Fourth Quarter Financial Highlights
- On
March 11, 2026 , pursuant to the Company's Capital Return Policy, the Board of Directors ofNavigator Holdings Limited ., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) declared a cash dividend of$0.07 per share of the Company's common stock for the quarter endedDecember 31, 2025 , payable onMarch 31, 2026 , to all shareholders of record as of the close of businessU.S. Eastern Time onMarch 23, 2026 (the “Dividend”). - Also as part of the Company's Capital Return Policy for the quarter ended
December 31, 2025 , the Company expects to repurchase approximately$1.0 million of its common stock betweenMarch 13, 2026 , andMarch 31, 2026 , subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and Share Repurchases together equal 30% of net income for the quarter endedDecember 31, 2025 . - On
December 16, 2025 the Company paid a dividend of$0.07 per share of the Company’s common stock to all shareholders of record as of the close of businessU.S. Eastern Time onNovember 25, 2025 , totaling$4.6 million , and the Company repurchased 303,180 shares of common stock in the open market betweenNovember 7, 2025 , andDecember 31, 2025 , at an average price of$17.68 per share, totaling$5.4 million all as part of the Company's then Capital Return Policy for the quarter endedSeptember 30, 2025 . - The Company reported total operating revenues of
$152.8 million for the three months endedDecember 31, 2025 , compared to$144.0 million for the three months endedDecember 31, 2024 . - Net income attributable to stockholders of the Company was
$18.5 million for the three months endedDecember 31, 2025 , compared to$21.6 million for the three months endedDecember 31, 2024 . - EBITDA1 was
$70.9 million for the three months endedDecember 31, 2025 , compared to$68.0 million for the three months endedDecember 31, 2024 . - Adjusted EBITDA1 was
$73.4 million for the three months endedDecember 31, 2025 , compared to$73.4 million for the three months endedDecember 31, 2024 . - Basic earnings per share attributable to stockholders of the Company were
$0.28 for the three months endedDecember 31, 2025 , compared to$0.31 per share for the three months endedDecember 31, 2024 , with the decrease primarily due to a decrease in net income attributable to stockholders ofNavigator Holdings Ltd. , offset by a lower number of shares of common stock in issue in the three months endedDecember 31, 2025 , compared to the three months endedDecember 31, 2024 . - Adjusted basic earnings per share1 attributable to stockholders of the Company were
$0.32 per share for the three months endedDecember 31, 2025 , compared to$0.39 per share for the three months endedDecember 31, 2024 , driven primarily by a decrease in net income attributable to stockholders ofNavigator Holdings Ltd. , and adjusting for the profit on sale of vessel. - The Company reduced its debt by
$33.0 million to$900.2 million during the three months endedDecember 31, 2025 , as the Company made net repayments on loan facilities and revolving credit facilities of$33.0 million . The Company reduced its debt by$93.3 million to$933.2 million during the three months endedSeptember 30, 2025 , as the Company made net repayments on loan facilities and revolving credit facilities of$93.3 million . - At
December 31, 2025 the Company's cash, cash equivalents, and restricted cash was$204.9 million , and together with available but undrawn credit facilities of$91.4 million the Company's total liquidity as ofDecember 31, 2025 was$296.3 million , compared to$308.0 million as ofSeptember 30, 2025 and$139.8 million as atDecember 31, 2024 .
_________________________
1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of
Other Highlights and Developments
Fleet Operational Update
The average daily time charter equivalent (“TCE”) rate across the fleet was
Utilization across the fleet was a normalized 90.0% for the three months ended
The Company is closely monitoring the evolving geopolitical situation in the
Total ethane exports from the
For the three months ended
The handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased from the end of the third quarter of 2025 compared to the end of the fourth quarter of 2025 by
The handysize 12-month forward-looking market assessment for fully refrigerated vessels increased from the end of the third quarter of 2025 to the end of the fourth quarter of 2025 by
The handysize 12-month forward-looking market assessment for ethylene-capable vessels reduced from the end of the third quarter of 2025 to the end of the fourth quarter of 2025 by
We own a 50% share in an ethylene export marine terminal at Morgan’s
Our share of the results of our equity investment in the
Steady
Our
Capital Return Policy
Under the Capital Return Policy and subject to operating needs and other circumstances, the Company intends to pay a quarterly cash dividend of
The timing and amount of any dividends and share repurchases under the Capital Return Policy will be determined by Navigator’s Board of Directors and management and will depend on market conditions, legal requirements, stock price and alternative uses of capital, financial results and earnings, restrictions in our debt agreements, required capital expenditures and the provisions of
Financing
On
On
The Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at
On
Legal Updates
In
We continue to believe that the events surrounding
Unaudited Results of Operations for the Three Months Ended
| ` | Three months ended | Three months ended | Percentage change | |||||
| (in thousands, except percentage change) | ||||||||
| Operating revenues | $ | 130,269 | $ | 139,479 | 7.1 | % | ||
| Operating revenues – | 13,762 | 13,355 | (3.0 | )% | ||||
| Total operating revenues | 144,031 | 152,834 | 6.1 | % | ||||
| Brokerage commission | 1,672 | 1,977 | 18.2 | % | ||||
| Voyage expenses | 19,187 | 21,281 | 10.9 | % | ||||
| Vessel operating expenses | 45,957 | 47,615 | 3.6 | % | ||||
| Depreciation and amortization | 32,645 | 32,547 | (0.3 | )% | ||||
| General and administrative costs | 9,401 | 9,390 | (0.1 | )% | ||||
| Total net operating expenses | 108,862 | 112,810 | 3.6 | % | ||||
| Operating Income | 35,169 | 40,024 | 13.8 | % | ||||
