Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2011 Earnings Presentation
17 slides from Stealthgas's earnings presentation, May 16, 2011
Slide 1: StealthGas Inc. 1st Quarter 2011 Results
StealthGas Inc. 1st Quarter 2011 Results May 16th, 2011 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 Overview
Business Overview Fleet: 36 LPG Carriers 4 Product Tankers 1 Aframax Tanker Propane Diesel Crude Butane Jet Fuel Oil Ethane Naphtha VCM Butadiene Propylene Core Product: Natural Gas Production 10% of Natural Gas is LPG 60% Liquid Petroleum Gases Crude Oil Refining 40% Propane Petrochemical Petrochem
Slide 4: Business Strategy
Business Strategy Business Strategy Implementation Consolidation and fleet Sold 4 LPG carriers in 2011 renewal Took delivery of 2 Newbuilding LPG carriers (February & April) 3 Newbuilding LPG carriers to be delivered Moderate Leverage First Quarter 2011 net debt to capitalization: 45.6% Visi
Slide 5: Fleet Development
Fleet Development Newbuilding program of 3 LPG carriers delivering in 2011 and 2 delivering in 2012 Newbuilding program has committed financing Selective sale of older & smaller tonnage in 2010/11 4
Slide 6: Fleet Employment Profile
EARNINGS VISIBILITY, 20214 232011 Pa 0a 012 02 2012 3 2012 24 2012, [Vessel May Tsun sul Aug Sep] Oct] Nov Dec J Jan Feb [Mar [Apr [May Tun Jul J Aug [sep J Oct Now J Dec] Gas Sikousis Gas Spirit ‘Spike Navig Fail Navig8 Fidelity Gas Sincerity Gas Exeloro Gas Astrid Gas Zael Gas Haralambos Chiltern
Slide 7: First Quarter 2011 Financial Highlights
First Quarter 2011 Financial Highlights First Quarter 2011 Q1 Net Income of $1.5 million, net revenues of $30.5 million, EBITDA of $10.5 million Q1 Net income of $2.8 million before net non cash loss of $0.8 million on interest rate swaps and foreign currency hedging arrangements, $0.5 million loss
Slide 8: First Quarter 2011 Income Statement
First Quarter 2011 Income Statement In US$ 000, except per share amounts Q1 2010 Q4 2010 Q1 2011 Net Revenues $28,757 $29,056 $30,538 Operating Income 6,611 5,817 6,413 (1) (2) Net Income 1,614 4,343 1,526 Net Income, net of interest rate swap, stock based compensation, impairment loss, unrealized 3
Slide 9: Balance Sheet
Balance Sheet December 31, March 31, 2010 2011 Cash and cash equivalents incl. restricted cash 34,292,293 39,834,600 Current assets excl. cash 10,835,254 10,773,289 Advances for vessels under construction 37,273,199 26,608,508 Vessels, net 603,065,011 616,578,046 Other assets 2,910,642 3,058,132 Tot
Slide 10: First Quarter 2011 Operating Highlights
First Quarter 2011 Operating Highlights Fleet Data & Daily Results Fleet Data Q1 2010 Q4 2010 Q1 2011 Average number of vessels in fleet 41.0 38.0 38.4 Period end number of vessels in fleet 40 38 39 Total voyage days for fleet 3,615 3,470 3,395 Fleet utilization 98.0% 99.3% 98.3% Total charter days
Slide 11: Financial Estimator 2011 (Q2+Q3+Q4)
Financial Estimator 2011 ( Q2+ Q3 +Q4) Contracted Revenues $56 million Non contracted Voyage days 4,250 Operating Expenses $9 million Q2, $8 million Q3 & Q4 Drydock Expenses $3.1 million (6 vessels) Interest & Swaps (cash portion) $10.2 million D&A $20.5 million Estimated Loss on sale of vessels $5.
Slide 12: LPGC Freight Rates USD 1000's per month
LPGC Freight Rates Average earnings in the spot market excluding waiting time / 1 yr TC rates USD 1000's per month 800 700 15000 SR TCE 600 8000 ETH TCE 500 6500 SR TCE 400 3500 SR 1yr TC 300 3500 PR 1yr TC east 200 100 INGE STEENSLAND AS 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Inge Ste
Slide 13: 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 1-Year TC Rate Volatility Since 2000 Data source: Clarkson Research Services 2009 Rates: 1-year TC measured weekly Dry Bulk: average of Cape
Slide 14: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q4 2010 Average Q1 2011 Average Q2 2011 Forecast 3,200 CBM S/R 256,000 269,000 265,000 3,500 CBM P/R 232,000 246,000 240,000 5,000 CBM P/R 265,000 290,000 280,000 6,000 CBM S/R 450,000 450,000 450,000 15,000 CBM S/R 514,000 525,000 525,000 35,000 CBM 591,
Slide 15: Fleet Development vs. TC Rates/Earnings
3000-8000 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) 400 300 5% 200 0% 100 INGE STEENSLAND AS - -5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Overall 3000-7999 flee
Slide 16: 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 2011 * Includes all LPG Carriers size categories 15
Slide 17: 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