Slide 1: First Quarter 2015 Results
First Quarter 2015 Results May 26th, 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 three new Eco LPG carriers (one in January and two in April). Operations • Divestment of our two oldest vessels for demolition (both in April) • Low running costs and low cost of debt lead to an overall low breakeven. • 66% of v
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, the biggest in number of new orders and the market leader in terms of total ves
Slide 5: Fleet Employment Analytics (as of April 30th 2015)
❶ Highlights Fleet Employment Analytics (as of April 30th 2015) 2015 2016 2017 EARNINGS VISIBILITY Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Ju
Slide 6: Fleet Trading Profile
UK ❶ Highlights EU~ 24% Rest 31% 27% Fleet Trading Profile Norway Belgium 19% France 12% 12% • Stealthgas focuses on regional trade and local distribution of gas. • Approximately 70% of the LPG we carry is for household usage (cooking and heating) and remaining 30% for industrial usage. • Currently
Slide 7: Fleet Development
❶ Highlights Fleet Development 59 55 4 • As of April 30th, 2015 StealthGas owned 46 vessels 55 52 53 2 4 GASS S&P activity 2015 48 1 4 4 4 45 46 4 LPG Vessel Capacity (cbm) Built Status Date 45 1 4 Gas Kaizen 4,109 1991 sold for scrapping Apr-15 42 42 4 40 4 4 Gas Crystal 3,211 1990 sold for scrappi
Slide 8: Capex Program Analysis
❶ Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis • Remaining investment program of c. 323 USD mm. for the period (Amounts in USD mm.) Q2 2015- Q42017. • 13 LPG orders of 138,400 cbm aggregate capacity, majority of 400 which are under construction in Japan. 20
Slide 9: Financials – Income Statement Q1 2015
❷ Financials Financials – Income Statement Q1 2015 Incom e Sta tem ent Q1 Q1 Comparing Q1 2015 to Q1 2014 ( A m ounts i n U SD' 000s ) 2014 2015 Voyage revenues 33,884 35,676 • Net Revenues increased by $ 650 thousands to $31.5 mm Voyage costs (3,114) (4,253) compared to Q1 2014 due to the increased
Slide 10: Financials - Performance Highlights Q1 2015
❷ Financials Financials -Performance Highlights Q1 2015 Fleet Data Q1 2014 Q1 2015 Key Comments Average number of vessels in fleet 42.04 45.9 • Soft market conditions are evident as: Period number of vessels in fleet 43 46 - Operational utilization was 95.6% in Q1 15 compared Total calendar days for
Slide 11: Financials – Balance Sheet Q1 2015
❷ Financials Financials – Balance Sheet Q1 2015 Balance Sheet 12M Q1 Key Remarks (Amounts in #039;000s) 2014 2015 Assets Q1 2015 (total assets stand at shade below $ 1 bn.) Assets • Moderate change in our vessels net value as only one vessel was added to our fleet in Q1 2015 Cash & cash equivalents 129
Slide 12: Financials – Break Even and G&A Analysis
❷ Financials Financials – Break Even and G&A Analysis Breakeven Analysis 12,000 9,792 9,699 10,000 9,310 9,083 9,283 8,929 8,732 8,827 8,708 • LPG charter rates volatility history: $ 7,000 at the bottom of the cycle vs. 8,000 $ 13,000 at the peak. Currently we are closer to the bottom of the rate 6,
Slide 13: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends World LPG Supply World LPG Demand North / Latin America Asia / Pacific 350 North / Latin America Middle East Middle East Europe / CIS / Africa 350 300 Asia / Pacific Europe / CIS / Africa 300 250 250 Million Tonnes 200 Million Tonnes 200 150 150 100 100
Slide 14: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution (last 5 months) LPG Vessel Nov. 14 Dec.14 Jan. 15 Feb. 15 Mar. 15 % Period Change 7,500 PR 11,513 11,431 11,184 11,184 11,184 (2.9%) • Rates for small LPG’s follow a declining trend and 5,000 PR 9,046 8,224 8,059 7,895
Slide 15: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends LPG Fleet Age LPG Fleet Overview • 24% of the small scale LPG fleet is above 20 yrs old and • Moderate order book in the pressurized segment but high number of nb deliveries in 2014, increasing the market fleet therefore the market could potentially mov
Slide 16: GASS Share Performance vs Peers (up to May 2015)
❹ Share Performance GASS Share Performance vs Peers (up to May 2015) 20% Gas Carrier Peer Group S&P 500 GASS Oil Prices 15% % change against price at 31/12/14 10% 6.0% 5% 1.2% 0% (1.5%) -5% -10% -15% -20% -25% 12/31/2014 01/30/2015 2/3/2015 03/30/2015 04/28/2015 • May 2015, Stealthgas share outperfo
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 2016E Number of Operating Vessels 56 57 57 57 57 Percentage Operational Days Open 57% 61% 63% 66% 66% TCE At 7,000 11,435 10,845 11,479 11,170 44,929 TCE at 7,500 13,39
Slide 18: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/ASSETS EV/EBITDA (15E) Avance Gas 0.81 0.83 5 BW LPG 0.68 0.75 3.9 Dorian LPG 0.63 0.78 8.3 EPIC GAS 0.45 0.72 27.3 Average 0.64 0.77 11.13 StealthGas 0.45 0.63 6.8 StealthGas Discount to Comps 30% 18% 39% Source: RS Platou Markets, Februar