Fourth Quarter Financial
Highlights
- On March 12, 2025, the Board of Navigator Holdings Ltd. (NYSE:
NVGS) (“Navigator Holdings,” "Navigator Gas," “our,” “we,” “us” or
the “Company”) declared a cash dividend of $0.05 per share for the
quarter ended December 31, 2024, (the “Dividend”) under the
Company's Return of Capital policy, payable on April 3, 2025
to all shareholders of record as of the close of business U.S.
Eastern Time on March 23, 2025.
- Also as part of the Company's Return of Capital policy for the
quarter ended December 31, 2024, the Company expects to
repurchase approximately $1.9 million of its common stock between
March 16, 2025, and March 31, 2025, subject to operating needs,
market conditions, legal requirements, stock price and other
circumstances, such that the Dividend and share repurchases
together equal 25% of net income for the quarter ended
December 31, 2024.
- On December 17, 2024 the Company paid a dividend of $0.05 per
share of the Company’s common stock to all shareholders of record
as of the close of business U.S. Eastern Time on November 25, 2024,
totaling $3.5 million, and repurchased 69,166 shares of common
stock in the open market between November 11, 2024, and December
31, 2024, at an average price of $15.88 per share, totaling
approximately $1.1 million, all as part of the Company's Return of
Capital policy for the quarter ended September 30, 2024.
- The Company reported total operating revenue of $144.0 million
for the three months ended December 31, 2024, compared to
$141.6 million for the three months ended December 31,
2023.
- Net Income attributable to stockholders of the Company was
$21.6 million for the three months ended December 31, 2024,
compared to $17.8 million for the three months ended
December 31, 2023.
- EBITDA1 was $68.0 million for the three months ended
December 31, 2024, compared to $66.6 million for the three
months ended December 31, 2023.
- Adjusted EBITDA1 was $73.4 million for the three months ended
December 31, 2024, compared to $71.7 million for the three
months ended December 31, 2023.
- Basic earnings per share attributable to stockholders of the
Company was $0.31 for the three months ended December 31,
2024, compared to $0.24 per share for the three months ended
December 31, 2023.
- Adjusted basic earnings per share attributable to stockholders
of the Company1 was $0.39 per share for the three months ended
December 31, 2024, compared to $0.31 per share for the three
months ended December 31, 2023.
- The Company increased its debt by $51.9 million to $853.5
million during the three months ended December 31, 2024 as the
Company borrowed an aggregate of $68.5 million under its revolving
credit facilities and closed the refinancing of its new $147.8
million facility, offset by the repayment with respect to OCY
Aurora of $43 million and quarterly repayments on loan facilities
of $35.4 million. This compares to a reduction in debt of $24.1
million to $801.6 million during the three months ended September
30, 2024.
- Following a payment of $50.0 million on December 21, 2024 in
relation to the Terminal Expansion Project (as defined below) the
Company's cash, cash equivalents, and restricted cash was $139.8
million as of December 31, 2024, compared to $127.7 million as
at September 30, 2024.
The Company’s financial information for the
quarter and year ended December 31, 2024, included in this report
on Form 6-K is preliminary and unaudited and is subject to change
in connection with the completion of the Company’s year-end close
procedures and further financial review, including the audit
currently underway by the Company’s independent registered public
accounting firm. Actual audited results may differ as a result of
the completion of the Company’s year-end closing procedures, review
adjustments, and other developments that may arise between now and
the time such financial information for the year ended December 31,
2024, is finalized.
____________________
1 EBITDA and Adjusted EBITDA, Adjusted Net Income
Attributable to stockholders of Navigator Holdings Ltd., and
Adjusted Basic Earnings per Share are not measurements prepared in
accordance with U.S. GAAP. EBITDA represents net income before net
interest expense, income taxes, depreciation and amortization. We
define Adjusted EBITDA as EBITDA before profit/loss on sale of
vessel and unrealized gain/loss on non-designated derivative
instruments and unrealized foreign currency exchange and loss on
repayment of Unsecured Bonds. Adjusted basic earnings per share
represents basic earnings per share adjusted to exclude unrealized
gains or losses on non-designated derivative instruments and
unrealized foreign currency exchange and any profit or loss on the
sale of any vessel, write of deferred financing costs and loss on
repayment of unsecured bonds (as defined below). Adjusted Net
Income Attributable to stockholders of Navigator Holdings Ltd.
represents net income attributable to stockholders of Navigator
Holdings Ltd. before unrealized (gain)/loss on non-designated
derivative instruments, unrealized foreign currency exchange and
(profit)/loss from sale of vessel write of deferred financing costs
and loss on repayment of unsecured bonds (as defined below).
Management believes that EBITDA, Adjusted EBITDA and Adjusted Basic
earnings per share are useful to investors in evaluating the
operating performance of the Company. EBITDA, Adjusted EBITDA and
Adjusted Basic earnings per share do not represent and should not
be considered alternatives to consolidated net income, earnings per
share, cash generated from operations or any other GAAP measure.
See “Reconciliation of Non-GAAP Financial Measures” below for a
reconciliation of EBITDA, Adjusted EBITDA and Adjusted Basic
earnings per share to, in each case, the closest comparable GAAP
measure.
Other Highlights and
Developments
Fleet Operational Update
The average daily time charter equivalent ("TCE")
across the fleet was $28,341 for the three months ended December
31, 2024, compared to $28,428 for the three months ended December
31, 2023, and $29,079 for the three months ended September 30,
2024.
Utilization across the fleet remained robust at
92.2% for the three months ended December 31, 2024 compared to
90.9% for three months ended September 30, 2024, and 91.3% for the
three months ended December 31, 2023.
U.S. domestic ethylene prices continued on an
upward trajectory during the three months ended December 31, 2024,
largely due to ongoing maintenance at upstream supply facilities.
Such increased prices narrowed the arbitrage between the U.S. and
Asia, resulting in a dampening of shipping trading conditions for
ethylene, however this was offset by strong ethane demand from
China that boosted shipping conditions.
For the three months ended December 31, 2024, we
had an average of 31 vessels engaged under time charters, 16
vessels on spot voyage charters and contracts of affreightment
("COAs"), and nine vessels operating in the independently managed
Unigas Pool. For the 12-month period commencing October 1, 2024, we
have 48% of our available days covered under time charter. For the
same 12-month period our midsize and fully refrigerated vessels are
almost exclusively employed on time charters, our semi-refrigerated
vessels are expected to be employed under a mix of time charters
and spot voyage charters, and most of our ethylene-capable vessels
are expected to be employed in the spot voyage market.
The average handysize 12-month forward-looking
market assessment for semi-refrigerated vessels for the fourth
quarter of 2024 increased by $16,000 per calendar month (“pcm”), to
an average of $956,000 pcm compared to $940,000 pcm in the third
quarter of 2024. The fully-refrigerated 12-month forward-looking
market assessment for the fourth quarter of 2024 decreased by
$15,000 pcm, to an average of $823,000 pcm compared to $838,000 in
the third quarter of 2024. The handysize ethylene 12-month
forward-looking market assessment for the fourth quarter of 2024
increased by $63,000 pcm to $1,117,000 pcm compared to $1,070,000
pcm compared to the third quarter of 2024.
Ethylene Export Terminal
Update
We own a 50% share in an ethylene export marine
terminal at Morgan’s Point, Texas (the “Ethylene Export Terminal”)
through a joint venture (the "Export Terminal Joint Venture"). The
Ethylene Export Terminal throughput for the three months ended
December 31, 2024, was 159,183 metric tons, compared to 208,496
metric tons for the three months ended December 31, 2023. Our share
of the results of our equity investment in the Ethylene Export
Terminal was maintained at $5.6 million for the three months
ended December 31, 2024, compared to $5.5 million for the
three months ended December 31, 2023, due to the receipt of
deficiency fees received in December 2024.
Ethylene exports through our Ethylene Export
Terminal totaled 159,183 metric tons in the fourth quarter of 2024,
compared to 122,000 metric tons in the third quarter of 2024. We
expect throughput for the first quarter of 2025 to be lower than
the fourth quarter of 2024 due to the price of U.S. based
feedstocks and a narrower price arbitrage between the U.S. and
Asia, which we anticipate will reverse in the second quarter of
2025.
Together with Enterprise Products Partners L.P.,
our joint venture partner, we agreed to invest in an expansion of
the Ethylene Export Terminal (the “Terminal Expansion Project”).
The Terminal Expansion Project increases the export capacity of the
Ethylene Export Terminal from approximately one million tons of
ethylene per annum to at least 1.55 million tons per annum and was
completed and put into service on December 19, 2024. Two new
multi-year offtake contracts related to the expanded volume have
been signed, and we continue to expect that additional capacity
will be contracted throughout 2025. Until further offtake contracts
are signed, volumes will be sold on a spot basis.
The total capital contributions required from us for our share
of the construction cost for the Terminal Expansion Project are
expected to be approximately $128 million. The Company financed
these capital contributions using existing cash resources. Of the
expected total of $128 million, $124 million had been contributed
as of December 31, 2024, with approximately $89 million of
this being contributed during 2024. The final balance of
approximately $4 million will be contributed during the first
quarter of 2025. It is anticipated that additional debt will be
raised in 2025 to recoup some of the cash reserves expended on the
Terminal Expansion Project and the Company is currently assessing
options in this respect.
Vessel Newbuild
On August 23, 2024, the Company entered into
contracts to build two new 48,500 cubic meter capacity liquefied
ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and
China Shipbuilding Trading Co., Ltd., in China (the “Original
Newbuild Vessels”). As part of the agreements made on August 23,
2024, the Company had an option for two additional newbuild vessels
of the same specification and price. On November 21, 2024 the
Company exercised the option and entered into contracts to build an
additional two new 48,500 cubic meter capacity liquefied ethylene
gas carriers ("the Additional Newbuild Vessels"). The Original
Newbuild Vessels and Additional Newbuild Vessels (together the
"Newbuild Vessels") are scheduled to be delivered to the Company in
March 2027, July 2027, November 2027 and January 2028 respectively,
at an average shipyard price of $102.9 million per vessel.
The Newbuild Vessels are expected to be able to
carry a wide variety of gas products, ranging from the most complex
petrochemical gases, such as ethylene and ethane, to LPG and clean
ammonia. The Newbuild Vessels are expected to be fitted with
dual-fuel engines to facilitate ethane as a low-carbon intensity
transitional fuel and made retrofit-ready for using ammonia as a
fuel in the future. Additionally, the Newbuild Vessels will be
capable of transiting through both the old and new Panama Canal
locks, providing enhanced flexibility. The Company expects to
finance the cost of the Newbuild Vessels using debt and cash on
hand and the Company is currently assessing options in this
respect.
The Company has signed its first time charter
contract for a short-term period for one of its Newbuild Vessels,
and discussions are ongoing with other customers who have expressed
interest in chartering the Newbuild Vessels. As such, we currently
expect to fix additional time charter contracts for the Newbuild
Vessels prior to delivery.
2024 Senior Unsecured Bonds ("2024
Bonds")
On October 17, 2024 the Company successfully
issued $100 million of new Senior Unsecured Bonds (the "2024
Bonds") in the Nordic bond market. The 2024 Bonds mature in October
2029 and bear a fixed coupon of 7.25% per annum. In connection with
the 2024 Bonds issuance, the Company exercised a call option to
repurchase $100 million of its existing $100 million Senior
Unsecured Bonds issued in 2020 with ISIN NO0010891955 and a
maturity date in September 30, 2025 (the "2020 Bonds"). Navigator
exercised the call option on the 2020 Bonds at 101.6% of par value
plus accrued interest and the transaction settled on November 1,
2024.
Newly Acquired Vessels
On January 7, 2025, the Company entered into an
agreement to acquire three German-built 17,000 cubic meter
capacity, ethylene-capable liquefied gas vessels (the "Purchased
Vessels").
On February 19, 2025, the Company acquired the
first of the three Purchased Vessels, now renamed the Navigator
Hyperion for $27.4 million. On February 24, 2025, the Company
acquired the second of the Purchased Vessels, now renamed the
Navigator Titan for $27.4 million. On or around March 17, 2025 the
Company expects to acquire the third of the Purchased Vessels, and
which is expected to be renamed the Navigator Vesta, for $29.2
million. The Purchased Vessels are anticipated to operate in the
spot market upon or soon after delivery.
On February 7, 2025, the Company entered into a
$74.6 million Senior Secured Term Loan (the “February 2025
Facility”) with Nordea Bank Abp, to partially finance the purchase
price of the three Purchased Vessels and used cash on hand to pay
the remainder of the purchase price. The February 2025 Facility
matures on June 7, 2026, however the borrower has an option to
extend the facility for a further 18 months. The facility is
non-amortizing for the period to June 7, 2026, has a balloon
repayment of $25.0 million due on June 6, 2026, if the 18-month
extension option is exercised, and bears interest at a rate of Term
SOFR plus 180 basis points.
