Highlights
- Navigator Holdings Ltd. (the "Company",
"we", "our" and "us") (NYSE: NVGS) reported operating revenue of
$136.0 million for the three months ended March 31, 2023, compared
to $119.8 million for the three months ended March 31, 2022.
- Net income was $18.8 million for the
three months ended March 31, 2023, compared to $27.0 million for
the three months ended March 31, 2022.
- Earnings per share was $0.25 for the
three months ended March 31, 2023, compared to $0.35 for the three
months ended March 31, 2022. Adjusted Earnings per share, to
exclude unrealized gains or losses on non-designated derivative
instruments was $0.31 for the three months ended March 31, 2023,
compared to $0.15 for the three months ended March 31, 2022.
- Adjusted EBITDA(1) was a record $69.0
million for the three months ended March 31, 2023, compared to
$55.7 million for the three months ended March 31, 2022.
- Fleet utilization increased to 96.2%
for the three months ended March 31, 2023, compared to 89.5% for
the three months ended March 31, 2022.
- Average daily time charter equivalent
("TCE") rate was $25,620 for the three months ended March 31, 2023,
compared to $22,933 for the three months ended March 31, 2022.
- The ethylene export marine terminal at
Morgan's Point, Texas on the Houston Ship Channel (“Ethylene Export
Terminal") had throughput volumes of 250,731 tons for the three
months ended March 31, 2023, compared to 267,110 tons for the three
months ended March 31, 2022 in line with the quarterly nameplate
capacity of 250,000 tons.
- The Company entered into a new $200.0
million senior secured term loan to refinance two credit facilities
that were due to mature in 2023. No loan facilities are now due to
expire until 2025.
- Our Navigator Greater Bay Joint Venture
acquired a further four vessels, a 17,000 cbm, 2018-built ethylene
capable liquefied gas carrier, Navigator Solar and three 22,000
cbm, 2019-built ethylene capable liquefied gas carriers Navigator
Castor and Navigator Equator during the first quarter and Navigator
Vega on April 13, 2023.
- On May 2, 2023, the Company sold and
delivered its oldest vessel, Navigator Orion, a 2000 built 22,085
cbm ethylene capable semi-refrigerated handysize carrier to a third
party for $20.9 million.
- The Company’s previously announced
$50.0 million share repurchase plan (the “2022 Plan”) was completed
in May, 2023. Under the 2022 Plan, the Company repurchased and
cancelled 3,809,947 common shares, amounting to around 4.9% of the
outstanding common shares available immediately before the 2022
Plan was announced in October, 2022, for a total of $50.0 million,
equating to an average price of $13.12 per share.
- The Company announces a new return of
capital policy incorporating a new share repurchase plan pursuant
to which the Company may repurchase up to an aggregate of $25.0
million of the Company’s shares of common stock, as well as a
future dividend policy. Commencing with the dividend with respect
to the second quarter of 2023, the Company intends, subject to
operating needs and other circumstances, to pay a quarterly cash
dividend of $0.05 per share (the “Fixed Element”) and return
additional capital in the form of additional cash dividends and/or
share repurchases, such that the Fixed Element and, if any, the
variable component, together, equal 25% of net income for the
applicable quarter. Declarations of any dividends in the future,
and the amount of any such dividends, are subject to approval by
the Company’s Board of Directors.
Recent
Developments
Share Repurchase Program and New Return of Capital
Policy
The Company previously announced the Board’s authorization for a
share repurchase program of up to $50.0 million of its common
stock, to be implemented via open market purchases, privately
negotiated transactions, or in accordance with an approved trading
plan (under Rule 10b5-1). As of March 31, 2023, the Company had
purchased and canceled 2,622,149 shares of common stock for a total
amount of approximately $33.6 million (an average price of $12.73
per share). Since March 31, 2023, the Company has purchased and
canceled a further 1,187,798 shares of common stock for a total
amount of approximately $16.4 million, thereby completing the $50.0
million share repurchase program.
The Company announces a return of capital policy incorporating a
new share repurchase plan, authorized by the Company’s Board of
Directors, pursuant to which the Company may repurchase up to an
aggregate of $25.0 million of the Company’s shares of common stock,
as well as a future dividend policy (together, the “Capital Return
Policy”). Commencing with the dividend in respect of the second
quarter of 2023, the Company intends, subject to operating needs
and other circumstances, to pay a quarterly cash dividend of $0.05
per share (the “Fixed Element”) and return additional capital in
the form of additional cash dividends and/or share repurchases,
such that the Fixed Element and, if any, the variable element,
together, equal 25% of net income for the applicable quarter.
Any acquisition of the Company’s common stock under the Capital
Return Policy can be made via open market transactions, privately
negotiated transactions or any other method permitted under U.S.
securities laws and the rules of the U.S. Securities and Exchange
Commission. The timing and amount of any dividends and share
repurchases under the Capital Return Policy will be determined by
Navigator’s Board of Directors and management and will depend on
market conditions, legal requirements, stock price and alternative
uses of capital, financial results and earnings, restrictions in
our debt agreements, required capital expenditures and the
provisions of Marshall Islands law affecting the payment of
dividends to shareholders, as well as other factors. The Capital
Return Policy does not oblige Navigator to pay any dividends or
repurchase any of its shares and the Capital Return Policy,
including dividends and repurchases of shares of common stock, may
be suspended, discontinued or modified by the Company at any time,
for any reason.
Ethylene Export Terminal
The Ethylene Export Terminal had a throughput during the first
quarter of 2023 totaling 250,731 metric tons, compared to 267,110
tons during the first quarter of 2022.
We, together with our joint venture partner have agreed to the
Terminal Expansion Project, increasing the export capacity from
approximately one million tons per year to at least 1.55 million
tons and up to three million tons per year. Long lead items have
already been ordered and construction which is expected to be
completed in the second half of 2024, has commenced. The total
capital contributions required from us to the Export Terminal Joint
Venture for the Terminal Expansion Project are expected to be
approximately $125 million which the Company expects to finance
using existing cash resources, distributions from the Export
Terminal Joint Venture during the course of the expansion and
additional debt.
