Slide 1: Q4 2016 & FY 2016 Financial & Operating Results
Q4 2016 & FY 2016 Financial & Operating Results February 23, 2017 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 & • Vessel calendar days up 9.4% year on year with operational utilization of 91% for 2016. Operations • Operational utilization of 94.2% in Q4 2016 (91.0% in Q4 2015) with 49 of our vessels on period charters. • Commercial off hire days reduced in Q4 16’
Slide 4: Fleet Employment Analytics (as of February 2017)
❶ Highlights Fleet Employment Analytics (as of February 2017) EARNINGS VISIBILITY 2017 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Vessel Charter End Date Feb Mar Apr May Jun Jul Aug Sep Oct Nov ` Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Gas Exelero B/B Jun 2022
Slide 5: Fleet Trading Profile
UK EU~ 31% 20% ❶ Highlights Rest 25% Portugal Fleet Trading Profile 13% Italy Poland • StealthGas focuses on regional trade and local distribution 16% 10% of gas. Norway 16% • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Currently 53% of the fle
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of about 146 (Amounts in USD mm) USD mm up to end of 2017. • Four remaining LPG orders of 88,000 cbm aggregate capacity, under construction in a top qual
Slide 7: Financials – Income Statement Q4 2016 & Q4 2015
❷ Financials Financials – Income Statement Q4 2016 & Q4 2015 Incom e Sta tem ent Q4 Q4 12M 12M Comparing Q4 2016 to Q4 2015 ( A m ounts i n U SD' 000s ) 2015 2016 2015 2016 Voyage revenues 37,410 37,473 141,316 144,132 Voyage costs (4,225) (3,707) (17,576) (15,390) - Marginal increase in Revenue in
Slide 8: Financials - Performance Highlights Q4 2016 & Q4 2015
❷ Financials Financials -Performance Highlights Q4 2016 & Q4 2015 Key Comments Fleet Data Q4 2015 Q4 2016 12M 2015 12M 2016 Average number of vessels in fleet 53 54 47 53 - Operational utilization at 94.2% reflecting demand picking up- Period number of vessels in fleet 53 53 53 53 mostly due to seas
Slide 9: Financials – Balance Sheet 12M 2016
❷ Financials Financials – Balance Sheet 12M 2016 Balance Sheet (Amounts in #039;000s) 12M 2015 12M 2016 Key Remarks Assets 12M 2016 Assets Cash & cash equivalents 100,063 64,994 • Strong liquidity continues as cash amounts to c. $ 65 mm. Current assets excl. cash Advances for vessels under construction
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) • Average TCE follows the trend of the market. As evident from 8,000 the table below that presents the average TCE decline of our Daily Average TCE Daily Breakeven segment against rates in the beginning of 2016 the
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends US LPG Exports (mil tons) Average US Share to Asia 45 60% 40.8 53% 40 51% 36.7 50% 45% 35 29.8 39% 30 40% 24.5 25 30% 26% 20 16.9 15 20% 17% 11.2 10 10% 5 0 0% 2013 2014 2015 2016e 2017e 2018e 2013 2014 2015 2016e 2017e 2018e • Seaborne LPG trade totale
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates 12,000 Small LPG Daily Charter Rates Evolution ($) • During Q4 16’ rates demonstrated an upward trend not sufficient 10,000 though to compensate for the decline noted in the past couple of years. 8,000 % Change % Change % Change 2 Years 1 Year Q4 over Q3 6,00
Slide 13: GASS Share Performance vs Peers (October 2016- February, 2017)
❹ Share Performance GASS Share Performance vs Peers (October 2016- February, 2017) 120% Crude Oil PCT Change GASS PCT Change Dorian LPG PCT Change Navigator Holdings PCT Change 100% 80% % change of price 60% 40% 20% 0% -20% -40% 10/3/2016 10/18/2016 11/2/2016 11/17/2016 12/2/2016 12/17/2016 1/1/2017
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2017E Q2 2017E Q3 2017E Q4 2017E Total 2017E Number of Operating Vessels 55 55 55 55 55 Operational Utilization 94.0% 92.0% 91.0% 88.0% 91.3% Fixed Income plus spot rates 14,959 15,199 13,201 12,719 56,079 Fi
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (17E) Navigator Gas 0.84 9.80 Dorian LPG 0.40 13.20 Average 0.62 11.5 StealthGas 0.26 9.20 StealthGas deviation to comps (58%) (20%) Source: Seaborne Capital Advisors, February 2016, • All peer group companies trade at a discount to
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 a significant secured pre