Navigator .(US:NVGS)2025-03-12 11:18Financial Performance - Operating revenues for the three months ended December 31, 2024, increased to $130.3 million from $129.1 million in the same period of 2023, representing a growth of 0.9%[142] - Total operating revenue for the twelve months ended December 31, 2024, rose to $566.7 million, up from $550.7 million in 2023, reflecting a year-over-year increase of 2.9%[142] - Net income attributable to stockholders for the three months ended December 31, 2024, was $21.6 million, compared to $17.8 million in the same period of 2023, marking a 21.0% increase[143] - The company reported a net income of $94.1 million for the twelve months ended December 31, 2024, up from $86.9 million in 2023, indicating a growth of 8.0%[143] - For the twelve months ended December 31, 2024, net income increased to $94,097, up from $86,872 in the previous year, representing an increase of approximately 8.5%[159] - The total cash provided by operating activities for the twelve months ended December 31, 2024, was $210,523, compared to $174,413 for the same period in 2023, reflecting a growth of about 20.7%[159] - The company paid dividends totaling $14,254 for the twelve months ended December 31, 2024, compared to $7,334 in the previous year, indicating a significant increase of 94.5%[159] Assets and Liabilities - As of December 31, 2024, total current assets decreased to $220.4 million from $255.4 million at the end of 2023, a decline of 13.7%[148] - Total liabilities increased to $934.3 million as of December 31, 2024, compared to $969.6 million at the end of 2023, a decrease of 3.6%[149] - Total assets as of December 31, 2024, amounted to $1,246,364, an increase from $1,233,074 as of December 31, 2023[155] - Cash, cash equivalents, and restricted cash at the end of the period decreased to $139,797 from $158,242 at the beginning of the period[159] Debt and Interest - The company had $248.5 million of outstanding debt hedged using interest rate swaps, while $512.0 million remained unhedged and exposed to variable interest rates[136] - A hypothetical increase in SOFR of 100 basis points would result in an additional annual interest expense of $5.1 million based on the outstanding indebtedness as of December 31, 2024[136] - The total interest paid during the period decreased to $57,696 from $62,109 in the previous year[162] - The company issued 7.25% senior unsecured bonds, raising $100,000 during the period[162] Fleet and Operations - As of March 12, 2025, Navigator Holdings Ltd. operates a fleet of vessels with a total capacity of 37,300 cbm for four midsize ethylene/ethane capable vessels, all under time charter agreements[163] - The company has a total of 22 vessels in the spot market, with sizes ranging from 6,800 cbm to 38,000 cbm, primarily carrying LPG and ammonia[166] - Navigator Holdings Ltd. anticipates the delivery of the Navigator Vesta, the third of the purchased vessels, on March 17, 2025[167] - The time charter expiration dates for several key vessels include Navigator Atlantic in April 2025 and Navigator Yauza in July 2025, indicating a steady revenue stream from charters[166] - The company has a diverse fleet with vessels built between 2000 and 2017, ensuring a mix of older and newer assets to optimize operational efficiency[163] - The total number of vessels under time charter is 15, which represents approximately 68% of the fleet, providing stable cash flow[166] - The company is focused on expanding its fleet capabilities with the addition of new vessels, enhancing its competitive position in the market[167] - Navigator Holdings Ltd. has a significant presence in the LPG market, with multiple vessels dedicated to this cargo type, reflecting its strategic focus[166] - The company’s operational strategy includes leveraging both time charters and spot market opportunities to maximize revenue potential[166] Upcoming Events - The upcoming fourth quarter 2024 earnings webcast is scheduled for March 12, 2025, to discuss financial results and future outlook[169]