Navigator .(US:NVGS) Globenewswireยท2025-03-12 11:15Financial 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]