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Navigator .(NVGS) - 2024 Q4 - Annual Report
2025-03-12 11:18
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 ...
Navigator Gas Announces Preliminary Fourth Quarter and Financial Year 2024 Results (Unaudited)
Globenewswire· 2025-03-12 11:15
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]
Navigator Gas Announces Date for the Release of Fourth Quarter and Full Year 2024 Results and Zoom Conference Call
Globenewswire· 2025-02-27 13:30
Core Points - Navigator Holdings Ltd. will release its financial results for the three and twelve months ended December 31, 2024, on March 12, 2025, before market opening in New York [1] - A Zoom conference call and slide presentation will be held on the same day at 10:00 A.M. E.D.T. to discuss the financial results [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 [4] - The company owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, and its fleet consists of 58 semi- or fully-refrigerated liquefied gas carriers, with 27 capable of transporting ethylene and ethane [4] - 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 [4]
Navigator Gas Announces Completion of Acquisition of First of Three Handysize Liquefied Ethylene Gas Carriers
Newsfilter· 2025-02-19 14:10
Core Viewpoint - Navigator Holdings Ltd. has completed the acquisition of the first of three handysize liquefied ethylene gas carriers to enhance its export capacity and support its ethylene export terminal expansion [1][2]. Group 1: Acquisition Details - The first vessel acquired is a German-built liquefied ethylene gas carrier with a capacity of 17,000 cubic meters, renamed Navigator Hyperion [2]. - The remaining two vessels are expected to be delivered between February and May 2025, and all three vessels will operate in the spot market shortly after delivery [2]. Group 2: Financing - The acquisition will be financed using cash on hand and proceeds from a facility agreement with Nordea Bank Abp, which was established on February 7, 2025 [3]. - The obligations under the facility agreement are guaranteed by Navigator Holdings Ltd. and secured by the three vessels [3]. Group 3: Company Overview - Navigator Holdings Ltd. operates the world's largest fleet of handysize liquefied gas carriers and is a leader in the transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG), and ammonia [4]. - Following the completion of the acquisition, the company's fleet will consist of 59 semi- or fully-refrigerated liquefied gas carriers, with 28 capable of transporting ethylene and ethane [4]. - The company plays a crucial role in the liquefied gas supply chain, providing efficient transportation solutions for energy companies, industrial consumers, and commodity traders [4].
Navigator Gas Announces Completion of Morgan's Point Ethylene Export Terminal Expansion and Acquisition of Three Handysize Liquefied Ethylene Gas Carriers
GlobeNewswire News Room· 2025-01-07 13:05
Expansion Project - The Expansion Project of the ethylene export terminal joint venture at Morgan's Point, Houston, was completed on time in late-December 2024 and within budget [2] - The project is expected to increase ethylene export capacity by at least 550,000 tons to 1.55 million tons per year starting in 2025, with potential to reach 3.2 million tons per year in the coming years [2] - The instantaneous ethylene refrigeration capacity at Morgan's Point will triple from 125 tons per hour to 375 tons per hour, providing increased flexibility for customers [2] - The expanded capacity will utilize the existing 30,000 ton refrigerated tank, maintaining a loading rate of 1,000 tons per hour [2] - The Joint Venture has signed an increased and extended offtake agreement with its largest offtaker, with additional volumes starting in Q1 2025 [2] Fleet Expansion - Navigator Gas has agreed to acquire three handysize ethylene carriers with a total purchase price of US$ 83.9 million [1] - The vessels, each with a capacity of 17,000 cubic meters, are expected to be delivered between February and May 2025 [3][4] - The acquisitions will be financed through a combination of cash on hand and new debt, with no new capital issuance planned [4] - Upon completion of the transaction, Navigator Gas will own and operate a fleet of 59 vessels, 28 of which will be ethylene and ethane capable [5] Strategic Outlook - The CEO of Navigator Gas highlighted that future demand for competitively priced US ethane and ethylene is expected to continue growing [6] - The expansion of the ethylene export terminal and the addition of three handysize ethylene carriers are seen as key capabilities to meet this growing demand [6] - The investments are expected to be accretive to earnings starting in 2025 and beyond [6] Company Overview - Navigator Gas is the owner and operator of the world's largest fleet of handysize liquefied gas carriers [7] - The company specializes in the seaborne transportation of petrochemical gases, including ethylene, ethane, LPG, and ammonia [7] - Navigator Gas owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas, through a joint venture [7] - The company plays a vital role in the liquefied gas supply chain, connecting energy companies, industrial consumers, and commodity traders [7]