| Unrealized (loss)/gain on non-designated derivative instruments | (278 | ) | 75 | (127.0 | )% | |||
| Interest expense | (12,381 | ) | (13,110 | ) | 5.9 | % | ||
| Interest income | 1,184 | 1,256 | 6.1 | % | ||||
| Net Other income/(loss) | — | (2,500 | ) | — | ||||
| Unrealized foreign exchange loss | (2,847 | ) | (154 | ) | (94.6 | )% | ||
| Loss on repayment of senior bonds | (1,456 | ) | — | — | ||||
| Write off of deferred financing costs | (829 | ) | — | — | ||||
| Income before taxes and share of result of equity method investments | 18,562 | 25,591 | 37.9 | % | ||||
| Income taxes | (1,324 | ) | (7,346 | ) | 455.0 | % | ||
| Share of result of equity method investments | 5,620 | 862 | (84.7 | )% | ||||
| Net income | 22,858 | 19,107 | (16.4 | )% | ||||
| Net income attributable to non-controlling interest | (1,272 | ) | (629 | ) | (50.5 | )% | ||
| Net income attributable to stockholders of | $ | 21,586 | $ | 18,478 | (14.4 | )% | ||
The following table presents selected operating data for the three months ended
| Three months ended | Three months ended | |||||
| Fleet Data*: | ||||||
| Weighted average number of vessels | 47.0 | 48.0 | ||||
| Ownership days | 4,324 | 4,416 | ||||
| Available days | 4,250 | 4,284 | ||||
| Earning days | 3,920 | 3,857 | ||||
| Fleet utilization | 92.2 | % | 90.0 | % | ||
| Average daily Time Charter Equivalent** | $ | 28,341 | $ | 30,647 | ||
* Fleet Data - Our eight owned smaller vessels in the independently managed
** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with
The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with
| Three months ended | Three months ended | |||
| Average daily time charter equivalent***: | (in thousands, except earning days and average daily time charter equivalent rate) | |||
| Operating revenues | $ | 130,269 | $ | 139,479 |
| Voyage expenses | 19,187 | 21,281 | ||
| Operating revenues less voyage expenses | $ | 111,082 | $ | 118,198 |
| Earning days | 3,920 | 3,857 | ||
| Average daily time charter equivalent | $ | 28,341 | $ | 30,647 |
*** Operating revenues and voyage expenses of our eight owned vessels in the independently managed
Operating Revenues. Operating revenues, net of address commissions, were
- an increase of approximately
$9.1 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately$30,647 per vessel per day ($932,171 per vessel per calendar month) for the three months endedDecember 31, 2025 , compared to an average of approximately$28,341 per vessel per day ($862,035 per vessel per calendar month) for the three months endedDecember 31, 2024 ; - a decrease of approximately
$2.9 million attributable to a decrease in fleet utilization, which decreased to 90.0% for the three months endedDecember 31, 2025 , compared to 92.2% for the three months endedDecember 31, 2024 ; - an increase of approximately
$0.9 million or 0.8%, attributable to a net 34-day increase in vessel available days for the three months endedDecember 31, 2025 , compared to the three months endedDecember 31, 2024 . This increase was primarily a result of the operations of the additional three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels") during the three months endedDecember 31, 2025 , compared to the three months endedDecember 31, 2024 ; and - an increase of approximately
$2.1 million , primarily attributable to an increase in invoiced pass-through voyage expense for the three months endedDecember 31, 2025 , compared to the three months endedDecember 31, 2024 .
Operating Revenues –
Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, were
Voyage Expenses. Voyage expenses increased by
Vessel Operating Expenses. Vessel operating expenses increased by
Depreciation and Amortization. Depreciation and amortization decreased by
General and Administrative Costs. General and administrative costs remained unchanged at
Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of
Interest Expense. Interest expense increased by
Net Other Income/loss. During the three months ended
Unrealized Foreign Exchange Loss. The unrealized foreign exchange loss of
Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world, including those incorporated in
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
Non-Controlling Interests. On
Unaudited Results of Operations for the Twelve Months Ended
| Twelve months ended | Twelve months ended | Percentage change | ||||||
| (in thousands, except percentage change) | ||||||||
| Operating revenues | $ | 511,667 | $ | 538,457 | 5.2 | % | ||
| Operating revenues – | 55,012 | 48,504 | (11.8 | )% | ||||
| Total operating revenues | 566,679 | 586,961 | 3.6 | % | ||||
| Brokerage commission | 7,012 | 7,333 | 4.6 | % | ||||
| Voyage expenses | 72,144 | 77,269 | 7.1 | % | ||||
| Vessel operating expenses | 175,034 | 191,290 | 9.3 | % | ||||
| Depreciation and amortization | 132,725 | 134,497 | 1.3 | % | ||||
| General and administrative costs | 36,580 | 36,353 | (0.6 | )% | ||||
| Profit from sale of vessels | — | (25,206 | ) | — | ||||
| Total net operating expenses | 423,495 | 421,536 | (0.5 | )% | ||||
| Operating Income | 143,184 | 165,425 | 15.5 | % | ||||
| Realized loss on non-designated derivative instruments | — | (1,228 | ) | — | ||||
| Unrealized loss on non-designated derivative instruments | (7,483 | ) | (4,678 | ) | (37.5 | )% | ||
| Interest expense | (56,141 | ) | (55,778 | ) | (0.6 | )% | ||
| Interest income | 6,244 | 5,822 | (6.8 | )% | ||||
| Unrealized foreign exchange loss | (1,968 | ) | (1,274 | ) | (35.3 | )% | ||
| Write off of deferred financing costs | (829 | ) | (266 | ) | — | |||
| Other income | — | 2,301 | — | |||||
| Loss on repayment of senior bonds | (1,456 | ) | — | |||||
| Income before taxes and share of result of equity method investments | 81,551 | 110,324 | 35.3 | % | ||||
| Income taxes | (4,365 | ) | (12,487 | ) | 186.1 | % | ||
| Share of result of equity method investments | 16,911 | 8,036 | (52.5 | )% | ||||
| Net income | 94,097 | 105,873 | 12.5 | % | ||||
| Net income attributable to non-controlling interest | (8,526 | ) | (5,751 | ) | (32.5 | )% | ||
| Net income attributable to stockholders of | $ | 85,571 | $ | 100,122 | 17.0 | % | ||
The following table presents selected operating data for the twelve months ended
| Twelve months ended | Twelve months ended | |||||
| Fleet Data* : | ||||||