Return of Capital Policy
The Company’s current Return of Capital policy,
which is subject to operating needs, market conditions, legal
requirements, stock price and other circumstances, is based on
paying out quarterly cash dividends of $0.05 per share of common
stock and returning additional capital in the form of additional
cash dividends and/or Share Repurchases (as defined below), such
that the two elements combined equal at least 25% of net income for
the applicable quarter.
As part of the Return of Capital policy, we expect
to repurchase the Company’s common stock (the “Share Repurchases”)
and any such Share Repurchases will be made via open market
transactions, privately negotiated transactions or any other method
permitted under U.S. securities laws and the rules of the U.S.
Securities and Exchange Commission.
Declarations of any dividends in the future, and
the amount of any such dividends, are subject to the discretion of
the Company’s Board. The Return of Capital policy does not oblige
the Company to pay any dividends or repurchase any of its shares in
the future and it may be suspended, discontinued or modified by the
Company at any time, for any reason. Further, the timing of any
Share Repurchases under the Return of Capital policy will be
determined by the Company’s management and will depend on operating
needs, market conditions, legal requirements, stock price, and
other circumstances.
Legal Updates
The Company continues to consider the potential
change in its corporate domicile from the Marshall Islands to
England and Wales (the “Company Redomiciliation”). As part of the
Company Redomiciliation, the Company would likely change the
corporate domicile of certain of its subsidiaries to England and
Wales (the “Subsidiary Redomiciliations” and, together with the
Company Redomiciliation, the “Redomiciliations”). The Company
expects that the potential Redomiciliations would better align the
Company’s corporate structure with its current and future business
activities and financing plans. Although we have taken certain
preliminary steps in connection with the potential
Redomiciliations, our Board of Directors (the “Board”) has not yet
determined that we should complete the Redomiciliations. When and
if the Board makes such a determination, it would present certain
aspects of the Redomiciliations to the Company’s shareholders for
approval. At this time we cannot predict when or if the Board will
make a final determination to complete the Redomiciliations. If the
Redomiciliations are ultimately completed, we do not expect that
the Redomiciliations will have a material impact on our employees,
our day-to-day business and operations or our services to
customers. Nothing in this Report on Form 6-K should be construed
as an offer to sell, or the solicitation of an offer to buy, any
securities in connection with the potential Redomiciliations, nor
an agreement or promise that any Redomiciliation will occur, nor is
it a solicitation of any vote, consent or approval in connection
with the potential Redomiciliations.
The Company is aware of reports that Muhamad Kerry
Adrianto and certain other business partners and executives of PT
Pertamina (Persero), Indonesia’s state-owned energy company
(“Pertamina”), were arrested by Indonesian authorities on February
25, 2025 as part of an investigation into allegations of
corruption. The allegations relate to the mismanagement of crude
oil and oil refinery products at Pertamina between 2018 and 2023.
The investigation by Indonesian authorities is ongoing.
Mr. Adrianto serves as a director of PT Navigator
Khatulistiwa ("PTNK"), our Indonesian joint venture. The Company
has begun taking steps to remove Mr. Adrianto from his position as
a director at PTNK. Three unencumbered vessels in our fleet and
approximately $38.6 million of cash, which we have determined would
currently be recorded as restricted cash, are owned by PTNK. The
vessels were previously on time charter to Pertamina for the
transportation of liquefied petroleum gas within Indonesia, the
last and most recent of which expired by its terms on February 15,
2025.
We do not believe these events will have a
material impact on the Company or our operations.
Unaudited Results of Operations for the
Three Months Ended December 31, 2024 compared to the Three Months
Ended December 31, 2023
The following table compares our operating results
for the three months ended December 31, 2023 and 2024:
|
` |
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
Percentage change |
|
|
(in thousands, except percentage change) |
|
Operating revenues |
$ |
129,068 |
|
$ |
130,269 |
|
0.9% |
|
Operating revenues – Unigas Pool |
|
12,564 |
|
|
13,762 |
|
9.5% |
|
Total operating revenue |
|
141,632 |
|
|
144,031 |
|
1.7% |
|
|
|
|
|
|
Brokerage commission |
|
1,706 |
|
|
1,672 |
|
(2.0)% |
|
Voyage expenses |
|
18,115 |
|
|
19,187 |
|
5.9% |
|
Vessel operating expenses |
|
46,715 |
|
|
45,957 |
|
(1.6)% |
|
Depreciation and amortization |
|
32,828 |
|
|
32,645 |
|
(0.6)% |
|
General and administrative costs |
|
8,878 |
|
|
9,401 |
|
5.9% |
|
Loss from sale of vessel |
|
144 |
|
|
— |
|
— |
|
Other income |
|
36 |
|
|
— |
|
— |
|
Total operating expenses |
|
108,422 |
|
|
108,862 |
|
0.4% |
|
|
|
|
|
|
Operating Income |
|
33,210 |
|
|
35,169 |
|
5.9% |
|
Unrealized (loss) on non-designated derivative instruments |
|
(5,254 |
) |
|
(278 |
) |
(94.7)% |
|
Interest expense |
|
(16,646 |
) |
|
(12,381 |
) |
(25.6)% |
|
Interest income |
|
2,060 |
|
|
1,184 |
|
(42.5)% |
|
Unrealized foreign exchange gain/(loss) |
|
291 |
|
|
(2,847 |
) |
(1078.5)% |
|
Write off of deferred financing costs |
|
— |
|
|
(829 |
) |
- |
|
Loss on repayment of unsecured bonds |
|
— |
|
|
(1,456 |
) |
- |
|
Income before taxes and share of result of equity method
investments |
|
13,661 |
|
|
18,562 |
|
35.9% |
|
Income taxes |
|
(56 |
) |
|
(1,324 |
) |
2244.1% |
|
Share of result of equity method investments |
|
5,540 |
|
|
5,620 |
|
1.4% |
|
Net Income |
|
19,145 |
|
|
22,858 |
|
19.4% |
|
Net income attributable to non-controlling interest |
|
(1,394 |
) |
|
(1,272 |
) |
(8.7)% |
|
Net Income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
17,751 |
|
$ |
21,586 |
|
21.6% |
|
|
|
|
The following table presents selected operating
data for the three months ended December 31, 2024 and 2023, which
we believe is useful in understanding the basis of movements in our
operating revenues.
|
|
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
|
* Fleet Data: |
|
|
|
Weighted average number of vessels |
47.0 |
|
47.0 |
|
Ownership days |
4,324 |
|
4,324 |
|
Available days |
4,273 |
|
4,250 |
|
Earning days |
3,903 |
|
3,920 |
|
Fleet utilization |
91.3% |
|
92.2% |
|
** Average daily Time Charter Equivalent |
$28,428 |
|
$28,341 |
|
|
|
* Fleet Data - Our nine owned smaller vessels in the independently
managed Unigas Pool are excluded. |
|
** Non-GAAP Financial Measure - Time charter equivalent - TCE is a
measure of the average daily revenue performance of a vessel. TCE
is not calculated in accordance with U.S. GAAP. For all charters,
we calculate TCE by dividing total operating revenues (excluding
collaborative arrangements and revenues from the Unigas Pool), less
any voyage expenses (excluding collaborative arrangements), by the
number of earning days for the relevant period. TCE excludes the
effects of the collaborative arrangements as earnings days and
fleet utilization, on which TCE is based, is calculated only in
relation to our owned vessels. Under a time charter, the charterer
pays substantially all of the vessel's voyage related expenses,
whereas for voyage charters, also known as spot market charters, we
pay all voyage expenses and charge our customers for these costs
through our sales invoicing. TCE is a shipping industry performance
measure used primarily to compare period-to-period changes in a
company’s performance despite changes in the mix of charter types
(i.e., voyage charters, time charters and contracts of
affreightment) under which the vessels may be employed. We include
average daily TCE, as we believe it provides additional meaningful
information. Our calculation of TCE may not be comparable to that
reported by other companies. |
|
|
The following table represents a reconciliation of
operating revenues to TCE. Operating revenues are the most directly
comparable financial measure calculated in accordance with U.S.
GAAP for the periods presented.
|
|
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
|
|
(in thousands, except earning days and
average daily time charter equivalent rate) |
|
*** Operating revenue |
$ |
129,068 |
$ |
130,269 |
|
*** Voyage expenses |
|
18,115 |
|
19,187 |
|
Operating revenue less voyage expenses |
$ |
110,953 |
$ |
111,082 |
|
|
|
|
|
***Earning days |
|
3,903 |
|
3,920 |
|
Average daily time charter equivalent rate |
$ |
28,428 |
$ |
28,341 |
|
|
|
***Operating revenue and voyage expenses of our nine owned vessels
in the independently managed Unigas Pool are excluded. |
|
|
Operating
Revenues. Operating revenues, net of address
commissions, was $130.3 million for the three months ended December
31, 2024, an increase of $1.2 million or 0.9% compared to
$129.1 million for the three months ended December 31, 2023. This
increase was primarily due to:
- a decrease of approximately $0.3 million attributable to a
decrease in average monthly time charter equivalent rates, which
decreased to an average of approximately $28,341 per vessel per day
($862,035 per vessel per calendar month) for the three months ended
December 31, 2024, compared to an average of approximately $28,428
per vessel per day ($864,670 per vessel per calendar month) for the
three months ended December 31, 2023;
- an increase of approximately $1.1 million attributable to
an increase in fleet utilization, which increased to 92.2% for the
three months ended December 31, 2024, compared to 91.3% for the
three months ended December 31, 2023;
- a decrease of approximately $0.6 million or 0.5%,
attributable to a 23-day decrease in vessel available days for the
three months ended December 31, 2024, compared to the three months
ended December 31, 2023. This decrease was primarily a result of
increased drydocking during the three months ended December 31,
2024, compared to the three months ended December 31, 2023;
and
- an increase of approximately $1.0 million primarily
attributable to an increase in invoiced pass-through voyage expense
for the three months ended December 31, 2024, compared to the three
months ended December 31, 2023.
Operating Revenues – Unigas
Pool. Operating revenues – Unigas Pool was $13.8
million an increase of 9.5% for the three months ended December 31,
2024, compared to $12.6 million for the three months ended December
31, 2023, and represents our share of the revenues earned from our
nine vessels operating within the independently managed Unigas
Pool, based on agreed pool points.
Brokerage
Commissions. Brokerage commissions, which typically
vary between 1.25% and 2.5% of operating revenues, were generally
unchanged at $1.7 million for the three months ended December
31, 2024, compared to the three months ended December 31, 2023.
Voyage Expenses. Voyage
expenses increased by $1.1 million or 5.9% to $19.2 million for the
three months ended December 31, 2024, from $18.1 million for the
three months ended December 31, 2023. These voyage expenses are
pass through costs, corresponding to an increase in operating
revenues of the same amount.
Vessel Operating
Expenses. Vessel operating expenses decreased by $0.8
million or 1.6% to $46.0 million for the three months ended
December 31, 2024, from $46.7 million for the three months ended
December 31, 2023. Average daily vessel operating expenses
decreased by $148 per vessel per day, or 2%, to $8,920 per vessel
per day for the three months ended December 31, 2024, compared
to $9,068 per vessel per day for the three months ended
December 31, 2023, with the decrease primarily driven by the
timing of maintenance costs incurred for the year during the three
months ended December 31, 2024 compared to three months ended
December 31, 2023
Depreciation and
Amortization. Depreciation and
amortization decreased by $0.2 million to $32.6 million for the
three months ended December 31, 2024 compared to $32.8 million for
the three months ended December 31, 2023. Depreciation and
amortization included amortization of capitalized drydocking costs
of $6.1 million and $5.6 million for the three months
ended December 31, 2024 and 2023, respectively.
General and Administrative
Costs. General and administrative
costs increased by $0.5 million or 5.9% to $9.4 million for the
three months ended December 31, 2024, from $8.9 million for
the three months ended December 31, 2023.
Unrealized (Loss)/Gains on Non-Designated
Derivative Instruments. The unrealized loss of $0.3
million on non-designated derivative instruments for the three
months ended December 31, 2024, relates to non-cash fair value
losses on interest rate swaps associated with a number of our
secured term loan and revolving credit facilities, as a result of a
decrease in forward Secured Overnight Financing Rate (“SOFR”)
interest rates, compared to an unrealized loss of $5.3 million for
the three months ended December 31, 2023.
Interest Expense. Interest
expense decreased by $4.3 million, or 25.6%, to $12.4
million for the three months ended December 31, 2024,
from $16.6 million for the three months ended December 31,
2023. This is primarily a result of decreases in U.S. dollar SOFR
rates, and reflects an average reduction in our debts in the three
months ended December 2024 compared to the three months ended
December 2023.
Unrealized Foreign Exchange
(Loss)/Gain. The unrealized foreign exchange loss of $2.8
million for the three months ended December 31, 2024, relates to
losses on foreign currency cash balances held, driven primarily by
the Indonesian Rupiah weakening against the U.S. dollar during the
three months ended December 31, 2024, compared to an unrealized
loss of $0.3 million for the three months ended December 31, 2023.
