Slide 1: Q2 2017 Financial & Operating Results
Q2 2017 Financial & Operating Results August 24, 2017 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 & • Operational utilization of about 95% in Q2 17’ (91.2% in Q2 16’). Operations • Commercial off hire days reduced in Q2 17’ by c. 42% compared to Q2 16’. • About 83% of fleet days secured on period charters for the remainder of 2017, with a total of c.
Slide 4: Fleet Employment Analytics (as of August 2017)
❶ Highlights Fleet Employment Analytics (as of August 2017) 2017 2018 EARNINGS VISIBILITY Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Vessel Charter End Date Aug Sep Oct Nov ` Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Gas Exelero B/B Jun 2022 31 30 31 30 31 31 28 31 30 31 30 31 31 30
Slide 5: Fleet Trading Profile
Rest 17% UK EU~ 31% 20% ❶ Highlights Germany 6% Fleet Trading Profile Sweden 7% France 13% • StealthGas focuses on regional trade and local distribution Portugal 7% of gas. Italy 10% Netherland 10% • Fleet trading pattern is geographically diversified and is Belgium 10% continuously adjusted to mark
Slide 6: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • On May 22nd we took delivery of the Eco Frost, our first 22K new eco (Amounts in USD mm) semi ref vessel. • Remaining investment program, excluding advances paid, of about $ 104 mm up to mid 2018. 200 52.08 •
Slide 7: Financials – Income Statement Q2 2016 & Q2 2017
❷ Financials Financials – Income Statement Q2 2016 & Q2 2017 Incom e Sta tem ent Q2 Q2 6M 6M ( A m ounts i n U SD' 000s ) 2016 2017 2016 2017 Voyage revenues 35,745 39,273 72,219 77,337 Comparing Q2 2017 to Q2 2016 Voyage costs (3,661) (4,541) (7,637) (8,104) Net revenues 32,084 34,733 64,582 69,234
Slide 8: Financials - Performance Highlights Q2 2017 & Q2 2016
❷ Financials Financials -Performance Highlights Q2 2017 & Q2 2016 Fleet Data Q2 2016 Q2 2017 6M 2016 6M 2017 Key Comments Average number of vessels in fleet 53 53 47 53 - Clear improvement on Operational Utilization both on a Period number of vessels in fleet 54 54 54 54 quarterly and semi annual ba
Slide 9: Financials – Balance Sheet 6M 2017
❷ Financials Financials – Balance Sheet 6M 2017 Balance Sheet Key Remarks (Amounts in #039;000s) 12M 2016 6M 2017 Assets 6M 2017 Assets • Strong liquidity continues as unrestricted cash amounts to c. $ 44 mm. Cash & cash equivalents 64,994 43,349 Current assets excl. cash 11,484 20,409 • Increase of Ve
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 • As a general trend, our breakeven has more or less stabilized in the past quarters at satisfactory levels while the improvement 6,000 of our average TCE is quite evide
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends World LPG Trade (mil tons) US LPG Trade (‘000s bpd) 100 12% 1200 90 10% 1000 80 70 8% 800 60 6% 50 600 40 4% 30 400 2% 20 0% 200 10 0 -2% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 LPG Trade Volumes
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q2 Q3 Q4 Q1 Q2 % Change % Change % Change • During Q2 17’ rates demonstrated an upward trend across all 2016 2016 2016 2017 2017 2 Years 1 Year Last Quarter categories, marking the highest quarter on quarter increas
Slide 13: GASS Share Performance vs Peers (May 7- August 2017)
❹ Share Performance GASS Share Performance vs Peers (May 2017- August 2017) Crude Oil PCT Change GASS PCT Change Dorian LPG PCT Change Navigator Holdings PCT Change 10% 0% % change of price -10% -20% -30% -40% -50% -60% 4/3/2017 4/18/2017 5/3/2017 5/18/2017 6/2/2017 6/17/2017 7/2/2017 7/17/2017 • Al
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q3 2017E Q4 2017E Q1 2018 Q2 2018 Q3 2018 Q4 2018 Number of Operating Vessels 54 54 54 56 57 57 Operational Utilization 93.5% 92.7% 90.0% 88.8% 88.6% 87.9% Fixed Income plus spot rates 15,188 14,467 15,251 15,21
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (17E) Navigator Gas 0.75 7.6 Dorian LPG 0.60 16.1 Average 0.68 11.9 StealthGas 0.20 5.6 StealthGas deviation to comps (71%) (53%) Source: Seaborne Capital Advisors, June 2017, • All peer group companies trade at a discount to their N
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 significant secured pre co