Shipping Trends
Charter rates for the handysize LPG vessel segment continued an
upward trajectory through the first quarter of 2023. Both the
handysize 12-month market assessment for semi-refrigerated and
fully-refrigerated vessels increased by $10,000 per calendar month
(“pcm”) to $760,000 pcm, and $740,000 pcm respectively, and the
handysize ethylene assessment increased $85,000 pcm to $975,000 pcm
during the first quarter.
The continued robustness of all three handysize vessel
sub-segments is primarily attributed to the following factors.
First, the geopolitical conflict around Ukraine continues to
disrupt traditional ammonia trade flows. The Ukrainian port of
Yuzhnyy, which historically exported approximately 10% of the
world's seaborne ammonia, remains out of operation. In addition,
ammonia originating from the Russian Baltic Sea area continues to
experience delays and therefore European ammonia consumers were
sourced the commodity from further distances, increasing ton mile
and thus increasing the demand for handysize shipping. However,
European ammonia demand has declined during the past month due to
the normalization of natural gas prices, although the increased
ammonia ship demand within the handysize segment has remained.
Secondly, the U.S. continues to export record volumes of LPG,
increasing week on week, compared to the same time period last
year. The U.S. exported a record 5.5 million tons of LPG during
March 2023, providing improved employment opportunities across all
the gas carrier segments.
Finally, North American ethane remains competitively priced
enabling a sustainable floor for cheap domestic production of
ethylene. The arbitrage for U.S. produced ethylene compared to
international markets continues to be open, both to Europe and to
Asia-Pacific consumers, which has given rise to continued
throughput from our Ethylene Export Terminal, as well as demand for
our ethylene capable vessels. The nameplate capacity ethylene
exports from our terminal, in addition to significant U.S. ethane
exports have supported an increase in the ethylene capable
handysize ship segment.
Unaudited Results of Operations for the Three Months
Ended March 31, 2023 Compared to the Three Months Ended March 31,
2022
The following table compares our operating results for the three
months ended March 31, 2022 and 2023:
|
Three MonthsEnded
March 31, 2022 |
|
Three MonthsEnded
March 31, 2023 |
PercentageChange |
|
|
|
(in thousands, except percentages) |
Operating revenues |
$ |
100,396 |
|
|
$ |
116,610 |
|
16.2 |
% |
Operating revenues – Unigas
Pool |
|
13,504 |
|
|
|
12,192 |
|
(9.7 |
%) |
Operating revenues – Luna Pool
collaborative arrangements |
|
5,877 |
|
|
|
7,200 |
|
22.5 |
% |
|
|
|
|
|
|
|
|
|
|
Total operating revenues |
|
119,777 |
|
|
|
136,002 |
|
13.5 |
% |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Brokerage commissions |
|
1,407 |
|
|
|
1,694 |
|
20.4 |
% |
Voyage expenses |
|
20,796 |
|
|
|
17,229 |
|
(17.2 |
%) |
Voyage expenses – Luna Pool collaborative arrangements |
|
4,590 |
|
|
|
5,028 |
|
9.5 |
% |
Vessel operating expenses |
|
38,051 |
|
|
|
41,672 |
|
9.5 |
% |
Depreciation and amortization |
|
31,342 |
|
|
|
31,831 |
|
1.6 |
% |
General and administrative costs |
|
6,343 |
|
|
|
6,755 |
|
6.5 |
% |
Profit from sale of vessel |
|
(358 |
) |
|
|
— |
|
— |
|
Other income |
|
(89 |
) |
|
|
(96 |
) |
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
102,082 |
|
|
|
104,113 |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
17,695 |
|
|
|
31,889 |
|
80.2 |
% |
Other income/(expense) |
|
|
|
|
|
|
|
|
|
Foreign currency exchange loss on senior secured bonds |
|
(777 |
) |
|
|
— |
|
— |
|
Unrealized gain/(loss) on non-designated derivative
instruments |
|
15,242 |
|
|
|
(4,251 |
) |
— |
|
Write off of deferred financing costs |
|
— |
|
|
|
(171 |
) |
— |
|
Interest expense |
|
(10,963 |
) |
|
|
(13,338 |
) |
21.7 |
% |
Interest income |
|
87 |
|
|
|
583 |
|
570.1 |
% |
|
|
|
|
|
|
|
|
|
|
Income before taxes and share of
result of equity method investments |
|
21,284 |
|
|
|
14,712 |
|
(30.9 |
%) |
Income taxes |
|
(393 |
) |
|
|
(1,164 |
) |
196.2 |
% |
Share of result of equity method
investments |
|
6,503 |
|
|
|
5,302 |
|
(18.5 |
%) |
|
|
|
|
|
|
|
|
|
|
Net income |
|
27,394 |
|
|
|
18,850 |
|
(31.2 |
%) |
Net income attributable to
non-controlling interest |
|
(356 |
) |
|
|
(64 |
) |
(82.0 |
%) |
|
|
|
|
|
|
|
|
|
|
Net income attributable to
stockholders of Navigator Holdings Ltd. |
$ |
27,038 |
|
|
$ |
18,786 |
|
(30.5 |
%) |
|
|
|
|
|
|
|
|
|
|
Operating Revenues. Operating revenues,
net of address commissions, was $116.6 million for the three months
ended March 31, 2023, an increase of $16.2 million or 16.2%
compared to $100.4 million for the three months ended March 31,
2022. This increase was primarily due to:
- an increase in operating revenues of approximately
$9.7 million attributable to an increase in average monthly
time charter equivalent rates, which increased to an average of
approximately $25,620 per vessel per day ($779,275 per vessel per
calendar month) for the three months ended March 31, 2023, compared
to an average of approximately $22,933 per vessel per day ($697,549
per vessel per calendar month) for the three months ended March 31,
2022;
- an increase in operating revenues of approximately
$7.0 million attributable to an increase in fleet utilization,
which rose to 96.2% for the three months ended March 31, 2023,
compared to 89.5% for the three months ended March 31, 2022;
- an increase in operating revenues of approximately $3.1 million
attributable to a 151 day increase in vessel available days, or
3.9% for the three months ended March 31, 2023, compared to the
three months ended March 31, 2022. This increase was in part as a
result of the acquisition of three additional handysize vessels by
the Navigator Greater Bay Joint Venture during the three months
ended March 31, 2023 and in part as a result of fewer vessels in
drydock for the three months ended March 31, 2023, compared to the
three months ended March 31, 2022; and
- a decrease in operating revenues of approximately
$3.6 million primarily attributable to a decrease in pass
through voyage costs for the three months ended March 31, 2023,
compared to the three months ended March 31, 2022.