In previous periods, unrealized foreign exchange gains and losses
were reported as part of interest expense. However such movements
for the quarter ended December 31, 2024 and future quarters will be
presented separately.
Loss on Repayment of Senior
Bonds. In connection with the repurchase of the 2020 Bonds
on November 1, 2024, $1.5 million in redemption premium charges
were incurred.
Write off of Deferred Financing
Costs.The write off of deferred financing costs of $0.8
million for the three months ended December 31, 2024 relates to the
write off of the unamortized portion of the deferred financing
costs of our 2020 Bonds at the time of the repurchase in full of
our 2020 Bonds.
Income Taxes. Income taxes
relate to taxes on our subsidiaries and businesses incorporated
around the world including those incorporated in the United States
of America. Income taxes were $1.3 million for the three months
ended December 31, 2024, compared to $0.1 million for the three
months ended December 31, 2023, primarily related to movements in
current tax plus deferred tax in relation to our equity investment
in the Ethylene Export Terminal.
Share of Result of Equity Method
Investments. The share of the result of the Company’s
50% ownership in the Export Terminal Joint Venture was income of
$5.6 million for the three months ended December 31, 2024,
compared to income of $5.5 million for the three months ended
December 31, 2023. Volumes exported through the Ethylene Export
Terminal were 159,183 tons for the three months ended December 31,
2024, compared to 208,495 tons for the three months ended December
31, 2023. This reduction was primarily due to ongoing maintenance
at upstream supply facilities and a narrower price arbitrage
between the U.S. and Asia, resulting in a dampening of shipping
trading conditions for ethylene.
Non-Controlling Interests. The
Company entered into a sale and leaseback arrangement for the
Navigator Aurora in November 2019 with a wholly-owned special
purpose vehicle of a financial institution (“Lessor SPV”). The sale
and leaseback arrangement for the Navigator Aurora terminated in
October 2024 and up to the date of termination, as we were the
primary beneficiary of this entity, we are required to consolidate
this variable interest entity ("VIE") into our financial results.
The net income attributable to the Lessor SPV included in our
financial results was $0.9 million for the three months ended
December 31, 2024, and $0.4 million for the three months ended
December 31, 2023.
In September 2022, the Company entered into the
Navigator Greater Bay Joint Venture to acquire five ethylene
vessels, Navigator Luna, Navigator Solar, Navigator Castor,
Navigator Equator, and Navigator Vega. The joint venture is owned
60% by the Company and 40% by Greater Bay Gas Co Ltd., ("Greater
Bay"). The Navigator Greater Bay Joint Venture is accounted for as
a consolidated subsidiary in our consolidated financial statements,
with the 40% owned by Greater Bay accounted for as a
non-controlling interest. A gain attributable to Greater Bay Gas of
$0.9 million is presented as part of the non-controlling interest
in our financial results for the three months ended December 31,
2024, compared to a gain of $1.1 million for the three months ended
December 31, 2023.
Unaudited Results of Operations for the
Twelve Months Ended December 31, 2024 compared to the Twelve Months
Ended December 31, 2023
The following table compares our operating results
for the twelve months ended December 31, 2023 and 2024:
|
|
Twelve months ended December 31, 2023 |
Twelve months ended December 31, 2024 |
Percentage Change |
|
|
(in thousands, except percentage Change) |
|
Operating revenues |
$ |
493,339 |
|
$ |
511,667 |
|
3.7% |
|
Operating revenues – Unigas Pool |
|
50,043 |
|
|
55,012 |
|
9.9% |
|
Operating revenues – Luna Pool collaborative arrangements |
|
7,355 |
|
|
— |
|
(100.0)% |
|
Total operating revenue |
|
550,737 |
|
|
566,679 |
|
2.9% |
|
|
|
|
|
|
Brokerage commission |
|
6,923 |
|
|
7,012 |
|
1.3% |
|
Voyage expenses |
|
74,509 |
|
|
72,144 |
|
(3.2)% |
|
Voyage expenses – Luna Pool collaborative arrangements |
|
5,561 |
|
|
— |
|
(100.0)% |
|
Vessel operating expenses |
|
170,952 |
|
|
175,034 |
|
2.4% |
|
Depreciation and amortization |
|
129,202 |
|
|
132,725 |
|
2.7% |
|
General and administrative costs |
|
31,213 |
|
|
36,580 |
|
17.2% |
|
(Profit) from sale of vessel |
|
(4,797 |
) |
|
— |
|
(100.0)% |
|
Other income |
|
(60 |
) |
|
— |
|
(100)% |
|
Total operating expenses |
|
413,503 |
|
|
423,495 |
|
2.4% |
|
|
|
|
|
|
Operating Income |
|
137,234 |
|
|
143,184 |
|
4.3% |
|
Unrealized loss on non-designated derivative instruments |
|
(7,282 |
) |
|
(7,483 |
) |
2.8% |
|
Interest expense |
|
(64,915 |
) |
|
(56,141 |
) |
(13.5)% |
|
Interest income |
|
5,707 |
|
|
6,244 |
|
9.4% |
|
Unrealized foreign exchange gain/(loss) |
|
17 |
|
|
(1,968 |
) |
— |
|
Write off of deferred financing costs |
|
(171 |
) |
|
(829 |
) |
— |
|
Loss on repayment of senior bonds |
|
— |
|
|
(1,456 |
) |
— |
|
Income before taxes and share of result of equity method
investments |
|
70,590 |
|
|
81,551 |
|
15.5% |
|
Income taxes |
|
(4,325 |
) |
|
(4,365 |
) |
0.9% |
|
Share of result of equity method investments |
|
20,607 |
|
|
16,911 |
|
(17.9)% |
|
Net Income |
|
86,872 |
|
|
94,097 |
|
8.3% |
|
Net income attributable to non-controlling interest |
|
(4,617 |
) |
|
(8,526 |
) |
84.7% |
|
Net Income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
82,255 |
|
$ |
85,571 |
|
4.0% |
|
|
The following table presents selected operating
data for the twelve months ended December 31, 2024, and 2023, which
we believe are useful in understanding the basis for movement in
our operating revenues.
|
|
|
Twelve months endedDecember 31,
2023 |
|
Twelve months ended December 31,
2024 |
|
* Fleet Data: |
|
|
|
Weighted average number of vessels |
|
47.3 |
|
|
47.0 |
|
|
Ownership days |
|
16,992 |
|
|
17,202 |
|
|
Available days |
|
16,844 |
|
|
16,670 |
|
|
Earning days |
|
15,578 |
|
|
15,248 |
|
|
Fleet utilization |
|
92.5 |
% |
|
91.5 |
% |
|
** Average daily Time Charter Equivalent |
$ |
26,886 |
|
$ |
28,826 |
|
|
|
|
* Fleet Data - Our nine owned smaller vessels in the independently
managed Unigas Pool and the vessels owned by Pacific Gas in our
Luna Pool prior to their acquisition by the Navigator Greater Bay
Joint Venture are not included in this data |
|
** Non-GAAP Financial Measure - Time charter equivalent - TCE is a
measure of the average daily revenue performance of a vessel. TCE
is not calculated in accordance with U.S. GAAP. For all charters,
we calculate TCE by dividing total operating revenues (excluding
collaborative arrangements and revenues from the Unigas Pool), less
any voyage expenses (excluding collaborative arrangements), by the
number of earning days for the relevant period. TCE excludes the
effects of the collaborative arrangements as earnings days and
fleet utilization, on which TCE is based, is calculated only in
relation to our owned vessels. Under a time charter, the charterer
pays substantially all of the vessel's voyage related expenses,
whereas for voyage charters, also known as spot market charters, we
pay all voyage expenses and charge our customers for these costs
through our sales invoicing. TCE is a shipping industry performance
measure used primarily to compare period-to-period changes in a
company’s performance despite changes in the mix of charter types
(i.e., voyage charters, time charters and contracts of
affreightment) under which the vessels may be employed. We include
average daily TCE, as we believe it provides additional meaningful
information in conjunction with net operating revenues. Our
calculation of TCE may not be comparable to that reported by other
companies. |
|
|
The following table represents a reconciliation of
operating revenues to TCE. Operating revenues are the most directly
comparable financial measure calculated in accordance with U.S.
GAAP for the periods presented.
|
|
|
Twelve months endedDecember 31,
2023 |
|
Twelve months ended December 31,
2024 |
|
|
(in thousands, except earning days and
average daily time charter equivalent rate) |
|
Fleet Data: |
|
|
|
*** Operating revenue |
$ |
493,339 |
|
$ |
511,667 |
|
*** Voyage expenses |
|
74,509 |
|
|
72,144 |
|
Operating revenue less voyage expenses |
$ |
418,829 |
|
$ |
439,523 |
|
|
|
|
|
***Earning days |
|
15,578 |
|
|
15,248 |
|
Average daily time charter equivalent rate |
$ |
26,886 |
|
$ |
28,826 |
|
|
| *** Operating
revenue and voyage expenses excluding Luna Pool Collaborative
Arrangements and our nine owned vessels in the independently
managed Unigas Pool. |
|
|
Operating
Revenues. Operating revenues, net of address
commissions, were $511.7 million for the twelve months ended
December 31, 2024, an increase of $18.3 million or 3.7% compared to
$493.3 million for the twelve months ended December 31, 2023. This
increased was principally due to:
- an increase in operating revenues of approximately
$29.9 million attributable to an increase in average
monthly time charter equivalent rates, which increased to an
average of approximately $28,826 per vessel per day ($876,776 per
vessel per calendar month) for the twelve months ended December 31,
2024, compared to an average of approximately $26,886 per vessel
per day ($705,911 per vessel per calendar month) for the twelve
months ended December 31, 2023;
- a decrease in operating revenues of approximately
$4.9 million attributable to a decrease in fleet utilization,
which declined to 91.5% for the twelve months ended December 31,
2024, compared to 92.5% for the twelve months ended December 31,
2023;
- a decrease in operating revenues of approximately
$4.3 million or 1.0% attributable to a 174-day decrease in
vessel available days for the twelve months ended December 31,
2024, compared to the twelve months ended December 31, 2023;
and
- a decrease in operating revenues of approximately
$2.4 million primarily attributable to a decrease in
pass-through voyage costs for the twelve months ended December 31,
2024, compared to the twelve months ended December 31, 2023.
Operating Revenues – Unigas
Pool. Operating revenues – Unigas Pool was
$55.0 million for the twelve months ended December 31, 2024,
an increase of 9.9% compared to $50.0 million for the twelve
months ended December 31, 2023 and represents our share of the
revenues earned from our nine vessels operating within the Unigas
Pool, based on agreed pool points.
Operating Revenues – Luna Pool
Collaborative Arrangements.
Luna Pool earnings were aggregated and then
allocated (after deducting pool overheads and managers' fees) to
the pool participants in accordance with the Pooling Agreement.
Operating revenues - Luna Pool collaborative arrangements was $nil
for the twelve months ended December 31, 2024, compared to
$7.4 million for the twelve months ended December 31, 2023 and
represented our share of pool net revenues generated by the other
participant’s vessels in the pool, prior to the acquisition of the
vessels by Navigator Greater Bay Joint Venture. This decrease was a
result of the Company no longer accounting for any of the pool
vessels’ earnings under the Luna Pool collaborative arrangement
following the acquisition by the Navigator Greater Bay Joint
Venture of the final vessel Navigator Vega on April 13, 2023.
Brokerage
Commissions. Brokerage commissions, which typically
vary between 1.25% and 2.5% of operating revenues, increased by
$0.1 million to $7.0 million for the twelve months ended
December 31, 2024 an increase of 1.3% compared to $6.9 million
for the twelve months ended December 31, 2023, primarily due to an
increase in operating revenues on which brokerage commissions are
based.
Voyage Expenses. Voyage
expenses decreased by $2.4 million or 3.2% to
$72.1 million for the twelve months ended December 31, 2024,
from $74.5 million for the twelve months ended December 31,
2023. These voyage expenses are pass through costs, corresponding
to a decrease in operating revenues of the same amount.
Voyage Expenses – Luna Pool Collaborative
Arrangements. Voyage expenses – Luna Pool
collaborative arrangements were $nil for the twelve months ended
December 31, 2024, compared to $5.6 million for the twelve
months ended December 31, 2023. These Voyage expenses – Luna Pool
collaborative arrangements represent the other participant’s share
of pool net revenues generated by our vessels in the pool, prior to
the acquisition of the vessels by Navigator Greater Bay Joint
Venture. This decrease was primarily a result of the arrangements
ending with the acquisition by the Navigator Greater Bay Joint
Venture of the final vessel Navigator Vega on April 13, 2023.
Vessel Operating
Expenses. Vessel operating expenses increased by
$4.1 million or 2.4% to $175.0 million for the
twelve months ended December 31, 2024, from $171.0 million for
the twelve months ended December 31, 2023. Average daily vessel
operating expenses increased by $202 per vessel per day, or 2.4%,
to $8,540 per vessel per day for the twelve months ended December
31, 2024, compared to $8,338 per vessel per day for the twelve
months ended December 31, 2023.
