Financial Highlights
- On March 12, 2024, the Board of
Navigator Holdings Ltd. (the "Company", “Navigator Gas”,"we", "our"
and "us") (NYSE: NVGS) declared a cash dividend of $0.05 per share,
for the quarter ended December 31, 2023, (the “Dividend”)
under the Company's Return of Capital policy. The Dividend will be
payable on April 25, 2024, to all shareholders of record as of
the close of business New York time on April 4, 2024.
- Also as part of the Company's Return
of Capital policy for the quarter ended December 31, 2023, the
Company expects to repurchase approximately $0.8 million common
stock (the “Share Repurchases”) between March 13, 2024, and
March 31, 2024, subject to operating needs, market conditions and
other circumstances, such that the Dividend and Share Repurchases
together equal 25% of net income for the quarter ended
December 31, 2023.
- The Company reported total operating
revenue of $141.6 million for the three months ended
December 31, 2023, compared to $123.3 million for the three
months ended December 31, 2022.
- Net Income attributable to
stockholders' of the Company was $17.8 million for the three months
ended December 31, 2023, compared to $10.0 million for the
three months ended December 31, 2022.
- Earnings per share was $0.24 for the
three months ended December 31, 2023, compared to $0.13 per
share for the three months ended December 31, 2022. Adjusted
earnings per share which excludes realized and unrealized gains or
losses on non-designated derivative instruments and profit and loss
from sale of vessel, was $0.32 for the three months ended
December 31, 2023.
- EBITDA(1) was $66.3 million for the
three months ended December 31, 2023, compared to $58.5
million for the three months ended December 31, 2022. Adjusted
EBITDA(1) was $71.7 million for the three months ended
December 31, 2023, compared to $55.0 million for the three
months ended December 31, 2022.
- The Company repaid $23.8 million of the $111.8 million Term
Loan and Revolving Credit Facility held with Credit Agricole on
December 28, 2023 which resulted in an equal reduction in long-term
debt outstanding and cash and cash equivalents. The amount repaid
of $23.8 million remains available to be redrawn by the Company in
accordance with the terms of the Term Loan and Revolving Credit
Facility which matures in September 2028.
(1) EBITDA and Adjusted EBITDA 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, unrealized gain/loss on non-designated derivative
instruments and foreign currency exchange gain or loss on senior
secured bonds. Management believes that EBITDA and Adjusted EBITDA
are useful to investors in evaluating the operating performance of
the Company. EBITDA and Adjusted EBITDA do not represent and should
not be considered alternatives to consolidated net income, cash
generated from operations or any measure.
Other Highlights and Developments
Operational Update
Average daily time charter equivalent ("TCE") across the fleet
increased to $28,428 for the three months ended December 31,
2023, compared to $23,622 for the three months ended
December 31, 2022. Utilization across the fleet decreased from
93.4% in the third quarter of 2023 to 91.3% in the fourth quarter
of 2023. Utilization during fourth quarter of 2022 was 94.1%.
During the fourth quarter of 2023, the handysize 12-month market
assessment for semi-refrigerated and fully refrigerated vessels
increased by $60,000 and $115,000 per calendar month (“pcm”), to
$885,000 pcm and $910,000 pcm, respectively. The handysize ethylene
market assessment increased by $400,000 pcm to $1,400,000 pcm.
During the fourth quarter of 2023 we experienced downward
pressure on ethylene arbitrage to Asia, however this was
compensated by additional activity on the ethane spot and time
charter ("TC") market. Low rainfall in Panama, and a subsequent
reduction in available daily transits meant that ethane transport
between US Gulf and China had to sail a longer distance via Cape of
Good Hope. This resulted in longer ton-miles and more demand for
shipping, which supported the handysize ethylene market
assessment.
In the fourth quarter of 2023 we had approximately 30 vessels
engaged under time charters, 17 vessels on spot voyage charters and
contracts of affreightment ("CoA") and nine vessels were operated
in the independently managed Unigas Pool. From January 1, 2024, and
12 months out, we have 48% of our ship days covered under time
charter. Our midsize and fully refrigerated vessels are largely
employed on time charters, our semi-refrigerated vessels are
employed under time charters and spot voyage charters, and most of
our ethylene capable vessels are employed on the spot voyage
market.
Ethylene Export Terminal
The Ethylene Export Terminal throughput during the fourth
quarter of 2023 was 208,495 metric tons, compared to 262,835 metric
tons during the fourth quarter of 2022.
We, together with Enterprise Products Partners L.P, our joint
venture partner, have agreed to invest in the Terminal Expansion
Project, which is expected to increase the export capacity from
approximately one million tons per year to at least 1.55 million
tons. Long lead items have been ordered, groundwork is progressing
and construction is expected to occur throughout 2024 with
completion in the fourth quarter of 2024. The total capital
contributions required from us to the Export Terminal Joint Venture
for the Terminal Expansion Project are expected to be approximately
$130 million which the Company expects to finance using existing
cash resources, distributions from the Export Terminal Joint
Venture during the course of the expansion and additional debt. Of
the expected total of $130 million, $35.0 million has been
contributed as of December 31, 2023, $17.0 million of which was
contributed during the fourth quarter of 2023.
Azane Fuel Solutions AS ("Azane")
Azane, a joint venture between ECONNECT Energy AS and Amon
Maritime AS, both of Norway, was founded in Norway in 2020 to
develop proprietary technology and services for ammonia fuel
handling and to facilitate the transition to green fuels for
shipping. The Company acquired a 14.5% interest in Azane on October
25, 2023, for $1.4 million.
Azane intends to build the world’s first ammonia bunkering
network, with Yara Clean Ammonia already pre-ordering 15 units from
Azane. The first green ammonia bunkering units are scheduled to be
delivered in 2025 enabling low carbon fuel offering to shipowners.
The investment made by Yara and Navigator is expected to enable
Azane to begin construction of its first bunkering unit for ammonia
supply in Norway, aiming to kickstart the transition to zero-carbon
fuels for maritime transportation. Future value creation for Azane
is expected to come through international expansion with its
bunkering solutions and broadening of its offerings in ammonia fuel
handling technology.