The following table presents selected operating data for the
three months ended March 31, 2022, and 2023, which we believe are
useful in understanding the basis for movement in our operating
revenues. It does not include our nine owned smaller vessels in the
independent commercially managed Unigas Pool or the vessels owned
by Pacific Gas in our Luna Pool prior to their acquisition by the
Navigator Greater Bay Joint Venture.
|
Three MonthsEndedMarch
31, 2022 |
|
Three MonthsEndedMarch
31, 2023 |
Fleet Data: |
|
|
|
|
Weighted average number of vessels |
|
44.2 |
|
|
45.0 |
|
Ownership days |
|
3,974 |
|
|
4,048 |
|
Available days |
|
3,879 |
|
|
4,030 |
|
Earning days |
|
3,471 |
|
|
3,879 |
|
Fleet utilization |
|
89.5% |
|
|
96.2% |
|
Average daily time charter
equivalent rate (*) |
$ |
22,933 |
|
$ |
25,620 |
|
* Non-GAAP Financial
Measure—Time charter equivalent: Time charter equivalent
(“TCE”) rate is a measure of the average daily revenue performance
of a vessel. TCE is not calculated in accordance with U.S. GAAP.
For all charters, we calculate TCE by dividing total operating
revenues (excluding collaborative arrangements and revenues from
the Unigas Pool), less any voyage expenses (excluding collaborative
arrangements), by the number of earning days for the relevant
period. TCE rates exclude the effects of the collaborative
arrangements, as earning days and fleet utilization, on which TCE
rates are based, are calculated for our owned vessels, and not the
average of all pool vessels. Under a time charter, the charterer
pays substantially all of the vessel voyage related expenses,
whereas for voyage charters, also known as spot market charters, we
pay all voyage expenses. TCE rate is a shipping industry
performance measure used primarily to compare period-to-period
changes in a company’s performance despite changes in the mix of
charter types (i.e., spot charters, time charters and contracts of
affreightment) under which the vessels may be employed between the
periods. We include average daily TCE rate, as we believe it
provides additional meaningful information in conjunction with net
operating revenues, because it assists our management in making
decisions regarding the deployment and use of our vessels and in
evaluating their financial performance. Our calculation of TCE rate
may not be comparable to that reported by other companies.
Reconciliation of Operating Revenues to TCE
rate
The following table represents a reconciliation of operating
revenues to TCE rate. Operating revenues are the most directly
comparable financial measure calculated in accordance with U.S.
GAAP for the periods presented.
|
Three MonthsEndedMarch
31, 2022 |
|
Three MonthsEndedMarch
31, 2023 |
|
|
|
(in thousands, except earning daysand
average daily time charter equivalent rate) |
Fleet Data: |
|
|
|
|
|
Operating revenues* |
$ |
100,396 |
|
$ |
116,610 |
Voyage expenses* |
|
20,796 |
|
|
17,229 |
|
|
|
|
|
|
Operating revenues less Voyage
expenses |
|
79,600 |
|
|
99,381 |
|
|
|
|
|
|
Earning days |
|
3,471 |
|
|
3,879 |
Average daily time charter
equivalent rate |
$ |
22,933 |
|
$ |
25,620 |
*Operating revenues and voyage expenses excluding collaborative
arrangements and Unigas pool.
Operating Revenues – Unigas
Pool. Operating revenues – Unigas Pool was $12.2
million for the three months ended March 31,2023 compared to $13.5
million for the three months ended March 31, 2022 and represents
our share of the revenues earned from our nine vessels operating
within the Unigas Pool, based on agreed pool points.
Operating Revenues – Luna Pool Collaborative
Arrangements. Pool earnings are aggregated and then
allocated (after deducting pool overheads and managers' fees) to
the Pool Participants in accordance with the Pooling Agreement.
Operating revenues - Luna Pool collaborative arrangements was
$7.2 million for the three months ended March 31, 2023,
compared to $5.9 million for the three months ended March 31, 2022
and represents our share of pool net revenues generated by the
other participant’s vessels in the pool, prior to their acquisition
by the Navigator Greater Bay Joint Venture. This increase was
primarily as a result of increased charter rates achieved by the
ethylene vessels in the Luna Pool for the three months ended March
31, 2023 compared the three months ended March 31, 2022. Operating
Revenues – Luna Pool Collaborative Arrangements will cease
following the acquisition of Navigator Vega by the Navigator
Greater Bay Joint Venture on April 13, 2023, which was the final
vessel previously owned by the other pool participant.
Brokerage Commissions. Brokerage
commissions, which typically vary between 1.25% and 2.5% of
operating revenues, increased by $0.3 million or 20.4% to
$1.7 million for the three months ended March 31, 2023, from
$1.4 million for the three months ended March 31, 2022, primarily
due to an increase in operating revenues on which brokerage
commissions are based.
Voyage Expenses. Voyage expenses decreased
by $3.6 million or 17.2% to $17.2 million for the three months
ended March 31, 2023, from $20.8 million for the three months
ended March 31, 2022. These voyage expenses are pass through costs,
corresponding to a decrease in operating revenues of the same
amount.
Voyage Expenses – Luna Pool Collaborative
Arrangements. Voyage expenses – Luna Pool
collaborative arrangements were $5.0 million for the three months
ended March 31, 2023, compared to $4.6 million for the three months
ended March 31, 2022. These voyage expenses – Luna Pool
collaborative arrangements represent the other participant’s share
of pool net revenues generated by both our vessels and those of the
Navigator Greater Bay Joint Venture in the pool. The net effect
after deducting operating revenues – Luna Pool collaborative
arrangements was that the other participant’s vessels contributed
$2.2 million to the Company in the Luna Pool for the three months
ended March 31, 2023, compared to the other participant’s vessels
contributing $1.3 million to our vessels for the three months ended
March 31, 2022.