Depreciation and
Amortization. Depreciation and amortization increased
by $3.5 million to $132.7 million for the twelve months
ended December 31, 2024, from $129.2 million for the twelve
months ended December 31, 2023. Depreciation and amortization
included amortization of capitalized drydocking costs of $22.7
million and $16.7 million for the twelve months ended December 31,
2024 and 2023, respectively.
General and Administrative
Costs. General and administrative costs increased by
$5.4 million or 17.2% to $36.6 million for the
twelve months ended December 31, 2024, from
$31.2 million for the twelve months ended December 31,
2023. The increase is in part due to non-recurring costs related to
the public offering of a total of $7.0 million common shares by BW
Group incurred in the twelve months ended December 31, 2024.
Unrealized Loss on Non-designated
Derivative Instruments. The unrealized loss of
$7.5 million on non-designated derivative instruments for
the twelve months ended December 31, 2024 relates to a fair value
loss on interest rate swaps across a number of our secured term
loan and revolving credit facilities, as a result of a decrease in
forward SOFR interest rates relative to the fixed rates applicable
on these secured term loan and revolving credit facilities. This is
compared to an unrealized loss on non-designated derivative
instruments of $7.3 million for the twelve months ended
December 31, 2023.
Interest Expense. Interest
expense decreased by $8.8 million, or 13.5%, to
$56.1 million for the twelve months ended December 31, 2024,
from $64.9 million for the twelve months ended December
31, 2023. This is primarily a result of a decrease in U.S. dollar
SOFR rates, and reflects an average reduction in our debts in 2024
compared to 2023.
Unrealized Foreign Exchange
(Loss)/Gains. The unrealized foreign exchange loss of
$2.0 million for the twelve months ended December 31, 2024,
relates to losses on foreign currency cash balances held, primarily
driven by the Indonesian Rupiah strengthening against the U.S.
dollar during the period, compared to an unrealized gain of $17,000
for the twelve months ended December 31, 2023. In previous periods,
unrealized foreign exchange gains and losses were reported as part
of interest expense. However such movements for the year ended
December 31, 2024 and future years will be presented
separately.
Loss on Repayment of Senior
Bonds. In connection with the repurchase of the 2020 Bonds
on November 1, 2024, $1.5 million in redemption premium charges
were incurred,
Write off of Deferred Financing
Costs.The write off of deferred financing costs of $0.8
million for the twelve months ended December 31, 2024 relates to
the write off of the unamortized portion of the deferred financing
costs of our 2020 Bonds at the time of the repurchase in full of
our 2020 Bonds.
Income Taxes. Income taxes
relate to taxes on our subsidiaries and businesses incorporated
around the world including those incorporated in the United States
of America. Income taxes were $4.4 million for the twelve
months ended December 31, 2024, compared to $4.3 million for
the twelve months ended December 31, 2023, primarily as a result of
movements in current and deferred taxes on our portion of the
profits from the Ethylene Export Terminal.
Share of Result of Equity Method
Investments. The share of the result of the Company’s
50% ownership in the Export Terminal Joint Venture was an income of
$16.9 million for the twelve months ended December 31, 2024,
compared to an income of $20.6 million for the twelve months ended
December 31, 2023. This decrease is a result of reduced throughput
rates of 732,378 tons across the twelve months ended December 31,
2024, compared to 986,666 tons across the twelve months ended
December 31, 2023. This reduction was primarily due to adverse
weather caused by hurricane Beryl in August 2024 and other planned
and unplanned maintenance on pipeline infrastructure in the U.S.
Gulf coast area, leading to fewer available export cargoes and
reduced demand for ethylene-capable vessels in the twelve months
ended December 31, 2024.
Non-Controlling Interest. The
Company entered into a sale and leaseback arrangement for the
Navigator Aurora in November 2019 with a wholly-owned special
purpose vehicle of a financial institution (“Lessor SPV”). The sale
and leaseback arrangement for the Navigator Aurora terminated in
October 2024 and up to date of termination we were the primary
beneficiary of this entity, we are required to consolidate this
variable interest entity ("VIE") into our financial results. The
net income attributable to the Lessor SPV included in our financial
results was $1.5 million for the twelve months ended December
31, 2024 and was $1.2 million for the twelve months ended December
31, 2023 and this is presented as a non-controlling interest.
In September 2022, the Company entered into the
Navigator Greater Bay Joint Venture to acquire five ethylene
vessels, Navigator Luna, Navigator Solar, Navigator Castor,
Navigator Equator and Navigator Vega. The joint venture is owned
60% by the Company and 40% by Greater Bay Gas. The Navigator
Greater Bay Joint Venture is accounted for as a consolidated
subsidiary in our consolidated financial statements, with the 40%
owned by Greater Bay Gas accounted for as a non-controlling
interest. A gain attributable to Greater Bay Gas of
$5.5 million is presented as the non-controlling interest in
our financial results for the twelve months ended December 31,
2024, compared to a gain of $2.0 million for the twelve months
ended December 31, 2023.
Reconciliation of Non-GAAP Financial
Measures
The following table shows a reconciliation of Net
Income to EBITDA and Adjusted EBITDA for the three and twelve
months ended December 31, 2024 and 2023:
|
|
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
Twelve monthsended December 31, 2023 |
Twelve months ended December 31, 2024 |
|
|
(in thousands) |
|
Net
Income |
$ |
19,145 |
|
$ |
22,858 |
$ |
86,872 |
|
$ |
94,097 |
|
Net interest expense |
|
14,586 |
|
|
11,197 |
|
59,208 |
|
|
49,897 |
|
Income taxes |
|
56 |
|
|
1,324 |
|
4,325 |
|
|
4,365 |
|
Depreciation and amortization |
|
32,828 |
|
|
32,645 |
|
129,202 |
|
|
132,725 |
|
EBITDA2 |
|
66,615 |
|
|
68,024 |
|
279,607 |
|
|
281,084 |
|
Unrealized loss on non-designated derivative instruments |
|
5,254 |
|
|
278 |
|
7,282 |
|
|
7,483 |
|
Unrealized foreign exchange (gain)/loss* |
|
(291 |
) |
|
2,847 |
|
(17 |
) |
|
1,968 |
|
Loss/(profit) from sale of vessel |
|
144 |
|
|
— |
|
(4,797 |
) |
|
— |
|
Write off of deferred financing costs |
|
— |
|
|
829 |
|
— |
|
|
829 |
|
Loss on repayment of unsecured Bonds |
|
— |
|
|
1,456 |
|
— |
|
|
1,456 |
|
Adjusted EBITDA2 |
$ |
71,722 |
|
$ |
73,434 |
$ |
282,075 |
|
$ |
292,820 |
|
|
|
|
The following table shows a reconciliation of Net
Income attributed to stockholders of Navigator Holdings Ltd. to
Adjusted Net Income attributable to stockholders of Navigator
Holdings Ltd., for the three and twelve months ended
December 31, 2024 and 2023:
|
|
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
Twelve months ended December 31, 2023 |
Twelve monthsended December 31, 2024 |
|
|
(in thousands except earnings per share and number of
shares) |
|
Net Income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
17,751 |
|
$ |
21,586 |
$ |
82,255 |
|
$ |
85,571 |
|
Unrealized loss on non-designated derivative instruments |
|
5,254 |
|
|
278 |
|
7,282 |
|
|
7,483 |
|
(Profit)/loss from sale of vessel |
|
144 |
|
|
— |
|
(4,797 |
) |
|
— |
|
Unrealized foreign exchange loss/(gains)* |
|
(291 |
) |
|
2,847 |
|
(17 |
) |
|
1,968 |
|
Write off of deferred financing costs |
|
— |
|
|
829 |
|
— |
|
|
829 |
|
Loss on repayment of unsecured Bonds |
|
— |
|
|
1,456 |
|
— |
|
|
1,456 |
|
Adjusted Net Income attributable to stockholders of
Navigator Holdings Ltd. |
$ |
22,858 |
|
$ |
26,997 |
$ |
84,723 |
|
$ |
97,308 |
|
|
|
|
|
|
|
Earnings per share attributable to stockholders of
Navigator Holdings Ltd. |
|
|
|
|
|
Basic earnings per share |
$ |
0.24 |
|
$ |
0.31 |
$ |
1.11 |
|
$ |
1.20 |
|
Diluted earnings per share |
$ |
0.24 |
|
$ |
0.31 |
$ |
1.10 |
|
$ |
1.19 |
|
|
|
|
|
|
|
Adjusted Basic earnings per share2 |
$ |
0.31 |
|
$ |
0.39 |
$ |
1.14 |
|
$ |
1.37 |
|
Adjusted Diluted earnings per share2 |
$ |
0.31 |
|
$ |
0.38 |
$ |
1.14 |
|
$ |
1.35 |
|
|
|
|
|
|
|
Basic weighted average number of shares |
|
73,265,815 |
|
|
69,426,888 |
|
74,096,284 |
|
|
71,149,671 |
|
Diluted weighted average number of shares |
|
73,813,208 |
|
|
70,170,335 |
|
74,607,449 |
|
|
71,838,034 |
|
|
|
* In preparing these unaudited condensed consolidated financial
statements, management has disaggregated certain income statement
line items. This disaggregation was performed to enhance clarity
and to provide users with greater insight into the Company’s
financial position. Unrealized foreign exchange losses is
separately disclosed and disaggregated from interest expense. Prior
period balances were reclassified to conform to the current period
presentation. |
|
2 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to
stockholders of Navigator Holdings Ltd., and Adjusted Basic
Earnings per Share are not measurements prepared in accordance with
U.S. GAAP. EBITDA represents net income before net interest
expense, income taxes, depreciation and amortization. We define
Adjusted EBITDA as EBITDA before profit/loss on sale of vessel and
unrealized gain/loss on non-designated derivative instruments and
unrealized foreign currency exchange and loss on repayment of
Unsecured Bonds. Adjusted basic earnings per share represents basic
earnings per share adjusted to exclude unrealized gains or losses
on non-designated derivative instruments and unrealized foreign
currency exchange and any profit or loss on the sale of any vessel,
write of deferred financing costs and loss on repayment of
unsecured bonds (as defined below). Adjusted Net Income
Attributable to stockholders of Navigator Holdings Ltd. represents
net income attributable to stockholders of Navigator Holdings Ltd.
before unrealized (gain)/loss on non-designated derivative
instruments, unrealized foreign currency exchange and (profit)/loss
from sale of vessel write of deferred financing costs and loss on
repayment of unsecured bonds (as defined below). Management
believes that EBITDA, Adjusted EBITDA and Adjusted Basic earnings
per share are useful to investors in evaluating the operating
performance of the Company. EBITDA, Adjusted EBITDA and Adjusted
Basic earnings per share do not represent and should not be
considered alternatives to consolidated net income, earnings per
share, cash generated from operations or any other GAAP measure.
See “Reconciliation of Non-GAAP Financial Measures” below for a
reconciliation of EBITDA, Adjusted EBITDA and Adjusted Basic
earnings per share to, in each case, the closest comparable GAAP
measure. |
|
|
Liquidity and Capital
Resources
Liquidity and Cash Needs
Our primary sources of funds are cash and cash
equivalents, cash from operations, undrawn bank borrowings, and
proceeds from bond issuances. As of December 31, 2024, we had
unrestricted cash and cash equivalents of $130.8 million,
restricted cash of $9.0 million, and available but undrawn credit
facilities of $nil providing, the Company with total liquidity of
$139.8 million as of December 31, 2024.
As of December 31, 2024, our total current
liabilities exceeded our total current assets by approximately
$98.4 million, primarily due to our $210.0 million Secured
Revolving Credit Facility that will mature on September 17, 2025
and has an outstanding balance of $136.0 million due on its
maturity date. Our secured term loan facilities and revolving
credit facilities contain covenants that require that the borrowers
have liquidity of no less than (i) $35.0 million or $50.0 million,
as applicable to the relevant loan facility, or (ii) 5% of total
debt (representing $38.6 million as of December 31, 2024),
whichever is greater.
The Company has a responsibility to evaluate
whether conditions and/or events raise substantial doubt over its
ability to meet its future financial obligations as they become due
within one year after the date that the financial statements are
due to be issued. The Company’s $210 million September 2020 Secured
Revolving Credit Facility matures on September 17, 2025, which is
within twelve months of the planned issuance of the consolidated
financial statements. On that maturity date a repayment of $136
million in respect of the loan facility falls due. The Company
anticipates that in the absence of further refinancings or other
sources of liquidity, the Company would be unable to meet its
future financial obligations. This represents substantial doubt
about the Company’s ability to continue as a going concern.
Management has commenced a process to refinance the September 2020
Secured Revolving Credit Facility and, through discussions with
potential lenders, expects to complete this refinance in the second
quarter of 2025.
The Company withdrew $28.5 million of its $111.8
million Term Loan and Revolving Credit Facility in December 2024
and $40.0 million of its $210 million Term Loan and Revolving
Credit Facility in December 2024. As of December 31, 2024 the
Company has $nil available to be redrawn under the terms of its
available Term Loan and Revolving Credit Facilities.
