Navigator Gas Conference Call Summary Company Overview - **Company Name**: Navigator Gas (NYSE: NVGS) - **Industry**: Seaborne transportation of petrochemical gases - **Fleet Composition**: - 43 handy-sized gas carriers - 16 ethylene-capable vessels - 9 small gas vessels - 5 mid-sized gas carriers (4 ethylene-capable) - 6 new buildings ordered for delivery between 2027 and 2028 - **Joint Venture**: 50% ownership in Morgan's Point ethylene export terminal with a capacity of 1.55 million tons per year [1][3][4] Core Points and Arguments - **Market Leadership**: Navigator Gas is the largest owner and operator of handy-sized gas carriers, holding a 32% market share in the handy-size segment [8] - **Cargo Flexibility**: The fleet can carry various cargo types (butane, ammonia, propane, ethane, ethylene), providing stability in cash flows and utilization rates [7][12] - **Geographical Operations**: Major trading routes originate from Texas to Asia and Europe, with a focus on long-haul routes contributing significantly to earnings [8][12] - **Corporate Governance**: Navigator Gas has improved its ESG score, ranking first among 64 shipping companies, reflecting strong corporate governance practices [9][10] - **Growth Drivers**: Anticipated growth in U.S. natural gas liquids production and global seaborne trade expected to exceed 200 million tons by 2028 [18] Financial Performance - **Record Results**: - Highest quarterly time charter equivalent (TCE) of $30,966 per day - Record quarterly EBITDA of $85 million - Net income of $33 million, highest quarterly net income on record with EPS of $0.50 [20][22] - **Utilization Rates**: Fleet utilization rebounded to 89%, close to the preferred benchmark of 90% [22] - **Cash Break-even**: Estimated all-in cash break-even for 2025 is $20,510 per day per vessel, providing significant headroom above average TCE revenue [23][24] - **Liquidity Position**: Cash and equivalents of $216 million, total liquidity of $301 million, and no significant refinancing due until 2029 [24][29] Capital Return Policy - **Dividend Increase**: Fixed dividend increased from $0.05 to $0.07 per share, with a payout policy raised from 25% to 30% of net income [31][45] - **Share Buybacks**: 12 million shares repurchased for $174 million, with a total of $210 million returned to shareholders over the last three years [32][33] Future Outlook - **Morgan's Point Terminal**: Expected throughput for 2026 to exceed 2025 levels, driven by strong demand in Europe for ethylene imports from the U.S. [47][48] - **Fleet Modernization**: Ongoing strategy to sell older vessels and replace them with modern tonnage, including six newbuilds scheduled for delivery [35][36] - **Market Conditions**: Anticipated stable cash flows and robust demand for petrochemicals, LPG, and ammonia, supporting healthy utilization levels [53] Additional Insights - **Acquisition Strategy**: Active monitoring of potential acquisition targets in the handy-sized and mid-sized segments to consolidate market position [50][51] - **Venezuela Market**: Potential for re-entering the Venezuelan market as conditions improve for LPG exports [64][65] This summary encapsulates the key points discussed during the Navigator Gas conference call, highlighting the company's operational strengths, financial performance, and strategic outlook for the future.

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", "growing" and "continue" or other words that relate to future events, as opposed to past or curre ...