Vessel Operating Expenses. Vessel
operating expenses increased by $3.6 million or 9.5% to
$41.7 million for the three months ended March 31, 2023, from
$38.1 million for the three months ended March 31, 2022. Average
daily vessel operating expenses increased by $739 per vessel per
day, or 9.4%, to $8,580 per vessel per day for the three months
ended March 31, 2023, compared to $7,841 per vessel per day for the
three months ended March 31, 2022.
Depreciation and
Amortization. Depreciation and amortization increased
by $0.5 million or 1.6% to $31.8 million for the three months
ended March 31, 2023, from $31.3 million for the three months
ended March 31, 2022. This increase was primarily as a result of
the acquisition of three additional handysize vessels by the
Navigator Greater Bay Joint Venture during the three months ended
March 31, 2023. Depreciation and amortization included amortization
of capitalized drydocking costs of $4.6 million and $4.1
million for the three months ended March 31, 2023 and 2022,
respectively.
General and Administrative Costs. General
and administrative costs increased by $0.4 million or 6.5% to
$6.8 million for the three months ended March 31, 2023, from
$6.3 million for the three months ended March 31, 2022.
Profit from Sale of Vessel. No vessels were
sold during the three months ended March 31, 2023. Profit from sale
of vessel for the three months ended March 31, 2022 was $0.4
million and related to the sale of the vessel, Happy Bird. The sale
of Navigator Neptune in January 2022 was at book value, therefore
there was no profit or loss on the sale of this vessel.
Other Income. Other income was
$0.1 million for both the three months ended March 31, 2023
and 2022 and consists of that portion of the management fees for
commercial and administrative activities performed by the Company
for the Luna Pool, relating to the other participant’s vessels.
Other income will cease once all the other participant’s vessels
are acquired by the Navigator Greater Bay Joint Venture.
Non-operating Results
Foreign Currency Exchange Loss on Senior Secured
Bonds. The Norwegian Kroner 2018 Bonds were repaid
in December 2022 and no exchange gains and losses were recorded for
the three months ended March 31, 2023. A foreign currency exchange
loss of $0.8 million was incurred for the three months ended March
31, 2022 as a result of the Norwegian Kroner strengthening against
the U.S. Dollar, being NOK 8.7 to USD 1.0 as of March 31, 2022,
compared to NOK 8.8 to USD 1.0 as of December 31, 2021.
Unrealized Gains/ (Losses) on Non-designated Derivative
Instruments. The unrealized loss of $4.3 million
on non-designated derivative instruments for the three months ended
March 31, 2023 relates to the fair value losses of our interest
rate swaps across a number of our secured term loan and revolving
credit facilities, as a result of decreases in forward U.S. Libor
rates relative to the fixed rates applicable on these secured term
loan and revolving credit facilities. This compared to unrealized
gains on non-designated derivative instruments of
$15.2 million for the three months ended March 31, 2022, which
primarily related to the fair value gains of our interest rate
swaps of $13.0 million, as a result of significant increases in
forward U.S. Libor rates and a gain in our cross-currency interest
rate swap of $2.2 million, which was due to the strengthening of
the Norwegian Kroner against the U.S. Dollar.
Interest Expense. Interest expense
increased by $2.4 million, or 21.8%, to $13.3 million for
the three months ended March 31, 2023, from $11.0 million for
the three months ended March 31, 2022. This is primarily as a
result of increases in U.S. Libor and SOFR rates.
Income Taxes. Income taxes related to
taxes on our subsidiaries incorporated in the United States of
America, as well as other countries around the world where we have
subsidiaries. Income taxes increased to $1.2 million for the three
months ended March 31, 2023, compared $0.4 million for the three
months ended March 31, 2022, primarily as a result of current and
deferred taxes on our portion of the profits from the Ethylene
Export Terminal.
Share of Result of Equity Method
Investments. The share of the result of the Company’s
50% ownership in the Export Terminal Joint Venture was an income of
$5.3 million for the three months ended March 31, 2023,
compared to an income of $6.5 million for the three months ended
March 31, 2022. This decrease is a result of decreased volumes
exported through the Ethylene Export Terminal, of 250,731 tons for
the three months ended March 31, 2023, compared to 267,110 tons for
the three months ended March 31, 2022, as well as a decrease in
throughput charges which is correlated to US domestic natural gas
pricing.
Non-Controlling Interest. We entered into a
sale and leaseback arrangement in November 2019 with a wholly-owned
special purpose vehicle (“lessor SPV”) of a financial institution.
Although we do not hold any equity investments in this lessor SPV,
we have determined that we are the primary beneficiary of this
entity and accordingly, we are required to consolidate this VIE
into our financial results. The net income attributable to the
financial institution was $0.3 million and is presented as the
non-controlling interest in our financial results for both the
three months ended March 31, 2023, and 2022.
In September 2022, the Company entered into the Navigator
Greater Bay Joint Venture to acquire five ethylene vessels,
Navigator Luna, Navigator Solar, Navigator Castor, Navigator
Equator and Navigator Vega. The Joint Venture is owned 60% by the
Company and 40% by Greater Bay Gas. The Navigator Greater Bay Joint
Venture is accounted for as a consolidated subsidiary in our
consolidated financial statements, with the 40% owned by Greater
Bay Gas accounted for as a non-controlling interest. A loss
attributable to Greater Bay Gas of $0.2 million is presented as the
non-controlling interest in our financial results for the three
months ended March 31, 2023.