On February 7, 2025, the Company entered into the
February 2025 Facility, to partially finance the purchase price of
the three Purchased Vessels and used cash on hand to pay the
remainder of the purchase price.The February 2025 Facility matures
on June 7, 2026, however the borrower has an option to extend the
facility for a further 18 months. The facility is non-amortizing
for the period to June 7, 2026, and has a balloon repayment of
$25.0 million if the 18-month extension option is to be exercised,
and bears interest at a rate of Term SOFR plus 180 basis
points.
On October 17, 2024 the Company successfully
issued $100 million of new Senior Unsecured Bonds (the "2024
Bonds") in the Nordic bond market. The 2024 Bonds mature in October
2029 and bear a fixed coupon of 7.25% per annum.
In connection with the 2024 Bonds issuance, the
Company exercised a call option to repurchase $100 million of its
existing $100 million Senior Unsecured Bonds issued in 2020 with
ISIN NO0010891955 and a maturity date in September 30, 2025 (the
"2020 Bonds"). Navigator exercised the call option on the 2020
Bonds at 101.6% of par value plus accrued interest and the
transaction settled on November 1, 2024.
On August 9, 2024, the Company entered into a
secured term loan facility with Crédit Agricole Corporate and
Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken
AB (Publ) (the "August 2024 Facility"), to refinance its March 2019
secured term loan that was due to mature in March 2025, to fund the
repurchase of the Navigator Aurora pursuant to the Company’s
existing October 2019 sale and leaseback arrangement related to
that vessel which, based on a termination notice we issued to the
lessor in May 2024, terminated on October 29, 2024, and for general
corporate and working capital purposes. The March 2019 secured term
loan was fully repaid. The August 2024 Facility has a term of six
years maturing in August 2030 and is for a maximum principal amount
of $147.6 million of which $145.0 million was drawn during the
third quarter of 2024. The remainder of the maximum available
principal amount was drawn down on October 29, 2024. The balance
amortizes quarterly followed by a final balloon payment in August
2030 of $63.9 million, and bears interest at a rate of Term SOFR
plus 190 basis points, which margin includes a 5-basis point
sustainability-linked element.
Our primary uses of funds are drydocking and other
vessel maintenance expenditures, voyage expenses, vessel operating
expenses, general and administrative costs, insurance costs,
expenditures incurred in connection with ensuring that our vessels
comply with international and regulatory standards, financing
expenses, quarterly repayment of bank loans and the Terminal
Expansion Project. We also expect to use funds in connection with
our Return of Capital policy. In addition, our medium-term and
long-term liquidity needs relate to debt repayments, repayment of
bonds, payment for the Newbuild Vessels and other potential future
vessel newbuilds, related investments, payment for the Purchased
Vessels and other potential future vessel acquisitions, and or
related port or terminal projects.
As of December 31, 2024, we had $1,238.9 million in
outstanding future obligations, which includes principal repayments
on long-term debt, including our bonds, capital contributions to
our Ethylene Terminal Expansion Project, vessels under construction
and office lease commitments. Of the total outstanding obligation,
$321.1 million falls due within the twelve months ending
December 31, 2025, and the balance of $919.5 million
falls due after December 31, 2025.
Capital Expenditures
Liquefied gas transportation by sea is a
capital-intensive business, requiring significant investment to
maintain an efficient fleet and to stay in regulatory
compliance.
On August 23, 2024, the Company entered into
contracts for the Original Newbuild Vessels. As part of the
agreements made on August 23, 2024, the Company had an option for
two Additional Newbuild Vessels of the same specification and
price. On November 21, 2024 the Company exercised the option and
entered into contracts to build two Additional Newbuild Vessels.
The Newbuild Vessels are scheduled to be delivered to the Company
in March 2027, July 2027, November 2027 and January 2028
respectively, at an average shipyard price of $102.9 million per
vessel.
We may invest further in terminal infrastructure,
such as the expansion of our existing Ethylene Export Terminal. The
total capital contributions required from us for our share of the
construction cost for the Terminal Expansion Project are expected
to be approximately $128 million. The Company financed these
capital contributions using existing cash resources. Of the
expected total of $128 million, $124 million has been contributed
as of December 31, 2024, with approximately $89.0 million
contributed during 2024. The balance of approximately $4 million is
expected be contributed during the first half of 2025. It is
anticipated that additional debt will be raised in 2025 to recoup
some of the cash reserves expended on the Terminal Expansion
Project and the Company is currently assessing options in this
respect.
Cash Flows
The following table summarizes our cash, cash
equivalents and restricted cash provided by/(used in) operating,
investing and financing activities for the twelve months ended
December 31, 2024 and 2023:
|
|
|
Twelve months ended December 31, 2023 |
Twelve months ended December 31, 2024 |
|
|
(in thousands) |
|
Net cash provided by operating activities |
$ |
174,413 |
|
$ |
210,523 |
|
|
Net cash (used in) investing activities |
|
(176,481 |
) |
|
(100,987 |
) |
|
Net cash (used in)/provided by financing activities |
|
7,099 |
|
|
(126,013 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
17 |
|
|
(1,968 |
) |
|
Net increase/(decrease) in cash, cash equivalents and restricted
cash |
$ |
5,048 |
|
$ |
(18,445 |
) |
|
|
Operating Cash Flows. Net cash
provided by operating activities for the twelve months ended
December 31, 2024, increased to $210.5 million, from
$174.4 million for the twelve months ended December 31, 2023,
an increase of $36.1 million. This increase was primarily due to an
increase in net income of $7.2 million (after adding back the
non-cash unrealized gain/loss on derivative instruments and our
share of the result from equity method investments), and to changes
in working capital of $35.1 million during the twelve months
ended December 31, 2024, compared to the twelve months ended
December 31, 2023 driven by a decrease of $24 million in the
amounts due from related parties relating to the Luna Pool unwind
as a result of the termination of the Luna Pool on November 30,
2024.
Net cash flow from operating activities
principally depends upon charter rates attainable, fleet
utilization, fluctuations in working capital balances, repairs and
maintenance activity, amount and duration of drydocks and changes
in foreign currency rates.
We are required to drydock each vessel once every
five years until it reaches 15 years of age, after which we drydock
vessels approximately every two and a half years. Drydocking each
vessel, including travelling to and from the drydock, can take
approximately 30 days in total, being approximately 5-10 days of
voyage time to and from the shipyard and approximately 15-20 days
of actual drydocking time. 17 of our vessels completed their
respective drydockings during the twelve months ended December 31,
2024,
We estimate the current cost of a five-year
drydocking for one of our vessels to be approximately $1.0 million,
a ten-year drydocking cost to be approximately $1.3 million, and
the 15-year and 17-year drydocking costs to be approximately $1.5
million each (including the cost of classification society
surveys). As our vessels age and our fleet expands, our drydocking
expenses will increase. Ongoing costs for compliance with
environmental regulations are primarily included as part of
drydocking, such as the requirement to install ballast water
treatment plants, and classification society survey costs, with a
balance included as a component of our operating expenses.
Investing Cash Flows. Net cash
used in investing activities was $101.0 million for the twelve
months ended December 31, 2024, primarily related to contributions
to our investment in the Terminal Expansion Project of
$89.0 million and $41.2 million as initial payments for
our four Newbuild Vessels under construction, offset by
distributions received from our investment in the Export Terminal
Joint Venture of $27.1 million.
Net cash used in investing activities was
$176.5 million for the twelve months ended December 31, 2023,
primarily as a result of $191.7 million used for the
acquisition of four vessels by the Navigator Greater Bay Joint
Venture, offset by proceeds from the sale of the Navigator Orion of
$20.7 million, and distributions received from our investment
in the Export Terminal Joint Venture of $30.8 million.
Financing Cash Flows. Net cash
used in financing activities was $126.0 million for the twelve
months ended December 31, 2024, primarily as a result of our
regular quarterly debt repayments totaling $57.2 million, repayment
of $59.0 million under our $107 million Secured Term Loan Facility,
quarterly dividend payments of $14.3 million,
$57.1 million paid-out under our Return of Capital policy and
other share repurchases, and settlement of the sale and leaseback
financing relating to the Navigator Aurora of $48.9 million,
offset by drawdown of our August 2024 facility of
$216.1 million.
Net cash provided by financing activities was
$7.1 million for the twelve months ended December 31, 2023,
primarily as a result of $123.6 million drawdown from our Greater
Bay Joint Venture Secured Term Loan to partially finance the
acquisition of four Greater Bay vessels as well as
$27.3 million received as a capital contribution from the
non-controlling interest for those vessels, a drawdown of $200.0
million on our March 2023 Secured Term Loan which provided the
financing to repay two maturing secured term loan facilities
totaling $268.3 million, and offset by $48.7 million
under our Return of Capital policy and other share repurchases.
Secured Term Loan Facilities, Revolving
Credit Facilities and Terminal Facility
General. Navigator Gas LLC., our
wholly-owned subsidiary, and certain of our vessel-owning
subsidiaries have entered into various secured term loan facilities
and revolving credit facilities as summarized in the table below.
For additional information regarding our secured term loan
facilities and revolving credit facilities, please read “Item
5—Operating and Financial Review and Prospects—B. Liquidity and
Capital Resources—Secured Term Loan Facilities and Revolving Credit
Facilities” in the Company's 2023 Annual Report.
The table below summarizes our facilities as of
December 31, 2024:
|
|
|
|
|
|
|
Facility agreement |
Original
facility amount |
Principal
amount outstanding |
Interest rate |
Facility maturity date |
|
|
(in millions) |
|
|
March 2019 Terminal Facility |
$ |
75.0 |
$ |
10.9 |
Comp SOFR + 326 BPS |
December 2025 |
|
September 2020 Secured loan and RCF |
|
210.0 |
|
143.4 |
Comp SOFR + 276 BPS |
September 2025 |
|
August 2021 Amendment and Restatement Agreement |
|
67.0 |
|
34.9 |
Fixed 378 BPS |
June 2026 |
|
October 2013 DB Credit Facility A |
|
57.7 |
|
10.8 |
Comp SOFR + 247 BPS |
April 2027 |
|
October 2013 Santander Credit Facility A |
|
81.0 |
|
16.9 |
Comp SOFR + 247 BPS |
May 2027 |
|
December 2022 Secured Term loan and RCF |
|
111.8 |
|
83.6 |
Term SOFR + 209 BPS |
September 2028 |
|
July 2015 DB Credit Facility B |
|
60.9 |
|
21.6 |
Comp SOFR + 247 BPS |
December 2028 |
|
July 2015 Santander Credit Facility B |
|
55.8 |
|
20.9 |
Comp SOFR + 247 BPS |
January 2029 |
|
March 2023 Secured Term Loan |
|
200.0 |
|
141.8 |
Comp SOFR + 210 BPS |
March 2029 |
|
December 2022 Greater Bay JV Secured Term Loan |
|
151.3 |
|
130.8 |
Term SOFR + 220 BPS |
December 2029 |
|
August 2024 Secured Term Loan and RCF |
|
147.6 |
|
145.0 |
Term SOFR + 190 BPS |
August 2030 |
|
Total |
$ |
1,218.1 |
$ |
760.5 |
|
|
|
|
February 2025 Senior Secured Term Loan
Credit Facility. On February 7, 2025, the Company entered
into the February 2025 Facility with Nordea Bank Abp, to partially
finance the purchase price of the three Purchased Vessels and used
cash on hand to pay the remainder of the purchase price. The
February 2025 Facility matures on June 7, 2026, however the
borrower has an option to extend the facility for a further 18
months. The facility is non-amortizing for the period to June 7,
2026, and has a balloon repayment of $25.0 million if the 18-month
extension option is to be exercised, and bears interest at a rate
of Term SOFR plus 180 basis points.
August 2024 Secured Term Loan and
Revolving Credit Facility. On August 9, 2024, the Company
entered into a secured term loan facility with Crédit Agricole
Corporate and Investment Bank, ING Bank N.V., and Skandinaviska
Enskilda Banken AB (Publ) (the "August 2024 Facility"), to
refinance its March 2019 secured term loan that was due to mature
in March 2025, to fund the repurchase of the Navigator Aurora
pursuant to the Company’s existing October 2019 sale and leaseback
arrangement related to that vessel which, based on a termination
notice we issued to the lessor in May 2024, terminated on October
29, 2024, and for general corporate and working capital purposes.
The March 2019 secured term loan was fully repaid. The August 2024
Facility has a term of six years maturing in August 2030 and is for
a maximum principal amount of $147.6 million of which $145.0
million was drawn during the third quarter of 2024. The remainder
of the maximum available principal amount was drawn down on October
29, 2024. The balance amortizes quarterly followed by a final
balloon payment in August 2030 of $63.9 million, and bears interest
at a rate of Term SOFR plus 190 basis points, which margin includes
a 5-basis point sustainability-linked element.
