Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q3 2019 Earnings Presentation
16 slides from Stealthgas's earnings presentation, Nov 21, 2019
Slide 1: Financial & Operating Results Q3 2019
Financial & Operating Results| Q3 2019| November 21, 2019
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 dee
Slide 3: StealthGas Key Highlights
1| Highlights| StealthGas Key Highlights |Fleet & Operations • Operational utilization of 98.0% in Q3 ’19 (96.1% in Q3 ’18) due to more efficient presence in the spot market resulting in reduced idle time. • Fleet calendar days, down 19% quarter over quarter to 4,045, attributed to our strategic fle
Slide 4: Fleet Employment Analytics (As of November 2019)
1| Highlights| Fleet Employment Analytics (As of November 2019) 2019 2020 EARNINGS VISIBILITY Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Vessel Charter End Date 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 2 Gas Exelero BB Jun 2022 3 Eco C
Slide 5: JV and S&P Summary
1| Highlights| JV and S&P Summary StealthGas S&P Activity • On September 27th 2019, we finalized the sale of the Gas Ethereal, a 2006 built 5,000 cbm pressurized vessel. • Sale details are provided in the table below: (Amounts in USD'000) Demolition Sale Price/ Net Cash LPG Vessel Year Buit Sale Pri
Slide 6: LPG Fleet Trading Profile
France Rest 22% 1| Highlights| LPG Fleet Trading Profile 12% Italy EU~ 46% UK 22% 11% Norway 11% Portugal Spain 11% 11% • StealthGas focuses on regional trade and local distribution of gas. • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our trad
Slide 7: Income Statement Q3 19 vs Q3 18
2| Financials| Income Statement Q3 19 vs Q3 18 Income Statement Q3 Q3 9M 9M (Amounts in USD'000s) 2018 2019 2018 2019 Comparing Q3 2019 to Q3 2018 - Revenues came at $36.6 million in Q3 19’ marking a decrease of 6.1 Voyage revenues 42,724 36,568 125,800 109,095 million (14.3%) compared to the same p
Slide 8: Performance Highlights & Analysis
2|Financials |Performance Highlights & Analysis |Performance Highlights |Voyage Revenue Breakdown (USD mm.) Fleet Data Q3 2018 Q3 2019 9M 2018 9M 2019 Time Charter Spot Bareboat Period number of owned vessels in fleet 49 41 49 48 Total calendar days for fleet 4,994 4,045 14,859 19,544 12,000 Total v
Slide 9: Balance Sheet 9M 2019
2|Financials | Balance Sheet 9M 2019 Balance Sheet (Amounts in $'000s) 12M 2018 9M 2019 Assets Cash & cash equivalents 64,498 66,147 Current assets excl. cash 74,368 9,770 • Strong liquidity continues as unrestricted cash Advances for vessels under construction 0 2,948 totals c. $66 million. and inc
Slide 10: Debt Analysis
2|Financials | Debt Analysis |GASS Total Debt Closing Balances (USD mm.) 400 300 • Almost $40 million y-o-y debt reduction culminating from our scheduled principal repayment. 200 • Net Debt to Assets Ratio of 32%. • Expected reduction of loan interest costs in the quarters ahead (assuming no change
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends |Asia LPG Demand (million tonnes) |US LPG Export Forecasts (mbpd) Japan Korea China India LPG Net Exports Export YoY Growth 70 2 0.25 60 1.8 1.6 0.2 50 1.4 40 1.2 0.15 30 1 0.8 0.1 20 0.6 10 0.4 0.05 0.2 0 2011 2012 2013 2014 2015 2016 2017 2018 2019E
Slide 12: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q3 2019’, rates for the majority of small LPGs remained almost flat, both in the East and the West. |Small LPG Daily Charter Rates Evolution ($) • East of Suez the main reasons for the market and particularly the spot trade not firming were th
Slide 13: Share Performance
4|Share Performance 80% Crude Oil StealthGas Inc. Dorian Lpg Ltd Navigator Holdings Ltd. 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 • In terms of correlation with oil prices- which have remained relatively stable during the past c
Slide 14: Time Charter Equivalent Sensitivity Analysis
5|Outlook| Time Charter Equivalent Sensitivity Analysis (Amounts in $ '000s) Daily TCE/ EBITDA Q1 2020E Q2 2020E Q3 2020E Q4 2020E Total 2020 Number of Operating Vessels (excl. JV Vessels) 42 41 41 41 Operational Utilization 95.8% 95.7% 96.7% 96.6% Fixed Income plus current LPG Spot rates, Semi - Re
Slide 15: Listed Companies Comparable
5|Outlook|Valuation|Listed Companies Comparable P/NAV EV/EBITDA (2019) EPIC GAS n/a 8.1 Navigator Holdings 1.2 11.2 Dorian LPG 0.94 5.3 Average 1.07 8.2 StealthGas 0.24 6.2 StealthGas deviation to comps (77%) (24%) Source: Bloomberg, Seaborne Capital Advisors, October, 2019 • Our Company trades at a
Slide 16: Why StealthGas?
5|Outlook|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: ✓ secured Conservative chartering policy and capital structure management with significant pre c