Reconciliation of Non-GAAP Financial
Measures
The following table sets forth a reconciliation of net income to
EBITDA and Adjusted EBITDA for the three months ended March 31,
2022 and 2023:
|
Three months ended |
|
March 31,2022 |
|
March 31,2023 |
|
(in thousands) |
Net income |
$ |
27,394 |
|
$ |
18,786 |
Net interest expense |
|
10,876 |
|
|
12,775 |
Income taxes |
|
393 |
|
|
1,164 |
Depreciation and
amortization |
|
31,342 |
|
|
31,831 |
|
|
|
|
|
|
EBITDA(1) |
$ |
70,125 |
|
$ |
64,556 |
Foreign currency exchange
loss/(gain) on senior secured bonds |
|
777 |
|
|
- |
Unrealized (gain)/ loss on
non-designated derivative instruments |
|
(15,242) |
|
|
4,251 |
Write off of deferred financing
costs |
|
- |
|
|
171 |
|
|
|
|
|
|
Adjusted EBITDA(1) |
$ |
55,660 |
|
$ |
68,978 |
|
|
|
|
|
|
1 EBITDA and Adjusted EBITDA are not measurements prepared in
accordance with U.S. GAAP (non-GAAP financial measures). EBITDA
represents net income before net interest expense, income taxes,
depreciation and amortization. We define Adjusted EBITDA as EBITDA
before foreign currency exchange gain or loss on senior secured
bonds, unrealized gain or loss on non-designated derivative
instruments and write off of deferred financing costs. Management
believes that EBITDA and Adjusted EBITDA are useful to investors in
evaluating the operating performance of the Company. EBITDA and
Adjusted EBITDA do not represent and should not be considered
alternatives to consolidated net income, cash generated from
operations or any measure prepared in accordance with U.S. GAAP,
and our calculation of EBITDA and Adjusted EBITDA may not be
comparable to that reported by other companies.
Our
Fleet
The following table sets forth our vessels as of May 19,
2023:
Operating Vessel |
|
YearBuilt |
|
Vessel Size(cbm) |
|
EmploymentStatus |
|
Current Cargo |
|
Time CharterExpiration Date |
Ethylene/ethane capable
semi-refrigerated midsize |
|
|
|
|
|
|
|
|
|
|
Navigator Aurora |
|
2016 |
|
37,300 |
|
Time Charter |
|
Ethane |
|
December 2026 |
Navigator Eclipse |
|
2016 |
|
37,300 |
|
Time Charter |
|
Ethane |
|
March 2026 |
Navigator Nova |
|
2017 |
|
37,300 |
|
Time Charter |
|
Ethane |
|
September 2026 |
Navigator Prominence |
|
2017 |
|
37,300 |
|
Time Charter |
|
Ethane |
|
March 2025 |
|
|
|
|
|
|
|
|
|
|
|
Ethylene/ethane capable
semi-refrigerated handysize |
|
|
|
|
|
|
|
|
|
|
Navigator Pluto* |
|
2000 |
|
22,085 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Saturn* |
|
2000 |
|
22,085 |
|
— |
|
— |
|
— |
Navigator Venus* |
|
2000 |
|
22,085 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Atlas* |
|
2014 |
|
21,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Europa* |
|
2014 |
|
21,000 |
|
Time Charter |
|
Ethane |
|
December 2023 |
Navigator Oberon* |
|
2014 |
|
21,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Triton* |
|
2015 |
|
21,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Umbrio* |
|
2015 |
|
21,000 |
|
Time Charter |
|
Ethylene |
|
December 2023 |
Navigator Luna* |
|
2018 |
|
17,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Solar* |
|
2018 |
|
17,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Castor* |
|
2019 |
|
22,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Equator* |
|
2019 |
|
22,000 |
|
Spot Market |
|
Ethylene |
|
— |
Navigator Vega* |
|
2019 |
|
22,000 |
|
Time Charter |
|
Ethylene |
|
October 2023 |
|
|
|
|
|
|
|
|
|
|
|
Ethylene/ethane capable
semi-refrigerated smaller size |
|
|
|
|
|
|
|
|
|
|
Happy Condor** |
|
2008 |
|
9,000 |
|
Unigas Pool |
|
— |
|
— |
Happy Pelican** |
|
2012 |
|
6,800 |
|
Unigas Pool |
|
— |
|
— |
Happy Penguin** |
|
2013 |
|
6,800 |
|
Unigas Pool |
|
— |
|
— |
Happy Kestrel** |
|
2013 |
|
12,000 |
|
Unigas Pool |
|
— |
|
— |
Happy Osprey** |
|
2013 |
|
12,000 |
|
Unigas Pool |
|
— |
|
— |
Happy Peregrine** |
|
2014 |
|
12,000 |
|
Unigas Pool |
|
— |
|
— |
Happy Albatross** |
|
2015 |
|
12,000 |
|
Unigas Pool |
|
— |
|
— |
Happy Avocet** |
|
2017 |
|
12,000 |
|
Unigas Pool |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Semi-refrigerated
handysize |
|
|
|
|
|
|
|
|
|
|
Navigator Aries |
|
2008 |
|
20,750 |
|
Time Charter |
|
LPG |
|
January 2024 |
Navigator Capricorn |
|
2008 |
|
20,750 |
|
Time Charter |
|
LPG |
|
July 2023 |
Navigator Gemini |
|
2009 |
|
20,750 |
|
— |
|
— |
|
— |
Navigator Pegasus |
|
2009 |
|
22,200 |
|
Time Charter |
|
Propylene |
|
September 2023 |
Navigator Phoenix |
|
2009 |
|
22,200 |
|
Time Charter |
|
Ammonia |
|
August 2023 |
Navigator Scorpio |
|
2009 |
|
20,750 |
|
Time Charter |
|
LPG |
|
January 2024 |
Navigator Taurus |
|
2009 |
|
20,750 |
|
Time Charter |
