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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”.
Navigators Holdings Ltd. (NYSE: NVGS) held its 2022 Annual General Meeting on May 12, 2022, approving two key proposals. The shareholders elected seven Board members to serve until the 2023 Annual Meeting, including Dag von Appen and Dr. Heiko Fischer. Additionally, PricewaterhouseCoopers LLP was ratified as the Company's independent public accounting firm for the fiscal year 2022. Navigator is the operator of the world's largest fleet of handysize liquefied gas carriers, playing a crucial role in the transportation of petrochemical gases.
Navigator Holdings Ltd. (NYSE: NVGS) announced the filing of its Annual Report on Form 20-F for the fiscal year ending December 31, 2021, with the U.S. Securities and Exchange Commission. The report, detailing the company's operations and financial performance, can be accessed on their website. Navigator operates the world's largest fleet of handysize liquefied gas carriers and plays a crucial role in the liquefied gas supply chain, supporting the transportation of petrochemical gases and ammonia from production to market.
Navigator Holdings Ltd. (NYSE: NVGS) announced that its 2022 Annual Meeting will be held on May 12, 2022, in New York. The record date for eligible shareholders is April 12, 2022. Key agenda items for the meeting include electing board members and ratifying the appointment of PricewaterhouseCoopers LLP as the independent accounting firm for the fiscal year ending December 31, 2022. The Company has filed its 2020 Form 20-F and expects to release its 2021 Form 20-F prior to the meeting. Shareholders can propose agenda items until April 24, 2022.
Navigator Holdings Ltd. (NYSE: NVGS) announced board changes on April 14, 2022, as Alexander Oetker, the longest-serving independent director, resigned after 15 years. Andreas Beroutsos also stepped down, reducing the board size from nine to seven members. Oetker played a vital role in the Company’s growth, guiding it from five vessels in 2006 to 53 today. The board expressed gratitude for his and Beroutsos's contributions during key transitions.
Navigator Holdings Ltd. (NYSE: NVGS) announced the appointment of Randy Giveans as Executive Vice President of Navigator Gas US, LLC, effective April 5, 2022. Based in Houston, Giveans will enhance Navigator's investor relations and business development within North America. Chief Commercial Officer Oeyvind Lindeman emphasized the significance of the U.S. market, which includes their Morgan’s Point joint venture. Giveans brings over a decade of maritime shipping experience and was recognized as a top stock picker by TipRanks in 2021.
Navigator Holdings Ltd. (NYSE: NVGS) reported operating revenue of $129.4 million for Q4 2021, up from $87.4 million in Q4 2020. For the year, revenue was $403.6 million, compared to $332.5 million in 2020. However, the company faced a net loss of $47.0 million in Q4 2021, contrasting with a net income of $3.4 million in Q4 2020. Excluding impairment losses of $63.7 million, adjusted net income would be $16.7 million. Adjusted EBITDA for Q4 stood at $55.2 million, up from $32.0 million in Q4 2020, and fleet utilization increased to 91.4%.
Navigator Holdings Ltd. (NYSE: NVGS) announced the appointment of Dr. Anita Odedra to its Board of Directors as a non-executive director, effective March 10, 2022. Dr. Odedra brings extensive experience from her current role as Senior VP at Tellurian Inc. and previous positions at Angelicoussis Shipping and Cheniere Marketing. Chairman Dag von Appen expressed optimism about her contributions during this pivotal time for Navigator, which operates the world's largest fleet of handysize liquefied gas carriers. The company plays a crucial role in the liquefied gas supply chain.
Navigator Holdings Ltd. (NYSE: NVGS), a leader in seaborne transportation of petrochemical gases, will release its financial results for Q4 and full-year 2021 after market close on March 10, 2022. A conference call is scheduled for March 11, 2022, at 9:00 A.M. ET, where management will discuss these results. Participants can join via toll-free numbers and will also have access to a live and archived webcast on the company's website. Navigator operates the world’s largest fleet of handysize liquefied gas carriers, playing a crucial role in global liquefied gas supply chains.
Navigator Holdings Ltd. (NVGS) announced a robust update ahead of its Q4 and 2021 results, highlighting significant operational achievements. In Q4 2021, fleet utilization reached 91.4%, up from 84.0% in Q3. The Houston Ethylene Export Terminal achieved throughput volumes of 234,000 tons, greatly exceeding previous levels. The company reduced debt by approximately $24.2 million and reported cash equivalents of $124.0 million as of December 31, 2021. Looking ahead, the company expects continued strong performance in Q1 2022, with fleet utilization projected above 90% and a record throughput of 100,250 tons in January.
Navigator Holdings Ltd. (NYSE: NVGS) announced its participation in Capital Link's Corporate Presentations Webinar Series. The presentation is scheduled for February 9, 2022, at 11 a.m. ET. Senior management will discuss the company's current operations, growth prospects, and the liquefied gas sector outlook. Interested participants can register for the webinar and submit questions during the session. Navigator operates the largest fleet of handysize liquefied gas carriers, playing a crucial role in the seaborne transportation of petrochemical gases.
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