| Weighted average number of vessels | 47.0 | 48.6 | ||||
| Ownership days | 17,202 | 17,723 | ||||
| Available days | 16,670 | 17,215 | ||||
| Earning days | 15,248 | 15,317 | ||||
| Fleet utilization | 91.5 | % | 89.0 | % | ||
| Average daily Time Charter Equivalent** | $ | 28,826 | $ | 30,110 | ||
* Fleet Data - Our eight owned smaller vessels in the independently managed
** Non-GAAP Financial Measure - Time charter equivalent ("TCE") is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with
The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with
| Twelve months ended | Twelve months ended | |||||
| Average daily time charter equivalent***: | (in thousands, except earning days and average daily time charter equivalent rate) | |||||
| Fleet Data: | ||||||
| Operating revenues | $ | 511,667 | $ | 538,457 | ||
| Voyage expenses | (72,144 | ) | (77,269 | ) | ||
| Operating revenues less voyage expenses | 439,523 | $ | 461,188 | |||
| Earning days | 15,248 | 15,317 | ||||
| Average daily time charter equivalent | $ | 28,826 | $ | 30,110 | ||
*** Operating revenues and voyage expenses of our eight owned vessels in the independently managed
Operating Revenues. Operating revenues, net of address commissions, were
- an increase of approximately
$20 .2 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately$30,110 per vessel per day ($915,832 per vessel per calendar month) for the twelve months endedDecember 31, 2025 , compared to an average of approximately$28,826 per vessel per day ($876,776 per vessel per calendar month) for the twelve months endedDecember 31, 2024 ; - a decrease in operating revenues of approximately
$12 .9 million attributable to a decrease in fleet utilization, which declined to 89.0% for the twelve months endedDecember 31, 2025 , compared to 91.5% for the twelve months endedDecember 31, 2024 ; - an increase in operating revenues of approximately
$14 .4 million or 3.0% driven by a 545-day increase in vessel available days for the twelve months endedDecember 31, 2025 , due to the acquisition of the Purchased Vessels, compared to the twelve months endedDecember 31, 2024 ; and - an increase in operating revenues of approximately
$5 .1 million, primarily attributable to an increase in pass-through voyage costs for the twelve months endedDecember 31, 2025 , compared to the twelve months endedDecember 31, 2024 .
Operating Revenues –
Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenue, were
Voyage Expenses. Voyage expenses increased by
Vessel Operating Expenses. Vessel operating expenses increased by
Depreciation and Amortization. Depreciation and amortization increased by
General and Administrative Costs. General and administrative costs decreased by
Profit from Sale of Vessels. Profit from sale of vessels for the twelve months ended
Realized Loss on Non-Designated Derivative Instruments. The realized loss of
Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of
Interest Expense. Interest expense decreased by
Unrealized Foreign Exchange loss. The unrealized foreign exchange loss of
Write off of Deferred Financing Costs. The write off of deferred financing costs of
Net Other Income. In
Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in
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 income of
Non-Controlling Interest. On
Reconciliation of Non-GAAP Financial Measures
The following table shows a reconciliation of Net Income to EBITDA and Adjusted EBITDA for the three and twelve months ended
| Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||
| (in thousands) | ||||||||||
| Net Income | $ | 22,858 | $ | 19,107 | $ | 94,097 | $ | 105,873 | ||
| Net interest expense | 11,197 | 11,853 | 49,897 | 49,956 | ||||||
| Income taxes | 1,324 | 7,346 | 4,365 | 12,487 | ||||||
| Depreciation and amortization | 32,645 | 32,547 | 132,725 | 134,497 | ||||||
| EBITDA2 | 68,024 | 70,853 | 281,084 | 302,813 | ||||||
| Realized loss on non-designated derivative instruments | — | — | — | 1,228 | ||||||
| Unrealized loss/(gain) on non-designated derivative instruments | 278 | (75 | ) | 7,483 | 4,678 | |||||
| Unrealized foreign exchange loss | 2,847 | 154 | 1,968 | 1,274 | ||||||
| Write off of deferred financing costs | 829 | — | 829 | 266 | ||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||
| Net Other loss/(income) | — | 2,500 | — | (2,301 | ) | |||||
| Loss on repayment of senior bonds | 1,456 | — | 1,456 | — | ||||||
| Adjusted EBITDA2 | $ | 73,434 | $ | 73,432 | $ | 292,820 | $ | 282,752 | ||
______________________
2 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of
The following table shows a reconciliation of Net Income attributed to stockholders of
| Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||
| (in thousands except earnings per share and number of shares) | ||||||||||
| Net income attributable to stockholders of | $ | 21,586 | $ | 18,478 | $ | 85,571 | $ | 100,122 | ||
| Realized loss on non-designated derivatives instruments | — | — | — | 1,228 | ||||||
| Unrealized loss /(gain) on non-designated derivative instruments | 278 | (75 | ) | 7,483 | 4,678 | |||||
| Unrealized foreign exchange loss | 2,847 | 154 | 1,968 | 1,274 | ||||||
| Write off of deferred financing costs | 829 | — | 829 | 266 | ||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||
| Net Other loss/(income) | — | 2,500 | — | (2,301 | ) | |||||
| Loss on repayment of senior bonds | 1,456 | — | 1,456 | — | ||||||
| Adjusted Net Income attributable to stockholders of | $ | 26,996 | $ | 21,057 | $ | 97,307 | $ | 80,061 | ||
| Earnings per share attributable to stockholders of | ||||||||||
| Basic | $ | 0.31 | $ | 0.28 | $ | 1.20 | $ | 1.49 | ||
| Diluted | $ | 0.31 | $ | 0.28 | $ | 1.19 | $ | 1.47 | ||
| Adjusted Basic2 | $ | 0.39 | $ | 0.32 | $ | 1.37 | $ | 1.19 | ||
| Adjusted Diluted2 | $ | 0.38 | $ | 0.32 | $ | 1.35 | $ | 1.18 | ||
| Basic weighted average number of shares | 69,426,888 | 65,399,652 | 71,149,671 | 67,333,263 | ||||||
| Diluted weighted average number of shares | 70,170,335 | 66,093,849 | 71,838,034 | 68,036,773 | ||||||
Liquidity and Capital Resources
Liquidity and Cash Needs
Our primary sources of funds are cash and cash equivalents, cash from operations, undrawn bank borrowings, proceeds from vessel sales, and proceeds from bond issuances.
