Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q4 2010 Earnings Presentation
19 slides from Stealthgas's earnings presentation, Feb 23, 2011
Slide 1: StealthGas Inc. 4th Quarter 2010 Results
StealthGas Inc. 4th Quarter 2010 Results February 23rd, 2010 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 Strategy
Business Strategy Business Strategy Implementation Consolidation and fleet Sold 5 LPG carriers in 2010 renewal Acquiring 5 Newbuilding LPG Carriers (4 in 2011 and 1 in 2012) Acquired Newbuilding Aframax Crude Oil Tanker in 2010 Moderate Leverage Fourth Quarter 2010 net debt to capitalization
Slide 4: Fleet Development
Fleet Development Newbuilding program of 4 LPG carriers delivering in 2011 and 1 delivering in 2012 Newbuilding program has committed financing Selective sale of older & smaller tonnage in 2010/11 3
Slide 5: Fleet Employment Profile
2012 Fleet Employment Profile EARNINGS VISIBILITY Gas Sikousis Gas Spirit Spike Navig8 Faith Navig6 Fidelity Gas Sincerity Gas Exelero Gas Astrid Gas Zael Gas Haralambos Chiltern Gas Defiance Gas Gas Shuriken Alpine Endurance Gas Cathar Gas Premiership Catt Gas Shanghai Gas Arctic Gas Pasha Gas Lega
Slide 6: Fourth Quarter 2010 Financial Highlights
Fourth Quarter 2010 Financial Highlights Fourth Quarter 2010 Q4 Net Income of $4.3 million, net revenues of $29.1 million, EBITDA of $13.2 million Q4 Net income of $2.4 million before net non cash gain of $1.3 million on interest rate swaps and foreign currency hedging arrangements, $0.6 million gai
Slide 7: Fourth Quarter 2010 Income Statement
Fourth Quarter 2010 Income Statement In US$ 000, except per share amounts Q4 2009 Q3 2010 Q4 2010 Net Revenues $28,381 $26,727 $29,056 (1) (2) Operating Income (20,843) 4,540 5,817 (3) (1) (2) Net Income (27,151) 990 4,343 Net Income, net of interest rate swap, stock based compensation, impairment l
Slide 8: Fourth Quarter 2010 Operating Highlights
Fourth Quarter 2010 Operating Highlights Fleet Data & Daily Results Fleet Data Q4 2009 Q4 2010 FY 2009 FY 2010 Average number of vessels in fleet 42.8 38.0 42.0 38.6 Period end number of vessels in fleet 42 38 42 38 Total calendar days for fleet 3,934 3,496 15,335 14,075 Total voyage days for fleet
Slide 9: Daily Breakeven
Daily Breakeven Q4 2010 & FY 2010 Daily Cash Flow and Net Income Breakeven Composition ($ per vessel per day) Q4 2010 fleet calendar days: 3,496 FY 2010 fleet calendar days: 14,075 Q4 2010 Q4 2010 FY 2010 FY 2010 Cash Flow Net Income Cash Flow Net Income 8
Slide 10: Full Year 2010 Financial Highlights
Full Year 2010 Financial Highlights 12 Months 2010 Full Year Net income of $11.1 million, net revenues of $111.4 million, EBITDA of $45.1 million Full Year Net income of $8.6 million before net non cash gain of $0.02 million on interest rate swaps and foreign currency hedging arrangements, $1.0 mill
Slide 11: Full Year 2010 Income Statement
Full Year 2010 Income Statement 12 Months 12 Months In US$ 000, except per share amounts 2009 2010 Net Revenues $113,046 $111,410 Operating Income 1,287 23,024 Net Income (13,312) 11,093 Net Income, net of interest rate swap, loss/(gain) on sale of vessel, unrealized exchange difference and 15,876 8
Slide 12: Financial Estimator 2011
Financial Estimator 2011 Contracted Revenues $77 million Non contracted Voyage days 5,370 Operating, G&A, Management Fees, Commissions at similar levels to 2010 Drydock Expenses $5.1 million (11 vessels) Interest & Swaps (cash portion) $14.2 million D&A $29.0 million Remaining Payments for Newbuildi
Slide 13: 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 14: 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 15: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q4 2010 Average Current Q1 2011 Forecast 3,200 CBM S/R 256,000 270,000 270,000 3,500 CBM P/R 232,000 248,000 255,000 5,000 CBM P/R 265,000 295,000 310,000 6,000 CBM S/R 450,000 450,000 450,000 15,000 CBM S/R 514,000 525,000 540,000 35,000 CBM 591,000 620,
Slide 16: 3000-7999 cbm Fleet Development Vs. TC Rates/Earnings
3000-7999 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% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Ov
Slide 17: 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 Orderbooks in Percent of Existing Fleet 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0% Tank Drybulk Product C hemical LPG * LNG C ontainer Reefer PC C sep.09 jan.10 Source: DnB NOR Markets – Shipping Sector Outlook 201
Slide 18: Shipping Sector "Value" Comparison
Shipping Sector “Value” Comparison LT Latest Company Name Symbol Debt/CAP NAV P/NAV Price StealthGas Inc. “GASS” 48.0% $13.00 0.51x 6.59 Diana Shipping Inc. * “DSX” 23.0% $13.75 1.01x 12.56 DryShips Inc. * “DRYS” 47.0% $7.35 0.62x 4.88 Nordic American Tanker Shipping Ltd. * “NAT” 5.0% $14.6 1.70x 24
Slide 19: 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