Navigator Gas Announces Completion of Morgan's Point Ethylene Export Terminal Expansion and Acquisition of Three Handysize Liquefied Ethylene Gas Carriers
Newsfilter· 2025-01-07 13:05
Core Viewpoint - Navigator Holdings Ltd. has successfully completed the expansion of its ethylene export terminal joint venture, enhancing its capacity to meet growing demand for ethylene and ethane exports [1][2][6]. Expansion Project - The Expansion Project at Morgan's Point was completed on time and within budget by late December 2024 [2]. - The project is expected to increase ethylene export capacity by at least 550,000 tons to a total of 1.55 million tons per year starting in 2025, with potential growth to 3.2 million tons per year in the future [2]. - The instantaneous ethylene refrigeration capacity will triple from 125 tons per hour to 375 tons per hour, allowing for greater flexibility and potential for additional capacity based on demand [2]. - The existing 30,000 ton refrigerated tank will continue to facilitate loading vessels at a rate of 1,000 tons per hour [2]. - An increased and extended offtake agreement has been signed with the largest offtaker, with additional volumes expected to start in Q1 2025 [2]. Acquisition of Ethylene Carriers - The company has agreed to acquire three handysize ethylene carriers for a total price of $83.9 million, which will support the expansion project [1][3]. - The vessels, with a capacity of 17,000 cubic meters each, are expected to be delivered between February and May 2025 and will operate in the spot market shortly after delivery [4]. - The acquisition will be financed through a combination of cash on hand and new debt, without issuing new capital [4]. Fleet Expansion - Following the acquisition, Navigator Gas will operate a fleet of 59 vessels, with 28 being capable of transporting ethylene and ethane [5]. - The company plays a crucial role in the liquefied gas supply chain, connecting energy companies, industrial consumers, and commodity traders [7]. Market Outlook - The CEO of Navigator Gas anticipates that demand for competitively priced US ethane and ethylene will continue to rise in the coming years, positioning the company to benefit from its expanded capabilities and infrastructure [6]. - The investments made are expected to be accretive to earnings in 2025 and beyond [6].
Navigator Gas Announces Two Additional 48,500 Cubic Meter Capacity Liquefied Ethylene Gas Carrier Newbuilds
GlobeNewswire News Room· 2024-11-20 21:05
LONDON, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, has today exercised its previously announced option to construct two further 48,500 cubic meter capacity liquefied ethylene gas carriers (the “Newbuild Vessels”) with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., (together, the “Sellers”) in China. The New ...
Navigator Holdings: Macro Tailwinds And Quality Assets; Bull Thesis Intact
Seeking Alpha· 2024-11-20 05:30
I am a voracious reader and self-taught investor. In the past, I was an accountant in the maritime industry. Now, I am a happy retiree passionate about writing and financial markets. As the kids are grown up, I have time to pursue my endeavors: growing my portfolio and developing my writing skills. You will find enticing investment ideas in KD Research that are not limited by region or sector. However, all of them share a few common things: • They are overlooked. • They offer asymmetric risk rewards. • They ...
Navigator Holdings (NVGS) Q3 Earnings and Revenues Miss Estimates
ZACKS· 2024-11-07 01:16
Navigator Holdings (NVGS) came out with quarterly earnings of $0.29 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -14.71%. A quarter ago, it was expected that this transportaion company for the natural gas and and chemical industry would post earnings of $0.32 per share when it actually produced earnings of $0.34, deliverin ...
Navigator Gas Announces Date for the Release of Third Quarter 2024 Results and Zoom Conference Call
GlobeNewswire News Room· 2024-10-30 13:20
LONDON, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as "Navigator Gas" or the "Company") (NYSE: NVGS), the owner and operator of the world's largest fleet of handysize liquefied gas carriers, announces today that it will release its results for the three months ended September 30, 2024, after markets close in New York, on Wednesday, November 6, 2024. The next day, Thursday, November 7, 2024, at 10:00 A.M. E.T., the Company's management team will host a Zoom conference call an ...