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 and quarterly repayment of bank loans. We also expect to use funds in connection with our Capital Return Policy. In addition, our medium-term and long-term liquidity needs relate to debt repayments, repayment of bonds, payments for the Four Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements), the Ammonia Newbuild Vessels and other potential future joint ventures, future vessel newbuilds, related investments, and other potential future vessel acquisitions, and or related port or terminal projects.
The Company repaid
As of
Our secured term loan facilities and revolving credit facilities contain covenants that require the Company to maintain liquidity of no less than (i) up to
.
The Company has a responsibility to evaluate whether conditions and/or events raise substantial doubt over its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are expected to be issued. 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.
As of
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. The total capital contributions required from us for our share of the construction cost for the
On
Once delivered, subject to customary conditions, each of the Ammonia Newbuild Vessels is expected to be operated by the Amon Joint Venture pursuant to a five-year time charter with Yara International ASA ("Yara").
On
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
| Twelve months ended | Twelve months ended | |||||
| (in thousands) | ||||||
| Net cash provided by operating activities | $ | 210,523 | $ | 201,662 | ||
| Net cash used in investing activities | (100,987 | ) | (81,101 | ) | ||
| Net cash used in financing activities | (126,013 | ) | (54,213 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,968 | ) | (1,274 | ) | ||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | $ | (18,445 | ) | $ | 65,074 | |
Net Cash Provided by Operating Activities. Net cash provided by operating activities for the twelve months ended
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, takes approximately 20-30 days in total. Drydocking days generally include approximately 5-10 days of voyage time to and from the drydocking shipyard and approximately 15-20 days of actual drydocking time. 13 of our vessels completed their respective drydockings during the twelve months ended
We estimate the current cost of a five-year drydocking for one of our vessels to be approximately
Cash Used in Investing Activities. Net cash used in investing activities was
Net cash used in investing activities was
Cash used in Financing Activities. Net cash used in financing activities was
Net cash used in financing activities was
Secured Term Loan Facilities, Revolving Credit Facilities and Terminal Facility
General.
The table below summarizes our facilities as of
| Facility agreement | Original facility amount | Principal amount outstanding | Undrawn RCF component | Interest rate | Facility maturity date | |||
| (in millions) | ||||||||
| 67.0 | 29.1 | — | Fixed 378 BPS | |||||
| 74.6 | 74.6 | — | Term SOFR + 180 BPS | |||||
| 57.7 | 6.0 | — | Comp SOFR + 247 BPS | |||||
| 111.8 | 42.5 | 28.5 | Term SOFR + 209 BPS | |||||
| 60.9 | 16.5 | — | Comp SOFR + 247 BPS | |||||
| 55.8 | 16.3 | — | Comp SOFR + 247 BPS | |||||
| 200.0 | 108.5 | — | Comp SOFR + 205 BPS | |||||
| 151.3 | 119.8 | — | Term SOFR + 220 BPS | |||||
| 147.6 | 68.0 | 62.9 | Term SOFR + 190 BPS | |||||
| 300.0 | 286.6 | — | Term SOFR + 170 BPS | |||||
| Total | $ | 1,226.7 | $ | 767.9 | $ | 91.4 | ||
Loan Facility Covenants. There are certain financial covenants within each of the Company’s secured loan facilities that are typical for transactions of these types. These covenants include:
- maintenance at all times of a minimum balance of cash and cash equivalents of up to the greater of
$50 million and 5% of the total indebtedness; - maintenance of the ratio of value adjusted total stockholders’ equity to value adjusted total assets of not less than 30%;
- that the aggregate fair market value of the collateral vessels be no less than 110% of the aggregate amount outstanding under the relevant facility.
_________________________________
3 The
Restrictive Covenants. The secured loan facilities provide that the borrowers may not declare or pay dividends to shareholders out of operating revenue generated by the vessels securing the indebtedness if an event of default has occurred and is continuing. The secured term loan facilities and revolving credit facilities also typically limit the borrowers from, among other things, incurring further indebtedness or entering into mergers and divestitures. The secured facilities also contain general covenants that require the borrowers to maintain adequate insurance coverage and to maintain the vessels, and include customary events of default including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness, or non-compliance with security documents.
Borrowers are required to deliver quarterly compliance certificates, which are provided on a semi-annual basis on
Critical Accounting Estimates
We prepare our consolidated financial statements in accordance with
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk from changes in interest rates and foreign currency fluctuations, as well as inflation. We use interest rate swaps to manage some of our interest rate risks. We do not use interest rate swaps or any other financial instruments for trading or speculative purposes.
Interest Rate Risk. We are exposed to the impact of interest rate changes through borrowings that require us to make interest payments based on SOFR. We are party to a fixed-rate unsecured bond and our wholly-owned subsidiaries and certain of our vessel-owning subsidiaries are party to secured term loans and revolving credit facilities that bear interest at rates of SOFR plus margins of between 170 and 326 basis points. At
We use interest rate swaps to reduce our exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with our floating-rate debt. The Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements.