Financial
Covenants. Our secured term loan
facilities and revolving credit facilities contain financial
covenants requiring the borrowers, among other things, to ensure
that:
- borrowers maintain a certain level of cash and cash equivalents
based on the number of vessels in our fleet or in the relevant
facilities, up to an amount of $50 million and;
- borrowers must maintain a minimum ratio of shareholder equity
to total assets, or value adjusted total assets, of 30%.
Restrictive
Covenants. The secured facilities provide
that the borrowers may not declare or pay dividends to shareholders
out of operating revenues generated by the vessels securing the
indebtedness if an event of default has occurred and is continuing.
The secured term loan facilities and revolving credit facilities
also typically limit the borrowers from, among other things,
incurring further indebtedness or entering into mergers and
divestitures. The secured facilities also contain general covenants
that require the borrowers to maintain adequate insurance coverage
and to maintain the vessels and include customary events of
default, including those relating to a failure to pay principal or
interest, a breach of covenant, representation or warranty, a
cross-default to other indebtedness or non-compliance with security
documents.
Other than as stated, our compliance with the
financial covenants listed above is measured as of the end of each
fiscal quarter. As of December 31, 2024 we were in compliance
with all covenants under our secured term loan facilities and
revolving credit facilities.
Borrowers are also required to deliver semi-annual
compliance certificates, which include providing average valuations
of the vessels securing the applicable facility from two
independent ship brokers. Upon delivery of the valuations, if the
market value of the collateral vessels is less than 125% to 135% of
the outstanding indebtedness under the applicable facilities, the
borrowers must either provide additional collateral or repay any
amount in excess of 125% to 135% of the market value of the
collateral vessels, as applicable. This covenant is measured
semi-annually on June 30 and December 31 each year.
2024 Senior Unsecured Bonds
General. On October 17, 2024, we
issued senior unsecured bonds in an aggregate principal amount of
$100 million with Nordic Trustee AS as the bond trustee (the “2024
Bonds”). The net proceeds of the issuance of the 2024 Bonds were
used to redeem in full all of our previously outstanding 2020
Bonds.
The 2024 Bonds are governed by Norwegian law and
under the terms of the 2024 Bond, they are required to by listed on
the Nordic ABM, which is operated and organized by Oslo Børs ASA,
within 9 months of being issued. The listing is expected to be
completed in the second quarter of 2025.
Interest. Interest on the 2024
Bonds is payable at a fixed rate of 7.25% per annum, calculated on
a 360-day year basis. Interest is payable semi- annually in arrears
on April 30 and October 30 of each year.
Maturity. The 2024 Bonds mature
on October 30, 2029 and become repayable on that date.
Optional Redemption. We may
redeem the 2024 Bonds, in whole or in part at any time. Any 2024
Bonds redeemed; up until October 29, 2027 will be priced at the
aggregate of the present value (discounted at 412 basis points) on
the Repayment Date of the Nominal Amount and the remaining interest
payments up to October 30, 2027; from October 30, 2027 to April 29,
2028, are redeemable at 102.9% of par; from April 30, 2028 to
October 29, 2028, are redeemable at 102.175% of par; from October
30, 2028 to April 29, 2029, are redeemable at 101.45% of par; and
from April 30, 2029 to October 29, 2029, are redeemable at 100% of
par; in each case, in cash plus accrued interest.
Additionally, upon the occurrence of a “Change of
Control Event” (as defined in the bond agreement for the 2024
Bonds, (the “2024 Bond Agreement”)), the holders of 2024 Bonds have
the option to require us to repay such holders’ outstanding
principal amount of 2024 Bonds at 101% of par, plus accrued
interest.
Financial Covenants. The 2024
Bond Agreement contains financial covenants requiring us, among
other things, to ensure that:
- we and our subsidiaries maintain a minimum liquidity of no less
than $35 million; and
- we and our subsidiaries maintain an Equity Ratio (as defined in
the 2024 Bond Agreement) of at least 30%.
Our compliance with the covenants listed above is
measured as of the end of each fiscal quarter. As of
December 31, 2024, we were in compliance with all covenants
under the 2024 Bonds.
Restrictive Covenants. The 2024
Bonds provide that we may declare or pay dividends to shareholders
provided the Company maintains a minimum liquidity of $45 million
unless an event of default has occurred and is continuing. The 2024
Bond Agreement also limits us and our subsidiaries from, among
other things, entering into mergers and de-mergers, engaging in
transactions with affiliates or incurring any additional liens
which would have a material adverse effect. In addition, the 2024
Bond Agreement includes customary events of default, including
those relating to a failure to pay principal or interest, a breach
of covenant, false representation or warranty, a cross-default to
other indebtedness, the occurrence of a material adverse effect, or
our insolvency or dissolution.
2020 Senior Unsecured Bonds
General. On September 10, 2020,
the Company issued 5-year senior unsecured bonds with a maturity in
2025 in an aggregate principal amount of $100 million with Nordic
Trustee AS as the bond trustee (the “2020 Bonds”). The net proceeds
of the issuance of the 2020 Bonds were used to redeem in full all
of our previously outstanding 2017 Bonds. The 2020 Bonds were
governed by Norwegian law and were listed on the Nordic ABM which
is operated and organized by Oslo Børs ASA.
In September 2023 we purchased $9.0 million of the
2020 Bonds in the open market using cash on hand. These purchased
2020 Bonds were not cancelled or redeemed.
Interest. Interest on the 2020
Bonds was payable at a fixed rate of 8.0% per annum, calculated on
a 360-day year basis, payable semi-annually in arrears on March 10
and September 10 of each year.
Redemption. The Company exercised
a call option on the 2020 Bonds at 101.6% of par value plus accrued
interest and the transaction settled on November 1, 2024. The 2020
Bonds are fully redeemed and there are no remaining financial
covenants as of December 31, 2024.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
We are exposed to market risk from changes in
interest rates and foreign currency fluctuations, as well as
inflation. We use interest rate swaps to manage some of our
interest rate risks. We do not use interest rate swaps or any other
financial instruments for trading or speculative purposes.
Interest Rate Risk
We are exposed to the impact of interest rate
changes through borrowings that require us to make interest
payments based on SOFR. Our wholly-owned subsidiaries and certain
of our vessel-owning subsidiaries are party to secured term loan
and revolving credit facilities that bear interest at rates of SOFR
plus margins of between 185 and 276 basis points. At
December 31, 2024, $248.5 million of our outstanding debt
was hedged using interest rate swaps and therefore is not exposed
to changes in interest rate movements, whereas $512.0 million
was not hedged and is therefore subject to variable interest rates.
Based on this, a hypothetical increase in SOFR of 100 basis points
would result in $5.1 million of additional annual interest
expense on our indebtedness outstanding as of December 31,
2024.
We use interest rate swaps to reduce our exposure
to market risk from changes in interest rates. The principal
objective of these contracts is to minimize the risks and costs
associated with our floating-rate debt. The Company is exposed to
the risk of credit loss in the event of non-performance by the
counterparty to the interest rate swap agreements.
Foreign Currency Exchange Rate
Risk
Our primary economic environment is the
international shipping market. This market utilizes the
U.S. Dollar as its functional currency. Consequently, most of
our revenues are in U.S. Dollars although some charter hires are
paid in Indonesian Rupiah. Our expenses are in the currency
invoiced by each supplier, and we remit funds in various
currencies. We incur some vessel operating expenses and general and
administrative costs in foreign currencies, primarily Euros, Pound
Sterling, Danish Kroner, and Polish Zloty, and therefore there is a
transactional risk that currency fluctuations could have a negative
effect on our cash flows and financial condition. We believe these
adverse effects would not be material and we have not entered into
any derivative contracts to mitigate our exposure to foreign
currency exchange rate risk as of December 31, 2024.
Inflation
We are exposed to increases in operating costs
arising from vessel operations, including crewing, vessel repair
costs, drydocking costs, insurance and fuel prices as well as from
general inflation, and we are subject to fluctuations as a result
of general market forces. Increases in bunker costs could have a
material effect on our future operations if the number and duration
of our voyage charters or Contracts of Affreightment ("COAs")
increases. In the case of the 47 vessels owned and commercially
managed by us as of December 31, 2024, 32 were employed on
time charter and as such it is the charterers who pay for the fuel
on those vessels. If our vessels are employed under voyage charters
or COAs, freight rates are generally sensitive to the price of fuel
such that a sharp rise in bunker prices may have a temporary
negative effect on our results since freight rates generally adjust
only after bunker prices settle at a higher level.
Credit Risk
We may be exposed to credit risks in relation to
vessel employment and at times we may have multiple vessels
employed by the same charterer. We consider and evaluate the
concentration of credit risk continuously and perform ongoing
evaluations of these charterers for credit risk. At
December 31, 2024, no more than four of our vessels were
employed by the same charterer. We invest our surplus funds with
reputable financial institutions, and at December 31, 2024,
all such deposits had maturities of no more than three months, in
order to provide the Company with flexibility to meet working
capital and capital investment requirements.
|
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS |
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
|
|
|
|
Three months ended December 31, 2023 |
Three months ended December 31, 2024 |
Twelve months endedDecember 31, 2023 |
Twelve months endedDecember 31, 2024 |
|
|
(in thousands except share and per share data) |
|
Revenues |
|
|
|
|
|
Operating revenues |
$ |
129,068 |
|
$ |
130,269 |
|
$ |
493,339 |
|
$ |
511,667 |
|
Operating revenues – Unigas Pool |
|
12,564 |
|
|
13,762 |
|
|
50,043 |
|
|
55,012 |
|
Operating revenues – Luna Pool collaborative arrangements |
|
— |
|
|
— |
|
|
7,355 |
|
|
— |
|
Total operating revenue |