|
Ammonia |
|
July 2023 |
Navigator Virgo |
|
2009 |
|
20,750 |
|
Time Charter |
|
LPG |
|
July 2023 |
Navigator Leo |
|
2011 |
|
20,600 |
|
Time Charter |
|
LPG |
|
December 2023 |
Navigator Libra |
|
2012 |
|
20,600 |
|
Time Charter |
|
LPG |
|
December 2023 |
Atlantic Gas |
|
2014 |
|
22,000 |
|
Time Charter |
|
LPG |
|
August 2023 |
Adriatic Gas |
|
2015 |
|
22,000 |
|
Time Charter |
|
LPG |
|
November 2023 |
Balearic Gas |
|
2015 |
|
22,000 |
|
Spot Market |
|
LPG |
|
— |
Celtic Gas |
|
2015 |
|
22,000 |
|
Time Charter |
|
LPG |
|
June 2023 |
Navigator Centauri |
|
2015 |
|
21,000 |
|
Time Charter |
|
LPG |
|
May 2024 |
Navigator Ceres |
|
2015 |
|
21,000 |
|
Time Charter |
|
LPG |
|
June 2024 |
Navigator Ceto |
|
2016 |
|
21,000 |
|
Time Charter |
|
LPG |
|
May 2024 |
Navigator Copernico |
|
2016 |
|
21,000 |
|
Time Charter |
|
LPG |
|
May 2024 |
Bering Gas |
|
2016 |
|
22,000 |
|
Spot Market |
|
Butadiene |
|
— |
Navigator Luga |
|
2017 |
|
22,000 |
|
Time Charter |
|
LPG |
|
July 2024 |
Navigator Yauza |
|
2017 |
|
22,000 |
|
Time Charter |
|
LPG |
|
July 2024 |
Arctic Gas |
|
2017 |
|
22,000 |
|
Time Charter |
|
LPG |
|
June 2023 |
Pacific Gas |
|
2017 |
|
22,000 |
|
Time Charter |
|
LPG |
|
November 2023 |
|
|
|
|
|
|
|
|
|
|
|
Semi-refrigerated smaller
size |
|
|
|
|
|
|
|
|
|
|
Happy Falcon** |
|
2002 |
|
3,770 |
|
Unigas Pool |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully-refrigerated |
|
|
|
|
|
|
|
|
|
|
Navigator Glory |
|
2010 |
|
22,500 |
|
Time Charter |
|
Ammonia |
|
June 2025 |
Navigator Grace |
|
2010 |
|
22,500 |
|
Time Charter |
|
Ammonia |
|
January 2024 |
Navigator Galaxy |
|
2011 |
|
22,500 |
|
Time Charter |
|
Ammonia |
|
December 2023 |
Navigator Genesis |
|
2011 |
|
22,500 |
|
Time Charter |
|
Ammonia |
|
January 2024 |
Navigator Global |
|
2011 |
|
22,500 |
|
Time Charter |
|
LPG |
|
June 2023 |
Navigator Gusto |
|
2011 |
|
22,500 |
|
Time Charter |
|
Ammonia |
|
March 2024 |
Navigator Jorf |
|
2017 |
|
38,000 |
|
Time Charter |
|
Ammonia |
|
August 2027 |
|
|
|
|
|
|
|
|
|
|
|
* denotes our owned vessels that operate within the Luna Pool**
denotes our owned vessels that operate within the independently
managed Unigas Pool
Conference Call Details:
Tomorrow, Tuesday, May 23, 2023 at 10:00 A.M. ET, the Company’s
management team will host a conference call to discuss the
preliminary financial results.
Zoom Conference Call DetailsParticipants should register for the
conference call and slide presentation through the following
link:
https://us06web.zoom.us/webinar/register/WN_QmTXpY_GQi2meQrgb-nPIQ#/registration
Or join by phone:United States: +1 929 205 6099United Kingdom:
+44 330 088 5830
For a full list of US and international numbers available,
please click on the link below:
International Dial-in numbers
Webinar ID: 815 4285 4397Passcode: 995236
The conference call and slide presentation will be available for
replay on Navigator’s website (www.navigatorgas.com) under Key
Dates and All Reports in the Investors Centre section.
Audio Webcast:
There will also be a live, and then archived, webcast of the
conference call, available through the Company’s website
(www.navigatorgas.com). To listen to the live and archived audio
file, visit our website www.navigatorgas.com and click on Key Dates
under our Investors Centre page. Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.
Navigator Gas
Attention: Investor Relations Department -
investorrelations@navigatorgas.com
or randy.giveans@navigatorgas.com
Houston: 333 Clay Street, Suite 2400, Houston, Texas, U.S.A.
77002 Tel: +1 713 373 6197London: 10 Bressenden Place, London, SW1E
5DH. Tel: +44 (0)20 7340 4850
Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link – New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
About Us Navigator Holdings Ltd. is the owner
and operator of the world’s largest fleet of handysize liquefied
gas carriers and a global leader in the seaborne transportation
services of petrochemical gases, such as ethylene and ethane,
liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share,
through a joint venture, in an ethylene export marine terminal at
Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator’s
fleet now consists of 56 semi- or fully-refrigerated liquefied gas
carriers, 25 of which are ethylene and ethane capable. The
Company plays a vital role in the liquefied gas supply chain for
energy companies, industrial consumers and commodity traders, with
its sophisticated vessels providing an efficient and reliable
‘floating pipeline’ between the parties, connecting the world
today, creating a sustainable tomorrow.
