Slide 1: 1st Quarter 2014 Results
1st Quarter 2014 Results May 22nd , 2014
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements 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 h
Slide 3: Stealthgas Top Handy LPG Owner
Stealthgas Top Handy LPG Owner Top LPG Owners Ranked by Number of Vessels Leading owner of Handysize LPG vessels. Maintain a modern fleet. Average age of our current LPG fleet is 11.3 years and will be reduced to 10.2 years after the new buildings deliver by 2015. Maintain moderate leverage with net
Slide 4: Fleet Employment Profile
Fleet Employment Profile 39 vessels out of 42 on period charters securing visible revenue stream. $210 million in secured revenues, only 4 vessels in the spot market. No Spot Vessels until end of February 3 3
Slide 5: Fleet Development
Fleet Development Current fleet of 39 LPG vessels, 3 product tankers and 1 aframax tanker. Contracted 17 eco-type LPG vessels with prompt deliveries. Investments in newbuilding Eco LPG carriers contracted at the best yards worldwide. 4 4
Slide 6: What is LPG? StealthGas Seaborne Trade Model
What is LPG? StealthGas Seaborne Trade Model LPG is the World’s Most Multi-Purpose Energy: accessible, environmentally friendly, available supply, less expensive than other fuel sources Natural Gas (LNG) Production (~60%) StealthGas hub and spoke model Commercial/ 10% is LPG Residential (52%) Indust
Slide 7: Global LPG Trade – Consumption by Sector
Global LPG Trade – Consumption by Sector Large Scale U.S. Export Projects Increase Average Sailing Distances Global LPG Trade The United States will likely compete with the Middle East for market share in the medium term to meet the growing LPG import requirements from the Far East. The price differ
Slide 8: US Exports Set to Rise & China Consumption
US Exports Set to Rise & China Consumption US Propane Exports Rise Fast, China Markets Prepare to Absorb the Extra Supply. Incremental demand for LPGs should largely originate in Asia, tied to the buildout of new PDH plants and ethylene plant expansions in China, and overall economic growth in the r
Slide 9: LPG – Most Attractive Shipping Segment
LPG –Most Attractive Shipping Segment Demand Less Supply (positive means Demand exceeds Supply) Source: Arctic Securities Current view on the Shipping Markets US LPG exports increasing rapidly. Largest Growth in demand is expected from the Far East. Increased Sailing Distances. Limited Fleet Growth
Slide 10: 2014 Income Statement
2014 Income Statement without May 2013 In US$ 000, except per share Q1 2013 Q1 2014 and Feb. 2014 amounts offerings Net Revenues $29,447 $33,884 $33,884 Voyage Costs 3,471 3,114 3,114 Running Costs 7,962 10,677 10,677 Drydocking Costs 496 363 363 Operating Income 8,424 9,697 9,697 Net Income 6,459 7
Slide 11: Balance Sheet
Balance Sheet December 31, March 31, 2013 2014 Cash and Cash Equivalents incl. restricted 92,040,419 121,318,049 Current Assets excl. cash 8,144,638 7,198,635 Advances for vessels under construction 70,577,435 72,277,236 Vessels, net 677,022,902 694,287,916 Other assets 3,199,349 2,716,569 Total Ass
Slide 12: 2014 Operating Highlights
2014 Operating Highlights Fleet Data Q1 2013 Q1 2014 Average number of vessels in fleet 37 42.04 Period end number of vessels in fleet 37 43 Total calendar days for fleet 3,330 3,784 Total voyage days for fleet 3,307 3,750 Fleet utilization 99.30% 99.1% Total charter days for fleet 2,789 3,417 Total
Slide 13: Orderbook for Our Niche LPG Shipping Segment Remains Small
Orderbook for Our niche LPG Shipping Segment Remains Small Supply Market Characteristics and Estimates (cb.m) 26+ yrs 26% of fleet Source: Joachim Grieg & Co, Banchero Costa Fleet growth is 7% in 2014, 8% in 2015 and 4% and 0% growth in 2016 and 2017, respectively. More than 26% of the 1,000 – 12,99
Slide 14: Historical Charter Rate Stability
Historical Charter Rate Stability LPG Timecharter Rates Historically Less Volatile ($ Thousands / Month) 5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings $2,500 $2,000 $1,500 $1,000 $500 $0 2 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 LPG time charter rates have remai
Slide 15: Sensitivity Analysis - Average Time Charter Equiv. Rates
Sensitivity Analysis -Average Time Charter Equiv. Rates 2016 will be the first full year that we will operate with all our 60 vessels, including NBs on order. When Large Scale US projects materialize rate s are expected to Increase. Adding to our fleet, 17 new eco LPG carriers, positions Stealthgas
Slide 16: Attractive Valuation – Listed Companies Comparables
Attractive Valuation – Listed Companies Comparables Source: GLOBAL HUNTER SECURITIES 15
Slide 17: Q&A
Q&A
Slide 18: Contacts
Contacts Company Contact: Weekly LPG Market Report updated every Monday Stavros Papantonopoulos Finance Manager StealthGas Inc. Comprehensive Investor Relations Information 011-30-210-6250-001 E-mail: info@stealthgas.com Visit our Website at: www.stealthgas.com