Return of Capital Policy
The Company’s current Return of Capital policy, which is subject
to operating needs 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, 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 dividend, 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 market conditions, legal
requirements, stock price, and other factors.
Navigator Gas Fourth Quarter 2023 Earnings Zoom
Conference Call
On Thursday, March 14, 2024 at 10:00 A.M. E.D.T., the Company’s
management team will host a Zoom conference call and slide
presentation to discuss the financial results for the fourth
quarter of 2023.
Those wishing to participate should register for the Zoom
conference call using the following details:
https://us06web.zoom.us/webinar/register/WN_-8fJUJyZTzCtK7zntKuqHg#/registration
Webcast ID: 848 0163 7361Passcode: 699933
Participants can also join by phone by dialing:
United States: |
+1 929 205 6099 |
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 Zoom conference call and slide presentation
will be available for replay on Navigator Gas’ website
(www.navigatorgas.com) under Financials and Quarterly Results in
the Investors Centre section.
About Navigator Gas
We are the owner and operator of 56 liquefied gas carriers,
which includes the world’s largest fleet of handysize gas carriers.
We also own a 50% share in an ethylene export marine terminal at
Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene
Export Terminal”) through a joint venture (the “Export Terminal
Joint Venture”).
Our liquefied gas carrier fleet currently consists of 42
handysize liquefied gas carriers, which we define as those with
capabilities between 15,000 and 24,999 cubic meters, or “cbm”. In
addition, we have five larger 37,300 – 38,000 cbm midsize liquefied
gas carriers; five 12,000 cbm ethylene carriers and four smaller
3,770 – 9,000 cbm semi-refrigerated liquefied gas carriers. Of our
total fleet of 56 liquefied gas carriers, 25 are ethylene or ethane
capable gas carriers.
Our handysize liquefied gas carriers typically transport LPG on
short or medium distance routes that may be uneconomical for
smaller vessels and can call at ports that are unable to support
larger vessels due to limited onshore capacity, absence of
fully-refrigerated loading or discharge infrastructure and/or
vessel size restrictions. These handysize liquefied gas carriers
are amongst the largest semi-refrigerated vessels in the world,
which also makes them the ideal choice for transporting
petrochemicals on long routes, typically intercontinental.
We play a vital role in the liquefied gas supply chain for
energy companies, industrial consumers and commodity traders, with
our sophisticated vessels providing an efficient and reliable
‘floating pipeline’. We carry LPG typically for major international
energy companies, state-owned utilities and reputable commodities
traders. LPG, which consists of propane and butane, is a relatively
clean alternative energy source with more than 1,000 applications,
including as a heating, cooking and transportation fuel and as a
petrochemical and refinery feedstock. LPG is a by-product of oil
refining and natural gas extraction, and shale gas, principally
from the U.S.
We also carry petrochemical gases for numerous industrial users.
Petrochemical gases, including ethylene, propylene, butadiene and
vinyl chloride monomer, are derived from the cracking of petroleum
feedstocks such as ethane, LPG and naphtha and are primarily used
as raw materials in various industrial processes, like the
manufacture of plastics, vinyl and rubber, with a wide application
of end uses. Our vessels also carry ammonia mainly for the
producers of fertilizers in the agricultural industry, and for
ammonia traders.
Our 50% share in the Ethylene Export Terminal at Morgan’s Point
comprises an ethylene refrigeration unit and an ethylene cryogenic
storage tank with a capacity of 30,000 tons. The terminal has the
capacity to export approximately one million tons of ethylene per
year and is capable of loading ethylene-capable gas carriers at
rates of 1,000 tons per hour.
Navigator Gas’ common stock trades on the New York Stock
Exchange under the symbol “NVGS”.
Contact us
investorrelations@navigatorgas.com and
randy.giveans@navigatorgas.com
Houston: |
333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002 |
Tel: |
+1 713 373 6197 |
|
|
London: |
10 Bressenden Place, London, SW1E 5DH. United Kingdom. |
Tel: |
+44 20 7340 4850 |
|
|
Unaudited Results of Operations for the three months
ended December 31, 2023 compared to the three months ended December
31, 2022
|
Three months ended December 31, 2022 |
Three months ended December 31, 2023 |
Percentagechange |
|
(in thousands, except Percentage change) |
Operating revenues |
$ |
105,115 |
|
$ |
129,068 |
|
22.8 |
% |
Operating revenues – Unigas
Pool |
|
11,837 |
|
|
12,564 |
|
6.1 |
% |
Operating revenues – Luna Pool
collaborative arrangements |
|
6,333 |
|
|
— |
|
(100.0)% |
Total operating
revenue |
|
123,285 |
|
|
141,632 |
|
14.9 |
% |
Expenses: |
|
|
|
Brokerage commission |
|
1,494 |
|
|
1,706 |
|
14.2 |
% |
Voyage expenses |
|
16,865 |
|
|
18,115 |
|
7.4 |
% |
Voyage expenses – Luna Pool collaborative arrangements |
|
5,533 |
|
|
— |
|
(100.0)% |
Vessel operating expenses |
|
43,924 |
|
|
46,715 |
|
6.4 |
% |
Depreciation and amortization |
|
30,559 |
|
|
32,828 |
|
7.4 |
% |
General and administrative costs |
|
8,389 |
|
|
8,878 |
|
5.8 |
% |
Loss/(profit) from sale of vessel |
|
(4,363 |
) |
|
144 |
|
— |
|
Other income |
|
(105 |
) |
|
36 |
|
133.8 |
% |
Total operating expenses |
|
102,296 |
|
|
108,422 |
|
6.0 |
% |
Operating
Income |
|
20,989 |
|
|
33,210 |
|
58.2 |
% |
Other income/(expense) |
|
|
|
Foreign currency exchange loss on senior secured bond |
|
(5,969 |
) |
|
— |
|
(100.0)% |
Realized gain on non-designated derivative instruments |
|
6,888 |
|
|
— |
|
(100.0)% |
Unrealized loss on non-designated derivative instruments |
|
(471 |
) |
|
(5,254 |
) |
1015.4 |
% |
Loss on repayment of senior bonds |
|
(1,102 |
) |
|
— |
|
(100.0)% |
Write off of deferred financing costs |
|
