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StealthGas Inc.

StealthGas Inc. Informational Roadshow. NASDAQ: “GASS”. March 2006. Disclaimer. Forward-Looking Statements

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StealthGas Inc.

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  1. StealthGas Inc. Informational Roadshow NASDAQ: “GASS” March 2006

  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,” “predicts,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “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.

  3. About StealthGas A ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. Listed on NASDAQ (Symbol: GASS) The only pure LPG company listed in the United States Established in December 2004 - Went public in October 2005 raising $ 109 million (8 million shares are $ 14.50 per share) (14 million shares outstanding today) Current fleet of 24 LPG carriers – intend to expand to 28 vessels within 2006 Grew the fleet from 9 vessels pre-IPO (October 2004) to 24 vessels today Rank # 1 globally in owned vessels in the segment we focuses on (3,000 to 8,000 cbm – cubic meters)

  4. What is LPG? • Liquid petroleum gas also refers to petrochemical gases and ammonia • Extracted from natural gas production (60%) and crude oil refining (40%) • LPG in gaseous state at atmospheric pressure and normal temperature Ammonia Production Natural Gas Liquid Petroleum Gases 10% of natural gas is LPG, 3% of crude oil refined into LPG Refining Petrochemical Feedstock Petrochemical Gases • Propane • Butane • Ethane Crude Oil Propylene Ethylene Butadiene VCM LPG competes with naphtha and gas oil as petrochemical feedstock High oil prices  higher naphtha and gas oil prices  LPG cheaper alternative

  5. LPG Shipping • Liquefied for seaborne transportation with pressure and/or refrigeration on terminal or on board LPG carriers • Minimal land infrastructure - No Large Liquefaction or regasification plants (LNG) • Environmentally-friendly, superior safety record to tankers StealthGas 24 Vessels • Certain semi-refrigerated carriers with gas plats are able to cool cargoes to minus 104 degrees Celsius and are referred to as ethylene carriers.

  6. LPG Fleet We operate in the semi-refrigerated and fully-pressurized segments All orderbook for fleet replacement • Fully-refrigerated vessels do not compete in short-haul routes and cargo sizes 74% of the orderbook in very large gas carriers (1) Small size 20+ year old fleet and 25+ year old fleets are assumed to have the same percentages Source: Drewry’s

  7. Why LPG Shipping? – Strong Fundamentals • Limited Fleet Supply • Increasingly stringent chartering requirements • 35% of fleet > 20 year vessels • Low orderbook in the SR, FP segments • 14% of current fleet on order through the beginning of 2009 • Fewer yards construct LPG carriers • Specialized sector, higher barriers to entry LPG CarrierSupply and Demand Tight Market Range Million Cubic Meters • Attractive Trade Prospects • LPG supply to grow on increasing NG production • Increasing demand from developed and developing countries: • LPG: US, China • Petchems: EU, China, India • Ammonia: Worldwide Source: Drewry

  8. Global Production, Trade and Consumption LPG accounts for 71% of seaborne gas trade Production LPG Consumption (1) (525 million tons) Seaborne Trade (71 million tons) Asia (32%), Americas (39%) Source: CMAI, Drewry (1) 2003 data

  9. Seaborne Trading Patterns 75% of 71 million tons global trade are represented by these routes Middle East exports to Asia account for 31% of world trade Asia accounts for 50-60% of world imports Natural Gas & Petrochemical Industry growth 14% Intra Europe 16% 31% Intra Asia Middle East to Asia 7% Intra Americas 6% Africa to Europe Million tons

  10. Harry Vafias – Chief Executive Officer • Harry Vafias a charismatic young entrepreneur, who started in the tanker business in 1999 • Long established family history in shipping, The Vafias family in dry bulk shipping since 1973. • Between 1999 and 2004, he turned a $ 4 million investment into $ 400 million. • In 2004, he spotted the LPG sector as the next growth opportunity. • Established StealthGas, took it public and built a fleet of 24 vessels in less than 1 ½ years. StealthGas now ranks # 1 globally in owned vessels in its segment.

