Slide 1: Third Quarter 2014 Results
Third Quarter 2014 Results November 21st, 2014
Slide 2: 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 The Largest LPG Owner
StealthGas The Largest LPG Owner Top LPG Owners Ranked by Number of Vessels (Small Class) Company Sailing Fleet New building Total StealthGas 47 16 63* China Government 44 44 Epic Gas** 28 9 37 Lauritzen J 29 29 Hartmann Schif 19 19 Ino Gas Trans 18 18 Siam Gas & Oil 18 18 Daelim 17 - 17 Vitol 15 2
Slide 4: Fleet Employment Profile
Fleet Employment Profile 42 vessels out of 47 on period charters securing visible revenue stream. $225 million in secured revenues. Seven ships Chartered for longer periods extending to 2022. No Spot Vessels until end of February 3 3
Slide 5: Fleet Development
Fleet Development Current fleet consists of 43 LPG vessels, 3 product tankers and 1 aframax tanker. Contracted 21 eco-type LPG vessels, most of them in Japan, 5 of which have already delivered this year. 65 1 0 2 60 1 1 1 55 3 6 50 0 0 1 45 0 62 63 59 59 60 57 57 58 58 40 54 47 47 47 48 35 44 42 43
Slide 6: LPG is a Supply Driven Market
LPG is a Supply Driven Market Phenomenal Output Growth in recent years. Most versatile form of Clean Energy. Most popular uses: Cooking, Heating, Autogas, Power Generation. 5 5
Slide 7: What is LPG? StealthGas Seaborne Trade Model
What is LPG? StealthGas Seaborne Trade Model LPG is the World’s Most Versatile Energy: accessible, environmentally friendly, abundant , easier to transport. Natural Gas (LNG) Production (~60%) StealthGas hub and spoke model Commercial/ 10% is LPG Residential (52%) Industrial (9%) Engine Crude Oil Re
Slide 8: 2014 Income Statement
2014 Income Statement In US$ 000, except per Nine Months Nine Months Q3 2013 Q3 2014 share amounts 2013 2014 Net Revenues $29,738 $31,232 $89,449 $96,982 Voyage Costs 2,895 4,011 10,984 10,583 Running Costs 9,852 12,346 26,514 33,676 Drydocking Costs 1,086 - 2,457 466 Operating Income 6,132 4,251 21
Slide 9: Balance Sheet
Balance Sheet December 31, September 30, 2013 2014 Cash and Cash Equivalents incl. restricted 92,040,419 131,471,083 Current Assets excl. cash 8,144,638 7,315,240 Advances for vessels under construction 70,577,435 86,123,429 Vessels, net 677,022,902 753,400,867 Other assets 3,199,349 3,523,608 Total
Slide 10: 2014 Operating Highlights
2014 Operating Highlights Nine Nine Fleet Data Q3 2013 Q3 2014 Months Months 2013 2014 Average number of vessels in fleet 40.6 44.4 38.6 43.3 Period end number of vessels in fleet 42 47 42 47 Total calendar days for fleet 3,735 4,088 10,535 11,812 Total voyage days for fleet 3,665 4,062 10,376 11,71
Slide 11: Small Class Orderbook Smallest in LPG Segment
Small Class Orderbook Smallest in LPG Segment Supply Market Characteristics and Estimates (cb.m) 50.0% LPG Carrier Orderbook as Proportion of 45.0% Trading Fleet (over 2014-2018) Age profile in Units 25% of 44% LPG Carrier ( 1000 - 12.999 Cu.m.) the Fleet 40.0% 40% over 25 35.0% years old 31 yrs + u
Slide 12: Historical Charter Rate Stability & Barriers to Entry
Historical Charter Rate Stability & Barriers to Entry LPG Timecharter Rates Historically Less Volatile 5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings $2,500 $2,000 ($ Thousands / Month) $1,500 $1,000 $500 $0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 The small order
Slide 13: Capex Program Analysis
Capex Program Analysis STEALTHGAS ORDERBOOK ORDERBOOK ADDITIONS Semi refrigerated ships are more versatile than pressurized ships as they can cool cargo down to -48 degrees Celsius and so they can carry a bigger variety of gasses. CAPITAL EXPENDITURE ANALYSIS 500 450 400 85 350 Million Dollars 300 1
Slide 14: Sensitivity Analysis - Average Time Charter Equiv. Rates
Sensitivity Analysis -Average Time Charter Equiv. Rates EBITDA (m$) SENSITIVITY TO AVG RATES INCREASE (+1000) 59 vessels in 2016 TCE Q1 2016E Q2 2016E Q3 2016E Q4 2016E FY2016E 7,000 11.9 10.7 10.7 12.0 45.2 LOW CASE SCENARIO 8,000 17.2 15.5 15.5 17.4 65.7 9,000 22.6 20.3 20.3 22.9 86.2 BASE CASE SC
Slide 15: Attractive Valuation – Listed Companies Comparables
Attractive Valuation – Listed Companies Comparables* P/NAV P/E (15E) EV/EBITDA (15E) Dorian LPG 0.8x 6.6x 6.7x GasLog 1.0x 17.2x 13.6x Golar LNG 1.4x 50.5x 41.2x Navigator Gas 1.4x 12.0x 9.4x Avance Gas 0.8x 4.4x 4.4x Average 1.1x 18.1x 15.1x StealthGas 2015 0.6x 8.0x 7.2x StealthGas Discount to Com
Slide 16: Q&A
Q&A
Slide 17: 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