Slide 1: 2nd Quarter 2014 Results
2nd Quarter 2014 Results Aug 28th , 2014
Slide 2: Forward-Looking Statements
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: Stealthgas Largest LPG Owner
Stealthgas Largest LPG Owner Top LPG Owners Ranked by Number of Vessels Leading owner of Handysize LPG vessels. Maintain a modern fleet. Average age of our current LPG fleet is 11.3 years and will be reduced to 10.2 years after the newbuildings deliver by 2017. Maintain moderate leverage about 55% t
Slide 4: Fleet Employment Profile
Fleet Employment Profile 36 vessels out of 44 on period charters securing visible revenue stream. $240 million in secured revenues. Seven ships Chartered for longer periods extending to 2022. No Spot Vessels until end of February 3 3
Slide 5: Fleet Development
Fleet Development Current fleet of 40 LPG vessels, 3 product tankers and 1 aframax tanker. Contracted 17 eco-type LPG vessels most with prompt deliveries. Investments in newbuilding Eco LPG carriers contracted at the best yards worldwide, 15 of them in Japan. 65 60 1 1 1 1 55 3 6 50 1 1 45 0 2 60 61
Slide 6: What is LPG? StealthGas Seaborne Trade Model
What is LPG? StealthGas Seaborne Trade Model LPG is the World’s Most Multi-Purpose Energy: accessible, environmentally friendly, abundant , less expensive than other fuel sources Natural Gas (LNG) Production (~60%) StealthGas hub and spoke model Commercial/ 10% is LPG Residential (52%) Industrial (9
Slide 7: Global LPG Shipping Demand Growing
Global LPG Shipping Demand Growing About half of LPG exports are sourced from the Middle East, with big expansion projects in the pipeline Total LPG Shipping Demand (bn m^3-mile) LPG Exports in 2013 by Country 600 20% 500 15% Laden Tonnnes - mile (bn) Saudi A./UAE Others 18% 400 26% 10% 300 UK 5% 1%
Slide 8: US LPG Exports & Terminal Capacity
US LPG Exports & Terminal Capacity US Propane Exports are Rising Fast. NGL production has surged and new export capacity ramped up in the gulf in 2H13. US Exports are expanding very rapidly, and not all is headed for China. US Exports terminal capacity is expected to increase by 44% for 2014e, 90% f
Slide 9: Chinese PDH plants will need Cheaper US Propane
Chinese PDH plants will need Cheaper US Propane Demand Market Characteristics and Estimates The price difference between the US propane and the rest of the world remains very wide, hence the shippers will continue to export molecules to capture the price difference between the US and the rest of the
Slide 10: 2014 Income Statement
2014 Income Statement In US$ 000, except per Six Months Six Months Q2 2013 Q2 2014 share amounts 2013 2014 Net Revenues $30,264 $31,865 $59,711 $65,750 Voyage Costs 4,617 3,458 8,088 6,572 Running Costs 8,700 10,652 16,662 21,330 Drydocking Costs 875 103 1,370 466 Operating Income 6,872 7,142 15,296
Slide 11: Balance Sheet
Balance Sheet December 31, June 30, 2013 2014 Cash and Cash Equivalents incl. restricted 92,040,419 139,224,012 Current Assets excl. cash 8,144,638 7,924,309 Advances for vessels under construction 70,577,435 94,847,365 Vessels, net 677,022,902 711,308,939 Other assets 3,199,349 3,490,888 Total Asse
Slide 12: 2014 Operating Highlights
2014 Operating Highlights Fleet Data Q2 2013 Q2 2014 Six Months Six Months 2013 2014 Average number of vessels in fleet 38.1 43.3 37.6 42.7 Period end number of vessels in fleet 40 44 40 44 Total calendar days for fleet 3,470 3,940 6,800 7,724 Total voyage days for fleet 3,404 3,902 6,711 7,652 Flee
Slide 13: Handy Size Orderbook Smallest in LPG Segment
Handy Size Orderbook Smallest in LPG Segment Supply Market Characteristics and Estimates (cb.m) LPG Carrier Orderbook as Proportion of Trading Age profile in Units 25% of Fleet (over 2014-2018) LPG Carrier ( 1000 - 12.999 Cu.m.) 60.0% the Fleet over 25 50.0% years old 49.70% 31 yrs + up to 5 yrs 48.
Slide 14: Historical Charter Rate Stability & Barriers to Entry
Historical Charter Rate Stability & Barriers to Entry LPG Timecharter Rates Historically Less Volatile 5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings $2,500 $2,000 ($ Thousands / Month) $1,500 $1,000 $500 $0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 The small order
Slide 15: Capex Program Analysis
Capex Program Analysis ORDERBOOK FOR STEALTHGAS ORDERBOOK ADDITIONS Semi refrigerated ships are more versatile than pressurized ships as they can cool cargo down to -48 degrees Celsius and so they can carry a bigger variety of gasses. CAPITAL EXPENDITURE ANALYSIS 450 400 350 90 300 Million Dollars 2
Slide 16: Sensitivity Analysis - Average Time Charter Equiv. Rates
Sensitivity Analysis -Average Time Charter Equiv. Rates 2016 will be the first year that we will operate with all 60 vessels. When Large Scale US projects materialize rates are expected to Increase. Adding to our fleet, 17 new eco LPG carriers, positions Stealthgas to capture the upside, and have th
Slide 17: Attractive Valuation – Listed Companies Comparables
Attractive Valuation – Listed Companies Comparables* Source: Factset, Fearnley Research * Excludes our closest competitor Epic Gas 16
Slide 18: Q&A
Q&A
Slide 19: Contacts
Contacts Company Contact: Weekly LPG Market Report updated every Monday Stavros Papantonopoulos Finance Manager StealthGas Inc. Comprehensive Investor Relations Information 011-30-210-6250-001 E-mail: info@stealthgas.com Visit our Website at: www.stealthgas.com