NAVIGATOR HOLDINGS LTD. |
|
|
|
Condensed
Consolidated
Balance
Sheets |
|
(Unaudited) |
|
|
|
|
December 31, 2022 |
|
March 31, 2023 |
|
|
|
|
(in thousands, except share data) |
Assets |
|
|
Current
assets |
|
|
Cash, cash equivalents and restricted cash |
$ |
153,194 |
|
$ |
190,863 |
|
Accounts receivable, net of
allowance for credit losses |
|
18,245 |
|
|
21,912 |
|
Accrued income |
|
9,367 |
|
|
4,100 |
|
Prepaid expenses and other
current assets |
|
21,152 |
|
|
22,837 |
|
Bunkers and lubricant oils |
|
8,548 |
|
|
10,463 |
|
Insurance receivable |
|
1,452 |
|
|
— |
|
Amounts due from related
parties |
|
16,363 |
|
|
20,333 |
|
|
|
|
|
|
|
|
Total current assets |
|
228,321 |
|
|
270,508 |
|
Non-current
assets |
|
|
|
|
|
|
Vessels, net |
|
1,692,494 |
|
|
1,790,942 |
|
Assets held for sale |
|
— |
|
|
15,765 |
|
Property, plant and equipment,
net |
|
198 |
|
|
133 |
|
Intangible assets, net of
accumulated amortization of $417 (December 31, 2022: $509) |
|
239 |
|
|
196 |
|
Equity method investments |
|
148,534 |
|
|
145,390 |
|
Derivative assets |
|
21,955 |
|
|
17,704 |
|
Right-of-use asset for operating
leases |
|
3,625 |
|
|
3,577 |
|
Prepaid expenses and other
non-current assets |
|
1,372 |
|
|
355 |
|
|
|
|
|
|
|
|
Total non-current assets |
|
1,868,417 |
|
|
1,974,062 |
|
|
|
|
|
|
|
|
Total
assets |
$ |
2,096,738 |
|
$ |
2,244,570 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Current portion of secured term
loan facilities, net of deferred financing costs |
$ |
99,009 |
|
$ |
117,197 |
|
Current portion of operating
lease liabilities |
|
219 |
|
|
238 |
|
Accounts payable |
|
7,773 |
|
|
8,065 |
|
Accrued expenses and other
liabilities |
|
24,708 |
|
|
21,050 |
|
Accrued interest |
|
4,211 |
|
|
2,970 |
|
Deferred income |
|
23,108 |
|
|
23,823 |
|
Amounts due to related
parties |
|
595 |
|
|
555 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
159,623 |
|
|
173,898 |
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Secured term loan facilities and
revolving credit facilities, net of current portion and deferred
financing costs |
|
608,338 |
|
|
731,282 |
|
Senior unsecured bond, net of
deferred financing costs |
|
98,943 |
|
|
99,042 |
|
Operating lease liabilities, net
of current portion |
|
4,032 |
|
|
4,192 |
|
Deferred tax liabilities |
|
4,250 |
|
|
4,828 |
|
Amounts due to related
parties |
|
48,140 |
|
|
46,476 |
|
|
|
|
|
|
|
|
Total non-current
liabilities |
|
763,703 |
|
|
885,820 |
|
|
|
|
|
|
|
|
Total
Liabilities |
|
923,326 |
|
|
1,059,718 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Common stock—$.01 par value per
share; 400,000,000 shares authorized; 74,689,819 shares issued and
outstanding, (December 31, 2022: 76,804,474) |
|
769 |
|
|
747 |
|
Additional paid-in capital |
|
798,188 |
|
|
798,368 |
|
Accumulated other comprehensive
loss |
|
(463) |
|
|
(298) |
|
Retained earnings |
|
364,000 |
|
|
354,700 |
|
|
|
|
|
|
|
|
Total Navigator Holdings
Ltd. stockholders’ equity |
|
1,162,494 |
|
|
1,153,517 |
|
Non-controlling interest |
|
10,918 |
|
|
31,335 |
|
|
|
|
|
|
|
|
Total equity |
|
1,173,412 |
|
|
1,184,852 |
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
2,096,738 |
|
$ |
2,244,570 |
|
|
|
|
|
|
|
|
Condensed
Consolidated
Statements
of Operations |
(Unaudited) |
|
Three months endedMarch
31,(in thousands except share and per share
data) |
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
Operating revenues |
$ |
100,396 |
|
$ |
116,610 |
|
Operating revenues - Unigas
Pool |
|
13,504 |
|
|
12,192 |
|
Operating revenues - Luna Pool
collaborative arrangements |
|
5,877 |
|
|
7,200 |
|
|
|
|
|
|
|
|
Total operating revenues |
$ |
119,777 |
|
$ |
136,002 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
Brokerage commissions |
|
1,407 |
|
|
1,694 |
|
Voyage expenses |
|
20,796 |
|
|
17,229 |
|
Voyage expenses – Luna Pool
collaborative arrangements |
|
4,590 |
|
|
5,028 |
|
Vessel operating expenses |
|
38,051 |
|
|
41,672 |
|
Depreciation and
amortization |
|
31,342 |
|
|
31,831 |
|
General and administrative
costs |
|
6,343 |
|
|
6,755 |
|
Profit from sale of vessel |
|
(358) |
|
|
— |
|
Other Income |
|
(89) |
|
|
(96) |
|
|
|
|
|
|
|
|
Total operating
expenses |
|
102,082 |
|
$ |
104,113 |
|
|
|
|
|
|
|
|
Operating
income |
|
17,695 |
|
$ |
31,889 |
|
Other
income/(expense) |
|
|
|
|
|
|
Foreign currency exchange loss on
senior secured bonds |
|
(777) |
|
|
— |
|
Unrealized gain/(loss) on
non-designated derivative instruments |
|
15,242 |
|
|
(4,251) |
|
Write off of deferred financing
costs |
|
— |
|
|
(171) |
|
Interest expense |
|
(10,963) |
|
|
(13,338) |
|
Interest income |
|
87 |
|
|
583 |
|
|
|
|
|
|
|
|
Income before income
taxes and share of result of equity method
investments |
|
21,284 |
|
$ |
14,712 |
|
Income taxes |
|
(393) |
|
|
(1,164) |
|
Share of result of equity method
investments |
|
6,503 |
|
|
5,302 |
|
|
|
|
|
|
|
|
Net income |
|
27,394 |
|
$ |
18,850 |
|
Net income attributable to
non-controlling interest |
|
(356) |
|
|
(64) |
|
|
|
|
|
|
|
|
Net income attributable
to stockholders of Navigator Holdings Ltd. |
$ |
27,038 |
|
$ |
18,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable
to stockholders of Navigator Holdings Ltd.: |
|
|
|
|
|
|
Basic and diluted: |
$ |
0.35 |
|
$ |
0.25 |
|
Weighted average number of shares
outstanding: |
|
|
|
|
|
|
Basic: |
|
77,193,048 |
|
|
75,955,162 |
|
Diluted: |
|
77,518,604 |
|
|
76,319,753 |
|
|
|
|
|
|
|
|
Condensed
Consolidated
Statements of
Cash Flows |
|
(Unaudited) |
|
|
Three MonthsendedMarch 31,2022 |
|
Three MonthsendedMarch 31,2023 |
|
|
|
|
(in thousands) |
Cash flows from operating
activities |
|
|
Net income |
$ |
27,394 |
|
$ |
18,850 |
|
Adjustments to reconcile
net income to net cash provided by operating
activities |
|
|
Unrealized (gains)/losses on
non-designated derivative instruments |
|
(15,242) |
|
|
4,251 |
|
Depreciation and
amortization |
|
31,342 |
|
|
31,831 |
|
Payment of drydocking costs |
|
(4,426) |
|
|
(2,908) |
|
Amortization of share-based
compensation |
|
136 |
|
|
180 |
|
Amortization of deferred
financing costs |
|
1,002 |
|
|
922 |
|
Share of result of equity method
investments |
|
(6,503) |
|
|
