Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a global leader in the 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] Recent Developments - The 2025 Annual General Meeting of Shareholders was held on June 16, 2025, where key proposals were approved [1] - The board of directors was elected, including Dag von Appen, Dr. Heiko Fischer, Janette Marx, Dr. Anita Odedra, Peter Stokes, and Florian Weidinger, to serve until the 2026 Annual General Meeting [5] - PricewaterhouseCoopers LLP was ratified as the independent public accounting firm for the fiscal year ending December 31, 2025 [5]

NVGS First Quarter 2025 Earnings Presentation May 15, 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", "g ...

Core Insights - Navigator Holdings reported $72.8 million in EBITDA for Q1, indicating consistent performance driven by record time charter rates exceeding $30,000 per day for the first time in over a year [1] Financial Performance - The company achieved an EBITDA of $72.8 million in Q1, reflecting strong operational efficiency and market demand [1] - Time charter rates for Navigator Holdings' vessels reached record levels, contributing significantly to the financial results [1] Market Trends - The increase in time charter rates above $30,000 per day suggests a robust market environment for the shipping industry, particularly for companies like Navigator Holdings [1]

Financial Data and Key Metrics Changes - The company generated record quarterly revenue of $151 million, up 13% compared to the same period last year [3][12] - Adjusted EBITDA for Q1 was $73 million, consistent with both the same period of 2024 and Q4 [4][12] - Net income attributable to stockholders was $27 million, the highest quarterly net income in the last three years [15] - Basic earnings per share were 39 cents, with adjusted net income of $25.5 million or 37 cents per share [15] Business Line Data and Key Metrics Changes - Income from the joint venture terminal was down significantly, with throughput limited to 86,000 tonnes for the quarter [6][14] - Average time charter equivalent (TCE) rates were $30,476 per day, 8% higher than both the previous quarter and the same period last year [5][12] - Utilization was above 92%, in line with guidance and higher than both Q4 of 2024 and the same period last year [6][12] Market Data and Key Metrics Changes - The U.S. ethylene prices fell from $660 per metric ton to $440 per metric ton, leading to increased throughput volumes in April [40] - The tariff situation fluctuated, with China dropping the ethane tariff from 125% to 1%, which positively impacted market activity [26][27] - The global Handysize vessel supply remains attractive, with 22% of vessels over 20 years old [10][34] Company Strategy and Development Direction - The company is focused on fleet renewal, having acquired three secondhand ethylene-capable vessels and sold older vessels [7][43] - A new share repurchase program of up to $50 million has been authorized to enhance shareholder returns [36][38] - The company aims to maintain strong cash flows and return capital to shareholders while managing debt effectively [45][46] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in demand fundamentals, citing continued growth in U.S. natural gas liquids production and export infrastructure [46] - The company anticipates materially higher terminal throughput in Q2 and a widening ethylene arbitrage [47] - Management acknowledged recent market volatility but remains optimistic about recovery and operational resilience [45][46] Other Important Information - The company reported a strong cash position of $139 million despite various expenditures [15][16] - The refinancing of $300 million was completed successfully, enhancing liquidity and reducing financing costs [17][19] - The company plans to continue investing in energy and fuel-saving initiatives [22] Q&A Session Summary Question: What happened to cargo opportunities during the trade standstill with China? - Management noted that LPG is a deep market, allowing for trades to other regions, and some trades were successfully redirected to the Middle East [51][52] Question: Will the realized rates soften in the second quarter? - Management indicated that increased volumes in the second quarter could lead to a positive impact on rates, despite the previous focus on shorter voyages [54][55] Question: What is the timing for putting debt on the terminal project? - Management stated that while it is on the list, it is not an immediate priority as they focus on repaying more expensive bank debt first [58] Question: How will the new buyback program be deployed? - The company plans to utilize the buyback program in the near term, with parameters in place for execution [62] Question: Has market volatility changed the chartering strategy? - Management confirmed that they are looking to increase their coverage percentage in response to market conditions [64]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated record quarterly revenue of $151 million, up 13% compared to the same period last year [3][4] - Adjusted EBITDA for Q1 was $72.8 million, consistent with Q1 2024 and Q4 2024 [4][13] - Net income attributable to stockholders was $27 million, the highest quarterly net income in the last three years [15][16] - Basic earnings per share were 39 cents, with adjusted net income of $25.5 million or 37 cents per share [15][16] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) rate for Q1 was $30,476 per day, an 8% increase from both the previous quarter and the same period last year [5][12] - Utilization rate was 92.4%, up 3.1% compared to Q1 2024 [13] - Income from the joint venture terminal was down significantly, with throughput limited to 86,000 tonnes for the quarter [6][15] Market Data and Key Metrics Changes - The company faced a challenging market environment due to reduced domestic supply and higher domestic prices, leading to a narrow arbitrage [6][10] - April utilization was weaker due to cargo cancellations, but May showed a gradual normalization in vessel utilization [10][24] - The Handysize order book remains at 9%, with 22% of global Handysize vessels over 20 years old, indicating a favorable supply picture [11][35] Company Strategy and Development Direction - The company is focused on fleet renewal, having acquired three secondhand ethylene-capable vessels and sold an older vessel, Navigator Venus, for $17.5 million [7][42] - A new share repurchase program of up to $50 million has been authorized to enhance shareholder returns [38][39] - The company anticipates materially higher terminal throughput in Q2 and a widening ethylene arbitrage [41][46] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand fundamentals, citing continued growth in U.S. natural gas liquids production and export infrastructure [46] - The company expects Q2 terminal throughput to be significantly higher than Q1, supported by a favorable arbitrage environment [41][46] - Management noted that despite recent market volatility, the business model remains robust, allowing for continued capital returns to shareholders [45][70] Other Important Information - The company reported a strong cash position of $139 million as of March 31, 2025, despite significant capital expenditures [15][16] - The refinancing of $300 million was completed at the lowest margins ever for the company, reflecting strong support from banking partners [5][19] - The company plans to continue investing in energy and fuel-saving initiatives, which are expected to have short payback periods [23] Q&A Session Summary Question: Impact of tariffs on cargo opportunities - Management noted that while LPG trade to China was halted, alternative trades were found, benefiting the market overall [50][51] Question: Future rate expectations - Management indicated that the strong rates in Q1 were primarily due to time charters, with expectations for increased volumes in Q2 [52][54] Question: Timing for debt on terminal project - Management stated that while putting debt on the terminal project is on the list, it is not an immediate priority [56][58] Question: Buyback program deployment - Management confirmed plans to utilize the new buyback program in the near term, with a focus on returning capital to shareholders [62][63] Question: Chartering strategy amidst market volatility - Management is looking to increase the percentage cover for the next twelve months, reflecting a proactive approach to market conditions [64][65]