Foreign Currency Exchange Rate Risk. Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, most of our revenue is generated in
Inflation. We are exposed to increases in operating costs arising from vessel operations, including crewing, vessel repair costs, drydocking costs, insurance and fuel prices as well as from general inflation, and we are subject to fluctuations as a result of general market forces. Increases in bunker costs could have a material effect on our future operations if the number and duration of our voyage charters or contracts of affreightment ("COAs") increase. In the case of the 49 vessels owned and commercially managed by us as of
Credit Risk. We may be exposed to credit risks in relation to vessel employment, and at times we may have multiple vessels employed by the same charterer. We consider and evaluate the concentration of credit risk continuously and perform ongoing evaluations of these charterers for credit risk. At
| UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||
| Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||||
| (in thousands except share and per share data) | ||||||||||||
| Revenue | ||||||||||||
| Operating revenues | $ | 130,269 | $ | 139,479 | $ | 511,667 | $ | 538,457 | ||||
| Operating revenues – | 13,762 | 13,355 | 55,012 | 48,504 | ||||||||
| Total operating revenues | 144,031 | 152,834 | 566,679 | 586,961 | ||||||||
| Expenses | ||||||||||||
| Brokerage commission | 1,672 | 1,977 | 7,012 | 7,333 | ||||||||
| Voyage expenses | 19,187 | 21,281 | 72,144 | 77,269 | ||||||||
| Vessel operating expenses | 45,957 | 47,615 | 175,034 | 191,290 | ||||||||
| Depreciation and amortization | 32,645 | 32,547 | 132,725 | 134,497 | ||||||||
| General and administrative costs | 9,401 | 9,390 | 36,580 | 36,353 | ||||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||||
| Total net operating expenses | 108,862 | 112,810 | 423,495 | 421,536 | ||||||||
| Operating Income | 35,169 | 40,024 | 143,184 | 165,425 | ||||||||
| Other Income/(Expenses) | ||||||||||||
| Realized loss on non-designated derivative instruments | — | — | — | (1,228 | ) | |||||||
| Unrealized (loss)/gain on non-designated derivative instruments | (278 | ) | 75 | (7,483 | ) | (4,678 | ) | |||||
| Interest expense | (12,381 | ) | (13,110 | ) | (56,141 | ) | (55,778 | ) | ||||
| Interest income | 1,184 | 1,256 | 6,244 | 5,822 | ||||||||
| Write off of deferred financing costs | (829 | ) | — | (829 | ) | (266 | ) | |||||
| Unrealized foreign exchange loss | (2,847 | ) | (154 | ) | (1,968 | ) | (1,274 | ) | ||||
| Loss on repayment of senior and unsecured bonds | (1,456 | ) | (1,456 | ) | — | |||||||
| Other (loss)/ income | — | (2,500 | ) | — | 2,301 | |||||||
| Income before taxes and share of result of equity method investments | 18,562 | 25,591 | 81,551 | 110,324 | ||||||||
| Income taxes | (1,324 | ) | (7,346 | ) | (4,365 | ) | (12,487 | ) | ||||
| Share of result of equity method investments | 5,620 | 862 | 16,911 | 8,036 | ||||||||
| Net income | 22,858 | 19,107 | 94,097 | 105,873 | ||||||||
| Net income attributable to non-controlling interest | (1,272 | ) | (629 | ) | (8,526 | ) | (5,751 | ) | ||||
| Net Income attributable to stockholders of | $ | 21,586 | $ | 18,478 | $ | 85,571 | $ | 100,122 | ||||
| Earnings per share attributable to stockholders of | ||||||||||||
| Basic: | $ | 0.31 | $ | 0.28 | $ | 1.20 | $ | 1.49 | ||||
| Diluted: | $ | 0.31 | $ | 0.28 | $ | 1.19 | $ | 1.47 | ||||
| Weighted average number of shares outstanding in the period: | ||||||||||||
| Basic: | 69,426,888 | 65,399,652 | 71,149,671 | 67,333,263 | ||||||||
| Diluted: | 70,170,335 | 66,093,849 | 71,838,034 | 68,036,773 | ||||||||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||||
| Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||
| (in thousands) | ||||||||||
| Net Income | $ | 22,858 | $ | 19,107 | $ | 94,097 | $ | 105,873 | ||
| Other comprehensive income: | ||||||||||
| Foreign currency translation gain/(loss) | 96 | (128 | ) | (396 | ) | 140 | ||||
| Total comprehensive income | $ | 22,954 | $ | 18,979 | $ | 93,701 | $ | 106,013 | ||
| Total comprehensive income attributable to: | ||||||||||
| Stockholders of | $ | 21,682 | $ | 18,350 | $ | 85,175 | $ | 100,262 | ||
| Non-controlling interest | 1,272 | 629 | 8,526 | 5,751 | ||||||
| Total comprehensive income | $ | 22,954 | $ | 18,979 | $ | 93,701 | $ | 106,013 | ||
| Condensed Consolidated Balance Sheet (Unaudited) | ||||||
| As at | As at | |||||
| (in thousands, except share data) | ||||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 130,821 | $ | 154,950 | ||
| Restricted cash | 8,976 | 49,921 | ||||
| Accounts receivable, net of allowance for credit losses | 29,037 | 34,808 | ||||
| Accrued income | 5,809 | 7,832 | ||||
| Prepaid expenses and other current assets | 14,824 | 19,466 | ||||
| Bunkers and other inventory | 13,752 | 15,412 | ||||
| Insurance receivable | 3,368 | 6,520 | ||||
| Amounts due from related parties | 13,797 | 6,542 | ||||
| Total current assets | 220,384 | 295,451 | ||||
| Non-current assets | ||||||
| Vessels, net | 1,653,607 | 1,601,045 | ||||
| Vessels under construction | 41,589 | 115,321 | ||||
| Asset held for sale | — | 7,761 | ||||
| Property, plant and equipment, net | 385 | 302 | ||||
