Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q2 2019 Earnings Presentation
16 slides from Stealthgas's earnings presentation, Aug 22, 2019
Slide 1: Q2 2019 Financial & Operating Results
Q2 2019 Financial & Operating Results August 22, 2019 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 95.3% in Q2 ’19 (97.8% in Q2 ’18) mostly due to softer conditions prevailing in Asia. Operations • Fleet calendar days down 20.3% quarter over quarter to 4,004 days attributed to our recent strategic fleet contraction. • Abo
Slide 4: Fleet Employment Analytics (as of August 2019)
❶ Highlights Fleet Employment Analytics (as of August 2019) 2019 2020 EARNINGS VISIBILITY Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Vessel Charter End Date Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Name Type Rate 1 Eco Corsair TC-BB Dec 2019/Dec 2029 2 3 Gas Exelero E
Slide 5: JV and S&P Summary
❶ Highlights JV and S&P Summary • StealthGas enhances its presence across the LPG transportation segment and broadens its revenue stream. • In collaboration with our JV partners, we recently acquired the Eco Nebula, a secondhand (2007 built) 38,000 cbm fully refrigerated LPG vessel. • In addition to
Slide 6: LPG Fleet Trading Profile
France 10% EU~ 45% Rest Germany 10% ❶ Highlights 25% LPG Fleet Trading Profile Norway • UK 20% 15% Our LPG fleet (incl. semi-refs) trading profile is a snapshot of our vessels as of August 12th, 2019. Poland Portugal… 10% • Fleet trading pattern is geographically diversified and is continuously adju
Slide 7: Financials – Income Statement Q2 2019 & Q2 2018
❷ Financials Financials – Income Statement Q2 2019 & Q2 2018 Incom e Statem ent Q2 Q2 6M 6M ( Am ounts in USD' 000s) 2018 2019 2018 2019 Comparing Q2 2019 to Q2 2018 Voyage revenues 43,381 34,084 83,076 72,526 - Revenues at $34.1 million in Q2 19’ a decrease of 9.3 million compared to the Voyage cos
Slide 8: Financials - Performance Highlights Q2 2019 & Q2 2018
❷ Financials Financials -Performance Highlights Q2 2019 & Q2 2018 Key Comments Fleet Data Q2 2018 Q2 2019 6M 2018 6M 2019 Period number of owned vessels in fleet 52 42 52 42 - Operational utilization of 95.3 % in Q2 19’, a lower than expected figure due to higher Total calendar days for fleet 5,026
Slide 9: Financials – Balance Sheet 6M 2019
❷ Financials Financials – Balance Sheet 6M 2019 Balance Sheet Key Remarks (Amounts in $'000s) 12M 2018 6M 2019 Assets 6M 2019 Assets Cash & cash equivalents 64,498 65,837 • Strong liquidity continues as unrestricted cash totals c. $66 mm. in spite Current assets excl. cash 74,368 10,309 of our recen
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven • Obvious decrease of our daily Average TCE. 7,800 • It is worth noting that compared to Q1 19’: 7,600 - Daily time charter revenues were around $350 higher in Q2 19, while 7,
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends Global LPG Seaborne Trade (mm. tonnes) China’s PDH Capacity List (mm. tonnes/year) East Exports West 8 90 7 80 6 70 60 5 50 4 40 3 30 2 20 1 10 0 0 2017 2018 2019 2020 2025 2030 2015 2016 2017 2018 2019-2020E • In terms of the two key players in the glo
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) • During Q2 2019’, rates for small LPGs remained flat with the exception of the 3,500 cbm pressurized vessels in the East where we witnessed a close to Q2 Q3 Q4 Q1 Q2 % Change % Change 2018 2018 2018 2019 2019 2 Yea
Slide 13: GASS Share Performance vs Peers (January 2019 – August 2019)
❹ Share Performance GASS Share Performance vs Peers (January 2019 – August 2019) 80% Crude Oil StealthGas Inc. Dorian Lpg Ltd Navigator Holdings Ltd. 70% 60% % change of price 50% 40% 30% 20% 10% 0% -10% -20% 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 • Since the beginni
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2020E Q2 2020E Q3 2020E Q4 2020E Total 2020 Number of Operating Vessels (excl. JV Vessels) 44 44 44 44 44 Operational Utilization 95.0% 94.8% 94.8% 94.8% 94.8% Fixed Income plus current spot rates 16,095 16,1
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (2019) EPIC GAS n/a 6.7 Navigator Holdings 1.1 10.2 Dorian LPG 0.74 7.7 Average 0.92 8.2 StealthGas 0.26 7.0 StealthGas deviation to comps (72%) (15%) Source: Bloomberg, Seaborne Capital Advisors, July 2019 • Our Company trades at a
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 Conservative chartering policy and capital structure management with significant our Company: ✓ secured pre co