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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 Gas, the owner and operator of the world's largest fleet of handysize liquefied gas carriers, held its 2024 Annual General Meeting of Shareholders on June 24, 2024, in New York. During the meeting, shareholders approved the election of Dag von Appen, Yngvil Åsheim, Dr. Heiko Fischer, Janette Marx, Dr. Anita Odedra, Peter Stokes, and Florian Weidinger to the board of directors, who will serve until the 2025 Annual General Meeting. Additionally, PricewaterhouseCoopers LLP was ratified as the independent public accounting firm for the fiscal year ending December 31, 2024.
Navigator Gas announced the upsize and pricing of a Secondary Public Offering by BW Group , selling 7,000,000 shares at $15.00 per share. The offering is set to close on June 13, 2024. Navigator Gas will not receive proceeds from this sale but will repurchase half of the shares (3,500,000) at $14.52 per share using cash on hand. The repurchase is contingent on the completion of the Secondary Offering. Citigroup and DNB Markets, Inc. are managing the offering. The offering documents were filed with the SEC and prospective investors can access these for detailed information.
Navigator Gas announced a secondary public offering of 6,000,000 shares by its selling shareholder, BW Group The company will not receive any proceeds from this sale. Concurrently, Navigator Gas plans to repurchase 3,000,000 of these shares from underwriters at the offering price, using cash on hand. The share repurchase is dependent on the completion of the secondary offering and customary closing conditions. Citigroup and DNB Markets are joint book-running managers for the offering. The offering documents have been filed with the SEC and are available for prospective investors.
Navigator Gas (NYSE: NVGS) announced their 2024 Annual Meeting, scheduled for June 24, 2024, at Baker Botts LLP, New York. Shareholders will vote on board elections and ratify PricewaterhouseCoopers LLP as the independent public accounting firm. The record date for voting is May 17, 2024. Relevant documents will be distributed before the meeting, and the Notice of Meeting and Proxy Statement are available on the SEC website and the company's site. Additionally, Navigator Gas has filed its 2023 Form 20-F with the SEC, accessible through their website. Hard copies are available upon request.
Navigator Gas reported its financial results for Q1 2024 on May 15, 2024. The company declared a $0.05 per share dividend, payable on June 25, 2024, as part of its Return of Capital policy, and plans to repurchase $2 million of common stock. Operating revenue for the quarter was $134.2 million, a slight decrease from $136 million in Q1 2023. Net income attributable to shareholders was $22.6 million, up from $18.8 million in the same period last year, and basic earnings per share were $0.31 compared to $0.25.
EBITDA grew to $73.7 million from $64.6 million, while adjusted EBITDA increased to $74.1 million from $69 million. The company reduced its debt by $31.1 million to $862.1 million, maintaining cash reserves of $172.2 million. The average daily time charter equivalent (TCE) rose to $28,339 from $25,620, though fleet utilization dropped to 89.3% from 96.3%.
Navigator Gas also announced plans for a $130 million expansion of its ethylene export terminal in Texas and a $2.5 million investment in an early-stage clean ammonia export project.
Navigator Gas, the owner of the world's largest fleet of liquefied gas carriers, will release its first-quarter 2024 results on May 15, 2024. The management team will host a Zoom conference call on May 16, 2024, to discuss the financial results.
Navigator Gas, the owner of the largest fleet of handysize liquefied gas carriers, has released its 2023 ESG report showcasing its commitment to sustainability and social responsibility. The report highlights investments in reducing climate impact, environmental achievements, progress in gender equality, creating safe workplaces, and promoting business ethics. CEO Mads Peter Zacho emphasized the company's forward-thinking approach and dedication to a sustainable energy supply chain.
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