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Navigator .(NVGS) - 2021 Q4 - Earnings Call Transcript
2022-03-11 18:24
Financial Data and Key Metrics Changes - Operating revenues increased by 26% compared to Q3 2021, with net income before impairment losses reaching $16.7 million, a 149% increase from $6.7 million in Q3 2021 [11][15] - Adjusted EBITDA for Q4 was $55.2 million, up from $32 million in Q4 2020 and $40.3 million in Q3 2021 [16] - Total vessel operating revenue for the quarter was $129.4 million, compared to $87.4 million for the same period last year and $102.7 million in Q3 2021 [16] Business Line Data and Key Metrics Changes - The increase in revenue included $11.5 million from 7 additional Handysize vessels acquired through the Ultragas transaction and $15.9 million from the Unigas Pool [17] - Average charter rates rose to approximately $22,500 per day, up from $21,123 per day in Q4 2020, contributing an additional $5.1 million to total revenues [19] - Operating revenue from the Pool was $8.3 million for the quarter, with a net benefit of $1.9 million from the Pool compared to a $600,000 deficit in Q4 2020 [21][22] Market Data and Key Metrics Changes - The company reported a profit of $6.4 million from the ethylene Marine Export Terminal based on 241,500 tons of ethylene throughput charges [29] - The geopolitical situation, particularly the conflict in Ukraine, is expected to impact trade flows and increase shipping distances, potentially raising freight rates [8][12] Company Strategy and Development Direction - The company aims to leverage its robust balance sheet and strong cash position to facilitate further growth despite geopolitical uncertainties [12] - There is a focus on debt reduction and potential capital allocation towards alternative investments, including the possibility of introducing a dividend or share buyback policy [79] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant impact of the Russia-Ukraine conflict on energy markets and shipping, with expectations of increased demand for North American exports [6][8] - The company anticipates a strong demand for ethylene and ethane exports, benefiting from competitive pricing against oil [42][48] Other Important Information - The company appointed Dr. Anita Odedra to the Board of Directors, bringing valuable industry experience [13] - Impairment losses on 9 vessels amounted to $63.7 million due to a reduction in the estimated useful life of the vessels [25] Q&A Session Summary Question: Impact of sanctions on vessels chartered to Russian counterparties - Management confirmed that existing charters comply with current sanctions and can be terminated if sanctions change [52][54] Question: Future utilization of the ethylene terminal - Management indicated strong expectations for terminal throughput, with nearly full capacity contracted [64] Question: CO2 transportation partnership developments - The company is actively working on CO2 transportation services and sees continued interest in this area despite current geopolitical tensions [84][85]
Navigator .(NVGS) - 2022 Q1 - Quarterly Report
2022-03-10 21:06
Exhibit 1 NAVIGATOR HOLDINGS LTD. PRELIMINARY FOURTH QUARTER AND FINANCIAL YEAR 2021 RESULTS (UNAUDITED) Highlights The Company's financial information for the quarter and year ended December 31, 2021 included in this press release is preliminary and unaudited and is subject to change in connection with the completion of the Company's year-end close procedures and further financial review, including the audit currently underway by the Company's independent registered public accounting firm. Actual audited r ...
Navigator .(NVGS) - 2021 Q3 - Earnings Call Presentation
2021-11-30 20:24
"Navigator Holdings Ltd. (NYSE:NVGS)" Third Quarter 2021 – Supplementary Presentation Confidential FORWARD-LOOKING STATEMENTS This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as "may", "plan", "seek", "will", "expect", "intend", "estimate", "anticipate", "believe", "project", "opportunity", "target", "goal", "gr ...
Navigator .(NVGS) - 2021 Q3 - Earnings Call Transcript
2021-11-30 18:12
Navigator Holdings Ltd. (NYSE:NVGS) Q3 2021 Results Conference Call November 30, 2021 10:00 AM ET Â Company Participants Dag von Appen - Chairman Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Michael Schroder - COO Conference Call Participants Sean Morgan - Evercore Ben Nolan - Stifel Randy Giveans - Jefferies Operator Thank you for standing by, ladies and gentlemen and welcome to the Navigator Holdings Conference Call on the Third Quarter 2021 Financial Results. We have with us, Mr. Dag von ...
Navigator .(NVGS) - 2021 Q2 - Earnings Call Transcript
2021-08-17 17:50
Navigator Holdings Ltd. (NYSE:NVGS) Q2 2021 Results Conference Call August 17, 2021 10:00 AM ET Company Participants David Butters - Executive Chairman Harry Deans - CEO Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Conference Call Participants Sean Morgan - Evercore Randy Giveans - Jefferies Ben Nolan - Stifel Operator Thank you for standing by, ladies and gentlemen and welcome to the Navigator Holdings Conference Call on the Second Quarter 2021 Financial Results. We have with us, Mr. David ...
Navigator .(NVGS) - 2020 Q4 - Annual Report
2021-05-17 21:17
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 1 ...
