Core Viewpoint - Navigator Holdings Ltd. has completed the acquisition of three handysize ethylene carriers to enhance its export capacity from its joint venture terminal, marking a significant expansion in its fleet and operational capabilities [1][2]. Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers, specializing in the transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [3]. - The company holds a 50% stake in an ethylene export marine terminal located at Morgan's Point, Texas, which is strategically positioned on the Houston Ship Channel [3]. - Following the recent acquisitions, Navigator Gas' fleet now comprises 59 semi- or fully-refrigerated liquefied gas carriers, with 28 vessels capable of transporting ethylene and ethane [3]. Recent Developments - The first vessel, Navigator Hyperion, was delivered on February 19, 2025, while the subsequent vessels, Navigator Titan and Navigator Vesta, were delivered on February 24, 2025, and March 17, 2025, respectively [2]. - All three vessels have a capacity of 17,000 cubic meters and are expected to operate in the spot market, enhancing the company's operational flexibility [2].

Financial Performance - In Q4 2024, the company generated revenues of $144 million, a 2% increase compared to the same period last year, driven by slightly higher utilization [5][15] - Adjusted EBITDA for Q4 was $73.4 million, up from $72 million in Q4 2023 and $68 million in Q3 2024 [5][14] - Net income attributable to stockholders was $21.6 million, with a basic earnings per share of $0.31, and adjusted net income of $27 million or $0.39 per share [17] Business Line Performance - The company achieved a vessel utilization rate of 92.2% in Q4, which is higher than both Q3 and the same period last year [7][15] - Time charter equivalent (TCE) rates averaged $28,341 per day in Q4, consistent with the same period last year [7][15] - Ethylene terminal throughput volumes were 159,183 tonnes in Q4, contributing $5.6 million from the joint venture [17] Market Data - The company noted that petrochemicals now account for 46% of earnings days, an increase from previous years [12][35] - The supply of handysize vessels remains attractive, with about 10% of the vessels on water in the order book and 22% of global handysize vessels over 20 years old [12][41] Company Strategy and Industry Competition - The company completed the expansion of its Ethylene Export Terminal, increasing capacity from 125 tons per hour to 375 tons per hour, with an annual throughput capacity of 1.55 million tons [47][49] - The company is focusing on maintaining a flexible fleet and operational efficiency to navigate market uncertainties and geopolitical risks [11][56] - The company plans to continue returning capital to shareholders through dividends and share buybacks, with a focus on increasing capital distributions [46][56] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the business outlook despite geopolitical tensions, expecting high vessel utilization to continue in Q1 2025 [11][56] - The company anticipates further positive cash generation from operations in the first quarter of 2025 and beyond [19] - Management highlighted the importance of US natural gas liquids production and midstream takeaway capacity for future growth [37][57] Other Important Information - The company issued $100 million of new unsecured bonds at a fixed coupon of 7.25%, the tightest spread for dollar-denominated shipping bonds in the Nordic market since 2008 [7][21] - The company is in discussions for refinancing a $210 million bank debt facility due in September 2025, expecting a positive liquidity event [23][24] Q&A Session Summary Question: Can you provide insight on the chartering market as contracts roll off? - Management indicated that the ethylene market for handysize vessels is expected to strengthen as the arbitrage widens, leading to increased demand for handysize ethylene ships [65][66] Question: What is the expected contribution from the joint venture in Q1? - Management noted that Q1 volumes will likely be lower than Q4 due to deficiencies rolling into Q1, indicating softer results from the terminal [72] Question: How does geopolitical tension impact the business? - Management stated that geopolitical tensions, such as the situation in the Red Sea and Ukraine, have minimal impact on their operations, as they do not rely heavily on those transit routes [75][76] Question: What is the status of the offtake agreements for the terminal? - Management confirmed that they are aiming for 90% offtake from the terminal and are currently building up to that capacity, with plans to maintain some spot cargo options [86][88] Question: Can you provide details on the corporate redomicile? - Management explained that moving the domicile to the UK would align the business structure with operational locations, with no expected negative tax implications [100][101]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenues of $144 million, a 2% increase compared to the same period last year, driven by slightly higher utilization [3][4] - Adjusted EBITDA for Q4 was $73.4 million, up from $72 million in Q4 2023 and $68 million in Q3 2024 [4][10] - Net income attributable to stockholders was $21.6 million, with basic earnings per share of $0.31 and adjusted net income of $27 million or $0.39 per share [12][11] - The balance sheet remains strong with cash and cash equivalents of $139.8 million as of December 31, 2024 [13] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) rates for Q4 were $28,341 per day, consistent with the same period last year [5][11] - Vessel operating expenses decreased slightly to $46 million compared to Q4 2023 [11] - Ethylene terminal throughput volumes in Q4 were 159,183 tonnes, contributing $5.6 million from the joint venture [12] Market Data and Key Metrics Changes - The company achieved vessel utilization above 92%, higher than both Q3 and the same period last year [5][11] - The handysize order book represents about 10% of the vessels on water, with 22% of global handysize vessels over 20 years old [8] Company Strategy and Development Direction - The company plans to maintain high vessel utilization and robust TCE rates, with expectations for continued strong performance in Q1 2025 [8][42] - The expansion of the ethylene export terminal was completed on time and on budget, increasing capacity significantly [36][37] - The company is focusing on acquiring additional vessels to support terminal expansion and meet future demand [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand fundamentals despite geopolitical tensions, citing growth in U.S. natural gas liquids production and terminal capacity expansion [43][44] - The company anticipates a gradual recovery in volumes through the ethylene terminal as the arbitrage widens [44] Other Important Information - The company issued $100 million of new unsecured bonds at a 7.25% coupon, the tightest spread for any dollar-denominated shipping bond issued in the Nordic market since 2008 [4] - The estimated cash breakeven for 2025 is $20,610 per day, providing substantial headroom for positive EBITDA generation [17] Q&A Session Summary Question: Can you provide insight on the chartering market as contracts roll off? - Management indicated that the semi-refrigerated market is expected to strengthen alongside the widening arbitrage for U.S.-produced ethylene [48][49] Question: What is the expected contribution from the terminal expansion? - The first quarter results are expected to be softer than Q4 due to lower volumes rolling into Q1 [54] Question: How do geopolitical tensions affect the business? - Management noted that geopolitical issues like the Red Sea situation and the Ukraine war have minimal impact on their operations, as they do not heavily rely on those routes [55][56] Question: What is the status of the Morgan's Point facility? - The facility is fully operational, with plans to achieve around 90% offtake capacity while maintaining some spot cargo flexibility [65][66] Question: Can you elaborate on the corporate redomicile? - The company is evaluating moving its domicile to the UK for operational efficiency, with no expected negative tax implications [76][79]

