Q08 4Q08 1Q09 2Q09 6M09 Average number of vessels in fleet 38.6 38.0 38.7 39.6 40.8 41.6 41.2 Period end number of vessels in fleet 40 38.0 39.0 40.0 41 42 42 Total calendar days for fleet 14,113 3,458 3,557 3,
Slide 16: Consistent Daily Breakeven Level
Consistent Daily Breakeven Level Q2 2009 lower than Q3 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Expenses Cash Flow Net Income Cash Flow Net Income Cash Flow Net Income Cash Flow Net Income (2) (2) (1) (1) (1) (1) (1) (1) Operating $ 2,469 $2,469 $ 2,253 $2,253 $ 2,355 $2,355 $2,576 $2,576 Management Fee
Slide 17: Fleet Development Vs. TC Rates/Earnings
3000-7999 cbm Fleet Development Vs. TC Rates/Earnings* 600 15% TC rates in USD 1000's per month (lines) 500 10% TC equiv. spot earnings Fleet growth in % (bars) 400 5% 300 0% 200 ‐5% 100 INGE STEENSLAND AS ‐ ‐10% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Ov
Slide 18: Despite a "stop" in new ordering, lots of ships will be delivered
Despite a “stop” in new ordering, lots of ships will be delivered But not in the LPG space * Source: DnB NOR Markets – Shipping Sector Outlook Autumn 2009 * Includes all LPG Carriers size categories 17
Slide 19: Shipping Sector "Value" Comparison
Shipping Sector “Value” Comparison P/E Company Name Symbol NAV P/NAV Ratio StealthGas Inc. “GASS” $13.06 0.53x 7.6x Diana Shipping Inc. * “DSX” $9.78 1.47x 9.4x DryShips Inc. * “DRYS” $5.89 1.20x 8.4x Nordic American Tanker Shipping Ltd. * “NAT” $18.73 1.60x 66.7x Omega Navigation Enterprises Inc. *
Slide 20: Manageable Funding Requirement
Manageable Funding Requirement No significant funding needs till Q1 2011 – post M.R. Product Carrier delivery in November 2009. Four new Handy size LPG carriers to be delivered in 2011 and one in 2012 total cost circa $110 million - 20% of cost already paid. 20% payable in 2010 and early 2011 prior
Slide 21: Summary
Summary Attracting valuation vs shipping sector. Chartering policy delivers transparent earnings stream. Manageable debt level and capital expenditure. Handy-size LPG sector has shown resilience to downward valuation of vessels seen elsewhere. LPG vessels carry clean and environmentally friendly pro
Slide 22: How does shipping contribute to Greenhouse Gas Emissions?
How does shipping contribute to Greenhouse Gas Emissions ? Facts Ships transport accounts for 80-90% of all goods traded worldwide Five percent of total world oil consumption - about 140 million tonnes. Five percent of the oil based CO2 production globally - 450 million tonnes of CO2 annually Two to
Slide 23: How does vessel's type affect its emissions?
How does vessel’s type affect its emissions? CO2 emissions per vessel category (million tonnes per year ) Need for urgent actions Need to increase awareness Source: NTUA 2008 23 21 22
Slide 24: Contacts
Contacts Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. Weekly LPG Market Report 011-30-210-6250-001 updated every Monday E-mail: simmons@stealthgas.com www.stealthgas.com Comprehensive Investor Relations Information 23