Your SlideShare is downloading. ×
StealthGas Q2 2013 results presentation
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

StealthGas Q2 2013 results presentation

536
views

Published on

Published in: Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
536
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 2nd Quarter 2013 Results August 20th , 2013 CONSISTENCY & GREAT VALUE
  • 2. 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 historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward- looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet. 1 1
  • 3. + $110.5mil free cash + 60-70% leverage + $28mil loan proceeds = $375mil for investments 1 Market share data for 3,000 – 7,500 cbm LPG tanker segment only; Fully-Pressurized LPG Fleet Market Share1 2 Leading owner of Handysize LPG vessels Maintain a modern fleet. Average age of current LPG fleet 11 years. Maintain moderate leverage with net debt to cap around 55-60%. Maintain a visible revenue stream. 83% voyage days fixed for 2013 – 50% voyage days fixed for 2014 Maintain cost efficient operations StealthGas has significantly greater scale than its second largest competitor and expects to continue to capture market share Current Fleet: 36 LPG Vessels Targeted Fleet: ~50-55 LPG Vessels Built-In Growth Business Strategy
  • 4. Fleet Development Contracted 9 LPG vessels ( 3 secondhand delivered and 6 newbuildings) Investments in modern vessels and newbuilding LPG carriers 3
  • 5. 2013 Q2 Income Statement 4 In US$ 000, except per share amounts Q2 2012 Q2 2013 6M 2012 6M 2013 Net Revenues $29,148 $30,264 $58,271 $59,711 Voyage Costs 2,708 4,617 5,300 8,088 Running Costs 7,493 8,700 15,159 16,662 Operating Income 9,880 6,872 19,999 15,296 Net Income 7,186 5,080 14,565 11,539 Net Income, adjusted 6,458 4,442 11,676 9,762 Drydocking Costs 499,8 874,5 1,783 1,370 EBITDA 17,590 15,069 35,732 32,005 EPS 0.35 0.18 0.71 0.47 EPS, adjusted 0.31 0.16 0.57 0.40 Number of Shares, diluted 20,552,568 28,261,359 20,552,568 24,428,259
  • 6. Balance Sheet December 31, June 30, 2012 2013 Cash and Cash Equivalents incl. restricted 50,913,655 118,461,389 Advances for vessels under construction 19,321,045 19,534,961 Total Assets 713,039,031 814,407,103 Current portion of long term debt 35,787,544 47,428,884 Long Term Debt 309,564,768 279,706,906 5 345 351 345 308 287 28 31 58 265 33 150 170 190 210 230 250 270 290 310 330 350 370 YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YE 2015 Existing Debt New Debt Balloon Payment 351 345 336 330 345 Total debt expected to remain constant In 2014, balloon payments in April and July
  • 7. 2013 Q2 Operating Highlights * Assuming no vessels on Bareboat Charter 6 Fleet Data Q2 2012 Q2 2013 6M 2012 6M 2013 Average number of vessels in fleet 36.5 38.1 36.7 37.6 Period end number of vessels in fleet 37 40 37 40 Total calendar days for fleet 3,319 3,470 6,686 6,800 Total voyage days for fleet 3,288 3,404 6,553 6,711 Fleet utilization 99.1% 98.1% 98.0% 98.7% Total charter days for fleet 2,869 2,717 5,831 5,506 Total spot market days for fleet 419 687 722 1,205 Fleet operational utilization 94.3% 91.7% 95.1% 93.8% Average Daily Results (in $) Q2 2012 Q2 2013 6M 2012 6M 2013 Time Charter Equivalent – TCE $9,853* $9,022 * $9,792* $9,310 * Vessel Operating Expenses 4,144 4,141* 4,166* 4,143* Management Fees 316 332 318 328 General & Administrative Expenses 163 161 174 183 Total Vessel Operating Expenses 4,307* 4,302* 4,340* 4,326*
  • 8. Fleet Employment Profile 7 $180 million in secured revenues