|
141,632 |
|
|
144,031 |
|
|
550,737 |
|
|
566,679 |
|
Expenses |
|
|
|
|
|
Brokerage commission |
|
1,706 |
|
|
1,672 |
|
|
6,923 |
|
|
7,012 |
|
Voyage expenses |
|
18,115 |
|
|
19,187 |
|
|
74,509 |
|
|
72,144 |
|
Voyage expenses – Luna Pool collaborative arrangements |
|
— |
|
|
— |
|
|
5,561 |
|
|
— |
|
Vessel operating expenses |
|
46,715 |
|
|
45,957 |
|
|
170,952 |
|
|
175,034 |
|
Depreciation and amortization |
|
32,828 |
|
|
32,645 |
|
|
129,202 |
|
|
132,725 |
|
General and administrative costs |
|
8,878 |
|
|
9,401 |
|
|
31,213 |
|
|
36,580 |
|
Loss/(profit) from sale of vessel |
|
144 |
|
|
— |
|
|
(4,797) |
|
|
— |
|
Other income |
|
36 |
|
|
— |
|
|
(60) |
|
|
— |
|
Total operating expenses |
|
108,422 |
|
|
108,862 |
|
|
413,503 |
|
|
423,495 |
|
Other Income/(Expenses) |
|
|
|
|
|
Operating Income |
|
33,210 |
|
|
35,169 |
|
|
137,234 |
|
|
143,184 |
|
Unrealized loss on non-designated derivative instruments |
|
(5,254) |
|
|
(278) |
|
|
(7,282) |
|
|
(7,483) |
|
Interest expense |
|
(16,646) |
|
|
(12,381) |
|
|
(64,915) |
|
|
(56,141) |
|
Interest income |
|
2,060 |
|
|
1,184 |
|
|
5,707 |
|
|
6,244 |
|
Write off of deferred financing costs |
|
— |
|
|
(829) |
|
|
(171) |
|
|
(829) |
|
Unrealized foreign exchange gain/(loss) |
|
291 |
|
|
(2,847) |
|
|
17 |
|
|
(1,968) |
|
Loss on repayment of unsecured bonds |
|
— |
|
|
(1,456) |
|
|
— |
|
|
(1,456) |
|
Income before taxes and share of result of equity method
investments |
|
13,661 |
|
|
18,562 |
|
|
70,590 |
|
|
81,551 |
|
Income taxes |
|
(56) |
|
|
(1,324) |
|
|
(4,325) |
|
|
(4,365) |
|
Share of result of equity method investments |
|
5,540 |
|
|
5,620 |
|
|
20,607 |
|
|
16,911 |
|
Net Income |
|
19,145 |
|
|
22,858 |
|
|
86,872 |
|
|
94,097 |
|
Net income attributable to non-controlling interest |
|
(1,394) |
|
|
(1,272) |
|
|
(4,617) |
|
|
(8,526) |
|
Net Income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
17,751 |
|
$ |
21,586 |
|
$ |
82,255 |
|
$ |
85,571 |
|
|
|
|
|
|
|
Earnings per share attributable to stockholders of Navigator
Holdings Ltd.: |
|
|
|
|
|
Basic: |
$ |
0.24 |
|
$ |
0.31 |
|
$ |
1.11 |
|
$ |
1.20 |
|
Diluted: |
$ |
0.24 |
|
$ |
0.31 |
|
$ |
1.10 |
|
$ |
1.19 |
|
Weighted average number of shares outstanding in the period: |
|
|
|
|
|
Basic: |
|
73,265,815 |
|
|
69,426,888 |
|
|
74,096,284 |
|
|
71,149,671 |
|
Diluted: |
|
73,813,208 |
|
|
70,170,335 |
|
|
74,607,449 |
|
|
71,838,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive
Income (Unaudited) |
|
|
|
|
|
|
|
|
Three months ended December 31,
2023 |
Three months ended December 31,
2024 |
Twelve months ended December 31,
2023 |
|
Twelve Months Ended,December 31,
2024 |
|
|
(in thousands) |
|
Net Income |
$ |
19,145 |
|
$ |
22,858 |
$ |
86,872 |
$ |
94,097 |
|
Other comprehensive income: |
|
|
|
|
|
Foreign currency translation (loss)/income |
|
(49) |
|
|
96 |
|
311 |
|
(396) |
|
Total comprehensive income |
$ |
19,096 |
|
$ |
22,954 |
$ |
87,183 |
$ |
93,701 |
|
|
|
|
|
|
|
Total comprehensive income attributable to: |
|
|
|
|
|
Stockholders of Navigator Holdings Ltd. |
$ |
17,702 |
|
$ |
21,682 |
$ |
82,566 |
$ |
85,175 |
|
Non-controlling interest |
|
1,394 |
|
|
1,272 |
|
4,617 |
|
8,526 |
|
Total comprehensive income |
$ |
19,096 |
|
$ |
22,954 |
$ |
87,183 |
$ |
93,701 |
|
|
|
Condensed Consolidated Balance Sheet
(Unaudited) |
|
|
|
|
| |
As at December 31, 2023 |
As at December 31, 2024 |
|
|
(in thousands, except share data) |
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ 149,604 |
$ 130,821 |
|
Restricted cash |
8,638 |
8,976 |
|
Accounts receivable, net of allowance for credit losses |
34,653 |
29,037 |
|
Accrued income |
2,437 |
5,809 |
|
Prepaid expenses and other current assets |
17,068 |
14,824 |
|
Bunkers and other inventory |
9,044 |
13,752 |
|
Insurance receivable |
526 |
3,368 |
|
Amounts due from related parties |
33,402 |
13,797 |
|
Total current assets |
255,372 |
220,384 |
|
Non-current Assets |
|
|
|
Vessels, net |
1,754,382 |
1,653,607 |
|
Vessels under construction |
— |
41,589 |
|
Property, plant and equipment, net |
142 |
385 |
|
Intangible assets, net of accumulated amortization |
332 |
406 |
|
Equity method investments |
174,910 |
253,729 |
|
Derivative assets |
14,674 |
7,191 |
|
Right-of-use asset |
2,873 |
2,088 |
|
Other non-current assets |
— |
1,250 |
|
Total non-current assets |
1,947,313 |
1,960,245 |
|
Total Assets |
$ 2,202,685 |
$ 2,180,629 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current Liabilities |
|
|
|
Current portion of secured term loan facilities, net of deferred
financing costs |
$ 120,327 |
$ 250,087 |
|
Current portion of operating lease liabilities |
914 |
1,180 |
|
Accounts payable |
11,643 |
13,823 |
|
Accrued expenses and other liabilities |
20,847 |
24,334 |
|
Accrued interest |
5,488 |
4,835 |
|
Deferred income |
25,617 |
24,514 |
|
Amounts due to related parties |
606 |
— |
|
Total current liabilities |
185,442 |
318,773 |
|
Non-current Liabilities |
|
|
|
Secured term loan facilities and revolving credit facilities, net
of current portion and deferred financing costs |
641,975 |
504,995 |
|
Senior unsecured bond, net of deferred financing costs |
90,336 |
98,446 |
|
Operating lease liabilities, net of current portion |
3,500 |
2,574 |
|
Deferred tax liabilities |
7,016 |
9,477 |
|
Amounts due to related parties |
41,342 |
— |
|
Total non-current liabilities |
784,169 |
615,492 |
|
Total Liabilities |
969,611 |
934,265 |
|
Stockholders’ Equity |
|
|
|
Common stock—$0.01 par value per share; 400,000,000 shares
authorized; 69,397,648 shares issued and outstanding at
December 31, 2024 (December 31, 2023: 73,208,586) |
733 |
695 |
|
Additional paid-in capital |
799,472 |
800,800 |
|
Accumulated other comprehensive loss |
(152) |
(548) |
|
Retained earnings |
390,221 |
404,522 |
|
Total Navigator Holdings Ltd. Stockholders’
Equity |
1,190,274 |
1,205,469 |
|
Non-controlling interest |
42,800 |
40,895 |
|
Total equity |
1,233,074 |
1,246,364 |
|
Total Liabilities and Stockholders’ Equity |
$ 2,202,685 |
$ 2,180,629 |
|
|
|
Condensed Consolidated Statements of Stockholders’
Equity (Unaudited) |
|
|
|
For the twelve months ended December 31, 2024: |
|
|
|
|
(in thousands, except share data) |
|
|
Common stock |
|
|
|
|
|
|
|
Number of shares |
|
|
Amount $0.01 par value |
|
|
Additional Paid-in Capital |
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Retained |Earnings |
|
|
Non-Controlling Interest |
|
|
Total |
|
|
January 1, 2024 |
73,208,586 |
|
$ |
733 |
|
$ |
799,472 |
$ |
(152) |
|
$ |
390,221 |
|
$ |
42,800 |
|
$ |
1,233,074 |
|
|
Restricted shares issued |
54,851 |
|
|
1 |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
Unrestricted shares issued |
14,568 |
|
|
— |
|
|
137 |
|
— |
|
|
— |
|
|
— |
|
|
137 |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
— |
|
|
85,571 |
|
|
8,526 |
|
|
94,097 |
|
|
Foreign currency translation |
— |
|
|
— |
|
|
— |
|
(396) |
|
|
— |
|
|
— |
|
|
(396) |
|
|
Dividend Paid |
— |
|
|
— |
|
|
— |
|
— |
|
|
(14,254) |
|
|
(1,600) |
|
|
(15,854) |
|
|
Repurchase of common stock |
(3,880,357) |
|
|
(39) |
|
|
— |
|
— |
|
|
(57,016) |
|
|
— |
|
|
(57,055) |
|
|
Share-based compensation plan |
— |
|
|
— |
|
|
1,191 |
|
— |
|
|
— |
|
|
— |
|
|
1,191 |
|
|
De-consolidation of Variable Interest Entity |
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(8,831) |
|
|
(8,831) |
|
|
December 31, 2024 |
69,397,648 |
|
$ |
695 |
|
$ |
800,800 |
$ |
(548) |
|
$ |
404,522 |
|
$ |
40,895 |
|
$ |
1,246,364 |
|
|
|
|
|
For the three months ended December 31, 2024:
|
|
(in thousands, except share data) |
|
|
Common stock |
|
|
|
|
|
|
|
Number of shares |
|
|
Amount $0.01 par value |
|
|
Additional Paid-in Capital |
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Retained Earnings |
|
|
Non-Controlling Interest |
|
|
Total |
|
|
September 30, 2024 |
69,453,431 |
|
$ |
696 |
|
$ |
800,328 |
$ |
(644) |
|
$ |
387,504 |
|
$ |
50,054 |
|
$ |
1,237,938 |
|
|
Restricted shares issued |
0 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Unrestricted shares issued |
13,383 |
|
|
— |
|
|
123 |
|
— |
|
|
— |
|
|
— |
|
|
123 |
|
|
Net income |
0 |
|
|
— |
|
|
— |
|
— |
|
|
21,586 |
|
|
1,272 |
|
|
22,858 |
|
|
Foreign currency translation |
0 |
|
|
— |
|
|
— |
|
96 |
|
|
— |
|
|
— |
|
|
96 |
|
|
Dividend Paid |
0 |
|
|
— |
|
|
— |
|
— |
|
|
(3,469) |
|
|
(1,600) |
|
|
(5,069) |
|
|
Repurchase of common stock |
(69,166) |
|
|
(1) |
|
|
— |
|
— |
|
|
(1,099) |
|
|
— |
|
|
(1,100) |
|
|
Share-based compensation plan |
0 |
|
|
— |
|
|
349 |
|
— |
|
|
— |
|
|
— |
|
|
349 |
|
|
De-consolidation of Variable Interest Entity |
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(8,831) |
|
|
(8,831) |
|
|
December 31, 2024 |
69,397,648 |
|
$ |
695 |
|
$ |
800,800 |
$ |
(548) |
|
$ |
404,522 |
|
$ |
40,895 |
|
$ |
1,246,364 |
|
|
|
|
|
For the twelve months ended December 31, 2023:
|
|
(in thousands, except share data) |
|
|
Common stock |
|
|
|
|
|
|
|
Number of shares |
Amount $0.01 par value |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Non-Controlling Interest |
Total |
|
January 1, 2023 |
76,804,474 |
|
$ |
769 |
|
$ |
798,188 |
$ |
(463) |
|
$ |
364,000 |
|
$ |
10,918 |
$ |
1,173,412 |
|
|
Restricted shares issued March 15, 2023 |
47,829 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
— |
|
|
82,255 |
|
|
4,617 |
|
86,872 |
|
|
Foreign currency translation |
— |
|
|
— |
|
|
— |
|
311 |
|
|
— |
|
|
— |
|
311 |
|
|
Investment by non-controlling interest |
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
27,265 |
|
27,265 |
|
|
Repurchase of common stock |
(3,643,717) |
|
|
(36) |
|
|
— |
|
— |
|
|
(48,700) |
|
|
— |
|
(48,736) |
|
|
Share-based compensation plan |
— |
|
|
— |
|
|
1,284 |
|
— |
|
|
— |
|
|
— |
|
1,284 |
|
|
Dividend declared |
— |
|
|
— |
|
|
— |
|
— |
|
|
(7,334) |
|
|
— |
|
(7,334) |
|
|
December 31, 2023 |
73,208,586 |
|
$ |
733 |
|
$ |
799,472 |
$ |
(152) |
|
$ |
390,221 |
|
$ |
42,800 |
$ |
1,233,074 |
|
|
|
|
|
For the three months ended December 31, 2023:
|
|
(in thousands, except share data) |
|
|
Common stock |
|
|
|
|
|
|
|
Number of shares |
Amount $0.01 par value |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Non-Controlling Interest |
Total |
|
September 30, 2023 |
73,285,088 |
|
$ |
734 |
|
$ |
799,100 |
$ |
(103) |
|
$ |
377,237 |
|
$ |
41,411 |
|
$ |
1,218,379 |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
— |
|
|
17,750 |
|
|
1,394 |
|
|
19,144 |
|
|
Foreign currency translation |
— |
|
|
— |
|
|
— |
|
(49) |
|
|
— |
|
|
— |
|
|
(49) |
|
|
Investment by non-controlling interest |
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
Repurchase of common stock |
(76,502) |
|
|
(1) |
|
|
— |
|
— |
|
|
(1,101) |
|
|
— |
|
|
(1,102) |
|
|
Share-based compensation plan |
— |
|
|
— |
|
|
372 |
|
— |
|
|
— |
|
|
— |
|
|
372 |
|
|
Dividend declared |
— |
|
|
— |
|
|
— |
|
— |
|
|
(3,664) |
|
|
— |
|
|
(3,664) |
|
|
December 31, 2023 |
73,208,586 |
|
$ |
733 |
|
$ |
799,472 |
$ |
(152) |
|
$ |
390,221 |
|
$ |
42,800 |
|
$ |
1,233,074 |
|
|
|
See accompanying notes to condensed
unaudited consolidated financial statements.
