Slide 1: Q4 2017 Financial & Operating Results
Q4 2017 Financial & Operating Results February 22, 2018 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 97.2% in Q4 17’ (94.2% in Q4 16’). Operations • Commercial off hire days reduced by c. 58% on a year on year basis. • About 65% of fleet days secured on period charters for the remainder of 2018, with a total of c. $ 196 mm.
Slide 4: Fleet Employment Analytics (as of February 2018)
❶ Highlights Fleet Employment Analytics (as of February 2018) • 8 new period contracts concluded during the past 3 months. • All of our newly delivered semi- ref vessels are on period contracts. • 65% period coverage for 2018 (excluding consecutive spot voyages). • About $ 196 mm. in contracted reve
Slide 5: LPG Fleet Trading Profile
Belgium Rest 7% EU~ 28% 15% France ❶ Highlights 14% UK 22% Italy LPG Fleet Trading Profile 7% • StealthGas focuses on regional trade and local distribution of gas. Norway 14% • Fleet trading pattern is geographically diversified and is continuously Sweden adjusted to market needs. Spain Portugal 7%
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • In January 2018 we took delivery of the Eco Arctic and the Eco Ice, our second and (Amounts in USD mm) third 22K new eco semi ref newbuilds. Our fourth and last 22K newbuild LPG vessel will be delivered in Ap
Slide 7: Financials – Income Statement Q4 2016 & Q4 2017
❷ Financials Financials – Income Statement Q4 2016 & Q4 2017 Incom e Sta tem ent Q4 Q4 12M 12M ( Am ounts i n U SD' 000s ) 2016 2017 2016 2017 Comparing Q4 2017 to Q4 2016 Voyage revenues 37,473 38,428 144,132 154,312 - Revenues increased by 2.5% , in spite the lower number of operating vessels, as
Slide 8: Financials - Performance Highlights Q4 2017 & Q4 2016
❷ Financials Financials -Performance Highlights Q4 2017 & Q4 2016 Key Comments - Vessel Calendar Days down by 5% following the sale of four of our Fleet Data Q4 2016 Q4 2017 12M 2016 12M 2017 older vessels. Period number of vessels in fleet 54 52 54 52 Total calendar days for fleet 5,123 4,870 20,27
Slide 9: Financials – Balance Sheet 12M 2017
❷ Financials Financials – Balance Sheet 12M 2017 Key Remarks Balance Sheet (Amounts in #039;000s) 12M 2016 12M 2017 Assets 12M 2017 Assets • Strong liquidity continues as unrestricted cash amounts to c. $ 52 mm. Cash & cash equivalents 64,994 51,754 • Asset base a shade below one billion. Current asset
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 6,000 5,000 4,000 • As a general trend, our breakeven has more or less stabilized in 3,000 the past quarters at satisfactory levels while the improvement 2,000 of our av
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends LPG Imports (mil tons) LPG Exports (mil tons) 50 40 30 20 10 0 North America W.Europe N.Africa W.Africa ME Gulf Others • Seaborne trade in 2017 totaled 92.9 million tons, up 2.5% from the previous years. • China remains the largest importer at 17.0 mill
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q1 Q2 Q3 Q4 % Change % Change % Change • Rates for almost all small LPG segments continue to be on the rise. 2017 2017 2017 2017 since 2014 1 Year Last Quarter The 3,500 cbm segment ended the year with around $ 230,
Slide 13: GASS Share Performance vs Peers (January 2017- February 2018)
❹ Share Performance GASS Share Performance vs Peers (January 2017- February 2018) 60% Crude Oil StealthGas Inc. Dorian LPG Ltd. Navigator Holdings Ltd. 50% 40% 30% % change of price 20% 10% 0% -10% -20% -30% -40% 1/3/2017 2/3/2017 3/3/2017 4/3/2017 5/3/2017 6/3/2017 7/3/2017 8/3/2017 9/3/2017 10/3/2
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2018E Q2 2018E Q3 2018E Q4 2018E Total Number of Operating Vessels 53 54 54 54 Operational Utilization 95.0% 93.7% 93.4% 92.9% Fixed Income plus current spot rates 17,596 17,715 17,112 16,518 68,941 Fixed Inc
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (18E) Navigator Gas 1.04 10.4 Dorian LPG 0.60 11.3 Average 0.82 10.85 StealthGas 0.29 6.80 StealthGas deviation to comps (65%) (37%) Source: Seaborne Capital Advisors, December 2017 • Our Company trades at a discount to its Net Asset
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