Slide 1: StealthGas Inc. 1st Quarter 2012 Results
StealthGas Inc. 1st Quarter 2012 Results May 23rd , 2012 CONSISTENCY & GREAT VALUE
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: Business Strategy
Business Strategy Business Strategy Implementation Consolidation and fleet Took delivery of 4 Newbuilding LPG carriers (February, April & September 2011 & January 2012) renewal Sold 4 LPG carriers in 2011 & 2 LPG carriers in 2012 1 Newbuilding LPG carrier to be delivered Moderate Leverage Q1
Slide 4: Fleet Employment Profile
Fleet Employment Profile i) as 2013 Gan [Vessel try [Jon] ot [Aug [Sep [Ot] now [tec_| son] Feb [tae [Age [tiny [Jon] al] Ang [Sep | 0 Bec Gas Esco Gas Husky Alpine Endurance Gas Sikousis Gas Elixir Spike Navig8 Faith Navig8 Fidelity Gas Pasha Gas Defiance Gas Myth i Gas Shuriken Gas Exelero Gas Ast
Slide 5: Financial Highlights
Financial Highlights First Quarter 2012 Q1 Net Income of $7.4 million, net revenues of $29.1 million, EBITDA of $16.8 million. EPS of $0.36 per share on 20.6 million shares outstanding. Q1 Adjusted Net Income of $5.3 million and Adjusted EPS $0.25 per share, before net non cash loss of $0.5 million
Slide 6: 2012 Income Statement
2012 Income Statement In US$ 000, except per Q1 2011 Q4 2011 Q1 2012 share amounts Net Revenues $30,538 $28,884 $29,123 Voyage Costs 3,614 4,733 2,592 Running Costs 10,507 7,766 7,665 Operating Income 6,413 6,784 10,119 Net Income 1,526 4,446 7,380 Net Income, adjusted 2,772 3,438 5,219 EBITDA 10,49
Slide 7: Balance Sheet
Balance Sheet December 31, March 31, 2011 2012 Cash and Cash Equivalents incl. restricted 51,793,666 55,365,314 Current Assets excl. cash 5,106,792 3,972,789 Vessels held for sale 921,285 16,481,687 Advances for vessels under construction 22,347,811 13,274,611 Vessels, net 613,832,973 623,715,346 Ot
Slide 8: 2012 Operating Highlights
2012 Operating Highlights Fleet Data & Daily Results Fleet Data Q1 2011 Q4 2011 Q1 2012 Average number of vessels in fleet 38.4 37.0 37.0 Period end number of vessels in fleet 39 37 37 Total calendar days for fleet 3,452 3,404 3,367 Total voyage days for fleet 3,395 3,262 3,265 Fleet utilization 98.
Slide 9: Financial Estimator 2012 (Q2+Q3+Q4)
Financial Estimator 2012 (Q2+Q3+Q4) Contracted Revenues $66 million Non contracted Voyage days 2,110 Operating Expenses $8 million per quarter Drydock Expenses $1.5 million (3 vessels) Interest & Swaps (cash portion) $11 million D&A $21.8 million Remaining Payments for Newbuildings $19million (2012)
Slide 10: LPG Supply increasing
LPG Supply increasing Middle East LPG supply (Mio ton) 40 30 13,3 12,8 12 20 11,4 10,2 7,2 5,8 10 9,1 10,1 11,1 6,2 7,3 8,1 5,2 0 2009 2010 2011 2012 2013 2014 2015 Abu Dhabi Iran Kuwait Qatar Saudi Arabia Sharjah Bahrain Oman Increasing volumes will be on account of the VLGCs and sourced from mainl
Slide 11: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q1 2011 Average Q1 2012 Average Q2 2012 Forecast 5,000 CBM P/R 290,000 310,000 310,000 35,000 CBM 617,000 792,500 800,000 60,000 CBM 650,000 801,900 825,000 78,000 CBM 727,000 903,800 900,000 Source: Lorentzen & Stemoco 10
Slide 12: TC equiv. spot earnings
3000-8000 cbm Fleet Development Vs. TC Rates/Earnings* 600 9% INGE STEENSLAND AS TC rates in USD 1000's per month (lines) 500 Fleet growth in % (bars) 6% TC equiv. spot earnings 400 3% 300 0% 200 -3% 100 Overall 3000-7999 fleet growth SR 3000-7999 fleet growth SR 6500 cbm TCE SR 3500 cbm 1yr TC PR 3
Slide 13: 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 35% 30% 30% 25% 25% 24% 19% 20% 16% 15% 11% 10% 9% 5% 0% Drybulk Container Offshore LNG Crude Tankers Chemical LPG Tankers 3,500-7,500 PR&SR * LPG orderbook: 3,500-7,500 Semi-ref and Pressurised excluding Chin
Slide 14: Valuations comparison
Valuations comparison Company P/NAV GOLAR LNG (GNLG) 127% TEEKAY (TK) 114% NORDIC AMERICAN TANKERS (NAT) 136% SAFEBULKERS (SB) 180% STEALTHGAS (GASS) 48% Based on Wells Fargo, Morgan Stanley. For StealthGas, based on company’s estimates. 13
Slide 15: Contacts
Contacts Company Contact: Konstantinos Sistovaris 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: sistovaris@stealthgas.com www.stealthgas.com Comprehensive Investor Relations Information 18