Financial Highlights
- On
March 12, 2024 , the Board ofNavigator Holdings Ltd. (the "Company", “Navigator Gas”,"we", "our" and "us") (NYSE: NVGS) declared a cash dividend of$0.05 per share, for the quarter endedDecember 31, 2023 , (the “Dividend”) under the Company's Return of Capital policy. The Dividend will be payable onApril 25, 2024 , to all shareholders of record as of the close of businessNew York time onApril 4, 2024 . - Also as part of the Company's Return of Capital policy for the quarter ended
December 31, 2023 , the Company expects to repurchase approximately$0.8 million common stock (the “Share Repurchases”) betweenMarch 13, 2024 , andMarch 31, 2024 , subject to operating needs, market conditions and other circumstances, such that the Dividend and Share Repurchases together equal 25% of net income for the quarter endedDecember 31, 2023 . - The Company reported total operating revenue of
$141.6 million for the three months endedDecember 31, 2023 , compared to$123.3 million for the three months endedDecember 31, 2022 . - Net Income attributable to stockholders' of the Company was
$17.8 million for the three months endedDecember 31, 2023 , compared to$10.0 million for the three months endedDecember 31, 2022 . - Earnings per share was
$0.24 for the three months endedDecember 31, 2023 , compared to$0.13 per share for the three months endedDecember 31, 2022 . Adjusted earnings per share which excludes realized and unrealized gains or losses on non-designated derivative instruments and profit and loss from sale of vessel, was$0.32 for the three months endedDecember 31, 2023 . - EBITDA(1) was
$66.3 million for the three months endedDecember 31, 2023 , compared to$58.5 million for the three months endedDecember 31, 2022 . Adjusted EBITDA(1) was$71.7 million for the three months endedDecember 31, 2023 , compared to$55.0 million for the three months endedDecember 31, 2022 .
- The Company repaid
$23.8 million of the$111.8 million Term Loan and Revolving Credit Facility held with Credit Agricole onDecember 28, 2023 which resulted in an equal reduction in long-term debt outstanding and cash and cash equivalents. The amount repaid of$23.8 million remains available to be redrawn by the Company in accordance with the terms of the Term Loan and Revolving Credit Facility which matures inSeptember 2028 .
(1) EBITDA and Adjusted EBITDA are not measurements prepared in accordance with
Other Highlights and Developments
Operational Update
Average daily time charter equivalent ("TCE") across the fleet increased to
During the fourth quarter of 2023, the handysize 12-month market assessment for semi-refrigerated and fully refrigerated vessels increased by
During the fourth quarter of 2023 we experienced downward pressure on ethylene arbitrage to
In the fourth quarter of 2023 we had approximately 30 vessels engaged under time charters, 17 vessels on spot voyage charters and contracts of affreightment ("CoA") and nine vessels were operated in the independently managed
We, together with Enterprise Products Partners L.P, our joint venture partner, have agreed to invest in the
Azane Fuel Solutions AS ("Azane")
Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of
Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia already pre-ordering 15 units from Azane. The first green ammonia bunkering units are scheduled to be delivered in 2025 enabling low carbon fuel offering to shipowners. The investment made by Yara and Navigator is expected to enable Azane to begin construction of its first bunkering unit for ammonia supply in
Return of Capital Policy
The Company’s current Return of Capital policy, which is subject to operating needs and other circumstances, is based on paying out quarterly cash dividends of
As part of the Return of Capital policy, we expect to repurchase the Company’s common stock (the “Share Repurchases”) and any such Share Repurchases will be made via open market transactions, privately negotiated transactions or any other method permitted under
Declarations of any dividends in the future, and the amount of any such dividend, are subject to the discretion of the Company’s Board. The Return of Capital policy does not oblige the Company to pay any dividends or repurchase any of its shares in the future and it may be suspended, discontinued or modified by the Company at any time, for any reason. Further, the timing of any share repurchases under the Return of Capital policy will be determined by the Company’s management and will depend on market conditions, legal requirements, stock price, and other factors.
