Slide 1: Q3 2018 Financial & Operating Results
Q3 2018 Financial & Operating Results November 23, 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 96.1% in Q3 18’ (95.4% in Q3 17’) in spite of the weak seasonal period combined with an Operations unexpected slow down of the Asian LPG market. • Almost 15% reduction of commercial off hire days in Q3 18’ compared to Q3 17’
Slide 4: StealthGas Sale & Purchase Activity
❶ Highlights StealthGas Sale & Purchase Activity • Since the beginning of 2018, we have agreed to sell 7 LPG vessel for a total price of c. $ 40 million. Sale • Up to date, 5 vessels that were sold for c. 30.0 million have been delivered to their new owners. • As three of the sales took place around
Slide 5: Fleet Employment Analytics (as of November 2018)
❶ Highlights Fleet Employment Analytics (as of November 2018)2018 2019 EARNINGS VISIBILITY Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Vessel Charter End Date 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 B/B Jun 2022 3 Eco Loyalty B/B Jun
Slide 6: LPG Fleet Trading Profile
Rest France EU~ 37% 13% 7% Germany 6% ❶ Highlights UK Italy LPG Fleet Trading Profile 20% 20% • StealthGas focuses on regional trade and local distribution of Norway gas. Portugal 14% 20% • Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our tradin
Slide 7: Financials – Income Statement Q3 2018 & Q3 2017
❷ Financials Financials – Income Statement Q3 2018 & Q3 2017 Q3 Q3 Comparing Q3 2018 to Q3 2017 Incom e Statem ent 9M 9M ( Am ounts in USD' 000s) 2017 2018 2017 2018 - Revenues increased by $ 4.2 million (10.8%) in spite of two less vessels in the fleet as a result of Voyage revenues 38,546 42,724 1
Slide 8: Financials - Performance Highlights Q3 2018 & Q3 2017
❷ Financials Financials -Performance Highlights Q3 2018 & Q3 2017 Fleet Data Q3 2017 Q3 2018 9M 2017 9M 2018 Key Comments Period number of owned vessels in fleet 54 52 54 52 Total calendar days for fleet 5,052 4,994 15,047 14,859 - Operational utilization of 96.1% in Q3 18’. Total voyage days for fl
Slide 9: Financials – Balance Sheet 9M 2018
❷ Financials Financials – Balance Sheet 9M 2018 Balance Sheet Key Remarks (Amounts in #039;000s) 12M 2017 9M 2018 Assets 9M 2018 Assets Cash & cash equivalents 51,754 64,793 • Strong liquidity continues as unrestricted cash totals c. $ 65 mm. Current assets excl. cash 11,085 25,786 • The increase in ca
Slide 10: Financials – Break Even and Fleet Analysis
❷ Financials Financials – Break Even and Fleet Analysis Daily Breakeven Analysis ($) 8,000 Daily Average TCE Daily Breakeven 7,000 6,000 5,000 • What we notice in Q3 18’ is a slight decrease of our daily TCE 4,000 whereas our daily breakeven has remained relatively stable. 3,000 2,000 1,000 0 Q1 201
Slide 11: LPG Sector Highlights & Trends
❸ Market Update LPG Sector Highlights & Trends China LPG Imports (mm. tonnes) India LPG Imports (mm. tonnes) 20 10 18 9 16 8 14 7 12 6 10 5 8 4 6 3 4 2 2 1 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 • China’s demand for LPG has grown significantly d
Slide 12: Historical Charter Rates
❸ Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution ($) • During Q3 2018, rates for small LPGs remained relatively flat mostly Q3 Q4 Q1 Q2 Q3 % Change % Change due to seasonal factors and the unexpected slowdown of the Asian 2017 2017 2018 2018 2018 1 Year Last Quarter L
Slide 13: GASS Share Performance vs Peers
❹ Share Performance GASS Share Performance vs Peers (May 2018- November 2018) 25% Crude Oil StealthGas Inc. Dorian LPG Ltd. Navigator Holdings Ltd. 20% 15% 10% % change of price 5% 0% -5% -10% -15% -20% -25% 5/1/2018 6/1/2018 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 • During the past months th
Slide 14: Time Charter Equivalent – Sensitivity Analysis
❺ Outlook Time Charter Equivalent – Sensitivity Analysis (Amounts in $ '000s) TCE/EBITDA Q1 2019E Q2 2019E Q3 2019E Q4 2019E Total 2019 Number of Operating Vessels 49 49 49 49 49 Operational Utilization 97.4% 97.1% 96.2% 95.0% 96.4% Fixed Income plus current spot rates 18,924 18,335 17,717 17,523 72
Slide 15: Valuation – Listed Companies Comparables
❺ Outlook Valuation – Listed Companies Comparables P/NAV EV/EBITDA (18 Current) Navigator Holdings 1.18 12.6 Dorian LPG 0.62 14.4 Average 0.90 13.5 StealthGas 0.27 7.9 StealthGas deviation to comps (70%) (41%) Source: Seaborne Capital Advisors, October 2018 • Our Company trades at a discount to its
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