Slide 1: StealthGas Inc. Q1 2022 Financial and Operating Results
SteatlhGas Inc. | Q1 2022 Financial and Operating Results | May 26, 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 92.7%; same levels as last year, and continued reduction of spot days (-65% y-o-y). • About 59% of fleet days are secured on period charters for the remainder of 2022, with total fleet employment days for all s
Slide 4: Fleet Employment Analytics (As of May 2022)
1| Highlights| Fleet Employment Analytics (As of May 2022) EARNINGS VISIBILITY Q2 2022 Q3 2022 Q4 2022 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Name Type 1 Eco Elysium TC Jun 2024 2 Gas Alice TC Aug 2023 3 Eco Green TC May 2023 • 8 new period charters and charter extensions concluded
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 EARNINGS VISIBILITY contracts. Q2 2022 Q3 2022 Q4 2022 Vessel Charter End Date May Jun Jul Aug Sep Oct Nov Dec Name Type • Since our last announcement, the charterers of the 1 Eco Luci
Slide 6: LPG Fleet Trading Profile
1| Highlights| LPG Fleet Trading Profile EU-17 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
Slide 7: Income Statement Q1 21 vs Q1 22
2| Financials| Income Statement Q1 21 vs Q1 22 Income Statement Q1 Q1 (Amounts in USD'000s) 2021 2022 Voyage revenues 37,416 35,871 Voyage costs (6,933) (4,231) Net revenues 30,482 31,640 + 4% Operating expenses (15,076) (12,878) - 15% Drydocking costs (610) (384) Management fees (1,448) (1,285) G&A
Slide 8: Balance Sheet Q1 2022
2|Financials | Balance Sheet Q1 2022 Balance Sheet (Amounts in #039;000s) Q4 2021 Q1 2022 Assets • Liquidity on GASS balance sheet, including restricted cash, is $82.4 Cash & cash equivalents (incl restricted) 45,701 82,405 million. Current assets excl. cash 18,203 9,682 Vessel, net 681,337 664,149 • O
Slide 9: Debt Analysis & Capital Structure Following The Spin-Off
2|Financials |Debt Analysis & Capital Structure Following The Spin-Off - Since the beginning of 2021 and up until February 2022, we concluded the refinancing of twenty vessels, thus succeeding in: - Reshaping our loan portfolio’s duration and deferring balloon payments. - Enhancing our free cash wit
Slide 10: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • China the largest importer of seaborne LPG reduced imports yoy during the first quarter of 2022 and this may continue as a result of the recent lockdowns and China’s Covid policies. The US has become China’s largest exporter with close to 40% share.
Slide 11: LPG Sector Highlights & Trends
3|Market update| LPG Sector Highlights & Trends • During Q1 22’ rates improved across all small LPG sub segments. Focusing on LPG trade: |Small LPG Daily Charter Rates Evolution ($) • West of Suez: - The healthy spot market through the winter months has continued into Q1 Q2 Q3 Q4 Q1 % Change % Chang
Slide 12: Share Performance of GASS
4|Share Performance of GASS • Since the beginning of the year, share price of GASS has increased by c. 15% but has lagged behind other companies in the wider sector. • GASS stock still trades at a heavy discount to NAV. 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. |GASS Financial & Market Forecast Considerations ❖ Time charter rates