Navigator Gas Fourth Quarter 2023 Earnings Zoom Conference Call
On
Those wishing to participate should register for the Zoom conference call using the following details:
https://us06web.zoom.us/webinar/register/WN_-8fJUJyZTzCtK7zntKuqHg#/registration
Webcast ID: 848 0163 7361
Passcode: 699933
Participants can also join by phone by dialing:
+1 929 205 6099 | |
+44 330 088 5830 | |
A full list of US and international numbers is available via the following link:
International Dial-in numbers
The Zoom conference call and slide presentation will be available for replay on Navigator Gas’ website (www.navigatorgas.com) under Financials and Quarterly Results in the Investors Centre section.
About
We are the owner and operator of 56 liquefied gas carriers, which includes the world’s largest fleet of handysize gas carriers. We also own a 50% share in an ethylene export marine terminal at Morgan’s
Our liquefied gas carrier fleet currently consists of 42 handysize liquefied gas carriers, which we define as those with capabilities between 15,000 and 24,999 cubic meters, or “cbm”. In addition, we have five larger 37,300 – 38,000 cbm midsize liquefied gas carriers; five 12,000 cbm ethylene carriers and four smaller 3,770 – 9,000 cbm semi-refrigerated liquefied gas carriers. Of our total fleet of 56 liquefied gas carriers, 25 are ethylene or ethane capable gas carriers.
Our handysize liquefied gas carriers typically transport LPG on short or medium distance routes that may be uneconomical for smaller vessels and can call at ports that are unable to support larger vessels due to limited onshore capacity, absence of fully-refrigerated loading or discharge infrastructure and/or vessel size restrictions. These handysize liquefied gas carriers are amongst the largest semi-refrigerated vessels in the world, which also makes them the ideal choice for transporting petrochemicals on long routes, typically intercontinental.
We play a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with our sophisticated vessels providing an efficient and reliable ‘floating pipeline’. We carry LPG typically for major international energy companies, state-owned utilities and reputable commodities traders. LPG, which consists of propane and butane, is a relatively clean alternative energy source with more than 1,000 applications, including as a heating, cooking and transportation fuel and as a petrochemical and refinery feedstock. LPG is a by-product of oil refining and natural gas extraction, and shale gas, principally from the
We also carry petrochemical gases for numerous industrial users. Petrochemical gases, including ethylene, propylene, butadiene and vinyl chloride monomer, are derived from the cracking of petroleum feedstocks such as ethane, LPG and naphtha and are primarily used as raw materials in various industrial processes, like the manufacture of plastics, vinyl and rubber, with a wide application of end uses. Our vessels also carry ammonia mainly for the producers of fertilizers in the agricultural industry, and for ammonia traders.
Our 50% share in the
Navigator Gas’ common stock trades on the
Contact us
investorrelations@navigatorgas.com and randy.giveans@navigatorgas.com
Tel: | +1 713 373 6197 |
Tel: | +44 20 7340 4850 |
Unaudited Results of Operations for the three months ended
Three months ended | Three months ended | Percentage change | ||||||
(in thousands, except Percentage change) | ||||||||
Operating revenues | $ | 105,115 | $ | 129,068 | 22.8 | % | ||
Operating revenues – | 11,837 | 12,564 | 6.1 | % | ||||
Operating revenues – | 6,333 | — | (100.0)% | |||||
Total operating revenue | 123,285 | 141,632 | 14.9 | % | ||||
Expenses: | ||||||||
Brokerage commission | 1,494 | 1,706 | 14.2 | % | ||||
Voyage expenses | 16,865 | 18,115 | 7.4 | % | ||||
Voyage expenses – | 5,533 | — | (100.0)% | |||||
Vessel operating expenses | 43,924 | 46,715 | 6.4 | % | ||||
Depreciation and amortization | 30,559 | 32,828 | 7.4 | % | ||||
General and administrative costs | 8,389 | 8,878 | 5.8 | % | ||||