| Intangible assets, net of accumulated amortization | 406 | 360 | ||||
| Equity method investments | 253,729 | 247,935 | ||||
| Derivative assets | 7,191 | 1,372 | ||||
| Right-of-use asset | 2,088 | 1,282 | ||||
| Other non-current assets | 1,250 | 8,285 | ||||
| Total non-current assets | 1,960,245 | 1,983,663 | ||||
| Total Assets | $ | 2,180,629 | $ | 2,279,114 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Current portion of secured term loan facilities, net of deferred financing costs | $ | 250,087 | $ | 168,066 | ||
| Current portion of operating lease liabilities | 1,180 | 1,203 | ||||
| Accounts payable | 13,823 | 12,641 | ||||
| Accrued expenses and other liabilities | 24,334 | 35,450 | ||||
| Accrued interest | 4,835 | 4,084 | ||||
| Deferred income | 24,514 | 27,283 | ||||
| Derivative liability | — | 2,219 | ||||
| Total current liabilities | 318,773 | 250,946 | ||||
| Non-current liabilities | ||||||
| Secured term loan facilities and revolving credit facilities, net of current portion and deferred financing costs | 504,995 | 593,960 | ||||
| Senior unsecured bond, net of deferred financing costs | 98,446 | 138,183 | ||||
| Operating lease liabilities, net of current portion | 2,574 | 1,636 | ||||
| Deferred income | — | 18,000 | ||||
| Deferred tax liabilities | 9,477 | 19,648 | ||||
| Total non-current liabilities | 615,492 | 771,427 | ||||
| Total liabilities | 934,265 | 1,022,373 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ Equity | ||||||
| Common stock—$0.01 par value per share; 400,000,000 shares authorized; 65,250,444 shares issued and outstanding at | 695 | 653 | ||||
| Additional paid-in capital | 800,800 | 799,433 | ||||
| Accumulated other comprehensive loss | (548 | ) | (408 | ) | ||
| Retained earnings | 404,522 | 427,162 | ||||
| 1,205,469 | 1,226,840 | |||||
| Non-controlling interest | 40,895 | 29,901 | ||||
| Total equity | 1,246,364 | 1,256,741 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 2,180,629 | $ | 2,279,114 | ||
| Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) | ||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||
| (in thousands, except Common stock data) | ||||||||||||||||||||
| Common stock | ||||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | ||||||||||||||
| 65,537,859 | $ | 656 | $ | 802,062 | $ | (280 | ) | $ | 418,622 | $ | 44,337 | $ | 1,265,397 | |||||||
| Restricted shares issued | — | — | — | — | — | — | — | |||||||||||||
| Unrestricted shares issued | 15,765 | — | — | — | — | — | — | |||||||||||||
| Net income | — | — | — | — | 18,478 | 629 | 19,107 | |||||||||||||
| Foreign currency translation | — | — | — | (128 | ) | — | — | (128 | ) | |||||||||||
| Dividend paid | — | — | — | — | (4,566 | ) | (1,442 | ) | (6,008 | ) | ||||||||||
| Repurchase of common stock | (303,180 | ) | (3 | ) | — | — | (5,372 | ) | — | (5,375 | ) | |||||||||
| Share-based compensation plan | — | — | 571 | — | — | — | 571 | |||||||||||||
| Purchase of non-controlling interest | — | — | (3,200 | ) | — | — | (13,623 | ) | (16,823 | ) | ||||||||||
| 65,250,444 | $ | 653 | $ | 799,433 | $ | (408 | ) | $ | 427,162 | $ | 29,901 | $ | 1,256,741 | |||||||
For the Twelve Months Ended
| (in thousands, except Common stock data) | ||||||||||||||||||||
| Common stock | ||||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | ||||||||||||||
| 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | |||||||
| Restricted shares issued | 44,443 | — | — | — | — | — | — | |||||||||||||
| Unrestricted shares issued | 16,825 | — | — | — | — | — | — | |||||||||||||
| Net income | — | — | — | — | 100,122 | 5,751 | 105,873 | |||||||||||||
| Foreign currency translation | — | — | — | 140 | — | — | 140 | |||||||||||||
| Dividend paid | — | — | — | — | (14,763 | ) | (7,122 | ) | (21,885 | ) | ||||||||||
| Repurchase of common stock | (4,208,472 | ) | (42 | ) | — | — | (62,719 | ) | — | (62,761 | ) | |||||||||
| Share-based compensation plan | — | — | 1,833 | — | — | — | 1,833 | |||||||||||||
| Investment by Non-Controlling Interest | — | — | — | — | — | 4,000 | 4,000 | |||||||||||||
| Purchase of non-controlling interest | — | — | (3,200 | ) | — | — | (13,623 | ) | (16,823 | ) | ||||||||||
| 65,250,444 | $ | 653 | $ | 799,433 | $ | (408 | ) | $ | 427,162 | $ | 29,901 | $ | 1,256,741 | |||||||
For the Three Months Ended
| (in thousands, except share data) | |||||||||||||||||||
| Common stock | |||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | |||||||||||||
| 69,453,431 | $ | 696 | $ | 800,328 | $ | (644 | ) | $ | 387,504 | $ | 50,054 | $ | 1,237,938 | ||||||
| Restricted shares issued | 0 | — | — | — | — | — | — | ||||||||||||
| Unrestricted shares issued | 13,383 | — | 123 | — | — | — | 123 | ||||||||||||
| Net income | 0 | — | — | — | 21,586 | 1,272 | 22,858 | ||||||||||||
| Foreign currency translation | 0 | — | — | 96 | — | — | 96 | ||||||||||||
| Dividend Paid | 0 | — | — | — | (3,469 | ) | (1,600 | ) | (5,069 | ) | |||||||||
| Repurchase of common stock | (69,166 | ) | (1 | ) | — | — | (1,099 | ) | — | (1,100 | ) | ||||||||
| Share-based compensation plan | 0 | — | 349 | — | — | — | 349 | ||||||||||||
| De-consolidation of Variable Interest Entity | — | — | — | — | — | (8,831 | ) | (8,831 | ) | ||||||||||