(212 |
) |
|
— |
|
(100.0)% |
Interest expense |
|
(13,983 |
) |
|
(16,355 |
) |
17.0 |
% |
Interest income |
|
713 |
|
|
2,060 |
|
188.9 |
% |
Income before taxes and
share of result of equity method investments |
|
6,853 |
|
|
13,661 |
|
99.3 |
% |
Income taxes |
|
(4,459 |
) |
|
(56 |
) |
(98.7)% |
Share of result of equity method
investments |
|
7,861 |
|
|
5,540 |
|
(29.5)% |
Net Income |
|
10,255 |
|
|
19,145 |
|
86.7 |
% |
Net income attributable to
non-controlling interest |
|
(287 |
) |
|
(1,394 |
) |
385.6 |
% |
Net Income attributable
to stockholders ofNavigator Holdings
Ltd. |
$ |
9,968 |
|
$ |
17,751 |
|
78.1 |
% |
|
|
|
|
|
|
|
|
|
Operating Revenues. Operating revenues,
net of address commissions, was $129.1 million for the three months
ended December 31, 2023, an increase of $24.0 million or 22.8%
compared to $105.1 million for the three months ended December 31,
2022. This increase was primarily due to:
- an increase in operating revenues of approximately
$19.3 million attributable to an increase in average monthly
time charter equivalent rates, which increased 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,
compared to an average of approximately $23,622 per vessel per day
($718,539 per vessel per calendar month) for the three months ended
December 31, 2022;
- an decrease in operating revenues of approximately
$3.4 million attributable to a decrease in fleet utilization,
which declined to 91.3% for the three months ended December 31,
2023, compared to 94.1% for the three months ended December 31,
2022;
- an increase in operating revenues of approximately
$6.8 million or 7.7%, attributable to a 305 day increase in
vessel available days for the three months ended December 31, 2023,
compared to the three months ended December 31, 2022. This increase
was in part as a result of five handysize vessels acquired by the
Navigator Greater Bay Joint Venture being fully operational during
the three months ended December 31, 2023, compared to the three
months ended December 31, 2022, in which only one vessel had been
acquired and was operational for only 12 days.
- a increase in operating revenues of approximately
$1.2 million primarily attributable to an increase in pass
through voyage costs for the three months ended December 31, 2023,
compared to the three months ended December 31, 2022.
The following table presents selected operating data for the
three months ended December 31, 2023, and 2022, which we believe
are useful in understanding the basis of movements in our operating
revenues.
|
Three months ended December 31, 2022 |
Three months ended December 31, 2023 |
* Fleet Data: |
|
|
Weighted average number of vessels |
|
44.0 |
|
|
47.0 |
|
Ownership days |
|
4,048 |
|
|
4,324 |
|
Available days |
|
3,968 |
|
|
4,273 |
|
Earning days |
|
3,736 |
|
|
3,903 |
|
Fleet utilization |
|
94.1 |
% |
|
91.3 |
% |
** Average daily Time Charter
Equivalent |
$23,622 |
|
$28,428 |
|
|
|
|
|
|
* 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: 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 earning days and
fleet utilization, on which TCE is based, is calculated for our
owned vessels, and not the average of all pool 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. 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.
Reconciliation of Operating Revenues to TCE
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, 2022 |
Three months ended December 31, 2023 |
|
(in thousands, except earning days and
average daily time charter equivalent rate) |
Fleet Data: |
|
|
*** Operating revenue |
$ |
105,115 |
$ |
129,068 |
*** Voyage expenses |
|
16,865 |
|
18,115 |
Operating revenue less voyage
expenses |
|
88,250 |
|
110,953 |
Earning days |
|
3,736 |
|
3,903 |
Average daily time charter
equivalent rate |
$ |
23,622 |
$ |
28,428 |
|
|
|
|
|
***Operating revenues and voyage expenses excluding
collaborative arrangements and Unigas Pool.
Operating Revenues – Unigas
Pool. Operating revenues – Unigas Pool was $12.6
million an increase of 6.1% for the three months ended December 31,
2023, compared to $11.8 million for the three months ended December
31, 2022, 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 are aggregated and then
allocated (after deducting pool overheads and manager's fees) to
the pool participants in accordance with the Pooling Agreement.
Operating revenues - Luna Pool collaborative arrangements was $nil
for the three months ended December 31, 2023, compared to $6.3
million for the three months ended December 31, 2022 and represents
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 primarily a
result of the arrangement ending following the acquisition 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 $0.2 million or 14.2% to $1.7
million for the three months ended December 31, 2023, from
$1.5 million for the three months ended December 31, 2022,
primarily due to an increase in operating revenues on which
brokerage commissions are based.
Voyage Expenses. Voyage expenses increased
by $1.2 million or 7.4% to $18.1 million for the three months ended
December 31, 2023, from $16.9 million for the three months ended
December 31, 2022. These voyage expenses are pass through costs,
corresponding to an increase in operating revenues of the same
amount.
Voyage Expenses – Luna Pool Collaborative
Arrangements. Voyage expenses – Luna Pool
collaborative arrangements was $nil for the three months ended
December 31, 2023, compared to $5.5 million for the three months
ended December 31, 2022. 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 arrangement
ending following the acquisition of the final vessel Navigator Vega
on, April 13, 2023.
Vessel Operating Expenses. Vessel
operating expenses increased by $2.8 million or 6.4% to $46.7
million for the three months ended December 31, 2023, from
$43.9 million for the three months ended December 31, 2022. Average
daily vessel operating expenses increased by $7 per vessel per day,
or 0.1%, to $9,067 vessel per day for the three months ended
December 31, 2023, compared to $9,060 per vessel per day for
the three months ended December 31, 2022.
