Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2018 Earnings Presentation
15 slides from Stealthgas's earnings presentation, May 24, 2018
Slide 1: Q1 2018 Financial & Operating Results
Q1 2018 Financial & Operating Results May 24, 2018 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 93.3% in Q1 18’ (97.3% in Q1 17’) due to increased presence in the spot market and the Operations positioning of several vessels in new trading areas. • About 73% of fleet days secured on period charters for the remainder of
Slide 4: Fleet Employment Analytics (as of May 2018)
❶ Highlights Fleet Employment Analytics (as of May 2018) EARNINGS VISIBILITY 2018 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type Rate 1 Gas Exelero B/B Jun 2022 2 Eco Chios
Slide 5: LPG Fleet Trading Profile
EU~ 29% Rest Belgium 13% ❶ Highlights UK 7% 12% France 14% LPG Fleet Trading Profile Spain 14% • StealthGas focuses on regional trade and local distribution of gas. Norway 14% Portugal • Fleet trading pattern is geographically diversified and is continuously Poland 13% 13% adjusted to market needs.
Slide 6: Financials – Income Statement Q1 2018 & Q1 2017
❷ Financials Financials – Income Statement Q1 2018 & Q1 2017 Q1 Q1 Comparing Q1 2018 to Q1 2017 I ncom e St a t e m e nt ( A m ount s i n U SD' 000s ) 2017 2018 - Revenues increased by 4.3%, as a result of improved market conditions in the small LPG segment Voyage revenues 38,064 39,695 despite the
Slide 7: Financials - Performance Highlights Q1 2018 & Q1 2017
❷ Financials Financials -Performance Highlights Q1 2018 & Q1 2017 Fleet Data Q1 2 0 1 7 Q1 2 0 1 8 Key Comments Period number of vessels in fleet 53 52 Total calendar days for fleet 4,950 4,839 - About 1.2% increase in Adjusted Time charter equivalent Total voyage days for fleet 4,893 4,787 compared
Slide 8: Financials – Balance Sheet 3M 2018
❷ Financials Financials – Balance Sheet 3M 2018 Balance Sheet Key Remarks (Amounts in $'000s) 12M 2017 3M 2018 Assets 3M 2018 Assets • Strong liquidity continues as unrestricted cash amounts to c. $ 53.0 mm. • Increase of vessels value by c. $ 92 million following the delivery of two Cash & cash equ
Slide 9: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 6,000 • Our Daily Average TCE has more or less stabilized in the past quarters. 5,000 4,000 • The rise in our Daily Breakeven comes mostly by the rise in our finance cos
Slide 10: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends World LPG Trade (million tonnes) US LPG Trade (thousand bpd) 120 12% 1200 100 10% 1000 8% 80 800 6% 60 4% 600 40 400 2% 20 0% 200 0 -2% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Trad
Slide 11: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) Q2 Q3 Q4 Q1 % Change % Change 2017 2017 2017 2018 1 Year Last Quarter • Rates for all small LPG segments continued to be on the rise in Q1 7,500 PR 10,645 10,300 9,800 10,500 (1.4%) 7.1% 18’. 5,000 PR 7,903 8,500 9,
Slide 12: GASS Share Performance vs Peers (January 2017- May 2018)
❹ Share Performance GASS Share Performance vs Peers (January 2017- May 2018) 30% 25% 20% 15% % change of price 10% 5% 0% -5% -10% -15% -20% 1/1/2018 2/1/2018 3/1/2018 4/1/2018 5/1/2018 Crude Oil StealthGas Inc. Dorian LPG Ltd. Navigator Holdings Ltd. • The price of oil has hit its highest levels sin
Slide 13: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2018 Q2 2018E Q3 2018E Q4 2018E Total Number of Operating Vessels 55 55 53 53 54 Operational Utilization 93.3% 94.2% 94.4% 93.9% 94.0% Fixed Income plus current spot rates 13,700 16,632 15,818 15,524 61,673 F
Slide 14: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (18E) Navigator Gas 1.34 10.4 Dorian LPG 0.58 13.7 Average 0.96 12.05 StealthGas 0.29 7.3 StealthGas deviation to comps (70%) (39%) Source: Seaborne Capital Advisors, April 2018 • Our Company trades at a discount to its Net Asset Val
Slide 15: 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