Slide 1: Q3 2016 Financial & Operating Results
Q3 2016 Financial & Operating Results November 29th 2016 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 • 12.4% increase in vessel calendar days in 9M 2016 compared to 9M 2015, surpassing 15,000 days. Fleet & Operations • Operational utilization of 88.2% in Q3 2016 (94.4% in Q3 2015). • 87% of fleet days secured on period charters for the remainder of 2016, with
Slide 4: Fleet Employment Analytics (as of November 2016)
❶ Highlights Fleet Employment Analytics (as of November 2016) 2016 2017 EARNINGS VISIBILITY 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 1 Gas Exelero B/B Jun 2022 30 31 31 28 31 30 31 30 31 31 30 31 30 31 2 Eco Chios B/B Jun 2022 •
Slide 5: Fleet Trading Profile
UK EU~ 30% Rest 13% ❶ Highlights 18% France 10% Italy Fleet Trading Profile 10% Netherlands Sweden 10% 16% • StealthGas focuses on regional trade and local distribution of Finland gas. Norway 10% 13% • Company trading pattern is geographically diversified and is continuously adjusted to market needs
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of about 156 USD mm up to end of 2017. (Amounts in USD mm) • 4 remaining LPG orders of 88,000 cbm aggregate capacity, under construction in Korea. • Defe
Slide 7: Financials – Income Statement Q3 2016 & Q3 2015
❷ Financials Financials – Income Statement Q3 2016 & Q3 2015 Incom e Sta tem ent Q3 Q3 9M 9M ( A m ounts i n U SD' 000s ) 2015 2016 2015 2016 Comparing Q3 2016 to Q3 2015 Voyage revenues 35,793 34,440 103,906 106,659 Voyage costs Net revenues (5,210) 30,584 (4,046) 30,394 (13,351) 90,555 (11,683) 94
Slide 8: Financials - Performance Highlights Q3 2016 & Q3 2015
❷ Financials Financials -Performance Highlights Q3 2016 & Q3 2015 Fleet Data Q3 2015 Q3 2016 9M 2015 9M 2016 Key Comments Average number of owned vessels in fleet 50.0 54.0 47.0 53.0 Period number of owned vessels in fleet 53.0 54.0 53.0 54.0 - Operational utilization at 88.1% an outcome of the weak
Slide 9: Financials – Balance Sheet 9M 2016
❷ Financials Financials – Balance Sheet 9M 2016 Balance Sheet Key Remarks (Amounts in #039;000s) 12M 2015 9M 2016 Assets 9M 2016 Assets • Vessels net value up by c. $ 25 mm mainly as a result of the delivery of 2 Cash & cash equivalents 100,063 60,715 new eco LPG vessel- one in Q1 16’ and one at the en
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 • Average TCE follows the trend of the market. As evident from 7,000 the table below that presents the average TCE decline of our segment against rates in the beginning of 2015, rates are lower 6,000 by approx
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends US Net LPG Exports (mil mt) China LPG Imports (mil tonnes) 35.00 14 30.00 12 25.00 10 20.00 8 15.00 6 10.00 4 5.00 2 - Jul-14 Jul-15 May-16 Jul-16 Jul-17 Mar-14 May-14 Nov-14 May-15 Nov-15 Nov-16 May-17 Nov-17 Jan-14 Sep-14 Jan-15 Mar-15 Sep-15 Jan-16 M
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) 15,000 • Rates seem to be at the bottom of the cycle. 10,000 % Change % Change % Change 2 Years 1 Year Last Quarter 5,000 7,500 PR (14.3%) (8.3%) (5.6%) 5,000 PR (23.5%) 0.9% (1.4%) 3,500 PR (West) (21.9%) 3.1% (5.0
Slide 13: GASS Share Performance vs Peers (July–November, 2016)
❹ Share Performance GASS Share Performance vs Peers (July– November, 2016) Crude Oil GASS Dorian LPG Navigator Holdings 10% 0% % change of price -10% -20% -30% -40% -50% 7/1/2016 8/1/2016 9/1/2016 10/1/2016 11/1/2016 • Oil price movement continues to affect energy related stocks. • Our Company’s sto
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2017E Q2 2017E Q3 2017E Q4 2017E Total 2017E Number of Operating Vessels 56 56 56 56 56 Operational Utilization 91.8% 91.1% 91.2% 90.6% 91.2% Fixed Income plus spot rates 12,167 14,296 13,701 13,136 53,300 Fi
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV Total Debt/ Assets EV/EBITDA (16E) Navigator Gas 0.84 0.43 5.80 Dorian LPG 0.40 0.45 11.50 Epic Gas 0.38 0.47 7.80 Average 0.54 0.45 8.40 StealthGas 0.26 0.40 6.70 StealthGas deviation to comps (52%) (11%) (20%) Source: Seaborne Capital Adviso
Slide 16: Why StealthGas?
❺Outlook 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: Conservative chartering policy and capital structure management with a significant measure of s