Depreciation and
Amortization. Depreciation and amortization increased
by $2.3 million to $32.8 million for the three months ended
December 31, 2023 compared to $30.6 million for the three months
ended December 31, 2022. The increase is driven by the acquisition
of the five vessels by the Navigator Greater Bay Joint Venture.
Depreciation and amortization included amortization of capitalized
drydocking costs of $5.0 million and $4.7 million for the
three months ended December 31, 2023 and 2022, respectively.
General and Administrative Costs. General
and administrative costs increased by $0.5 million or 5.8% to
$8.9 million for the three months ended December 31, 2023, from
$8.4 million for the three months ended December 31, 2022.
Non-Operating Results
Foreign Currency Exchange Gain on Senior Secured
Bonds. In December 2022, we redeemed all of the 600
million Norwegian Kroner then outstanding principal amount of our
senior secured bonds (the “2018 Bonds”). No exchange gains and
losses were recorded for the three months ended December 31, 2023.
A foreign currency exchange gain of $6.0 million was recorded for
the three months ended December 31, 2022, as a result of the
Norwegian Kroner weakening against the U.S. Dollar.
Realized Gain on Cross Currency Interest Rate
Swap. The realized gain of $6.9 million on cross currency
interest rate swap related to the movement in the fair value of our
cross-currency interest rate swap between September 30, 2022 and
the actual value of the swap on December 23, 2022, when our 2018
Bonds, on which the swap was based, were redeemed.
Unrealized Gains / (Losses) on Non-Designated Derivative
Instruments. The unrealized loss of $5.3
million on non-designated derivative instruments for the three
months ended December 31, 2023, relates to 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 $0.5 million for the three months
ended December 31, 2022.
Interest Expense. Interest expense
increased by $2.4 million, or 17.0%, to $16.4 million for the
three months ended December 31, 2023, from $14.0
million for the three months ended December 31, 2022. This is
primarily as a result of increases in US dollar SOFR rates and the
draw down of facilities that provided financing for the acquisition
of five ethylene carriers by the Navigator Greater Bay Joint
Venture.
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 is $0.1 million for the three months ended December
31, 2023, compared to $4.5 million for the three months ended
December 31, 2022, primarily as a result of current tax of $1.3
million and a deferred tax gain of $1.4 million in relation to our
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 an income of
$5.5 million for the three months ended December 31, 2023,
compared to an income of $7.9 million for the three months ended
December 31, 2022. This decrease is a result of higher gas prices
resulting in reduced throughput rates and by decreased volumes
exported through the Ethylene Export Terminal, of 208,495 tons for
the three months ended December 31, 2023, compared to 262,835 tons
for the three months ended December 31, 2022.
Non-Controlling Interest. The Company entered
into a sale and leaseback arrangement in November 2019 with a
wholly-owned special purpose vehicle of a financial institution
(“Lessor SPV”). Although we do not hold any equity investments in
this Lessor SPV, we have determined that we are the primary
beneficiary of this entity and accordingly we are required to
consolidate this Variable Interest Entity ("VIE") into our
financial results. The net income attributable to the Lessor SPV
was $0.3 million and this is presented as a non-controlling
interest for each period for both the three months ended December
31, 2023, and three months ended December 31, 2022.
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 $1.1 million is presented as
part of the non-controlling interest in our financial results for
the three months ended December 31, 2023, compared to effectively
$nil for the three months ended December 31, 2022 .
Reconciliation of Non-GAAP Financial
Measures
The following table shows a reconciliation of net income to
EBITDA and Adjusted EBITDA for the three months and year ended
December 31, 2023 and 2022:
|
Three months ended |
Year ended |
|
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
|
(in thousands) |
(in thousands) |
Net income |
$ |
10,255 |
|
$ |
19,145 |
$ |
54,878 |
|
$ |
86,872 |
|
Net interest expense |
|
13,270 |
|
|
14,296 |
|
49,758 |
|
|
59,192 |
|
Income taxes |
|
4,459 |
|
|
56 |
|
5,949 |
|
|
4,325 |
|
Depreciation and
amortization |
|
30,559 |
|
|
32,828 |
|
126,220 |
|
|
129,202 |
|
EBITDA(1) |
$ |
58,543 |
|
$ |
66,325 |
$ |
236,805 |
|
$ |
279,591 |
|
Unrealized loss/(gain) on
non-designated derivative instruments |
|
471 |
|
|
5,254 |
|
(25,124 |
) |
|
7,282 |
|
Realized (gain)/loss on
non-designated derivatives instruments |
|
(6,888 |
) |
|
— |
|
6,270 |
|
|
— |
|
Loss on repayment of senior
bonds |
|
1,102 |
|
|
— |
|
1,102 |
|
|
— |
|
Write off of deferred
financing
costs |
|
212 |
|
|
— |
|
212 |
|
|
171 |
|
Foreign currency exchange
loss/(gain) on senior secured bond |
|
5,969 |
|
|
— |
|
(6,589 |
) |
|
— |
|
(Profit)/Loss from sale of
vessel |
|
(4,363 |
) |
|
144 |
|
(4,721 |
) |
|
(4,797 |
) |
Adjusted
EBITDA(1) |
$ |
55,046 |
|
$ |
71,723 |
$ |
207,955 |
|
$ |
282,247 |
|
(1) EBITDA and Adjusted EBITDA 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, unrealized gain/loss on non-designated derivative
instruments and foreign currency exchange gain or loss on senior
secured bonds. Management believes that EBITDA and Adjusted EBITDA
are useful to investors in evaluating the operating performance of
the Company. EBITDA and Adjusted EBITDA do not represent and should
not be considered alternatives to consolidated net income, cash
generated from operations or any 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, 2023, we had cash, cash
equivalents and restricted cash of $158.2 million .