|
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
|
|
|
|
|
|
|
Twelve months ended December 31, 2023 |
|
|
Twelve months ended December 31, 2024 |
|
|
|
(in thousands) |
|
Cash flows from operating activities |
|
|
|
Net Income |
$ |
86,872 |
|
$ |
94,097 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
Unrealized loss on non-designated derivative instruments |
|
7,282 |
|
|
7,483 |
|
|
Depreciation and amortization |
|
129,202 |
|
|
132,725 |
|
|
Payment of drydocking costs |
|
(12,424) |
|
|
(32,057) |
|
|
Profit from sale of vessel |
|
(4,797) |
|
|
— |
|
|
Share-based compensation expense |
|
1,284 |
|
|
1,328 |
|
|
Amortization of deferred financing costs |
|
3,716 |
|
|
4,085 |
|
|
Share of results of equity method investments |
|
(20,607) |
|
|
(16,911) |
|
|
Deferred taxes |
|
2,363 |
|
|
3,266 |
|
|
Repayments under operating lease obligations |
|
(289) |
|
|
(1,013) |
|
|
Gain on the deconsolidation of VIE |
|
— |
|
|
(504) |
|
|
Other unrealized foreign exchange (loss)/gain |
|
(160) |
|
|
965 |
|
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable |
|
(16,408) |
|
|
5,616 |
|
|
Insurance claims receivables |
|
400 |
|
|
(6,416) |
|
|
Bunkers and lubricant oils |
|
(496) |
|
|
(4,709) |
|
|
Accrued income, prepaid expenses and other current assets |
|
11,013 |
|
|
(342) |
|
|
Accounts payable, accrued interest, accrued expenses and other
liabilities |
|
4,501 |
|
|
3,305 |
|
|
Amounts due to/(from) related parties |
|
(17,039) |
|
|
19,605 |
|
|
Net cash provided by operating activities |
|
174,413 |
|
|
210,523 |
|
|
Cash flows from investing activities |
|
|
|
Additions to vessels and equipment |
|
(191,727) |
|
|
— |
|
|
Vessels under construction |
|
— |
|
|
(41,208) |
|
|
Contributions to equity method investments |
|
(36,558) |
|
|
(89,000) |
|
|
Distributions from equity method investments |
|
30,790 |
|
|
27,092 |
|
|
Investment in preferred securities |
|
— |
|
|
(1,250) |
|
|
Purchase of other property, plant and equipment and
intangibles |
|
(233) |
|
|
(194) |
|
|
Net proceeds from sale of vessel |
|
20,720 |
|
|
— |
|
|
Insurance recoveries |
|
527 |
|
|
3,573 |
|
|
Net cash used in investing activities |
|
(176,481) |
|
|
(100,498) |
|
|
Cash flows from financing activities |
|
|
|
Proceeds from secured term loan facilities and revolving credit
facilities |
|
323,561 |
|
|
216,092 |
|
|
Direct financing cost of secured term loan and revolving credit
facilities |
|
(3,548) |
|
|
(1,476) |
|
|
Repurchase of share capital |
|
(48,736) |
|
|
(57,055) |
|
|
(Purchase)/proceeds of unsecured bonds |
|
(9,000) |
|
|
5,916 |
|
|
Repayment of secured term loan facilities and revolving credit
facilities |
|
(268,311) |
|
|
(224,690) |
|
|
Repayment of refinancing of vessel to related parties |
|
(6,798) |
|
|
(48,946) |
|
|
Cash received from non-controlling interest |
|
27,265 |
|
|
— |
|
|
Dividend paid to Non-Controlling interest |
|
— |
|
|
(1,600) |
|
|
Dividends paid |
|
(7,334) |
|
|
(14,254) |
|
|
Net cash (used in)/provided by financing
activities |
|
7,099 |
|
|
(126,013) |
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
17 |
|
|
(1,968) |
|
|
Net increase/(decrease) in cash, cash equivalents and
restricted cash |
|
5,048 |
|
|
(18,445) |
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
153,194 |
|
|
158,242 |
|
|
Cash, cash equivalents and restricted cash at end of
period |
$ |
158,242 |
|
$ |
139,797 |
|
|
|
|
|
|
|
|
|
|
Supplemental Information |
|
|
|
|
|
|
|
Total interest paid during the period, net of amounts
capitalized |
$ |
62,109 |
|
$ |
57,696 |
|
|
Total tax paid during the period |
$ |
1,802 |
|
$ |
1,935 |
|
|
|
|
|
|
Proceeds of unsecured bonds |
$ |
— |
|
$ |
9,000 |
|
|
Repayment of 8.00% senior unsecured bonds |
$ |
— |
|
$ |
(100,000) |
|
|
Redemption costs of the 8% Bond |
$ |
— |
|
$ |
(1,456) |
|
|
Issuance of 7.25% senior unsecured bonds |
$ |
— |
|
$ |
100,000 |
|
|
Issuance cost of 7.25% senior unsecured bonds |
$ |
— |
|
$ |
(1,628) |
|
|
|
|
|
|
|
|
|
Our Fleet
The following table provides details of our
vessels as of March 12, 2025:
|
Operating Vessel |
YearBuilt |
Vessel Size(cbm) |
EmploymentStatus |
CurrentCargo |
Time CharterExpiration Date |
|
|
|
|
|
|
|
|
Ethylene/ethane capable semi-refrigerated
midsize |
|
|
|
|
|
|
Navigator Aurora |
2016 |
37,300 |
Time Charter |
Ethane |
December 2026 |
|
Navigator Eclipse |
2016 |
37,300 |
Time Charter |
Ethane |
March 2026 |
|
Navigator Nova |
2017 |
37,300 |
Time Charter |
Ethane |
September 2026 |
|
Navigator Prominence |
2017 |
37,300 |
Time Charter |
Ethane |
March 2026 |
|
|
|
|
|
|
|
|
Ethylene/ethane capable semi-refrigerated
handysize** |
|
|
|
|
|
|
Navigator Pluto |
2000 |
22,085 |
Spot Market |
Ethane |
— |
|
Navigator Saturn |
2000 |
22,085 |
Spot Market |
Ethane |
— |
|
Navigator Venus |
2000 |
22,085 |
Spot Market |
Ethane |
— |
|
Navigator Atlas |
2014 |
21,000 |
Spot Market |
Ethane |
— |
|
Navigator Europa |
2014 |
21,000 |
Time Charter |
Ethane |
January 2026 |
|
Navigator Oberon |
2014 |
21,000 |
Spot Market |
Ethylene |
— |
|
Navigator Triton |
2015 |
21,000 |
Spot Market |
Ethane |
— |
|
Navigator Umbrio |
2015 |
21,000 |
Time Charter |
Ethane |
January 2026 |
|
Navigator Luna |
2018 |
17,000 |
Spot Market |
Ethane |
— |
|
Navigator Solar |
2018 |
17,000 |
Time Charter |
Ethylene |
March 2027 |
|
Navigator Castor |
2019 |
22,000 |
Spot Market |
Ethylene |
— |
|
Navigator Equator |
2019 |
22,000 |
Spot Market |
Ethane |
— |
|
Navigator Vega |
2019 |
22,000 |
Spot Market |
Ethylene |
— |
|
Navigator Hyperion |
2010 |
17,300 |
Spot Market |
— |
— |
|
Navigator Titan |
2010 |
17,300 |
Spot Market |
— |
— |
|
|
|
|
|
|
|
|
Ethylene/ethane capable semi-refrigerated smaller
size |
|
|
|
|
|
|
Happy Condor* |
2008 |
9,000 |
Unigas Pool |
— |
— |
|
Happy Pelican* |
2012 |
6,800 |
Unigas Pool |
— |
— |
|
Happy Penguin* |
2013 |
6,800 |
Unigas Pool |
— |
— |
|
Happy Kestrel* |
2013 |
12,000 |
Unigas Pool |
— |
— |
|
Happy Osprey* |
2013 |
12,000 |
Unigas Pool |
— |
— |
|
Happy Peregrine* |
2014 |
12,000 |
Unigas Pool |
— |
— |
|
Happy Albatross* |
2015 |
12,000 |
Unigas Pool |
— |
— |
|
Happy Avocet* |
2017 |
12,000 |
Unigas Pool |
— |
— |
|
|
|
|
|
|
|
|
Semi-refrigerated handysize |
|
|
|
|
|
|
Navigator Aries |
2008 |
20,750 |
Spot Market |
LPG |
— |
|
Navigator Capricorn |
2008 |
20,750 |
Time Charter |
LPG |
November 2025 |
|
Navigator Gemini |
2009 |
20,750 |
Time Charter |
LPG |
July 2025 |
|
Navigator Pegasus |
2009 |
22,200 |
Time Charter |
LPG |
August 2025 |
|
Navigator Phoenix |
2009 |
22,200 |
Time Charter |
Ammonia |
November 2025 |
|
Navigator Scorpio |
2009 |
20,750 |
Time Charter |
LPG |
January 2026 |
|
Navigator Taurus |
2009 |
20,750 |
Time Charter |
LPG |
April 2025 |
|
Navigator Virgo |
2009 |
20,750 |
Time Charter |
LPG |
April 2025 |
|
Navigator Leo |
2011 |
20,600 |
Spot Market |
LPG |
— |
|
Navigator Libra |
2012 |
20,600 |
Time Charter |
LPG |
April 2025 |
|
|
|
|
|
|
|
|
Navigator Atlantic (Previously Atlantic Gas) |
2014 |
22,000 |
Time Charter |
LPG |
April 2025 |
|
Adriatic Gas |
2015 |
22,000 |
Time Charter |
LPG |
December 2025 |
|
Balearic Gas |
2015 |
22,000 |
Time Charter |
LPG |
January 2026 |
|
Celtic Gas |
2015 |
22,000 |
Spot Market |
LPG |
— |
|
Navigator Centauri |
2015 |
21,000 |
Time Charter |
LPG |
May 2025 |
|
Navigator Ceres |
2015 |
21,000 |
Time Charter |
LPG |
June 2025 |
|
Navigator Ceto |
2016 |
21,000 |
Time Charter |
LPG |
May 2025 |
|
Navigator Copernico |
2016 |
21,000 |
Time Charter |
LPG |
May 2025 |
|
Bering Gas |
2016 |
22,000 |
Spot Market |
LPG |
— |
|
Navigator Luga |
2017 |
22,000 |
Time Charter |
LPG |
December 2025 |
|
Navigator Yauza |
2017 |
22,000 |
Time Charter |
Ammonia |
July 2025 |
|
Arctic Gas |
2017 |
22,000 |
Spot Market |
LPG |
— |
|
Pacific Gas |
2017 |
22,000 |
Time Charter |
LPG |
November 2025 |
|
|
|
|
|
|
|
|
Semi-refrigerated smaller size |
|
|
|
|
|
|
Happy Falcon* |
2002 |
3,770 |
Unigas Pool |
— |
— |
|
|
|
|
|
|
|
|
Fully-refrigerated |
|
|
|
|
|
|
Navigator Glory |
2010 |
22,500 |
Time Charter |
Ammonia |
June 2025 |
|
Navigator Grace |
2010 |
22,500 |
Time Charter |
Ammonia |
March 2025 |
|
Navigator Galaxy |
2011 |
22,500 |
Time Charter |
Ammonia |
December 2025 |
|
Navigator Genesis |
2011 |
22,500 |
Spot Market |
LPG |
— |
|
Navigator Global |
2011 |
22,500 |
Spot Market |
Ammonia |
— |
|
Navigator Gusto |
2011 |
22,500 |
Time Charter |
Ammonia |
March 2025 |
|
Navigator Jorf |
2017 |
38,000 |
Time Charter |
Ammonia |
August 2027 |
|
|
|
* denotes our owned vessels that are
commercially managed with the independently managed Unigas
Pool. |
|
** We currently anticipate delivery of the
Navigator Vesta, the third of the Purchased Vessels, on March 17,
2025. |
|
|
PART II. Fourth
Quarter 2024 Conference
Call Details
Navigator Holdings Ltd.
Fourth Quarter
2024 Earnings Webcast and
Presentation
On Wednesday, March 12, 2025, at 10:00 A.M.
Eastern Time., the Company’s management team will host an online
webcast to present and discuss the financial results for the fourth
quarter of 2024.
Those wishing to participate should register for
the webcast using the following details:
https://us06web.zoom.us/webinar/register/WN_Gd8oFwFIQmSul8A6ccRgIg
Webinar ID: 815 7228 9717 Passcode: 365634
Participants can also join by phone by
dialing:
United States: +1 929 436 2866 United Kingdom: +44
330 088 5830
A full list of US and international numbers is
available via the following link:
International Dial-in numbers
The webcast and slide presentation will be
available for replay on the Company's website
(www.navigatorgas.com) shortly after the end of the webcast.
Participants wishing to join the live webcast are encouraged to do
so approximately 5 minutes prior to the start.
About Navigator Gas
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the
“Company”) is the owner and operator of the world’s largest fleet
of handysize liquefied gas carriers and a global leader in the
seaborne transportation services of petrochemical gases, such as
ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia
and owns a 50% share, through a joint venture, in an ethylene
export marine terminal at Morgan’s Point, Texas on the Houston Ship
Channel, USA. Navigator Gas’ fleet consists of 58 semi- or
fully-refrigerated liquefied gas carriers, 27 of which are ethylene
and ethane capable. The Company plays a vital role in the liquefied
gas supply chain for energy companies, industrial consumers and
commodity traders, with its sophisticated vessels providing an
efficient and reliable ‘floating pipeline’ between the parties,
connecting the world today, creating a sustainable
tomorrow.
Navigator’s common stock trades on the New York
Stock Exchange under the symbol “NVGS”.
For media inquiries or further
information, please contact: Alexander Walster Head of ESG
& Communications
Email: communications@navigatorgas.com Verde, 10
Bressenden Place, London, SW1E 5DH, UK Tel: +44 (0)7857 796
052 , +44 (0)20 7045 4114
Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com, randy.giveans@navigatorgas.com
333 Clay Street, Suite 2400, Houston, Texas, U.S.A. 77002 Tel: +1
713 373 6197 , +44 (0)20 7340 4850
Investor Relations / Media Advisors Nicolas
Bornozis / Paul Lampoutis Capital Link – New York Tel:
+1-212-661-7566 Email: navigatorgas@capitallink.com
Category: Financial
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