Stealthgas, Inc. · NASDAQ:GASS
Stealthgas — Q1 2024 Earnings Presentation
13 slides from Stealthgas's earnings presentation, May 22, 2024
Slide 1: StealthGas Inc. Q1 2024 Financial and Operating Results
StealthGas Inc. | Q1 2024 Financial and Operating Results | May 22, 2024
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 dee
Slide 3: StealthGas Key Highlights
| StealthGas Key Highlights |Fleet & Operations • Completed the sale of two small LPG vessels in January 2024. • Took delivery of two MGC’s, the Eco Oracle and Eco Wizard in January 2024. • Entered into a number of new period charters increasing period coverage to 73% for the remainder of 2024. • Co
Slide 4: LPG Fleet evolution - Continued commitment in LPG shipping
| LPG Fleet evolution -Continued commitment in LPG shipping 32 VESSELS 4 MGC’s Fully-Refrigerated 4 Handysizes Semi-Refrigerated 24 Small LPG carriers Pressurised Cbm’s • Stealthgas became a pure LPG company in late 2021. • Stealthgas has been strategically diversifying its fleet selling smaller ves
Slide 5: Fleet Employment Analytics (As of May 2024)
| Fleet Employment Analytics (As of May 2024) EARNINGS VISIBILITY Q2 2024 Q3 2024 Q4 2024 Q1 2025 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Name Type 1 Eco Ice TC Sep 2027 2 Eco Freeze TC May 2027 3 Eco Elysium TC May 2027 4 Gas Myth TC Jan 2027 • 5 new period charters and
Slide 6: Summary of our Two JVs
| Summary of our Two JVs $42.3 million Book value of investment in JV’s as of March 31st. • All five vessels are fixed on time charters. Updated Q2 2024 Q3 2024 Q4 2024 Q1 2025 chartering arrangements include: Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Name Type - A twelve m
Slide 7: LPG Fleet Trading Profile
| LPG Fleet Trading Profile EU-Med-18 vessels • Our LPG fleet trading profile is a snapshot of our vessels as of May 15, 2024. • StealthGas focuses on regional trade and local distribution of gas. Our larger vessels mostly do intercontinental voyages particularly US to Europe or Asia. • Our Fleet tr
Slide 8: Financials | Income Statement
| Financials| Income Statement Income Statement Q1 Q1 (Amounts in USD'000s) 2023 2024 Voyage revenues 38,062 41,564 • Net Revenues increased in spite of the decrease in calendar days as a result of Voyage costs (3,992) (2,858) improved market conditions, the addition of two larger vessels in the fle
Slide 9: Financials | Balance Sheet
|Financials | Balance Sheet Balance Sheet (Amounts in $'000s) Q4 2023 Q1 2024 Assets Cash & cash equivalents (incl restricted) 83,756 83,636 Vessel held for sale 34,880 0 • Strong Liquidity on GASS balance sheet, including restricted cash and short Current assets excl. cash 8,082 8,432 term investme
Slide 10: Financials | Debt Analysis & Capital Structure
|Financials |Debt Analysis & Capital Structure - Major deleverage is part of the strategy - During 2023 debt was reduced by c.$154 million with significant savings in interest expenses. - During the first quarter added $70.0 million for the 2nb vessels and repaid $32.0 million (prepayments + amortiz
Slide 11: Market update | LPG Sector Highlights & Trends
|Market update| LPG Sector Highlights & Trends |Global LPG Exports • Steady growth in Global LPG exports continues (+4.3% FY2023) (+5.0% Q1 2024). • Another record for US exports +12% y-o-y in Q1 2024. Middle East exports turn positive after last year’s decline. • Imports from China surge 27% y-o-y
Slide 12: Market update | LPG Sector Highlights & Trends
|Market update| LPG Sector Highlights & Trends • During Q1 24’ rates remained firm. LPG pressurized trade: • West of Suez: - Stable market with limited vessel availability and active period |Small-Handy-MGC LPG Daily Charter Rates Evolution ($) interest, particularly for larger pressurized vessels (
Slide 13: Outlook | Forecast | Considerations Going Forward
|Outlook|Forecast|Considerations Going Forward • Below are the key variables that will affect our performance going forward. Significant operating leverage- due to our sizeable fleet. Reduced exposure to spot market, high earnings visibility. Healthy capital structure with low debt and high