The Company repaid $23.8 million of the $111.8 million Term Loan
and Revolving Credit Facility held with Credit Agricole on December
28, 2023 which resulted in an equal reduction in long-term debt
outstanding and cash and cash equivalents. The amount repaid of
$23.8 million remains available to be redrawn by the Company in
accordance with the terms of the Term Loan and Revolving Credit
Facility which matures in September 2028.
Our secured term loan facilities and revolving credit facilities
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 (which was
$45.1 million as of December 31, 2023), whichever is
greater.
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, potential future vessel newbuildings, related investments,
vessel acquisitions, and or related port or terminal projects.
As of December 31, 2023, we had $906.1 million in
outstanding obligations, which includes principal repayments on
long-term debt, including our bonds, commitments in respect of
the Navigator Aurora Facility and office lease commitments. Of
the total outstanding obligations, $123.8 million matures
during the twelve months ending December 31, 2024, and
$782.4 million matures after December 31, 2024.
We believe, given our current cash balances, that our financial
resources, including the cash expected to be generated within the
year, will be sufficient to meet our liquidity and working capital
needs for at least the next twelve months, taking into account our
existing capital commitments and debt service requirements.
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.
We currently have no newbuildings on order. However, we may
place newbuilding orders or acquire additional vessels as part of
our growth strategy. We may invest further in terminal
infrastructure, such as the expansion of our existing Ethylene
Export Terminal. The total capital contributions required from us
related to the Terminal Expansion Project are expected to be
approximately $130 million, of which $35.0 million has been
contributed as of December 31, 2023. $17.0 million was contributed
during the fourth quarter of 2023. 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, 2023
and 2022:
|
Year ended December 31, 2022 |
Year endedDecember 31, 2023 |
|
(in thousands) |
Net cash provided by operating activities |
$ |
130,308 |
|
$ |
174,703 |
|
Net cash provided by/(used in)
investing activities1 |
|
29,725 |
|
|
(176,481 |
) |
Net cash (used in)/provided by
financing activities1 |
|
(128,225 |
) |
|
6,809 |
|
Effect of exchange rate changes
on cash, cash equivalents and restricted cash |
|
(2,837 |
) |
|
17 |
|
Net increase in cash, cash
equivalents and restricted cash |
$ |
28,971 |
|
$ |
5,048 |
|
Operating Cash Flows. Net cash provided by
operating activities for the twelve months ended December 31, 2023,
increased to $174.7 million, from $130.3 million for the
twelve months ended December 31, 2022, an increase of
$44.4 million . This increase was primarily due to an increase
in net income of $4.6 million (after adding back the unrealized
gains and loss on derivative instruments and our share of the
result from equity method investments); a decrease in drydocking
payments of $3.5 million and changes in working capital of $12.5
million during the twelve months ended December 31, 2023, compared
to the twelve months ended December 31, 2022.
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. Ten of our vessels completed their
respective drydockings during the twelve months ended December 31,
2023,
We estimate the current cost of a five-year drydocking for one
of our vessels is approximately $1.0 million, a ten-year drydocking
cost is approximately $1.3 million, and the 15 year and 17 year
drydocking costs is 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 Flows1. 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 by the Navigator Greater Bay Joint Venture
for the acquisition of four vessels and contributions to our
investment in the ethylene export terminal via the Terminal
Expansion Project of $35.0 million, offset by distributions
received from our investment in the Export Terminal Joint Venture
of $30.8 million and proceeds from the sale of Navigator Orion
of $20.7 million.
Net cash provided by investing activities of $29.7 million
million for the year ended December 31, 2022, primarily represents
net proceeds from the sale of vessels of $38.8 million,
distributions from our equity method investments of $27.5 million,
insurance recoveries during the year of $9.3 million and capital
contributions from non-controlling interests of $5.9 million;
offset by expenditure on vessels and their equipment of $45.7
million.
Financing Cash Flows. Net cash provided by
financing activities was $6.8 million for the twelve months
ended December 31, 2023 primarily as a result of the drawdown of
$200.0 million from our March 2023 Secured Term Loan facility
and $123.6 million from our Navigator Greater Bay Joint Venture
Secured Term Loan facility to partially finance the acquisition of
four vessels; as well as $27.3 million received as a capital
contribution from the non-controlling interest for those vessels;
offset by our regular quarterly debt repayments and the refinancing
of our two maturing secured term loan facilities totaling
$268.3 million, $48.7 million for our share repurchase
program and $7.3 million for our quarterly dividends.
Net cash used in financing activities of $128.2 million for
the year ended December 31, 2022, principally relates to repayments
of our secured term loan facilities of $186.4 million, the
repayment of the NOK Bond and the settlement of the related cross
currency swap of $72.9 million, the repurchase of the Company’s
shares pursuant to the share repurchase program in the amount of
$5.5 million, as well as an extemporaneous repayment of $6.7
million on the Navigator Aurora Facility held within our
consolidated lessor VIE, offset by drawdowns on the new term loan
facilities of $139.3 million.
