Slide 1: Second Quarter 2015 Results
Second Quarter 2015 Results August 27th, 2015 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 Fleet & • Successful delivery of four new Eco LPG carriers in Q2 2015 (Eco Enigma, Eco Royalty, Eco Loyalty, Eco Universe) and an Operations additional three (Eco Galaxy, Eco Czar, Eco Dream) as of August 20th 2015- capital investment plan according to schedule
Slide 4: StealthGas The Largest LPG Owner by Number of Ships Worldwide
❶ Highlights StealthGas The Largest LPG Owner by Number of Ships Worldwide StealthGas Selected Peer Group StealthGas Positioning against Peers Company Sailing Fleet New Building Total • Highest number of sailing vessels with ongoing expansion plan and the market leader in terms of total vessels owne
Slide 5: Fleet Employment Analytics (as of August 2015)
❶ Highlights Fleet Employment Analytics (as of August 2015) EARNINGS VISIBILITY 2015 2016 2017 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct No
Slide 6: Fleet Trading Profile
UK ❶ Highlights EU~ 24% Rest 29% 23% Fleet Trading Profile Belgium Netherlands 24% 12% France • StealthGas focuses on regional trade and local distribution 12% of gas. • Approximately 70% of the LPG we carry is for household usage (cooking and heating) and remaining 30% for industrial usage. • Curre
Slide 7: Fleet Development
❶ Highlights Fleet Development • As of August 20th, 2015 StealthGas owned 51 vessels. 59 GASS S&P activity 2015 LPG Vessel Capacity (cbm) Built Status Date 55 4 55 53 53 Q2 2015 2 4 48 Gas Kaizen 4,109 1991 sold for scrapping Apr-15 5 4 4 46 Gas Crystal 3,211 1990 sold for scrapping Apr-15 45 4 1 4
Slide 8: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program, excluding advances paid, of c. 243.5 (Amounts in USD mm.) USD mm. to date up to end of 2017. 300 • 8 remaining LPG orders of 112,700 cbm aggregate capacity, majority of which are
Slide 9: Financials – Income Statement Q2 2015 & 6M 2015
❷ Financials Financials – Income Statement Q2 2015 & 6M 2015 Incom e Sta tem ent Q2 Q2 6M 6M ( A m ounts i n U SD' 000s ) 2014 2015 2014 2015 Comparing Q2 2015 to Q2 2014 Voyage revenues 31,865 32,437 65,750 68,113 • As a result of freight rates being at the bottom of the cycle along with seasonal f
Slide 10: Financials - Performance Highlights Q2 2015 & 6M 2015
❷ Financials Financials -Performance Highlights Q2 2015 & 6M 2015 Key Comments Fleet Data Q2 2014 Q2 2015 6M 2014 6M 2015 Average number of vessels in fleet 43.3 46.0 42.67 46.0 • Soft market conditions are evident as: Period number of vessels in fleet 44 48 44 48 Total calendar days for fleet 3,940
Slide 11: Financials – Balance Sheet Q2 2015
❷ Financials Financials – Balance Sheet Q2 2015 Balance Sheet Key Remarks (Amounts in #039;000s) 12M 2014 Q2 2015 Assets Q2 2015 (total assets stand at shade below $ 1 bn.) Assets • Vessels net value up by $ 65.3 mm as a result of the addition of five Cash & cash equivalents 129,115 89,843 vessels in t
Slide 12: Financials – Break Even and G&A Analysis
❷ Financials Financials – Break Even and G&A Analysis Breakeven Analysis 12,000 10,000 8,732 8,827 9,792 9,699 9,310 9,083 8,856 9,283 8,929 8,708 • LPG charter rates volatility history: $ 7,000 at the bottom of 8,335 the cycle vs. $ 13,000 at the peak. Currently we are closer to 7,970 8,000 the bot
Slide 13: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends LPG Transportation Demand US LPG Exports 140 131 10.0% 126 9.0% 40.0 60.0% 116 9.0% 34.2 120 108 35.0 8.0% 50.9% 31.2 50.0% Total Trade (m tonne) 100 7.0% 7.0% 30.0 23.1 36.7% 40.0% 80 6.0% 25.0 m tonne 35.1% % 5.0% 19.2 20.0 30.0% % 16.9 16.5 60 4.0% 4
Slide 14: Market Update: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution Average Average Average % Change (Q2 % Change (Q1 • Rates for small LPG’s exhibit a declining trend and are LPG Vessel Q2 2014 Q1 2015 Q2 2015 14 vs Q2 15) 15 vs Q2 15) close to historical lows- at the bottom of the cyc
Slide 15: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends LPG Fleet Age LPG Fleet Profile • 24% of the small scale LPG fleet is above 20 yrs old and therefore • Limited order book in place with a total of 28 vessels to be the market could potentially move towards scrapping. delivered in the remaining period of
Slide 16: GASS Share Performance vs Peers (up to August 2015)
❹ Share Performance GASS Share Performance vs Peers (up to August 2015) 35.00% 30.00% 25.00% % change against price at 4/1/2015 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% GASS Navigator Holdings Dorian LPG Oil Price Change • Oil price volatility strongly affects energy related s
Slide 17: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE /EBITDA Q1 2016E Q2 2016E Q3 2016E Q4 2016E Total 2016 Number of Operating Vessels 55 55 56 57 57 Percentage Operational Days Open 48% 50% 54% 57% 57% TCE at 7,000 11,965 10,915 10,934 11,711 45,526 TCE at 7,500 13,688
Slide 18: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/Assets EV/EBITDA (15E) BW LPG 0.9 n/a 4.7 Navigator Gas 1.1 1.1 6.7 Dorian LPG 0.9 0.8 3.0 EPIC GAS 0.4 0.6 14.3 Average 0.82 0.83 7.2 StealthGas 0.34 0.46 3.80 StealthGas discount to comps 58.8% 44.6% 47.0% Source: Seaborne Capital Advisor