Slide 1: Third Quarter 2015 Results
Third Quarter 2015 Results November 24th, 2015 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 & • Successful delivery of five eco- modern LPG carriers (Eco Galaxy, Eco Czar, Eco Dream, Eco Nemesis , Eco Green) in Q3 2015- Operations capital investment plan according to schedule. • 8 days of technical off hire excluding the dry-docking of one vesse
Slide 4: StealthGas The Largest LPG Ship-owner by Number of Vessels Worldwide
❶ Highlights StealthGas The Largest LPG Ship-owner by Number of Vessels Worldwide StealthGas Selected Peer Group StealthGas Positioning against Peers Company Sailing Fleet New Building Total • Highest number of sailing vessels with ongoing expansion plan and the market leader in terms of total vesse
Slide 5: Fleet Employment Analytics (as of November 2015)
❶ Highlights Fleet Employment Analytics (as of November 2015) EARNINGS VISIBILITY 2015 2016 2017 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter End Date Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 G
Slide 6: Fleet Trading Profile
Portugal 13% ❶ Highlights EU~ 28% Rest 27% Belgium 14% Fleet Trading Profile Poland 12% France 13% • StealthGas focuses on regional trade and local distribution Norway 14% UK 7% of gas. • Approximately 70% of the LPG we carry is for household usage (cooking and heating) and remaining 30% for industr
Slide 7: Fleet Development
❶ Highlights Fleet Development • As of November 2015 StealthGas owned 53 vessels. GASS S&P activity 2015 59 55 4 LPG Vessel Capacity (cbm) Built Status Date 55 53 53 2 4 Q3 2015 48 5 4 4 45 46 4 Eco Galaxy 7,200 Newbuilding delivered Jul-15 45 1 4 Eco Czar 5,000 Newbuilding delivered Aug-15 42 42 4
Slide 8: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of c. 210.7 (Amounts in USD mm.) USD mm. to date up to end of 2017. • 6 remaining LPG orders of 102,700 cbm aggregate capacity, under 250 construction in
Slide 9: Financials – Income Statement Q3 2015 & 9M 2015
❷ Financials Comparing Q3 2015 to Q3 2014 Financials – Income Statement Q3 2015 & 9M 2015 Incom e Sta tem ent Q3 Q3 9M 9M - Revenue Increased by c. 14.6% mainly as a result of the utilization of our new ( A m ounts i n U SD' 000s ) 2014 2015 2014 2015 deliveries- an outcome of efficient chartering s
Slide 10: Financials - Performance Highlights Q3 2015 & 9M 2015
❷ Financials Financials -Performance Highlights Q3 2015 & 9M 2015 Fleet Data Q3 2014 Q3 2015 9M 2014 9M 2015 Key Comments Average number of vessels in fleet 44.4 50.2 43.3 47.4 • Soft market conditions are evident as: Period number of vessels in fleet 47 53 47 53 Total calendar days for fleet 4,088
Slide 11: Financials – Balance Sheet 9M 2015
❷ Financials Financials – Balance Sheet 9M 2015 Balance Sheet Key Remarks (Amounts in $ '000s) 12M 2014 9M 2015 Assets 9M 2015 Assets • Total Asset base surpassed $ 1bn. Cash & cash equivalents 129,115 76,820 Current assets excl. cash 10,568 24,167 • Vessels net value up by $ 169 mm. as a result of
Slide 12: Financials – Break Even and G&A Analysis
❷ Financials Financials – Break Even and G&A Analysis Breakeven Analysis 12,000 Daily TCE ($) Daily Break Even ($) 9,792 9,699 10,000 8,732 8,827 9,310 9,083 9,283 9,034 8,929 • LPG charter rates volatility history: $ 7,000 at the bottom of 8,335 8,166 the cycle vs. $ 13,000 at the peak. Currently w
Slide 13: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Global LPG Use Global LPG Consumption Other US 12% 20% Transportation 9% Other 40% China Residential 12% 53% India 7% Petrochemical 26% Japan Brazil 3% 6% Korea 3% Russia Mexico 4% 5% LPG Market Trends • Over 50% of LPG used globally is for domestic use
Slide 14: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends LPG Transportation Demand US LPG Exports 140 131 10.0% 126 9.0% 40.0 60.0% 116 9.0% 34.2 120 108 35.0 8.0% 50.9% 31.2 50.0% Total Trade (m tonne) 100 7.0% 7.0% 30.0 36.7% 40.0% 80 6.0% 25.0 23.1 m tonne 35.1% % 5.0% 19.2 20.0 16.9 16.5 30.0% % 60 4.0% 4
Slide 15: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) • Rates for small LPG’s exhibit a declining trend and are still Average Average Average % Change % Change close to historical lows- at the bottom of the cycle. LPG Vessel Q3 2014 Q2 2015 Q3 2015 (Q3 14 vs Q3 15) (Q2
Slide 16: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Coastal LPG Fleet Age Coastal LPG Fleet Profile • 24% of the small scale LPG fleet is above 20 yrs old and therefore • Limited order book with 9 vessels expected to be delivered up until scrapping is a logical next step for this market segment. the end
Slide 17: GASS Share Performance vs Peers
❹ Share Performance GASS Share Performance vs Peers (up to November2015) 0.08 0.06 % change against price at 9/1/2015 0.04 0.02 0 -0.02 -0.04 -0.06 -0.08 Sep 01, 2015 Sep 16, 2015 Oct 01, 2015 Oct 16, 2015 OIL GASS NVGS • Oil price volatility strongly affects energy related stocks. • Company fundame
Slide 18: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2016E Q2 2016E Q3 2016E Q4 2016E Total 2016E Number of Operating Vessels 56 56 56 57 57 Percentage Operational Days Open 40% 42% 46% 48% 48% TCE at 7,000 12,364 11,283 11,307 12,110 47,063 TCE at 7,500 14,387
Slide 19: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/Assets EV/EBITDA (15E) BW LPG 0.9 n/a 4.7 Navigator Gas 1.1 1.1 6.7 Dorian LPG 0.9 0.8 3.0 EPIC GAS 0.4 0.6 14.3 Average 0.82 0.83 7.2 StealthGas 0.28 0.45 4.6 StealthGas discount to comps 65.6% 45.7% 36.1% Source: Seaborne Capital Advisors
Slide 20: Why StealthGas?
❺Outlook Why StealthGas? • Company with a proven leading position in the small coastal LPG segment since its IPO in 2005. • Successful expansion strategy- acquisition of 44 vessels since 2005, while maintaining a healthy capital structure and moderate leverage. • Operations in a segment with hig