| 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | ||||||
For the Twelve Months Ended
| (in thousands, except share data) | |||||||||||||||||||
| Common stock | |||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | |||||||||||||
| 73,208,586 | $ | 733 | $ | 799,472 | $ | (152 | ) | $ | 390,221 | $ | 42,800 | $ | 1,233,074 | ||||||
| Restricted shares issued | 54,851 | 1 | — | — | — | — | 1 | ||||||||||||
| Unrestricted shares issued | 14,568 | — | 137 | — | — | — | 137 | ||||||||||||
| Net income | — | — | — | — | 85,571 | 8,526 | 94,097 | ||||||||||||
| Foreign currency translation | — | — | — | (396 | ) | — | — | (396 | ) | ||||||||||
| Dividend Paid | — | — | — | — | (14,254 | ) | (1,600 | ) | (15,854 | ) | |||||||||
| Repurchase of common stock | (3,880,357 | ) | (39 | ) | — | — | (57,016 | ) | — | (57,055 | ) | ||||||||
| Share-based compensation plan | — | — | 1,191 | — | — | — | 1,191 | ||||||||||||
| De-consolidation of Variable Interest Entity | — | — | — | — | — | (8,831 | ) | (8,831 | ) | ||||||||||
| 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | ||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||
| Twelve months ended | Twelve months ended | |||||
| (in thousands) | ||||||
| Cash flows from operating activities | ||||||
| Net Income | $ | 94,097 | $ | 105,873 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Unrealized loss on non-designated derivative instruments | 7,483 | 4,678 | ||||
| Realized loss on non-designated derivative instruments | — | 1,228 | ||||
| Proceeds from derivative settlements | — | 2,608 | ||||
| Depreciation and amortization | 132,725 | 134,497 | ||||
| Payment of drydocking costs | (32,057 | ) | (25,752 | ) | ||
| Profit from sale of vessels | — | (25,206 | ) | |||
| Share-based compensation expense | 1,328 | 1,833 | ||||
| Amortization of deferred financing costs | 4,085 | 3,477 | ||||
| Share of results of equity method investments | (16,911 | ) | (8,036 | ) | ||
| Deferred taxes | 3,266 | 10,171 | ||||
| Repayments under operating lease obligations | (1,013 | ) | (1,447 | ) | ||
| Gain on the consolidation of VIE | (504 | ) | — | |||
| Net Other Income | — | (2,301 | ) | |||
| Other unrealized foreign exchange loss/(gain) | 965 | (359 | ) | |||
| Changes in operating assets and liabilities | ||||||
| Accounts receivable | 5,616 | (5,771 | ) | |||
| Insurance claims receivables | (6,416 | ) | (5,519 | ) | ||
| Bunkers and lubricant oils | (4,709 | ) | (1,660 | ) | ||
| Accrued income, prepaid expenses and other current assets | (342 | ) | (5,859 | ) | ||
| Accounts payable, accrued interest, accrued expenses and other liabilities | 3,305 | 11,952 | ||||
| Amounts from related parties | 19,605 | 7,255 | ||||
| Net cash provided by operating activities | 210,523 | 201,662 | ||||
| Cash flows from investing activities | ||||||
| Additions to vessels and equipment | — | (85,019 | ) | |||
| Additions to vessels under construction | (41,208 | ) | (68,526 | ) | ||
| Contributions to equity method investments | (89,000 | ) | (4,000 | ) | ||
| Distributions from equity method investments | 27,092 | 17,830 | ||||
| Investment in preferred securities | (1,250 | ) | (1,250 | ) | ||
| Purchase of other property, plant and equipment and intangibles | (194 | ) | (52 | ) | ||
| Net proceeds from sale of vessels | — | 47,834 | ||||
| Proceeds from government grant | — | 9,715 | ||||
| Insurance recoveries | 3,573 | 2,367 | ||||
| Net cash used in investing activities | (100,987 | ) | (81,101 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from secured term loan facilities and revolving credit facilities | 216,092 | 374,600 | ||||
| Direct financing cost of secured term loan and revolving credit facilities and unsecured bonds | (1,476 | ) | (4,112 | ) | ||
| Repurchase of share capital | (57,055 | ) | (62,719 | ) | ||
| Proceeds of unsecured bonds | 5,916 | 40,000 | ||||
| Repayment of secured term loan facilities and revolving credit facilities | (224,690 | ) | (367,274 | ) | ||
| Repayment of refinancing of vessel to related parties | (48,946 | ) | — | |||
| Cash received from non-controlling interest | — | 4,000 | ||||
| Purchase of non-controlling interest | — | (16,823 | ) | |||
| Dividend paid to non-controlling interest | (1,600 | ) | (7,122 | ) | ||
| Dividends paid | (14,254 | ) | (14,763 | ) | ||
| Net cash (used in)/provided by financing activities | (126,013 | ) | (54,213 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,968 | ) | (1,274 | ) | ||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (18,445 | ) | 65,074 | |||
| Cash, cash equivalents and restricted cash at beginning of period | 158,242 | 139,797 | ||||
| Cash, cash equivalents and restricted cash at end of period | $ | 139,797 | $ | 204,871 | ||
| Supplemental Information | ||||||
| Total interest paid during the year, net of amounts capitalized | $ | 53,794 | $ | 56,122 | ||
| Total tax paid during the year | 1,935 | 2,094 | ||||
| (Purchase)/proceeds of 8.0% senior unsecured bonds | 9,000 | — | ||||
| Repayment of 8.0% senior unsecured bonds | (100,000 | ) | — | |||
| Redemption costs of the 8.0% senior unsecured bonds | (1,456 | ) | — | |||
| Issuance of 7.25% senior unsecured bonds | 100,000 | 40,000 | ||||
| Issuance cost of 7.25% senior unsecured bonds | (1,628 | ) | — | |||
