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Q2 2015 Results – Stealthgas Inc.

Stealthgas Inc. · Aug 27, 2015 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2015 Results – Stealthgas Inc. – slide 1
    Second Quarter 2015 Results August 27th, 2015 StealthGas Inc.
  2. Q2 2015 Results – Stealthgas Inc. – slide 2
    Highlights StealthGas Key Highlights Fleet & Successful delivery of four new Eco LPG carriers in Q2 2015 (Eco Enigma, Eco Royalty, Eco Loyalty, Eco Universe) and an Operations additional three (Eco Galaxy, Eco Czar, Eco Dream) as of…
  3. Q2 2015 Results – Stealthgas Inc. – slide 3
    Highlights StealthGas The Largest LPG Owner by Number of Ships Worldwide StealthGas Selected Peer Group StealthGas Positioning against Peers Company Sailing Fleet New Building Total Highest number of sailing vessels with ongoing…
  4. Q2 2015 Results – Stealthgas Inc. – slide 4
    Highlights Fleet Employment Analytics (as of August 2015) EARNINGS VISIBILITY 2015 2016 2017 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Vessel Charter Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun…
  5. Q2 2015 Results – Stealthgas Inc. – slide 5
    UK Highlights EU 24% Rest 29% 23% Fleet Trading Profile Belgium Netherlands 24% 12% France StealthGas focuses on regional trade and local distribution 12% of gas. Approximately 70% of the LPG we carry is for household…
  6. Q2 2015 Results – Stealthgas Inc. – slide 6
    Highlights Fleet Development As of August 20th, 2015 StealthGas owned 51 vessels. 59 GASS S&P activity 2015 LPG Vessel Capacity (cbm) Built Status Date 55 4 55 53 53 Q2 2015 2 4 48 Gas Kaizen 4,109 1991 sold for scrapping…
  7. Q2 2015 Results – Stealthgas Inc. – slide 7
    Highlights Capex Program Analysis STEALTHGAS New buildings Capital Expenditure Analysis Remaining investment program, excluding advances paid, of c. 243.5 (Amounts in USD mm.) USD mm. to date up to end of 2017. 300 8 remaining…
  8. Q2 2015 Results – Stealthgas Inc. – slide 8
    Financials Financials Income Statement Q2 2015 & 6M 2015 Incom e Sta tem ent Q2 Q2 6M 6M ( A m ounts i n U SD' 000s ) 2014 2015 2014 2015 Comparing Q2 2015 to Q2 2014 Voyage revenues 31,865 32,437 65,750 68,113 As a result of freight…
  9. Q2 2015 Results – Stealthgas Inc. – slide 9
    Financials Financials -Performance Highlights Q2 2015 & 6M 2015 Key Comments Fleet Data Q2 2014 Q2 2015 6M 2014 6M 2015 Average number of vessels in fleet 43.3 46.0 42.67 46.0 Soft market conditions are evident as: Period number of…
  10. Q2 2015 Results – Stealthgas Inc. – slide 10
    Financials Financials Balance Sheet Q2 2015 Balance Sheet Key Remarks (Amounts in '000s) 12M 2014 Q2 2015 Assets Q2 2015 (total assets stand at shade below 1 bn.) Assets Vessels net value up by 65.3 mm as a result of the addition…
  11. Q2 2015 Results – Stealthgas Inc. – slide 11
    Financials Financials Break Even and G&A Analysis Breakeven Analysis 12,000 10,000 8,732 8,827 9,792 9,699 9,310 9,083 8,856 9,283 8,929 8,708 LPG charter rates volatility history: 7,000 at the bottom of 8,335 the cycle vs.…
  12. Q2 2015 Results – Stealthgas Inc. – slide 12
    Market Update LPG Sector Highlights & Trends LPG Transportation Demand US LPG Exports 140 131 10.0% 126 9.0% 40.0 60.0% 116 9.0% 34.2 120 108 35.0 8.0% 50.9% 31.2 50.0% Total Trade (m tonne) 100 7.0% 7.0% 30.0 23.1 36.7%…
  13. Q2 2015 Results – Stealthgas Inc. – slide 13
    Market Update Historical Charter Rates Small LPG Daily Charter Rates Evolution Average Average Average % Change (Q2 % Change (Q1 Rates for small LPGs exhibit a declining trend and are LPG Vessel Q2 2014 Q1 2015 Q2 2015 14 vs Q2…
  14. Q2 2015 Results – Stealthgas Inc. – slide 14
    Market Update LPG Sector Highlights & Trends LPG Fleet Age LPG Fleet Profile 24% of the small scale LPG fleet is above 20 yrs old and therefore Limited order book in place with a total of 28 vessels to be the market could…
  15. Q2 2015 Results – Stealthgas Inc. – slide 15
    Share Performance GASS Share Performance vs Peers (up to August 2015) 35.00% 30.00% 25.00% % change against price at 4/1/2015 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% GASS Navigator Holdings…
  16. Q2 2015 Results – Stealthgas Inc. – slide 16
    Outlook Time Charter Equivalent Sensitivity Analysis (Amounts in '000s) TCE /EBITDA Q1 2016E Q2 2016E Q3 2016E Q4 2016E Total 2016 Number of Operating Vessels 55 55 56 57 57 Percentage Operational Days Open 48% 50% 54% 57% 57%…
  17. Q2 2015 Results – Stealthgas Inc. – slide 17
    Outlook Valuation Listed Companies Comparables P/NAV EV/Assets EV/EBITDA (15E) BW LPG 0.9 n/a 4.7 Navigator Gas 1.1 1.1 6.7 Dorian LPG 0.9 0.8 3.0 EPIC GAS 0.4 0.6 14.3 Average 0.82 0.83 7.2 StealthGas 0.34 0.46 3.80 StealthGas…

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