Slide 1: StealthGas Inc. 4th Quarter 2012 Results
StealthGas Inc. 4th Quarter 2012 Results February 21st , 2013 CONSISTENCY & GREAT VALUE
Slide 2: Disclaimer
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: Business Strategy
Business Strategy Business Strategy Implementation Consolidation and fleet Took delivery of 2 Newbuilding LPG carriers in January & June 2012 renewal Sold 2 LPG carriers in 2012 Acquired 4 Newbuilding LPG carriers to be delivered in 2014 & 2015 Moderate Leverage Q4 2012 net debt to capitaliz
Slide 4: Fleet Development
Fleet Development Newbuilding program of 12 LPG carriers completed with the 2 latest deliveries in 2012 Remaining newbuilding acquisitions have committed financing With $45mil cash and 3 unencumbered vessels + leverage = $120mil dry powder 3
Slide 5: Fleet Employment Profile
Fleet Employment Profile Gas Esco Gas Husky Stealth Balha Gas Sikousis Navig8 Faith Naviga Fidelity Gas Spirit Gas Elixir Spike Gas Pasha Gas Defiance Gas Myth Gas Shuriken Gas Icon Gas Sincerity Gas Exelero Gas Astrid Gas Zael Gas Texiana Sir vor Lyne’ Gas Arctic Gas Ice Gas Crystal Gas Cerberus Ga
Slide 6: Financial Highlights
Financial Highlights Fourth Quarter 2012 Q4 Net Income of $7.8 million, net revenues of $30.6 million, EBITDA of $17.2 million. EPS of $0.38 per share on 20.6 million shares outstanding. Q4 Adjusted Net Income of $6.7 million and Adjusted EPS $0.33 per share, before net non cash gain of $0.1 million
Slide 7: 2012 Income Statement
2012 Income Statement In US$ 000, except per Q4 2011 Q4 2012 FY 2011 FY 2012 share amounts Net Revenues $28,884 $30,586 $118,281 $119,213 Voyage Costs 4,733 3,856 17,829 12,704 Running Costs 7,766 7,734 36,558 30,592 Operating Income 6,784 9,845 19,826 39,291 Net Income 4,446 7,759 8,550 28,958 Net
Slide 8: Balance Sheet
Balance Sheet December 31, December 31, 2011 2012 Cash and Cash Equivalents incl. restricted 51,793,666 50,913,655 Current Assets excl. cash 5,106,792 6,649,752 Vessels held for sale 921,285 -- Advances for vessels under construction 22,347,811 19,321,045 Vessels, net 613,832,973 634,634,671 Other a
Slide 9: 2012 Operating Highlights
2012 Operating Highlights Fleet Data & Daily Results Fleet Data Q4 2011 Q4 2012 FY 2011 FY 2012 Average number of vessels in fleet 37.0 37.0 37.6 36.9 Period end number of vessels in fleet 37 37 37 37 Total calendar days for fleet 3,404 3,404 13,716 13,494 Total voyage days for fleet 3,262 3,401 13,
Slide 10: Financial Estimator 2013
Financial Estimator 2013 Contracted Revenues $78 million Non contracted Voyage days 3,800 days Operating Expenses $8 million per quarter Drydock Expenses 5 vessels during the year Interest & Swaps (cash portion) $8.5 million interest $2.5million swaps Depreciation $29.3 million EBITDA Estimates if a
Slide 11: Charter Market Rate Indicator (12 Month TCs)
Charter Market Rate Indicator (12 Month TCs) Q3 2012 Average Q4 2012 Average Q1 2013 Forecast 3,200 CBM S/R 267,300 260,385 255,000 3,500 CBM P/R 241,730 234,615 237,500 5,000 CBM P/R 306,920 290,000 290,000 6,000 CBM 435,000 435,000 440,000 15,000 CBM 650,000 650,000 750,000 35,000 CBM 805,770 801,
Slide 12: Global Seaborne LPG Trade
Global Seaborne LPG Trade Seaborne LPG trade grew by ~ 8-10% in 2012 driven by demand from emerging economies. Total seaborne trade for 2013 is expected to increase by 16% from 2010 and come to 100.6mmt; it is expected to rise by at least ~5% annually through 2016. Asian imports rose by ~12% in 2012
Slide 13: US LPG Trade
US LPG Trade 2012, was the first time the US LPG exports exceeded its imports since 1973; it is expected to exceed 5mmt in 2013 against 3.7mmt in 2012 and before reaching 7mmt in 2014. The new era of shale gas boom in the US is a game changer. The USCG confirmed pressurized owners would be able to l
Slide 14: LPG Major Trades
LPG Major Trades The Middle East remained the single largest contributor to growth in total LPG exports in 2012, with an increase of LPG supply for exports by 8%. LPG in the US is cheaper than the biggest suppliers in the Middle East, which account for ~35mmt a year of the estimated 85mtt global sea
Slide 15: An overloaded orderbook in mainstream segments But not in the LPG space
An overloaded orderbook in mainstream segments But not in the LPG space 30% 25% 25% 24% 20% 19% 19% 15% 12% 12% 10% 5% 0% LNG Offshore Drybulk Container Crude Tankers LPG LPG orderbook still remains smaller than other shipping segments with a limited fleet growth of pressurized vessels for 2012 and
Slide 16: TC equiv. spot earnings
3000-8000 cbm Fleet Development Vs. TC Rates/Earnings* 600 10% INGE STEENSLAND AS TC rates in USD 1000's per month (lines) 500 Fleet growth in % (bars) TC equiv. spot earnings 400 5% 300 200 0% 100 Overall 3000-7999 fleet growth SR 3000-7999 fleet growth SR 6500 cbm TCE SR 3500 cbm 1yr TC PR 3500 cb
Slide 17: Valuations comparison
Valuations comparison Company P/NAV P/EPS 2012 GASLOG (GLOG) 505.5 % 62.6x GOLAR LNG (GNLG) 178 % 24.3x SCORPIO TANKERS (STNG) 176.1 % NA CAPITAL PRODUCT PARTNERS (CPLP) 254.5 % NA TSAKOS ENERGY NAVIGATION (TNP) 247.1 % NA TEEKAY TANKERS (TNK) 162.3 % NA STEALTHGAS (GASS) 75 % 7.7x Shipping companie
Slide 18: Contacts
Contacts Company Contact: Konstantinos Sistovaris Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. Weekly LPG Market Report 011-30-210-6250-001 updated every Monday E-mail: sistovaris@stealthgas.com Comprehensive Investor www.stealthgas.com Relations Information 18