Condensed Consolidated Statements of
Operations (Unaudited)
|
Three months ended December 31, |
Year ended December 31, |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
(in thousands except share and per share data) |
Revenues |
|
|
|
|
Operating revenues |
$ |
105,115 |
|
$ |
129,068 |
|
$ |
405,346 |
|
$ |
493,339 |
|
Operating revenues – Unigas
Pool |
|
11,837 |
|
|
12,564 |
|
|
46,345 |
|
|
50,043 |
|
Operating revenues – Luna Pool
collaborative arrangements |
|
6,333 |
|
|
— |
|
|
22,101 |
|
|
7,355 |
|
Total operating revenue |
|
123,285 |
|
|
141,632 |
|
|
473,792 |
|
|
550,737 |
|
Expenses |
|
|
|
|
Brokerage commission |
|
1,494 |
|
|
1,706 |
|
|
5,900 |
|
|
6,923 |
|
Voyage expenses |
|
16,865 |
|
|
18,115 |
|
|
78,674 |
|
|
74,509 |
|
Voyage expenses – Luna Pool
collaborative arrangements |
|
5,533 |
|
|
— |
|
|
20,716 |
|
|
5,561 |
|
Vessel operating expenses |
|
43,924 |
|
|
46,715 |
|
|
159,266 |
|
|
170,952 |
|
Depreciation and
amortization |
|
30,559 |
|
|
32,828 |
|
|
126,220 |
|
|
129,202 |
|
General and administrative
costs |
|
8,389 |
|
|
8,878 |
|
|
27,439 |
|
|
31,213 |
|
Loss/(profit) from sale of
vessel |
|
(4,363 |
) |
|
144 |
|
|
(4,721 |
) |
|
(4,797 |
) |
Other income |
|
(105 |
) |
|
36 |
|
|
(364 |
) |
|
(60 |
) |
Total operating
expenses |
|
102,296 |
|
|
108,422 |
|
|
413,130 |
|
|
413,503 |
|
Operating
Income |
|
20,989 |
|
|
33,210 |
|
|
60,662 |
|
|
137,234 |
|
Other
income/(expense) |
|
|
|
|
Foreign currency exchange
(loss)/gain on senior secured bonds |
|
(5,969 |
) |
|
— |
|
|
6,589 |
|
|
— |
|
Realized gain/(loss) on cross
currency interest rate swap |
|
6,888 |
|
|
— |
|
|
(6,270 |
) |
|
— |
|
Unrealized (loss)/gain on
non-designated derivative instruments |
|
(471 |
) |
|
(5,254 |
) |
|
25,124 |
|
|
(7,282 |
) |
Loss on repayment of senior
bonds |
|
(1,102 |
) |
|
— |
|
|
(1,102 |
) |
|
— |
|
Write off of deferred financing
costs |
|
(212 |
) |
|
— |
|
|
(212 |
) |
|
(171 |
) |
Interest expense |
|
(13,983 |
) |
|
(16,355 |
) |
|
(50,840 |
) |
|
(64,898 |
) |
Interest income |
|
713 |
|
|
2,060 |
|
|
1,082 |
|
|
5,707 |
|
Income before taxes and
share of result of equity method investments |
|
6,853 |
|
|
13,661 |
|
|
35,033 |
|
|
70,590 |
|
Income taxes |
|
(4,459 |
) |
|
(56 |
) |
|
(5,949 |
) |
|
(4,325 |
) |
Share of result of equity method
investments |
|
7,861 |
|
|
5,540 |
|
|
25,794 |
|
|
20,607 |
|
Net Income |
|
10,255 |
|
|
19,145 |
|
|
54,878 |
|
|
86,872 |
|
Net income attributable to
non-controlling interest |
|
(287 |
) |
|
(1,394 |
) |
|
(1,405 |
) |
|
(4,617 |
) |
Net Income attributable
to stockholders of Navigator Holdings Ltd. |
$ |
9,968 |
|
$ |
17,751 |
|
$ |
53,473 |
|
$ |
82,255 |
|
Earnings per share attributable
to stockholders of Navigator Holdings Ltd.: |
|
|
|
|
Basic: |
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.69 |
|
$ |
1.11 |
|
Diluted: |
$ |
0.13 |
|
$ |
0.24 |
|
$ |
0.69 |
|
$ |
1.10 |
|
Dividend Paid |
$ |
— |
|
$ |
0.05 |
|
$ |
— |
|
$ |
0.10 |
|
Weighted average number of shares
outstanding in the period: |
|
|
|
|
Basic: |
|
77,264,139 |
|
|
73,265,815 |
|
|
77,234,830 |
|
|
74,096,284 |
|
Diluted: |
|
77,574,995 |
|
|
73,813,208 |
|
|
77,558,494 |
|
|
74,607,449 |
|
Number of shares outstanding at
the end of the period: |
|
76,804,474 |
|
|
73,208,586 |
|
|
76,804,474 |
|
|
73,208,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Comprehensive Income(Unaudited)
|
Three months endedDecember 31,
2022 |
Three months endedDecember 31,
2023 |
Year endedDecember 31, 2022 |
Year endedDecember 31, 2023 |
|
(in thousands) |
Net income |
$ |
10,255 |
|
$ |
19,145 |
|
$ |
54,878 |
|
$ |
86,872 |
Other comprehensive income: |
|
|
|
|
Foreign currency translation (loss)/income |
|
(141 |
) |
|
(49 |
) |
|
(215 |
) |
|
311 |
Total comprehensive
income |
|
10,114 |
|
|
19,096 |
|
|
54,663 |
|
|
87,183 |
Total comprehensive income
attributable to: |
|
|
|
|
Stockholders of Navigator Holdings Ltd. |
|
9,827 |
|
|
17,702 |
|
|
53,263 |
|
|
82,566 |
Non-controlling interest |
|
287 |
|
|
1,394 |
|
|
1,400 |
|
|
4,617 |
Total comprehensive
income |
$ |
10,114 |
|
$ |
19,096 |
|
$ |
54,663 |
|
$ |
87,183 |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets(Unaudited)
|
As at December 31, 2022 |
As at December 31, 2023 |
|
(in thousands, except share data) |
Assets |
|
|
Current
Assets |
|
|
Cash, cash equivalents and restricted cash |
$ |
153,194 |
|
$ |
158,242 |
|
Accounts receivable, net of
allowance for credit losses |
|
18,245 |
|
|
34,653 |
|
Accrued income |
|
9,367 |
|
|
2,437 |
|
Prepaid expenses and other
current assets |
|
21,152 |
|
|
17,068 |
|
Bunkers and lubricant oils |
|
8,548 |
|
|
9,044 |
|
Insurance receivable |
|
1,452 |
|
|
526 |
|
Amounts due from related
parties |
|
16,363 |
|
|
33,402 |
|
Total current assets |
|
228,321 |
|
|
255,372 |
|
Non-current
Assets |
|
|
Vessels, net |
|
1,692,494 |
|
|
1,754,382 |
|
