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 ...

Navigator Holdings Ltd. (NYSE:NVGS) Q4 2019 Earnings Conference Call April 1, 2020 8:00 AM ET Company Participants David Butters - Executive Chairman Harry Deans - CEO Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Conference Call Participants Randy Giveans - Jefferies Sean Morgan - Evercore Omar Nokta - Clarksons Platou Operator Ladies and gentlemen, thank you for standing by and welcome to today’s Navigator Holdings Conference Call on the Fourth Quarter and Year End 2019 Financial Results. ...

Financial Data and Key Metrics Changes - The third quarter results showed an improvement with a loss of $2.9 million, compared to a loss of $7.7 million in the previous quarter and a profit of $600,000 in the third quarter of 2018 [7][16] - Revenue for the third quarter was $75.6 million, up from $73.6 million in the previous quarter but down from $80.8 million in the third quarter of 2018 [7][8] - EBITDA for the third quarter was $28.4 million, with a total of $79.8 million for the first nine months of 2019 [16] Business Line Data and Key Metrics Changes - Average charter rates increased to $21,446 per day in the third quarter, up from $19,940 per day in the previous quarter and $20,987 per day in the third quarter of 2018 [9] - Utilization rates were 84.6% in the third quarter, down from 85.2% in the previous quarter and 87.5% in the third quarter of 2018 [10] - Time charters accounted for 67% of all vessel operating days, with 33% spent on spot or voyage charters [11] Market Data and Key Metrics Changes - The Handysize Ethylene Shipping segment has not yet seen the full impact of U.S. ethylene exports, which are expected to begin next month [22] - The LPG segment is anticipated to play a larger role in employment compared to the last three years, with time charter rates for Very Large Gas Carriers at $1.3 million per month [25] Company Strategy and Development Direction - The company is focused on leveraging its investments in terminal infrastructure to provide cost-effective routes to market for petrochemical and midstream partners [34] - There is a strong emphasis on the upcoming ethylene export terminal, which is expected to significantly impact the freight environment due to limited availability of ethylene handy ships [23][50] - The company is not currently planning to place newbuild orders for vessels, focusing instead on optimizing existing assets [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transition into 2020, anticipating that the new terminal will begin loading its first cargo soon, which is expected to improve financial performance [62] - The company is confident that the recent contracts secured for the terminal will lead to further commitments and growth opportunities [63] Other Important Information - The company has undertaken a refinancing of the Navigator Aurora vessel through a sale leaseback, which is expected to strengthen the balance sheet [19][20] - Total debt stood at $881.3 million as of September 30, with a recent amendment to the EBITDA to interest covenant providing additional headroom [18] Q&A Session Summary Question: What is the expected payout for the sale and leaseback of Navigator Aurora? - The sale is effectively a financing and will not feature as a sale in the accounts [42] Question: Is Navigator getting strong time charter interest for newbuilds? - There is confidence in the LPG production and some newbuilding orders have been placed, but Navigator has no current intention to place new orders [46][48] Question: What are the shipping requirements for the new export terminal? - Limited handysize ethylene ships are available, and the ethylene shipping market is expected to rise due to new volumes coming from the terminal [50][51] Question: How has utilization been looking for the fourth quarter? - Utilization is creeping upwards, primarily driven by LPG, but no significant jumps are expected [59] Question: What is the expected destination for the cargoes from the export terminal? - The expected split is 25% to Europe and 75% to Asia, based on customer mix [75]

Financial Data and Key Metrics Changes - Revenue for Q2 2019 was $73.6 million, slightly up from $73.2 million in Q2 2018, but down from $76.1 million in Q1 2019 [11] - Net loss for Q2 2019 was $7.7 million, compared to a net loss of $3.2 million in Q2 2018 [18] - EBITDA for Q2 2019 was $23.2 million, down from $27.2 million in Q2 2018 [18] - Cash as of June 30 was $47.3 million, with an additional $35 million available for drawdown from a revolving credit facility [19] Business Line Data and Key Metrics Changes - Charter rates improved to $19,940 per day in Q2 2019, compared to $19,334 per day in Q2 2018, but utilization fell from 90.3% to 85.2% [12] - Time charters accounted for 59% of operating days, while spot charters accounted for 41% [13] - LPG was transported for 72% of time charter days, while petrochemical gases accounted for 79% of spot charter days [13] Market Data and Key Metrics Changes - The company faced headwinds from U.S. sanctions on Venezuela, which affected the availability of vessels in the spot market [23] - New build handysize vessels added capacity to the spot market, contributing to challenges in maintaining charter rates [24] - Reduced petrochemical ton mile demand due to a European chemical turnaround impacted the market [25] Company Strategy and Development Direction - The company is focused on completing infrastructure projects that will drive future growth, particularly in the handysize segment [30] - There is an emphasis on expanding transport networks through partnerships with midstream and petrochemical companies [7] - The company aims to transition from a domestic focus to international markets, leveraging its expertise and infrastructure [106] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the global economic environment and its impact on oil prices, which could affect export arbitrage opportunities [97][98] - There is optimism about future profitability as infrastructure projects come online, potentially leading to record earnings [48] - The company is not counting on a quick resolution to trade tensions, but believes alternative trade routes will emerge [51] Other Important Information - The company undertook four drydockings in the first half of 2019, with plans for additional drydockings in the second half [14] - Total debt as of June 30 was $863.4 million, including various bank loans and bonds [21] Q&A Session Summary Question: Utilization expectations and recent performance - Management noted that utilization has not dropped significantly and expects improvements in line with upcoming projects [56][58] Question: Ethylene export terminal earnings expectations - Current arbitrage opportunities suggest higher earnings potential for ethylene capable vessels, with expectations of increased rates [60][64] Question: Capacity expansion viability - Management indicated that while technical capability exists for expansion, it would require sufficient contractual commitments from customers [72][76] Question: Impact of Venezuela sanctions - Management stated that there has been no communication from OFAC regarding sanctions and does not expect a quick resolution [82][84] Question: Contract structures with off-takers - Management described a mixed approach to contracts, with some time charters and contracts of affreightment being utilized depending on the market [90]

Navigator Holdings Ltd. (NYSE:NVGS) Q1 2019 Earnings Conference Call May 14, 2019 9:00 AM ET Company Participants David Butters - President and CEO Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Conference Call Participants Mike Webber - Wells Fargo Ben Nolan - Stifel Fotis Giannakoulis - Morgan Stanley Randy Giveans - Jefferies Operator Ladies and gentlemen, thank you for standing by, and welcome to the Navigator Holdings First Quarter Conference Call 2019 Financial Results. We have with us ...

Navigator Holdings Ltd. (NYSE:NVGS) Q4 2018 Results Earnings Conference Call April 1, 2019 8:00 AM ET Company Participants David Butters - Chairman, CEO & President Niall Nolan - CFO Oeyvind Lindeman - Chief Commercial Officer Conference Call Participants Sean Morgan - Evercore Fotis Giannakoulis - Morgan Stanley Operator Thank you for standing by, and welcome to the Navigator Holdings Conference Call on the Fourth Quarter and Year-End 2018 Financial Results. We have with us Mr. David Butters, Chairman, Pre ...

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, 2018 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 ...