Fourth Quarter 2024 Earnings Presentation March 12, 2025 Management Report 2025 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", "gro ...

Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a global leader in the seaborne transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [2] - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, through a joint venture [2] - Navigator Gas' fleet consists of 58 semi- or fully-refrigerated liquefied gas carriers, with 27 capable of transporting ethylene and ethane [2] - The company plays a crucial role in the liquefied gas supply chain, providing efficient and reliable transportation services [2] Financial Information - On March 12, 2025, the Board of Navigator Holdings declared a cash dividend of $0.05 per share for the quarter ended December 31, 2024 [1] - The dividend is payable on April 3, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on March 24, 2025 [1]

Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a global leader in the seaborne transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [2] - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, located on the Houston Ship Channel [2] - Navigator Gas' fleet consists of 58 semi- or fully-refrigerated liquefied gas carriers, with 27 capable of transporting ethylene and ethane [2] Financial Announcement - On March 12, 2025, the Board of Navigator Holdings declared a cash dividend of $0.05 per share for the quarter ended December 31, 2024 [1] - The dividend is payable on April 3, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on March 24, 2025 [1]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenues of $144 million, a 2% increase compared to the same period last year, driven by slightly higher utilization [3][4] - Adjusted EBITDA for Q4 was $73.4 million, up from $72 million in Q4 2023 and $68 million in Q3 2024 [4][10] - Net income attributable to stockholders was $21.6 million, with basic earnings per share of $0.31 and adjusted net income of $27 million or $0.39 per share [12][11] - The balance sheet remains strong with cash and cash equivalents of $139.8 million as of December 31, 2024 [13] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) rates for Q4 were $28,341 per day, consistent with the same period last year [5][11] - Vessel operating expenses decreased slightly to $46 million compared to Q4 2023 [11] - Ethylene terminal throughput volumes in Q4 were 159,183 tonnes, contributing $5.6 million from the joint venture [12] Market Data and Key Metrics Changes - The company achieved vessel utilization above 92%, higher than both Q3 and the same period last year [5] - The handysize order book represents about 10% of the vessels on water, with 22% of global handysize vessels over 20 years old [8] Company Strategy and Development Direction - The company plans to maintain high vessel utilization and robust TCE rates, with expectations for continued strong performance in Q1 2025 [8][42] - The expansion of the ethylene export terminal was completed on time and on budget, increasing capacity significantly [36][37] - The company is focusing on acquiring additional vessels to support terminal expansion and has signed a time charter agreement for a new vessel [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand fundamentals despite geopolitical tensions, citing growth in U.S. natural gas liquids production and terminal capacity expansion [43][44] - The company anticipates a gradual recovery in volumes through the ethylene terminal as the arbitrage widens [44] Other Important Information - The company issued $100 million of new unsecured bonds at a 7.25% coupon, the tightest spread for any dollar-denominated shipping bond issued in the Nordic market since 2008 [4] - The estimated cash breakeven for 2025 is $20,610 per day, providing substantial headroom for generating positive EBITDA [17] Q&A Session Summary Question: Can you provide insight into the chartering market as contracts roll off? - Management indicated that the semi-refrigerated market is expected to strengthen alongside the widening arbitrage for U.S.-produced ethylene [49][50] Question: What is the expected contribution from the terminal expansion? - The first quarter volumes are expected to be softer than Q4 due to deficiencies rolling into Q1 [56] Question: How do geopolitical tensions impact the business? - Management noted that geopolitical issues like the Red Sea situation and the Ukraine war have minimal direct impact on their operations [58][61] Question: What is the status of the Morgan's Point facility? - The facility is fully operational, with plans to achieve around 90% offtake capacity while maintaining some spot cargo flexibility [68] Question: What is the strategy regarding vessel sales? - The company is in discussions with potential buyers for three vessels, with interest from multiple parties [72][73] Question: Can you elaborate on the corporate redomicile? - The move aims to align the company's domicile with its operational base, with no expected negative tax implications [79][81]