Property, plant and equipment,
net |
|
198 |
|
|
142 |
|
Intangible assets, net of
accumulated amortization |
|
239 |
|
|
332 |
|
Equity method investments |
|
148,534 |
|
|
174,910 |
|
Derivative assets |
|
21,955 |
|
|
14,674 |
|
Right-of-use asset for operating
leases |
|
3,625 |
|
|
2,873 |
|
Prepaid expenses and other
non-current assets |
|
1,372 |
|
|
— |
|
Total non-current assets |
|
1,868,417 |
|
|
1,947,313 |
|
Total
Assets |
$ |
2,096,738 |
|
$ |
2,202,685 |
|
Liabilities and
Stockholders’ Equity |
|
|
Current
Liabilities |
|
|
Current portion of secured term
loan facilities, net of deferred financing costs |
$ |
99,009 |
|
$ |
120,327 |
|
Current portion of operating
lease liabilities |
|
219 |
|
|
914 |
|
Accounts payable |
|
7,773 |
|
|
11,643 |
|
Accrued expenses and other
liabilities |
|
24,708 |
|
|
20,847 |
|
Accrued interest |
|
4,211 |
|
|
5,488 |
|
Deferred income |
|
23,108 |
|
|
25,617 |
|
Amounts due to related
parties |
|
595 |
|
|
606 |
|
Total current liabilities |
|
159,623 |
|
|
185,442 |
|
Non-current
Liabilities |
|
|
Secured term loan facilities and
revolving credit facilities, net of current portion and deferred
financing costs |
|
608,338 |
|
|
641,975 |
|
Senior unsecured bond, net of
deferred financing costs |
|
98,943 |
|
|
90,336 |
|
Operating lease liabilities, net
of current portion |
|
4,032 |
|
|
3,500 |
|
Deferred tax liabilities |
|
4,250 |
|
|
7,016 |
|
Amounts due to related
parties |
|
48,140 |
|
|
41,342 |
|
Total non-current
liabilities |
|
763,703 |
|
|
784,169 |
|
Total
Liabilities |
|
923,326 |
|
|
969,611 |
|
Commitments and
Contingencies - Note 11 |
|
|
Stockholders’
Equity |
|
|
Common stock—$0.01 par value per
share; 400,000,000 shares authorized; 73,208,586 shares issued and
outstanding, (December 31, 2022: 76,804,474) |
|
769 |
|
|
733 |
|
Additional paid-in capital |
|
798,188 |
|
|
799,472 |
|
Accumulated other comprehensive
loss |
|
(463 |
) |
|
(152 |
) |
Retained earnings |
|
364,000 |
|
|
390,221 |
|
Total Navigator Holdings
Ltd. Stockholders’ Equity |
|
1,162,494 |
|
|
1,190,274 |
|
Non-controlling interest |
|
10,918 |
|
|
42,800 |
|
Total equity |
|
1,173,412 |
|
|
1,233,074 |
|
Total Liabilities and
Stockholders’ Equity |
$ |
2,096,738 |
|
$ |
2,202,685 |
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows(Unaudited)
|
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
|
(in
thousands) |
Cash flows from operating
activities |
|
|
Net income |
$ |
54,878 |
|
$ |
86,872 |
|
Adjustments to reconcile
net income/(loss) to net cash provided by operating
activities |
|
|
Foreign exchange gain on senior
secured bonds |
|
(6,589 |
) |
|
— |
|
Unrealized (gain)/loss on
non-designated derivative instruments |
|
(25,124 |
) |
|
7,282 |
|
Realized loss on cross currency
interest rate swap |
|
6,270 |
|
|
— |
|
Depreciation and
amortization |
|
126,220 |
|
|
129,202 |
|
Payment of drydocking costs |
|
(18,338 |
) |
|
(12,424 |
) |
Profit from sale of vessel |
|
(4,721 |
) |
|
(4,797 |
) |
Share-based compensation
expense |
|
869 |
|
|
1,284 |
|
Amortization of deferred
financing costs |
|
3,863 |
|
|
3,716 |
|
Share of results of equity method
investments |
|
(25,794 |
) |
|
(20,607 |
) |
Deferred taxes |
|
— |
|
|
2,363 |
|
Other unrealized foreign exchange
loss/(gain) |
|
2,872 |
|
|
(159 |
) |
Changes in operating
assets and liabilities |
|
|
Accounts receivable |
|
13,661 |
|
|
(16,408 |
) |
Insurance claim receivable |
|
(3,858 |
) |
|
400 |
|
Bunkers and lubricant oils |
|
3,958 |
|
|
(496 |
) |
Accrued income, prepaid expenses
and other current assets |
|
(9,541 |
) |
|
11,013 |
|
Accounts payable, accrued
interest, accrued expenses and other liabilities |
|
10,478 |
|
|
4,501 |
|
Amounts due from related
parties |
|
1,204 |
|
|
(17,039 |
) |
Net cash provided by
operating activities |
|
130,308 |
|
|
174,703 |
|
Cash flows from investing
activities |
|
|
Additions to vessels and
equipment |
|
(45,719 |
) |
|
(191,727 |
) |
Contributions to equity method
investments |
|
— |
|
|
(36,558 |
) |
Distributions from equity method
investments |
|
27,469 |
|
|
30,790 |
|
Purchase of other property, plant
and equipment and intangibles |
|
(50 |
) |
|
(233 |
) |
Net proceeds from sale of
vessel |
|
38,762 |
|
|
20,720 |
|
Insurance recoveries |
|
9,263 |
|
|
527 |
|
Net cash provided
by/(used in) investing activities |
|
29,725 |
|
|
(176,481 |
) |
Cash flows from financing
activities |
|
|
Proceeds from secured term loan
facilities and revolving credit facilities |
|
139,273 |
|
|
323,561 |
|
Direct financing cost of secured
term loan and revolving credit facilities |
|
(1,874 |
) |
|
(3,548 |
) |
Repayment of senior bonds |
|
(61,564 |
) |
|
— |
|
Repurchase of share capital |
|
(5,485 |
) |
|
(48,736 |
) |
Settlement of derivatives |
|
(11,322 |
) |
|
— |
|
Repayments under operating lease
obligations |
|
— |
|
|
(289 |
) |
Purchase of senior unsecured
bonds |
|
— |
|
|
