Navigator .(US:NVGS)2024-08-14 20:21Financial Performance - Total operating revenue for the three months ended June 30, 2024, was $146.7 million, an increase from $135.3 million for the same period in 2023, representing an 11.0% growth[12] - Net income attributable to stockholders for the three months ended June 30, 2024, was $23.2 million, down from $26.6 million in the same period of 2023, a decrease of 12.8%[13] - EBITDA for the three months ended June 30, 2024, was $76.0 million, compared to $77.4 million for the same period in 2023, a decline of 1.8%[13] - Adjusted EBITDA increased to $77.6 million for the three months ended June 30, 2024, up from $69.3 million in the same period of 2023, reflecting a growth of 12.5%[13] - Basic earnings per share attributable to stockholders was $0.32 for the three months ended June 30, 2024, compared to $0.36 per share for the same period in 2023, a decrease of 11.1%[13] - Net income attributable to stockholders decreased by 12.7% to $23.2 million for the three months ended June 30, 2024, compared to $26.6 million in the same period of 2023[34] - Total comprehensive income for the six months ended June 30, 2024, was $51.5 million, compared to $46.4 million for the same period in 2023, indicating a growth of 11.8%[109] - Net income for the six months ended June 30, 2024, was $51,761 thousand, compared to $46,345 thousand for the same period in 2023, reflecting an increase of 11.0%[112] Revenue and Expenses - Operating revenues for the three months ended June 30, 2024, were $131.6 million, a 7.8% increase from $122.1 million in the same period of 2023[34] - Operating revenues increased by $13.9 million or 5.8% to $252.6 million for the six months ended June 30, 2024, compared to $238.7 million for the same period in 2023[53] - Voyage expenses decreased by $1.5 million or 8.0% to $17.1 million for the three months ended June 30, 2024, from $18.6 million for the same period in 2023[42] - Vessel operating expenses increased by $0.5 million or 1.2% to $43.5 million for the three months ended June 30, 2024, compared to $43.0 million for the same period in 2023[44] - General and administrative costs increased by $3.1 million or 37.7% to $11.3 million for the three months ended June 30, 2024, from $8.2 million for the same period in 2023[45] - Time charter revenues for the six months ended June 30, 2024, were $175,367, up from $154,711 in the same period of 2023, marking an increase of approximately 13.3%[125] Fleet and Utilization - Average daily time charter equivalent (TCE) increased to $29,550 for the three months ended June 30, 2024, compared to $27,241 for the same period in 2023, an increase of 8.5%[17] - Fleet utilization improved to 93.4% for the three months ended June 30, 2024, compared to 89.0% for the same period in 2023[17] - The company owned and operated 56 gas carriers as of June 30, 2024, with a cargo capacity ranging from 3,770 cbm to 38,000 cbm[118] - The company has a total of 22 vessels operating under time charter agreements, with expiration dates ranging from March 2025 to August 2027, indicating a stable revenue stream[188] Capital Expenditures and Investments - The company plans to invest approximately $130.0 million in the Terminal Expansion Project, with $59.0 million already contributed as of June 30, 2024[74] - The company announced a $2.5 million co-investment in Ten08 Energy LLC, which aims to produce 1.4 million metric tonnes per year of ultra-low carbon ammonia starting in late 2029 or early 2030[30] - The company expects to finance the Terminal Expansion Project through existing cash resources, distributions from the joint venture, and additional debt[24] Debt and Liquidity - The company reduced its debt by $35.1 million to $826.2 million during the three months ended June 30, 2024[14] - As of June 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $138.5 million, with available liquidity of $167.0 million[69] - The August 2024 Facility has a maximum principal amount of $147.6 million, maturing in August 2030, with a final balloon payment of $63.9 million[32] - The company must maintain a minimum liquidity of $35 million and an Equity Ratio of at least 30% under the 2020 Bond Agreement[90] Market and Operational Outlook - The company is focused on the financial performance of its Ethylene Export Terminal and related joint ventures, which are critical for future growth[8] - Navigator Holdings Ltd. is monitoring global market conditions, including the impact of geopolitical events on supply and demand for oil and gas, which could affect operational performance[6] - The company emphasizes the importance of maintaining compliance with debt covenants and financial liquidity to support capital expenditures and acquisitions[6] Shareholder Returns - The company expects to repurchase approximately $2.3 million of common stock between August 16, 2024, and September 30, 2024, as part of its Return of Capital policy[11] - The company has declared a cash dividend of $0.05 per share, totaling approximately $3.6 million, payable on September 24, 2024[187] Compliance and Governance - The company is committed to maintaining appropriate internal controls over financial reporting and disclosure procedures to ensure transparency and accountability[6] - The company expressly disclaims any obligation to update or revise forward-looking statements[9]