Core Insights - Navigator Holdings (NVGS) reported quarterly earnings of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.32 per share, and up from $0.32 per share a year ago [1][2] - The company achieved revenues of $124.84 million for the quarter, surpassing the Zacks Consensus Estimate by 4.22%, and compared to $123.52 million in the same quarter last year [3] - The stock has underperformed the market, losing about 10.2% since the beginning of the year, while the S&P 500 declined by 5.3% [4] Earnings Performance - The earnings surprise for the recent quarter was 18.75%, following a previous quarter where the company reported earnings of $0.29 per share against an expectation of $0.34, resulting in a surprise of -14.71% [2] - Over the last four quarters, Navigator Holdings has surpassed consensus EPS estimates two times [2] Revenue Insights - The company has also topped consensus revenue estimates two times over the last four quarters [3] - Current consensus EPS estimate for the upcoming quarter is $0.33 on revenues of $131.98 million, and for the current fiscal year, it is $1.67 on revenues of $504.7 million [8] Industry Context - The Transportation - Shipping industry, to which Navigator Holdings belongs, is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges ahead [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Navigator Holdings' stock performance [6]

Commission File Number 001-36202 NAVIGATOR HOLDINGS LTD. (Translation of registrant's name into English) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended December 31, 2024 c/o NGT Services (UK) Ltd 10 Bressenden Place, London, SW1E 5DH, United Kingdom (Address of principal executive office) Indicate by check mark whether the registrant files or wi ...

Financial Performance - The company reported total operating revenue of $144.0 million for Q4 2024, an increase of 1.7% from $141.6 million in Q4 2023 [4][30] - Net income attributable to stockholders was $21.6 million for Q4 2024, up 21.6% from $17.8 million in Q4 2023 [4][30] - EBITDA for Q4 2024 was $68.0 million, compared to $66.6 million in Q4 2023, while Adjusted EBITDA increased to $73.4 million from $71.7 million [4][30] Dividend and Share Repurchase - The company declared a cash dividend of $0.05 per share for Q4 2024, payable on April 3, 2025 [4] - The company plans to repurchase approximately $1.9 million of its common stock between March 16, 2025, and March 31, 2025, as part of its Return of Capital policy [4] Debt and Cash Position - The company increased its debt by $51.9 million to $853.5 million during Q4 2024, primarily due to borrowing under revolving credit facilities [4] - Cash, cash equivalents, and restricted cash stood at $139.8 million as of December 31, 2024, compared to $127.7 million at the end of Q3 2024 [4] Fleet and Operational Metrics - The average daily time charter equivalent (TCE) was $28,341 for Q4 2024, slightly down from $28,428 in Q4 2023 [6][32] - Fleet utilization improved to 92.2% in Q4 2024, compared to 91.3% in Q4 2023 [7][32] Ethylene Export Terminal - Throughput at the Ethylene Export Terminal was 159,183 metric tons in Q4 2024, down from 208,496 metric tons in Q4 2023 [11][46] - The company owns a 50% share in the terminal, which is expected to expand its capacity from one million tons to at least 1.55 million tons per annum [13][14] Newbuild Vessels - The company has contracted to build four new liquefied ethylene gas carriers, scheduled for delivery between March 2027 and January 2028, at an average price of $102.9 million per vessel [15][16] Market Conditions - U.S. domestic ethylene prices rose during Q4 2024, impacting shipping trading conditions, although strong ethane demand from China provided some offset [8] - The average handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased by $16,000 per calendar month to $956,000 [10]