Navigator .(NVGS) - 2020 Q4 - Earnings Call Transcript
2021-03-19 17:40
Financial Data and Key Metrics Changes - The company reported a net income of $3.4 million for Q4 2020, an improvement from a net loss of $2.8 million in Q4 2019 and a profit of $1.5 million in the previous quarter [7][16][23] - Adjusted EBITDA for Q4 was $32 million, with $2.1 million generated from terminal operations and $29.9 million from the shipping segment [16][17] - Total operating revenue from vessels increased to $87.4 million in Q4, up from $81.4 million in the previous quarter and $76.1 million in Q4 2019 [17][19] Business Line Data and Key Metrics Changes - Fleet utilization improved to 91% in Q4, compared to 78.8% in the prior quarter, with a full-year utilization rate of 86.8%, consistent with 2019 [8][18] - The ethylene joint venture terminal achieved an annual throughput of over 420,000 tons, with Q4 EBITDA of $2.1 million [12][13] Market Data and Key Metrics Changes - The company held a 61% market share of all ethylene cargoes exported from the U.S. during the quarter, translating to 7 voyages for 5 vessels [27][30] - LPG exports from the East Coast increased significantly, with cargoes rising from 2 in November to 10 in January [30] Company Strategy and Development Direction - The company aims to maximize existing capacity at the ethylene joint venture terminal before considering future expansions, which can be done at a relatively low cost [42][43] - There is a focus on potential consolidation opportunities in the marketplace and investments to enhance vessel sustainability [43] Management's Comments on Operating Environment and Future Outlook - The management noted that the business environment improved in the second half of 2020, but ongoing COVID-19 impacts are expected until vaccination levels rise significantly [4][5] - The company anticipates normalization of the ethylene supply-demand balance in the U.S. and positive influences from new LPG export terminals starting in April [35] Other Important Information - The company completed Phase 2 of the Morgan's Point ethane JV terminal, which is expected to enhance throughput and efficiency [12] - Cash at year-end stood at $59.3 million, with total debt at $850.2 million, and no maturities on any facilities until Q4 2022 [24][25] Q&A Session Summary Question: Strategic priorities going forward - The company plans to maximize current assets and may consider expanding the ethylene joint venture terminal if market conditions are favorable [40][42] Question: Impact of force majeure on revenue - Force majeure suspends contracts without extending them, requiring parties to seek alternative supplies [45] Question: Contribution from the JV terminal - The decline in contributions was primarily due to Hurricane Laura and the need to fill storage tanks, which temporarily disrupted exports [52][56] Question: Utilization impact from winter storms - Utilization is expected to revert to mid-80s for Q1 2021 due to the impact of the Texas freeze [61] Question: Future exports from new terminals - Discussions are ongoing for exports from the Repauno and Pembina terminals, with expectations for fixtures to be completed soon [67]
Navigator .(NVGS) - 2020 Q2 - Earnings Call Transcript
2020-08-14 19:17
Navigator Holdings Ltd (NYSE:NVGS) Q2 2020 Earnings Conference Call August 14, 2020 10:00 AM ET Company Participants David Butters - Executive Chairman Henry Deans - CEO & Director Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Conference Call Participants Ben Nolan - Stifel, Nicolaus & Company Sean Morgan - Evercore ISI Omar Nokta - Clarksons Platou Securities Randall Giveans - Jefferies J. Mintzmyer - Value Investor's Edge Operator Thank you for standing by, ladies and gentlemen, and welcom ...
Navigator .(NVGS) - 2020 Q1 - Earnings Call Transcript
2020-05-29 19:48
Financial Data and Key Metrics Changes - The company reported a headline loss of $8.5 million for Q1 2020, which includes $3.7 million in foreign exchange losses due to COVID-19 impacts [27][36] - Operating revenue for vessels increased to $81.3 million, up from $76.1 million in Q1 2019, attributed to improved vessel utilization from 84.8% to 89% [29][36] - Average charter rates decreased to $20,855 per day, down from $21,782 per day in Q1 2019, but increased by 3.2% from the previous quarter [30] Business Line Data and Key Metrics Changes - The ethylene terminal generated a loss of $3 million during the quarter, primarily due to initial start-up operations, but throughput is expected to ramp up in Q2 [35][36] - Vessel operating expenses decreased by 7% to $27.4 million, or $7,925 per vessel per day, compared to $29.5 million in Q1 2019 [32] Market Data and Key Metrics Changes - Utilization rates dropped to mid-80% levels in February, March, and April, but improved to around 90% in May, indicating a recovery in global economic activity [21][22] - The price arbitrage for ethylene has more than doubled from an all-time low of $300 per ton in April to $700 per ton, encouraging exports [50] Company Strategy and Development Direction - The company is focused on improving operational efficiency and is optimistic about the completion of infrastructure projects that will enhance export volumes [6][18] - Plans for a phased return of onshore personnel are in place, respecting social distancing guidelines [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the gradual lifting of lockdowns and its potential positive impact on global economic activity [11][12] - The company is actively working to increase liquidity and is considering refinancing options to bolster cash flow [38][39] Other Important Information - Cash stood at $51 million as of March 31, 2020, exceeding the required liquidity covenant of $43.7 million [37] - The company has not made any capital contributions to the export terminal joint venture during Q1 2020 but contributed $7.5 million post-quarter [39] Q&A Session Summary Question: Insights on customer conversations regarding ethylene terminal contracts - Management noted a strong demand for ethylene due to price differentials, with customers actively seeking terminal space for exports [58][60] Question: Update on storage tank operational timeline - The storage tanks are expected to be operational by late November or early December 2020, unaffected by COVID-19 [70] Question: Expectations for joint venture performance and cargo exports - The terminal is expected to export around 110,000 tons in the first half of 2020, with Navigator ships handling about 52% of that volume [84] Question: Utilization and TCE rates trends - Utilization is expected to reach 90% in May, with TCE rates showing resilience despite market fluctuations [80][81] Question: Potential for joint venture financing expansion - Management indicated that while expanding financing is possible, it is constrained by the joint venture structure, which does not allow for debt within the entity [122]
Navigator .(NVGS) - 2019 Q4 - Annual Report
2020-05-08 21:44
Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 1 ...