| Proceeds of unsecured bonds | 5,916 | 40,000 | ||||
| Cash, cash equivalents | 130,821 | 154,950 | ||||
| Restricted cash | 8,976 | 49,921 | ||||
| Cash, cash equivalents and restricted cash | $ | 139,797 | $ | 204,871 | ||
Our Fleet
The following table provides details of our vessels as of
| Operating Vessel | Year Built | (cbm) | Employment Status | Current Cargo | Time Charter Expiration Date |
| Ethylene/ethane capable semi-refrigerated midsize | |||||
| Navigator Aurora | 2016 | 37,300 | Time Charter | Ethane | |
| Navigator Eclipse | 2016 | 37,300 | Time Charter | Ethane | |
| Navigator Nova | 2017 | 37,300 | Time Charter | Ethane | |
| Navigator Prominence | 2017 | 37,300 | Time Charter | Ethane | |
| Ethylene/ethane capable semi-refrigerated handysize | |||||
| Navigator Pluto | 2000 | 22,085 | Spot Market | Ethane | — |
| Navigator Atlas | 2014 | 21,000 | Time Charter | Ethylene | |
| Navigator Europa | 2014 | 21,000 | Spot Market | Ethane | — |
| Navigator Oberon | 2014 | 21,000 | Time Charter | Ethane | |
| Navigator Triton | 2015 | 21,000 | Spot Market | Ethane | — |
| Navigator Umbrio | 2015 | 21,000 | Spot Market | Ethane | — |
| Navigator Luna | 2018 | 17,000 | Spot Market | Ethylene | — |
| Navigator Solar | 2018 | 17,000 | Time Charter | Ethylene | |
| Navigator Castor | 2019 | 22,000 | Spot Market | Ethylene | — |
| Navigator Equator | 2019 | 22,000 | Spot Market | Ethylene | — |
| Navigator | 2019 | 22,000 | Time Charter | Ethane | |
| Navigator Hyperion | 2010 | 17,300 | Spot Market | Ethylene | — |
| Navigator Titan | 2010 | 17,300 | Spot Market | Ethylene | — |
| Navigator Vesta | 2010 | 17,300 | Spot Market | Ethylene | — |
| Semi-refrigerated handysize | |||||
| Navigator Aries | 2008 | 20,750 | Time Charter | LPG | |
| Navigator Capricorn | 2008 | 20,750 | Time Charter | LPG | |
| Navigator Pegasus | 2009 | 22,200 | Time Charter | LPG | |
| Navigator | 2009 | 22,200 | Time Charter | Ammonia | |
| Navigator Scorpio | 2009 | 20,750 | Spot Market | LPG | — |
| Navigator Taurus | 2009 | 20,750 | Time Charter | LPG | |
| Navigator Virgo | 2009 | 20,750 | Spot Market | LPG | — |
| Navigator Leo | 2011 | 20,600 | Time Charter | LPG | |
| Navigator Libra | 2012 | 20,600 | Time Charter | LPG | |
| Navigator | 2014 | 22,000 | Time Charter | LPG | |
| 2015 | 22,000 | Spot Market | LPG | — | |
| Navigator Balearic ( | 2015 | 22,000 | Time Charter | LPG | |
| Navigator Celtic ( | 2015 | 22,000 | Time Charter | LPG | |
| Navigator Centauri | 2015 | 21,000 | Time Charter | LPG | |
| Navigator Ceres | 2015 | 21,000 | Time Charter | LPG | |
| Navigator Ceto | 2016 | 21,000 | Time Charter | LPG | |
| Navigator Copernico | 2016 | 21,000 | Time Charter | LPG | |
| 2016 | 22,000 | Time Charter | LPG | ||
| Navigator Luga | 2017 | 22,000 | Spot Market | LPG | — |
| Navigator Yauza | 2017 | 22,000 | Time Charter | Ammonia | |
| 2017 | 22,000 | Spot Market | LPG | — | |
| 2017 | 22,000 | Spot Market | LPG | — | |
| Fully-refrigerated handy/midsize | |||||
| Navigator Glory | 2010 | 22,500 | Time Charter | Ammonia | |
| Navigator Grace | 2010 | 22,500 | Spot Market | LPG | — |
| Navigator Galaxy | 2011 | 22,500 | Time Charter | Ammonia | |
| Navigator Genesis | 2011 | 22,500 | Time Charter | LPG | |
| Navigator Global | 2011 | 22,500 | Time Charter | Ammonia | |
| Navigator Gusto | 2011 | 22,500 | Time Charter | Ammonia | |
| Navigator Jorf | 2017 | 38,000 | Time Charter | Ammonia | |
| Ethylene/ethane capable semi-refrigerated smaller size | |||||
| 2008 | 9,000 | — | — | ||
| 2012 | 6,800 | — | — | ||
| Happy Penguin* | 2013 | 6,800 | — | — | |
| Happy Kestrel* | 2013 | 12,000 | — | — | |
| Happy Osprey* | 2013 | 12,000 | — | — | |
| 2014 | 12,000 | — | — | ||
| Happy Albatross* | 2015 | 12,000 | — | — | |
| Happy Avocet* | 2017 | 12,000 | — | — |
* denotes our owned vessels that are commercially managed within the independently managed
PART II. Fourth Quarter 2025 Conference Call Details
On
Those wishing to participate should register for the webcast using the following details:
https://us06web.zoom.us/webinar/register/WN_uTK04-N2ToC9SC4wpCNlrA#/registration
Webinar ID: 896 0815 3788
Passcode: 710272
Participants can also join by phone by dialing:
United Kingdom:+44 330 088 5830
A full list of
International Dial-in numbers
The webcast and slide presentation will be available for replay on the Company's website (www.navigatorgas.com) shortly after the end of the webcast. Participants wishing to join the live webcast are encouraged to do so approximately 5 minutes prior to the start.
About
Navigator’s common stock trades on the
For media inquiries or further information, please contact:
Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com
EVP - Investor Relations & Business Development
Email: randy.giveans@navigatorgas.com
Tel: +1-713-373-6197
Media Contact
Email: communications@navigatorgas.com
Verde,
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114
Investor Relations /
Capital Link –
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com
Forward looking statements
This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology.
These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission.
All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.
Category: Financial