(5,302) |
|
Profit from sale of vessel |
|
(358) |
|
|
— |
|
Unrealized foreign exchange loss
on senior secured bonds |
|
777 |
|
|
— |
|
Other unrealized foreign exchange
gain/(loss) |
|
152 |
|
|
(23) |
|
Changes in operating
assets and liabilities |
|
— |
|
|
— |
|
Accounts receivable |
|
10,671 |
|
|
(3,667) |
|
Insurance claim receivable |
|
(516) |
|
|
322 |
|
Bunkers and lubricant oils |
|
(970) |
|
|
(1,915) |
|
Accrued income and prepaid
expenses and other current assets |
|
(6,634) |
|
|
4,599 |
|
Accounts payable, accrued
interest, accrued expenses and other liabilities |
|
5,147 |
|
|
(3,913) |
|
Amounts due to related
parties |
|
(7,758) |
|
|
(3,970) |
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
34,216 |
|
|
39,257 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
|
Additions to vessels and
equipment |
|
(546) |
|
|
(142,883) |
|
Distributions from equity method
investments |
|
7,593 |
|
|
8,446 |
|
Purchase of other property, plant
and equipment |
|
(2) |
|
|
28 |
|
Net proceeds from sale of
vessels |
|
26,449 |
|
|
— |
|
Insurance recoveries |
|
871 |
|
|
1,265 |
|
|
|
|
|
|
|
|
Net cash provided
by/(used in) investing activities |
|
34,365 |
|
|
(133,144) |
|
|
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
|
|
Proceeds from secured term loan
facilities |
|
— |
|
|
291,813 |
|
Issuance costs of secured term
loan facilities |
|
— |
|
|
(3,151) |
|
Repurchase of share capital |
|
— |
|
|
(28,108) |
|
Repayment of vessel financing to
related parties |
|
(1,628) |
|
|
(1,664) |
|
Repayment of secured term loan
facilities and revolving credit facilities |
|
(22,854) |
|
|
(148,335) |
|
Cash received from
non-controlling interest |
|
— |
|
|
20,353 |
|
|
|
|
|
|
|
|
Net cash (used
in)/provided by financing activities |
|
(24,482) |
|
|
130,908 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash, cash equivalent and restricted cash |
|
(202) |
|
|
648 |
|
Net increase in cash,
cash equivalents and restricted cash |
|
43,897 |
|
|
37,669 |
|
Cash, cash equivalents
and restricted cash at beginning of period |
|
124,223 |
|
|
153,194 |
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
168,120 |
|
$ |
190,863 |
|
|
|
|
|
|
|
|
Supplemental
Information |
|
|
|
|
|
|
Total interest paid during the
period, net of amounts capitalized |
$ |
11,606 |
|
$ |
14,178 |
|
|
|
|
|
|
|
|
Total tax paid during the
period |
$ |
— |
|
$ |
169.1 |
|
|
|
|
|
|
|
|
IMPORTANT INFORMATION REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
concerning plans and objectives of management for future operations
or economic performance, or assumptions related thereto, including
our financial forecast. In addition, we and our representatives may
from time to time make other oral or written statements that are
also forward-looking statements. Such statements include, in
particular, statements about our plans, strategies, business
prospects, changes and trends in our business and the markets in
which we operate as described in this press release. In some cases,
you can identify the forward-looking statements by the use of words
such as “may,” “could,” “should,” “would,” “expect,” “plan,”
“anticipate,” “intend,” “forecast,” “believe,” “estimate,”
“predict,” “propose,” “potential,” “continue,” “scheduled,” or the
negative of these terms or other comparable terminology.
Forward-looking statements appear in a number of places in this
press release. These risks and uncertainties include but are not
limited to:
- future operating or financial results;
- pending acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking requirements and insurance costs;
- fluctuations in currencies and interest rates;
- general market conditions and shipping market trends, including
charter rates and factors affecting supply and demand;
- our ability to continue to comply with all our debt
covenants;
- our financial condition and liquidity, including our ability to
refinance our indebtedness as it matures or obtain additional
financing in the future to fund capital expenditures, acquisitions
and other corporate activities;
- estimated future capital expenditures needed to preserve our
capital base;
- our expectations about the availability of vessels to purchase,
or the useful lives of our vessels;
- our continued ability to enter into long-term, fixed-rate time
charters with our customers;
- our vessels engaging in ship to ship transfers of LPG or
petrochemical cargoes which may ultimately be discharged in
sanctioned areas or to sanctioned individuals without our
knowledge;
- the impact of the Russian invasion of Ukraine;
- changes in governmental rules and regulations or actions taken
by regulatory authorities;
- global epidemics or other health crises such as the outbreak of
COVID-19, including its impact on our business;
- potential liability from future litigation;
- our expectations relating to the payment of dividends;
- our ability to maintain appropriate internal control over
financial reporting and our disclosure controls and
procedures;
- our expectations regarding the financial success of the
Ethylene Export Terminal and our related Export Terminal Joint
Venture and our expectations regarding the completion of
construction and financing, and the financial success of the
Terminal Expansion Project;
- our expectations regarding the financial success of our Luna
Pool collaborative arrangement and our Navigator Greater Bay Joint
Venture; and
- other factors detailed from time to time in other periodic
reports we file with the Securities and Exchange Commission.
All forward-looking statements included in this press release
are made only as of the date of this press release. New factors
emerge from time to time, and it is not possible for us to predict
all of these factors. Further, we cannot assess the impact of each
such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement. We
expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise.
We make no prediction or statement about the performance of our
common stock.
Category: Financial
Navigator (NYSE:NVGS)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Navigator (NYSE:NVGS)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024