Slide 1: Q2 2022 Financial and Operating Results
SteatlhGas Inc. | Q2 2022 Financial and Operating Results | August 24, 2022
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
1| Highlights| SteatlhGas Key Highlights |Fleet & Operations • Operational utilization of 97%; same levels as last year, and continued reduction of spot days (-60% y-o-y). • About 62% of fleet days are secured on period charters for the remainder of 2022, with total fleet employment days for all sub
Slide 4: Fleet Employment Analytics (As of August 2022)
1| Highlights| Fleet Employment Analytics (As of August 2022) EARNINGS VISIBILITY Q3 2022 Q4 2022 Q1 2023 Q2 2023 Vessel Charter End Date Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Name Type 1 Eco Elysium TC Jun 2024 2 Gas Flawless TC Nov 2023 • 5 new period charters and charter extensions conclude
Slide 5: Summary of our Two JVs
1| Highlights| Summary of our Two JVs Small LPG JV Structure- 1 • Currently, all of our vessels are on time charter contracts. Q3 2022 Q4 2022 Q1 2023 Q2 2023 Vessel Charter • Since our last announcement, the charterers of the Name Type End Date Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Gas Harala
Slide 6: LPG Fleet Trading Profile
1| Highlights| LPG Fleet Trading Profile EU-19 vessels • SteatlhGas focuses on regional trade and local distribution of gas. Our Fleet trading pattern is geographically diversified and is continuously adjusted to market needs. • Our LPG fleet (incl. semi-refs) trading profile is a snapshot of our ve
Slide 7: Income Statement
2| Financials| Income Statement Income Statement Q2 Q2 (Amounts in USD'000s) 6M 2021 6M 2022 2021 2022 Voyage revenues 39,250 39,275 76,666 75,146 Voyage costs (5,955) (4,645) (12,888) (8,877) Net revenues 33,295 34,630 + 4% 63,777 66,270 Operating expenses (15,837) (13,335) - 16% (30,912) (26,213)
Slide 8: Balance Sheet
2|Financials | Balance Sheet Balance Sheet (Amounts in #039;000s) Q4 2021 Q2 2022 Assets Cash & cash equivalents (incl restricted) 45,701 90,228 • Liquidity on GASS balance sheet, including restricted cash, increased to Vessel held for sale 12,250 0 $90.2 million. Current assets excl. cash 5,953 9,607
Slide 9: Debt Analysis & Capital Structure Following The Spin-Off
2|Financials |Debt Analysis & Capital Structure Following The Spin-Off - Since the beginning of 2021 and up until February 2022, we concluded the refinancing of twenty vessels, thus succeeding in: - Reshaping our loan portfolio’s duration and deferring balloon payments. - Enhancing our free cash wit
Slide 10: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • LPG trade expected to rise by 3.9% in 2022. • Imports in China, the largest importer of LPG, have shown a gradual rebound after a drop in the first quarter. |Global LPG Production 400 • China will continue to be the demand driver in Asia due to sever
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q2 22’ rates improved across all small LPG sub segments. Focusing on LPG trade: |Small LPG Daily Charter Rates Evolution ($) • West of Suez: - The market for pressurized lpg carriers during Q2 was quite active both on the LPG and petrochemical
Slide 12: Share Performance of GASS
4|Share Performance of GASS • Following a sharp rise in June, reaching YTD high on June 15th the share price has consolidated lower. • GASS stock still trades at a heavy discount to NAV. EPS of $0.52 for the first 6 months of 2022. 12
Slide 13: Outlook, Forecast, Considerations Going Forward
5|Outlook|Forecast|Considerations Going Forward • Given the turbulent and uncertain market, it is quite difficult to predict revenue and profitability. • Below are the key variables that will affect our performance going forward. Time charter rates for small LPGs are have been rising over the past