(9,000 |
) |
Repayment of secured term loan
facilities and revolving credit facilities |
|
(186,430 |
) |
|
(268,311 |
) |
Repayment of refinancing of
vessel to related parties |
|
(6,738 |
) |
|
(6,798 |
) |
Cash received from
non-controlling interest |
|
5,915 |
|
|
27,264 |
|
Dividend paid |
|
— |
|
|
(7,334 |
) |
Net cash (used
in)/provided by financing activities |
|
(128,225 |
) |
|
6,809 |
|
Effect of exchange rate changes
on cash, cash equivalents and restricted cash |
|
(2,837 |
) |
|
17 |
|
Net increase in cash, cash
equivalents and restricted cash |
|
28,971 |
|
|
5,048 |
|
Cash, cash equivalents and
restricted cash at beginning of year |
|
124,223 |
|
|
153,194 |
|
Cash, cash equivalents and
restricted cash at end of year |
$ |
153,194 |
|
$ |
158,242 |
|
Supplemental Information |
|
|
Total interest paid during the
year, net of amounts capitalized |
$ |
48,600 |
|
$ |
62,109 |
|
Total tax paid during the
year |
$ |
2,438 |
|
$ |
1,800 |
|
|
|
|
|
|
|
|
Our Fleet
The following table provides details of our vessels as of March
13, 2024:
Operating Vessel |
YearBuilt |
Vessel Size(cbm) |
EmploymentStatus |
Current Cargo |
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 2025 |
|
|
|
|
|
|
Ethylene/ethane capable
semi-refrigerated handysize |
|
|
|
|
|
Navigator Pluto* |
2000 |
22,085 |
Time Charter |
Ethane |
March 2024 |
Navigator Saturn* |
2000 |
22,085 |
Time Charter |
Ethane |
June 2024 |
Navigator Venus* |
2000 |
22,085 |
Spot Market |
Ethane |
— |
Navigator Atlas* |
2014 |
21,000 |
Spot Market |
Ethane |
May 2024 |
Navigator Europa* |
2014 |
21,000 |
Time Charter |
Ethane |
December 2024 |
Navigator Oberon* |
2014 |
21,000 |
Spot Market |
Ethane |
— |
Navigator Triton* |
2015 |
21,000 |
Spot Market |
Ethane |
— |
Navigator Umbrio* |
2015 |
21,000 |
Time Charter |
Ethane |
January 2025 |
Navigator Luna* |
2018 |
17,000 |
Spot Market |
Ethylene |
— |
Navigator Solar* |
2018 |
17,000 |
Spot Market |
Ethylene |
— |
Navigator Castor* |
2019 |
22,000 |
Spot Market |
Ethylene |
— |
Navigator Equator* |
2019 |
22,000 |
Time Charter |
Ethane |
June 2024 |
Navigator Vega* |
2019 |
22,000 |
Time Charter |
Ethylene |
April 2024 |
|
|
|
|
|
|
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 |
Time Charter |
LPG |
July 2024 |
Navigator Capricorn |
2008 |
20,750 |
Time Charter |
LPG |
October 2024 |
Navigator Gemini |
2009 |
20,750 |
— |
— |
— |
Navigator Pegasus |
2009 |
22,200 |
Time Charter |
Propylene |
March 2024 |
Navigator Phoenix |
2009 |
22,200 |
Time Charter |
Ammonia |
September 2024 |
Navigator Scorpio |
2009 |
20,750 |
Time Charter |
LPG |
January 2026 |
Navigator Taurus |
2009 |
20,750 |
Time Charter |
Ammonia |
June 2024 |
Navigator Virgo |
2009 |
20,750 |
Time Charter |
LPG |
April 2024 |
Navigator Leo |
2011 |
20,600 |
Time Charter |
LPG |
December 2024 |
Navigator Libra |
2012 |
20,600 |
Time Charter |
LPG |
March 2025 |
Atlantic Gas |
2014 |
22,000 |
Time Charter |
LPG |
December 2024 |
Adriatic Gas |
2015 |
22,000 |
Time Charter |
LPG |
May 2024 |
Balearic Gas |
2015 |
22,000 |
— |
— |
— |
Celtic Gas |
2015 |
22,000 |
Spot Market |
LPG |
April 2024 |
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 |
July 2024 |
Navigator Yauza |
2017 |
22,000 |
Time Charter |
LPG |
July 2024 |
Arctic Gas |
2017 |
22,000 |
— |
— |
— |
Pacific Gas |
2017 |
22,000 |
Time Charter |
LPG |
May 2024 |
|
|
|
|
|
|
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 |
January 2025 |
Navigator Galaxy |
2011 |
22,500 |
Time Charter |
Ammonia |
December 2024 |
Navigator Genesis |
2011 |
22,500 |
Time Charter |
Ammonia |
January 2025 |
Navigator Global |
2011 |
22,500 |
Time Charter |
Ammonia |
December 2024 |
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 operate within the Luna Pool**
denotes our owned vessels that operate within the independently
managed Unigas Pool
Category: Financial
1 In connection with the preparation of the Company’s
consolidated financial statements for the three months ended March
31, 2023, a reclassification was made in relation to cash received
from the non-controlling interest in the Navigator Greater Bay
Joint Venture in our statement of cash flows presented in our
consolidated financial statements for the year ended December 31,
2022. A receipt of $5.9 million reported in the consolidated
statement of cash flows within “Cash flows from investing
activities” was moved to “Cash flows from financing activities.”
resulting in a decrease in cash flows from investing activities of
$5.9 million and an increase in cash flows from financing
activities of $5.9 million for the year ended December 31, 2022.
This reclassification had no impact on the consolidated balance
sheet or statements of operations, comprehensive income and
stockholders’ equity.
Navigator (NYSE:NVGS)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Navigator (NYSE:NVGS)
Historical Stock Chart
Von Mai 2023 bis Mai 2024