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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) announced that its joint venture, Dan-Unity CO2 A/S, received approval in principle for new CO2-carrying vessel designs from the American Bureau of Shipping. This move, involving 12,500 cubic metre and 22,000 cubic metre capacities provided by TGE Marine, marks a significant milestone in the development of CO2 carriers. Chief Commercial Officer Oeyvind Lindeman emphasized the importance of this achievement in advancing the joint venture's plans.
Navigator Holdings Ltd. (NYSE: NVGS) has scheduled its 2021 Annual Meeting for December 14, 2021, in Paris, France, at 09:00 A.M. local time. The record date for shareholder voting is set for November 15, 2021. During the meeting, shareholders will vote on the election of Board members. Notices, agenda, and related materials will be shared prior to the meeting. Additionally, the Company has filed its Form 20-F for the fiscal year ending December 31, 2020, which is available for download on its website and the SEC's site.
Navigator Holdings Ltd. (NYSE: NVGS), the owner of the largest fleet of handysize liquefied gas carriers, will announce its financial results for the three and nine months ending September 30, 2021, post-market on November 29, 2021. A conference call to discuss these results is scheduled for November 30, 2021, at 10:00 A.M. E.S.T. Participants can join via several dial-in options. Navigator plays a key role in transporting petrochemical gases and recently merged with Ultragas ApS, expanding its fleet to 55 vessels, enhancing its position in the gas shipping market.
Navigator Holdings Ltd. (NYSE: NVGS) has secured fixed-rate charters for three of its midsize ethane carriers. This includes a 4-year extension for the Navigator Eclipse starting March 2022, a 3-year extension for the Navigator Nova starting September 2023, and a new 4-year charter for the Navigator Prominence, commencing January 2022. These contracts enhance Navigator's role in transporting competitively priced U.S.-produced ethane, further integrating its operations within the global liquefied gas supply chain.
Navigator Holdings Ltd. (NYSE: NVGS) announces the resignation of Dr. Henry Deans as CEO and Board member, effective October 28, 2021. Dr. Deans, who served since August 2019, played a pivotal role in merging Navigator with Ultragas, expanding the fleet to 55 vessels. The company is initiating a search for his successor while interim leadership will be provided by key executives including CFO Niall Nolan and CCO Oeyvind Lindeman. Navigator operates one of the largest fleets of liquefied gas carriers, facilitating vital supply chains for energy and industrial sectors.
Navigator Holdings Ltd. (NYSE: NVGS) announces a collaboration with Northern Marine Group to train officers in operating gas-fuelled vessels. Northern Marine officers will gain practical experience aboard Navigator's vessel, Navigator Aurora, for 30 days, focusing on the operation of dual fuel-powered devices. The initiative aligns with Navigator's commitment to reducing the maritime industry's carbon footprint and fostering innovation in low-emission technologies. The partnership reflects a shared vision for advancing competencies in modern shipping practices.
Navigator Holdings Ltd. (NYSE: NVGS) announced that its subsidiary Navigator Gas L.L.C. received an Approval in Principle (AIP) for an ammonia-fueled gas carrier design from DNV AS. This achievement stems from collaboration with industry partners, including MAN Energy Solutions and Babcock International. The approval highlights the viability of using ammonia as fuel, which aims to reduce greenhouse gas emissions. This initiative aligns with Navigator's commitment to decarbonization and sustainable transportation solutions.
Navigator Holdings Ltd. (NVGS) has announced the retirement of David Butters as Executive Chairman, effective September 23, 2021. He will remain with the company as Chairman Emeritus. Dag von Appen has been appointed as the new Non-Executive Chairman. Butters, who served since August 2019, expressed confidence in the company's future. Von Appen, a recent board member since August 2021, emphasized the importance of integration with the Ultragas fleet for strengthening Navigator's position in liquefied gas transportation.
Navigator Holdings Ltd. (NYSE: NVGS) reported operating revenue of $85.9 million for Q2 2021, up from $82.5 million in Q2 2020. However, net income fell significantly to $0.3 million from $3.0 million, reflecting a 89.9% decline. Adjusted EBITDA decreased to $28.2 million from $31.9 million. Fleet utilization also declined to 85.4% from 88.3%. Notably, the company merged with Ultragas, adding 18 vessels to its fleet, while the ethylene export terminal reported increased throughput of 155,428 tons.
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