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NAVIGATOR HOLDINGS LTD. (symbol: NVGS) is the premier owner and operator of the world’s largest fleet of handysize liquefied gas carriers. Specializing in the international seaborne transportation and regional distribution of liquefied petroleum gas (LPG), petrochemical gases, and ammonia, Navigator Holdings Ltd. serves energy companies, industrial users, and commodity traders across the globe. The company's fleet is renowned for its versatility, carrying liquefied gases in various forms under cooling temperatures or pressure, which significantly reduces the cargo volume, enhancing transportation efficiency and economics.
Navigator boasts a diverse and modern fleet, including ethylene, semi-refrigerated, and fully refrigerated vessels. This diversity enables the company to transport a wide array of liquefied gases across different geographical conditions. With a track record of operational excellence, Navigator is the preferred partner for many companies needing handysize liquefied gas transportation and distribution solutions.
Navigator Holdings Ltd. also owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, on the Houston Ship Channel. This strategic asset, co-owned with Enterprise Products Partners L.P., significantly enhances the company's operational capabilities and market reach. The ethylene export terminal, capable of handling up to one million tons of ethylene per year, is undergoing expansion to increase its capacity to at least 1.55 million tons annually by the end of 2024.
The company's latest updates highlight a steady performance despite market fluctuations. For instance, Navigator reported an increase in the average daily time charter equivalent (TCE) across its fleet to $28,428 for Q4 2023, up from $23,622 in Q4 2022. The fourth quarter also saw an increase in market assessments for handysize vessels, demonstrating robust demand in the ethylene market, supported by longer shipping routes due to Panama Canal transit limitations.
Navigator Holdings Ltd. is also investing in future-oriented projects like Azane, a joint venture aimed at developing ammonia fuel handling technology to facilitate the transition to green fuels in shipping. Azane’s first green ammonia bunkering units are scheduled for delivery in 2025, marking a significant step towards zero-carbon maritime transportation.
Financially, the company maintains a healthy balance sheet, supported by cash and cash equivalents and expected cash flows from operations. Navigator has committed to a Return of Capital policy, including quarterly cash dividends and share repurchases, reflecting its commitment to shareholder value.
Navigator Holdings Ltd. trades on the New York Stock Exchange under the symbol “NVGS”.
Navigator Holdings Ltd. (NYSE: NVGS) reported an operating revenue of $87.4 million for Q4 2020, up from $76.1 million in Q4 2019, marking a 14.9% increase. The annual revenue for 2020 reached $332.5 million, compared to $301.4 million in 2019. Despite a net loss of $0.4 million for the year, the company achieved net income of $3.4 million in Q4. Fleet utilization was 91.0% for Q4 2020. The Marine Export Terminal was operational with a commitment of 938,000 tons of ethylene annually. COVID-19 continues to pose challenges, impacting trade and operations.
Navigator Holdings Ltd. (NYSE: NVGS) will announce its Q4 and full-year 2020 results after market close on March 18, 2021. A conference call with management is scheduled for March 19, 2021 at 9:00 A.M. ET to discuss the financial results. Participants can join by dialing numbers specific to their location. An archived audio webcast will also be available through the Company's website. Navigator is a leader in the seaborne transportation of liquefied gases and operates the world's largest fleet of handysize carriers, contributing significantly to the global energy supply chain.
Navigator Holdings Ltd. (NYSE: NVGS) announced the conclusion of the sale of approximately 39.1% equity interest to BW Group Limited, which closed on December 22, 2020. Following this transaction, BW Group has entered into an Investor Rights Agreement, allowing it to designate two board members and establishing restrictions on acquiring additional shares until May 18, 2022. Additionally, Andreas Beroutsos joined the board as a BW Group appointee, while Hal Malone resigned, with no reported disagreements. Executive Chairman David Butters expressed confidence in Beroutsos's contributions.
WL Ross & Co. LLC has agreed to sell its approximately 39.1% equity interest in Navigator Holdings Ltd. (NYSE: NVGS) for $9.00 per share, representing a 9.4% premium to the company's 10-day volume-weighted average price as of December 14, 2020. This strategic move is backed by supportive remarks from both WL Ross and BW Group, highlighting the potential for Navigator's growth and strategic execution. Moelis & Company and Skadden, Arps, Slate, Meagher & Flom LLP advised WL Ross, while Cleary Gottlieb Steen & Hamilton LLP represented BW Group.
Navigator Holdings Ltd. reported $81.4 million in operating revenue for Q3 2020, up from $75.6 million in Q3 2019. The company achieved net income of $1.5 million, an improvement from a loss of $2.9 million last year. Adjusted EBITDA was $31.9 million, slightly lower than $29.5 million in Q3 2019, despite decreased fleet utilization at 78.8%. The company is experiencing disruptions from Hurricane Laura affecting throughput at its ethylene export terminal, but expects utilization to rise as market dynamics improve.
Navigator Holdings Ltd. (NYSE: NVGS) will announce its financial results for the three and nine months ending September 30, 2020 on November 12, 2020, after market close in New York. A conference call for discussion will be held on November 13, 2020, at 9:00 A.M. ET. Participants can join via a US Toll Free number or international dial-in numbers. An archived webcast will also be available on the company's website.
Navigator operates the world's largest fleet of handysize liquefied gas carriers, essential for transporting petrochemical gases.
Navigator Holdings Ltd. (NYSE: NVGS) reported a Q2 2020 operating revenue of $79.9 million, an increase from $73.6 million in Q2 2019. The company achieved a net income of $3.0 million or $0.05 per share, significantly improving from a net loss of $7.7 million in Q2 2019. Key factors included fleet utilization rising to 88.3% and an Adjusted EBITDA of $31.9 million. A new three-year charter for ethylene transport was secured at rates exceeding $30,000 per day. The ethylene terminal is expected to maintain profitability for the rest of the year.
Navigator Holdings Ltd. (NYSE: NVGS) will release its financial results for the three and six months ended June 30, 2020, after market close on August 13, 2020. The management will host a conference call on August 14, 2020, at 9:00 A.M. ET to discuss these results. Participants can dial in via specific phone numbers provided in the release. Additionally, a live audio webcast will be available on the company's website. Navigator owns the largest fleet of handysize liquefied gas carriers and plays a crucial role in the liquefied gas supply chain.
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