  11. StealthGas Business Strategy – Since IPO to Present Day

  12. Fleet Development • Grew fleet to 21 vessels by end of FY 2005 • Fleet to number 24 vessels by early March 2006 • Ahead of acquisition timetable outlined during IPO Road Show • StealthGas ranks #1 in owned vessels in 3,000 to 8,000 CBM segment 28 IPO 24 21 Established Oct. 2004

  13. Fleet Employment Profile

  14. “Blue-Chip” Customers Include oil majors, chemical companies and traders We focus on repeat business

  15. 4th Quarter 2005 Financial Highlights 4th Quarter • Q4 Net Income $4.5 million, revenues of $12.8 million, EBITDA of $7.2 million • EPS $0.33 – 13.6 million shares outstanding • Cash balance of $23.2 million • Conservative leverage: net debt to capitalization of 30.6% • Fully utilized IPO proceeds to acquire 9 of 10 Identified Vessels plus 3 additional vessels • Arranged $50 million 10 year facilitysecured by 6 vessels: since increased to $64 million; secured by 8 vessels FY 2005 and Post 4th Quarter Highlights • FY 2005 Net Income $12.2 million, revenues of $29.3 million, EBITDA of $18.0 million • EPS $1.54 – 7.9 million average shares outstanding • As of today, 7 out of the 23 vessels delivered to us remain debt free • Already acquired 5 of the expected 9 additional vessels, as outlined during IPO Road Show

  16. 4th Quarter Income Statement Note: The total number of shares outstanding after the IPO is 14,000,000

  17. 4th Quarter & 12M 2005 Operating Highlights – Fleet Data & Daily Results

  18. Daily Breakeven Q4 2005 Daily Cashflow and Net Income Breakeven Composition ($ per vessel per day) Q4 2005 fleet calendar days: 1,387 FY 2005 fleet calendar days 3,382 Note: G&A includes Management Fees

  19. 4th Quarter Balance Sheet and Adjustments Pro forma and adjusted balance sheet does not include Q1 2006 and Q2 2006 cashflow from operations Includes 1 Identified Vessel to be delivered in March 2006

  20. Acquisition Capex Estimated equity investment of $131.6 million to be funded with $109.0 million net IPO proceeds and $22.6 million cash from operations Expect to use approximately $26.2 million of Q1 and Q2 2006 cash flow and approximately $46 million of new debt to fund 1 remaining identified vessel plus 2 additional vessels already delivered and 4 additional vessel acquisitions by mid 2006 Note: Estimated numbers, actual figures may vary depending on market conditions

  21. Financial Estimator

  22. Increased LPG Supplies => Higher Freight Rates Expanding LPG supplies are driven by increased LNG production and crude oil refining LNG Production CAGR = 12% Trillion Cubic Feet LPG supplies are expected to increase by 50% from the present 50 million tons to 75 million tons by 2010 and then to 85 million tons by 2015 Increased LPG supplies have already had a beneficial impact on freight rates and we believe this trend will continue Source: CMAI, Drewrys, VLO, ESAI, Purvin Gertz, PIRA, Poten & Partners.

  23. LPG Macro Consumption Trends Increasing Urbanization and Rising Living Standards --> Rapid increase in consumption Japanese LPG consumption steady post-rapid development Average 22 years rapid growth, China should realize another decade China Urbanization: 20 Million/p.a., India: Further growth potential LPG Consumption - Japan Household LPG Usage in Asia Million Tons Periods of Rapid LPG Demand Growth Source: Poten & Partners.

  24. Strong LPGC freight rates Average earnings in the spot market excluding waiting time / 1 yr TC rates Source: Inge Steensland AS Shipbrokers

  25. Charter Market Rate Indicator (12 Month TCs) Source: Lorentzen & Stemco

  26. Balanced Outlook 3-8000 cbm fleet development vs TC rates/earnings Source: Inge Steensland AS Shipbrokers

  27. Company Contact: Andrew J. Simmons Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. 011-30-210-6250-001 E-mail: simmons@stealthgas.com www.stealthgas.com Investor Relations/Media: Nicolas Bornozis Capital Link, Inc.(New York) Tel. 212-661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com Contacts Weekly LPG Market Report updated every Monday Comprehensive Investor Relations Information

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