Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2023 Earnings Presentation
13 slides from Stealthgas's earnings presentation, May 24, 2023
Slide 1: StealthGas Inc. Q1 2023 Financial and Operating Results
StealthGas Inc. | Q1 2023 Financial and Operating Results | May 24, 2023
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 • Further reduced spot market exposure and increased operational utilization. • Increased contracted revenues for all subsequent periods to approximately $115 million (excl. JV vessels). • Our JV entered into an agreement to sell its mediu
Slide 4: Fleet Employment Analytics (As of May 2023)
1| Highlights| Fleet Employment Analytics (As of May 2023) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Name Type 1 Gas Exelero TC Apr 2026 2 Eco Universe TC Mar 2026 3 Eco Corsair TC Feb 2026 4 Eco Ice TC Oct 2024 • 9 new period charters and ch
Slide 5: Summary of our Two JVs
1| Highlights| Summary of our Two JVs Small LPG JV Structure- 1 • Currently, two of the vessels operates in the spot market in Asia and Europe. Q2 2023 Q3 2023 Q4 2023 Q1 2024 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Name Type Gas Shuriken TC Dec 2023 • Three vessels are S
Slide 6: LPG Fleet Trading Profile
1| Highlights| LPG Fleet Trading Profile EU-Med-16 vessels • StealthGas focuses on regional trade and local distribution of gas. Our Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our LPG fleet trading profile is a snapshot of our vessels as of Ma
Slide 7: Income Statement
2| Financials| Income Statement Income Statement Q1 Q1 (Amounts in USD'000s) 2022 2023 Voyage revenues 35,871 38,062 Voyage costs (4,231) (3,992) Net revenues 31,640 34,070 + 8% Operating expenses (12,878) (14,546) + 13% Drydocking costs (384) (1,090) Management fees (1,285) (1,234) G&A (942) (809)
Slide 8: Balance Sheet
2|Financials | Balance Sheet Balance Sheet (Amounts in $'000s) Q4 2022 Q1 2023 Assets • Strong Liquidity on GASS balance sheet, including restricted cash and short Cash & cash equivalents (incl restricted) 95,655 92,569 term investments of $92.6 million. Vessel held for sale 11,107 2,190 Current ass
Slide 9: Debt Analysis & Capital Structure
2|Financials |Debt Analysis & Capital Structure - In the previous two years the focus was on refinancing debt, lowering margins, reducing debt amortization and extending duration. - The interest rate rises of the last year and strong profitability reshaped the focus on reducing debt levels. - During
Slide 10: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • Global seaborne LPG exports increased +6.0% Jan-Mar. • US and Middle East driving exports with significant increases. |Global LPG Production 400 • Imports: India Japan Korea China Europe 350 • European imports to stall but come from further afield. 3
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q1 23’ rates remained firm across all sizes. LPG pressurized trade: • West of Suez: - Spot market remained tight with idle time kept at a minimum while period |Small-Handy LPG Daily Charter Rates Evolution ($) activity steady, limited by avail
Slide 12: LPG Fleet evolution - Continued commitment in LPG shipping
4|GASS- LPG Fleet evolution -Continued commitment in LPG shipping Cbm’s • Stealthgas became a pure LPG company following the spin-off of the four tankers in late 2021. • Stealthgas has been strategically diversifying its fleet selling smaller vessels and replacing them with larger modern vessels. •
Slide 13: Outlook: Forecast Considerations Going Forward
5|Outlook|Forecast|Considerations Going Forward • Given the turbulent and uncertain market, it is quite difficult to predict revenue and profitability. • Below are the key variables that will affect our performance going forward. ❖ Time charter rates for small and Handy LPGs have been rising over th