Financial Performance - The company declared a cash dividend of $0.05 per share for the quarter ended March 31, 2025, totaling $3.5 million, and plans to repurchase approximately $3.3 million of its common stock [1] - Total operating revenues for the three months ended March 31, 2025, were $151.4 million, a 12.9% increase from $134.2 million for the same period in 2024 [1] - Net income attributable to stockholders was $27.0 million for the three months ended March 31, 2025, compared to $22.6 million for the same period in 2024, reflecting a 19.8% increase [1][30] - EBITDA for the quarter was $74.3 million, up from $72.8 million in the prior year [1][30] - Basic earnings per share increased to $0.39 for the three months ended March 31, 2025, compared to $0.31 for the same period in 2024 [1][30] Operational Highlights - The average daily time charter equivalent (TCE) rate across the fleet was $30,476 for the three months ended March 31, 2025, compared to $28,339 for the same period in 2024 [3][36] - Fleet utilization remained strong at 92.4% for the three months ended March 31, 2025, compared to 89.3% for the same period in 2024 [4][36] - The company had an average of 30 vessels engaged under time charters and 20 vessels on spot voyage charters during the quarter [6] Debt and Liquidity - The company increased its debt by $48.6 million to $902.1 million during the three months ended March 31, 2025 [1] - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling $139.0 million [1][53] - The company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million on May 2, 2025, to refinance existing loans and for general corporate purposes [14][55] Market Conditions - U.S. domestic ethylene prices were elevated at the beginning of the first quarter, reaching a high of $700 per metric ton in January, but fell to $450 per metric ton by the end of March 2025 [5] - The company’s share of results from the Ethylene Export Terminal showed a loss of $0.9 million for the three months ended March 31, 2025, compared to a gain of $4.4 million for the same period in 2024, primarily due to lower export volumes [10][48] Shareholder Returns - The company’s Return of Capital policy includes quarterly cash dividends and share repurchases, targeting a total return of at least 25% of net income for the applicable quarter [23][24] - A new share repurchase plan was authorized on May 13, 2025, allowing for the repurchase of up to $50 million of common stock [22]

Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers, specializing in the transportation of petrochemical gases such as ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [5] - The company owns a 50% stake in an ethylene export marine terminal located at Morgan's Point, Texas, enhancing its operational capabilities [5] - Navigator Gas' fleet comprises 59 semi- or fully-refrigerated liquefied gas carriers, with 28 vessels capable of transporting ethylene and ethane [5] Annual Meeting Details - The 2025 Annual Meeting is scheduled for June 16, 2025, at 09:00 A.M. local time, to be held at the offices of Baker Botts LLP in New York [1] - The record date for voting at the Annual Meeting is set as May 5, 2025, where shareholders will vote on the election of Board members and the ratification of PricewaterhouseCoopers LLP as the independent public accounting firm [2] Regulatory Filings - The company has filed its Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, which is accessible on the company's website [4] - The Notice of the Meeting and Proxy Statement will be mailed around May 9, 2025, and will also be available on the SEC's website [3]

Core Viewpoint - Navigator Holdings Ltd. announces a change in its board of directors, with Yngvil Åsheim resigning effective June 16, 2025, reducing the board size from seven to six members [1][2]. Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a leader in seaborne transportation services for petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [3]. - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, located on the Houston Ship Channel [3]. - The fleet consists of 59 semi- or fully-refrigerated liquefied gas carriers, with 28 capable of transporting ethylene and ethane [3]. - Navigator Gas plays a crucial role in the liquefied gas supply chain, providing efficient and reliable transportation services that connect energy companies, industrial consumers, and commodity traders [3].

Core Viewpoint - Navigator Holdings Ltd. emphasizes its commitment to sustainability as a core aspect of its long-term business strategy, highlighting progress in fuel efficiency and partnerships in the energy transition [3]. Company Overview - Navigator Gas 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 [4]. - The company owns a 50% stake in an ethylene export marine terminal at Morgan's Point, Texas, enhancing its role in the liquefied gas supply chain [4]. Sustainability Efforts - The 2024 Sustainability Report outlines Navigator Gas' initiatives to reduce environmental impact, improve diversity, and uphold high corporate governance standards [2]. - Significant investments are being made in energy efficiency technologies, including anti-fouling hull coatings and digitalization, to enhance operational efficiency [6]. - The company is expanding its Morgan's Point Terminal to increase export capacity and introduce capabilities for connecting seagoing vessels to onshore power, aiming to reduce fuel consumption and emissions [6]. Financial Performance - Navigator Gas maintains financial strength and profitability while investing in low-carbon infrastructure, indicating a balanced approach to growth and sustainability [6]. Workforce Development - The company is focused on improving gender balance and providing training and professional development for its staff, emphasizing occupational health, safety, and wellbeing [6].

Core Viewpoint - Navigator Holdings Ltd. has secured a senior secured term loan and revolving credit facility of up to $300 million to refinance existing debt and support general corporate purposes, marking a significant milestone for the company in 2025 [1][2][4]. Financial Summary - The loan will be drawn by June 30, 2025, and will repay a $143.4 million secured loan maturing in September 2025 and a $14.7 million loan maturing in May 2027 [2]. - The Facility Agreement has a six-year tenor, maturing in 2031, with interest set at SOFR plus 170 basis points, and is secured by eight of the company's vessels [3]. Company Overview - Navigator Gas 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 [5]. - The fleet consists of 59 semi- or fully-refrigerated liquefied gas carriers, with 28 capable of transporting ethylene and ethane, playing a crucial role in the liquefied gas supply chain [5].