Slide 1: Financial & Operating Results Q4 2019
Financial & Operating Results| Q4 2019| February 21, 2020
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 • Operational utilization of 97.9% in Q4 ’19 (94.5 % in Q4 ’18) due to reduced presence in the spot market (15.6% of voyage days) in conjunction with minimal commercial off hire, of as low as 1.9 days per vessel. • Fleet calendar days, dow
Slide 4: Fleet Employment Analytics (As of February 2020)
1| Highlights| Fleet Employment Analytics (As of February 2020) 2020 EARNINGS VISIBILITY Q1 2020 Q2 2020 Q3 2020 Q4 2020 Vessel Charter End Date Feb M ar Apr M ay Jun Jul Aug Sep O ct Nov Dec Name Type Rate 1 Eco Corsair BB Dec 2029 2 Gas Exelero BB Jun 2022 3 Eco Chios BB Jun 2022 • 10 new period c
Slide 5: JV Summary
1| Highlights| JV Summary Existing JV Structure • Three out of five vessels of our existing JV scheme are under time charter contracts. 2020 EARNINGS VISIBILITY Q1 2 0 2 0 Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Vessel Charter End Date Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Typ e Rat e 1 Gas Shur
Slide 6: LPG Fleet Trading Profile
France 18% EU~ 45% Rest 16% Italy 12% 1| Highlights| LPG Fleet Trading Profile UK 12% Norway 6% Portu gal… • StealthGas focuses on regional trade and local distribution Sweden of gas. 18% • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our tradin
Slide 7: Income Statement Q4 19 vs Q4 18
2| Financials| Income Statement Q4 19 vs Q4 18 Comparing Q4 2019 to Q4 2018 Income Statement Q4 Q4 12M 12M - Revenues came at $35.2 million in Q4 19’ marking a decrease of 3.4 (Amounts in USD'000s) 2018 2019 2018 2019 million (8.7%) compared to the same period of last year, due to the strategic redu
Slide 8: Performance Highlights & Analysis
2|Financials |Performance Highlights & Analysis |Performance Highlights |Adjusted TCE Evolution Fleet Data Q4 2018 Q4 2019 12M 2018 12M 2019 9,400 Period number of owned vessels in fleet 48 41 48 41 9,200 Total calendar days for fleet 4,685 3,952 19,544 16,328 Total voyage days for fleet 4,663 3,909
Slide 9: Balance Sheet 12M 2019
2|Financials | Balance Sheet 12M 2019 Balance Sheet (Amounts in #039;000s) 12M 2018 12M 2019 Assets Cash & cash equivalents 64,498 68,465 • Strong liquidity continues as unrestricted cash Current assets excl. cash 74,368 9,467 Advances for vessels under construction 0 2,989 totals c. $69 million. and i
Slide 10: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends |Global LPG Demand & Supply (‘000 tonnes) |US LPG Export Forecasts (mbpd) Global LPG Demand Global LPG Supply LPG Net Exports Export YoY Growth 2 0.25 2021E 1.8 1.6 0.2 1.4 2020E 1.2 0.15 1 0.8 0.1 2019 0.6 0.4 0.05 2018 0.2 0 0 2018 2019E 2020E 2021E
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q4 2019’, rates for the majority of small LPGs slightly weakened. • East of Suez the main reasons for the market and particularly the spot trade not |Small LPG Daily Charter Rates Evolution ($) firming were the dramatically low petchmem volume
Slide 12: Share Performance
4|Share Performance 200% Crude Oil StealthGas Inc. Dorian Lpg Ltd Navigator Holdings Ltd. 150% 100% 50% 0% -50% 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 • In terms of correlation with oil prices- which have remai
Slide 13: Time Charter Equivalent Sensitivity Analysis
5|Outlook| Time Charter Equivalent Sensitivity Analysis (Amounts in $ '000s) TCE/ EBITDA Q1 2020E Q2 2020E Q3 2020E Q4 2020E Total 2020 Numb er of Op erating Vessels (excl. JV Vessels) 42 41 41 41 41 Op erational Utilization 98.3% 97.8% 97.8% 97.5% 97.9% BASE CASE Fixed Income plus current spot rate
Slide 14: Valuation: Listed Companies Comparable
5|Outlook|Valuation|Listed Companies Comparable P/NAV EV/EBITDA (2020) EPIC GAS n/a 8.6 Navigator Holdings 1.3 8.2 Dorian LPG 1.0 4.9 Average 1.2 7.2 StealthGas 0.2 5.0 StealthGas deviation to comps (83%) (30%) Source: Bloomberg, Seaborne Capital Advisors, February, 2020 • Our Company trades at a sh
Slide 15: Why StealthGas?
5|Outlook|Why StealthGas? StealthGas Strengths Positive Market Drivers Our Company’s core value lies on the following: Market Factors that will positively affect our segment and consequently our Company: ✓ secured Conservative chartering policy and capital structure management with significant pre c