  • 9. LPG Shipping is a Resilient and Growing Sector Seaborne Trade in LPG and Petrochemicals 60.2 61.0 62.7 65.3 64.1 67.1 73.6 77.1 81.9 88.3 93.1 9.5 10.0 11.4 10.7 11.5 12.1 13.2 13.3 13.6 14.1 14.0 1.9% 4.3% 2.5% (0.5%) 4.8% 9.5% 4.1% 5.7% 7.1% 4.7% 69.7 71.0 74.1 75.9 75.6 79.2 86.8 90.4 95.5 102.3 107.1 (3.0%) 2.0% 7.0% 12.0% 17.0% 22.0% 0 20 40 60 80 100 120 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E LPG Petrochemicals YoY Growth (Metric Tons in Millions) (YoY % Growth) Source: ViaMar 4.5% 10-Yr. CAGR 8 GDP growth in emerging economies Growth in demand for LNG creates by-product that needs to be shipped (too expensive to store) Increasing distance between feedstock supplies, LPG production and end-users U.S. shale gas driving increased trade volumes 2012 Seaborne TradeKey Drivers LPG, 67.0% Ammonia, 19.0% Petrochem. Gases, 14.0%
  • 10. LPG Trade Historically Driven by Middle East Exports to Asia 9 U.S. LPG Trade: International Prices Support Exports LPG produced in the U.S. is the cheapest in the world due to surging production LPG needs to be shipped due to limited domestic demand, high storage cost and the Kyoto Protocol’s prohibition of gas flaring LPG price differential between Saudi Aramco, US Mont Belvieu and Asia have seen Japan LPG imports from the US surged Price of propane and butane cargoes for delivery along the Singapore-Japan route reached lowest levels since July 2010
  • 11. U.S. Shale Gas is a Game Changer 10 Overview of LPG Trade DynamicsU.S. LPG Trade U.S. LPG Export GrowthDemand for U.S. Exports Continues to Increase U.S. LPG exports are forecasted to triple by 2016 to 12.1mm tons (11% global total), up from 4.5mm tons in 2011 (4% global total) Current US gas plant production of propane is 780 MBPD vs 694 MBPD in May 2012 Propane exports reached 308 MBPD vs 149 MBPD in 2012, while propane imports declined to 59 MBPD from 115 MBPD. Targa is expected to complete its propane export terminal expansion to load an additional 40-50 MBPD for exports 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2010 2011 2012 2013 2014 2015 2016 Europe Asia Latin America (Metric Tons in Millions)
  • 12. $0 $500 $1,000 $1,500 $2,000 $2,500 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 5k CBM Pressurized (Trading East) Tanker Earnings Dry Bulk Earnings Limited LPG Fleet Growth Has Led to Greater Charter Rate Stability 1 By number of vessels 2 Fully-pressurized fleet Source: Clarksons Research Services Key Supply Dynamics Orderbook as % of Fleet1 11 LPG Timecharter Rates The LPG space remains smaller than other shipping segments with a negative fleet growth currently projected from 2013 onwards More than 20% of the 3,000 – 8,000 cbm fleet is 20+ years old Only 21 vessels in the size of 3,000 - 8,000 cbm are on order for delivery over the next three years Small orderbook and strong demand dynamics support stable charter rates ($ Thousands / Month) LPG time charter rates have remained far more stable than those of peer sectors 2 29,9% 18,0% 17,7% 11,6% 10,1% 8,0% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% LNG Container Dry Bulk Product Tankers Crude Tankers LPG (3-8k cbm)
  • 13. Q & A
  • 14. Appendix - Indicative Ebitda calculator Fleet Data Q1-Q2 2013 Q3-Q4 2013 Contracted Gross revenues $59.7mil $49.5mil Spot Revenues N/A ? Commissions (Voyage Expenses) $1.5mil ? Other Voyage Expenses (Spot vessels) $6.4mil ? Total Days 6,800 7,360 Available Days 6,711 7,305 Spot Days N/A 1,287 Bareboat Days N/A 2,380 TCE Revenues $51.6mil ? -Operating Expenses $16.7mil $19.0 -Dry-dock $1.4mil $1.5 -Management Fees $2.2mil $2.5 -G&A $1.2mil $1.3 EBITDA (adj) $30.3mil Average Daily Results (in $) Operating Expenses (excl vsls on bb) 4,143 Dry-dock 3 vessels 3 vessels
  • 15. Contacts 18 Weekly LPG Market Report updated every Monday Comprehensive Investor Relations Information Visit our Website at: www.stealthgas.com Company Contact: Konstantinos Sistovaris Chief Financial Officer StealthGas Inc. 011-30-210-6250-001 E-mail: info@stealthgas.com