Loss/(profit) from sale of vessel | (4,363 | ) | 144 | — | ||||
Other income | (105 | ) | 36 | 133.8 | % | |||
Total operating expenses | 102,296 | 108,422 | 6.0 | % | ||||
Operating Income | 20,989 | 33,210 | 58.2 | % | ||||
Other income/(expense) | ||||||||
Foreign currency exchange loss on senior secured bond | (5,969 | ) | — | (100.0)% | ||||
Realized gain on non-designated derivative instruments | 6,888 | — | (100.0)% | |||||
Unrealized loss on non-designated derivative instruments | (471 | ) | (5,254 | ) | 1015.4 | % | ||
Loss on repayment of senior bonds | (1,102 | ) | — | (100.0)% | ||||
Write off of deferred financing costs | (212 | ) | — | (100.0)% | ||||
Interest expense | (13,983 | ) | (16,355 | ) | 17.0 | % | ||
Interest income | 713 | 2,060 | 188.9 | % | ||||
Income before taxes and share of result of equity method investments | 6,853 | 13,661 | 99.3 | % | ||||
Income taxes | (4,459 | ) | (56 | ) | (98.7)% | |||
Share of result of equity method investments | 7,861 | 5,540 | (29.5)% | |||||
Net Income | 10,255 | 19,145 | 86.7 | % | ||||
Net income attributable to non-controlling interest | (287 | ) | (1,394 | ) | 385.6 | % | ||
Net Income attributable to stockholders of | $ | 9,968 | $ | 17,751 | 78.1 | % | ||
Operating Revenues. Operating revenues, net of address commissions, was
- an increase in operating revenues of approximately
$19 .3 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately$28,428 per vessel per day ($864,670 per vessel per calendar month) for the three months endedDecember 31, 2023 , compared to an average of approximately$23,622 per vessel per day ($718,539 per vessel per calendar month) for the three months endedDecember 31, 2022 ; - an decrease in operating revenues of approximately
$3 .4 million attributable to a decrease in fleet utilization, which declined to 91.3% for the three months endedDecember 31, 2023 , compared to 94.1% for the three months endedDecember 31, 2022 ; - an increase in operating revenues of approximately
$6 .8 million or 7.7%, attributable to a 305 day increase in vessel available days for the three months endedDecember 31, 2023 , compared to the three months endedDecember 31, 2022 . This increase was in part as a result of five handysize vessels acquired by the Navigator Greater Bay Joint Venture being fully operational during the three months endedDecember 31, 2023 , compared to the three months endedDecember 31, 2022 , in which only one vessel had been acquired and was operational for only 12 days. - a increase in operating revenues of approximately
$1 .2 million primarily attributable to an increase in pass through voyage costs for the three months endedDecember 31, 2023 , compared to the three months endedDecember 31, 2022 .
The following table presents selected operating data for the three months ended
Three months ended | Three months ended | |||||
* Fleet Data: | ||||||
Weighted average number of vessels | 44.0 | 47.0 | ||||
Ownership days | 4,048 | 4,324 | ||||
Available days | 3,968 | 4,273 | ||||
Earning days | 3,736 | 3,903 | ||||
Fleet utilization | 94.1 | % | 91.3 | % | ||
** Average daily Time Charter Equivalent | ||||||
* Fleet Data - Our nine owned smaller vessels in the independently managed
** Non-GAAP Financial Measure—Time charter equivalent: Time charter equivalent (“TCE”) is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with
Reconciliation of Operating Revenues to TCE
The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with
Three months ended | Three months ended | |||
(in thousands, except earning days and average daily time charter equivalent rate) | ||||
Fleet Data: | ||||
*** Operating revenue | $ | 105,115 | $ | 129,068 |
*** Voyage expenses | 16,865 | 18,115 | ||
Operating revenue less voyage expenses | 88,250 | 110,953 | ||
Earning days | 3,736 | 3,903 | ||
Average daily time charter equivalent rate | $ | 23,622 | $ | 28,428 |
***Operating revenues and voyage expenses excluding collaborative arrangements and
Operating Revenues –
Operating Revenues – Luna Pool Collaborative Arrangements.
Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, increased by
Voyage Expenses. Voyage expenses increased by
Voyage Expenses – Luna Pool Collaborative Arrangements. Voyage expenses –
Vessel Operating Expenses. Vessel operating expenses increased by
Depreciation and Amortization. Depreciation and amortization increased by
General and Administrative Costs. General and administrative costs increased by
Non-Operating Results
Foreign Currency Exchange Gain on Senior Secured Bonds. In
Realized Gain on Cross Currency Interest Rate Swap. The realized gain of
Unrealized Gains / (Losses) on Non-Designated Derivative Instruments. The unrealized loss of
Interest Expense. Interest expense increased by
Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in
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
Non-Controlling Interest. The Company entered into a sale and leaseback arrangement in
In
Reconciliation of Non-GAAP Financial Measures
The following table shows a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months and year ended
Three months ended | Year ended | ||||||||||
(in thousands) | (in thousands) | ||||||||||
Net income | $ | 10,255 | $ | 19,145 | $ | 54,878 | $ | 86,872 | |||
Net interest expense | 13,270 | 14,296 | 49,758 | 59,192 | |||||||
Income taxes | 4,459 | 56 | 5,949 | 4,325 | |||||||
Depreciation and amortization | 30,559 | 32,828 | 126,220 | 129,202 | |||||||
EBITDA(1) | $ | 58,543 | $ | 66,325 | $ | 236,805 | $ | 279,591 | |||
Unrealized loss/(gain) on non-designated derivative instruments | 471 | 5,254 | (25,124 | ) | 7,282 | ||||||
Realized (gain)/loss on non-designated derivatives instruments | (6,888 | ) | — | 6,270 | — | ||||||
Loss on repayment of senior bonds | 1,102 | — | 1,102 | — | |||||||
Write off of deferred financing costs | 212 | — | 212 | 171 | |||||||
Foreign currency exchange loss/(gain) on senior secured bond | 5,969 | — | (6,589 | ) | — | ||||||
(Profit)/Loss from sale of vessel | (4,363 | ) | 144 | (4,721 | ) | (4,797 | ) | ||||
Adjusted EBITDA(1) | $ | 55,046 | $ | 71,723 | $ | 207,955 | $ | 282,247 |
(1) EBITDA and Adjusted EBITDA are not measurements prepared in accordance with
Liquidity and Capital Resources
Liquidity and Cash Needs
Our primary sources of funds are cash and cash equivalents, cash from operations, undrawn bank borrowings and proceeds from bond issuances. As of
The Company repaid
Our secured term loan facilities and revolving credit facilities require that the borrowers have liquidity of no less than (i)
Our primary uses of funds are drydocking and other vessel maintenance expenditures, voyage expenses, vessel operating expenses, general and administrative costs, insurance costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, financing expenses, quarterly repayment of bank loans and the
As of
We believe, given our current cash balances, that our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs for at least the next twelve months, taking into account our existing capital commitments and debt service requirements.
Capital Expenditures
Liquefied gas transportation by sea is a capital-intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.
We currently have no newbuildings on order. However, we may place newbuilding orders or acquire additional vessels as part of our growth strategy. We may invest further in terminal infrastructure, such as the expansion of our existing
Cash Flows
The following table summarizes our cash, cash equivalents and restricted cash provided by / (used in) operating, investing and financing activities for the twelve months ended
Year ended | Year ended | |||||
(in thousands) | ||||||
Net cash provided by operating activities | $ | 130,308 | $ | 174,703 | ||
Net cash provided by/(used in) investing activities1 | 29,725 | (176,481 | ) | |||
Net cash (used in)/provided by financing activities1 | (128,225 | ) | 6,809 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,837 | ) | 17 | |||
Net increase in cash, cash equivalents and restricted cash | $ | 28,971 | $ | 5,048 |
Operating Cash Flows. Net cash provided by operating activities for the twelve months ended
Net cash flow from operating activities principally depends upon charter rates attainable, fleet utilization, fluctuations in working capital balances, repairs and maintenance activity, amount and duration of drydocks and changes in foreign currency rates.
We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we drydock vessels approximately every two and a half years. Drydocking each vessel, including travelling to and from the drydock, can take approximately 30 days in total being approximately 5-10 days of voyage time to and from the shipyard and approximately 15-20 days of actual drydocking time. Ten of our vessels completed their respective drydockings during the twelve months ended
We estimate the current cost of a five-year drydocking for one of our vessels is approximately
Investing Cash Flows1. Net cash used in investing activities was
Net cash provided by investing activities of
Financing Cash Flows. Net cash provided by financing activities was
Net cash used in financing activities of
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended | Year ended | |||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||
(in thousands except share and per share data) | ||||||||||||
Revenues | ||||||||||||
Operating revenues | $ | 105,115 | $ | 129,068 | $ | 405,346 | $ | 493,339 | ||||
Operating revenues – | 11,837 | 12,564 | 46,345 | 50,043 | ||||||||
Operating revenues – | 6,333 | — | 22,101 | 7,355 | ||||||||
Total operating revenue | 123,285 | 141,632 | 473,792 | 550,737 | ||||||||
Expenses | ||||||||||||
Brokerage commission | 1,494 | 1,706 | 5,900 | 6,923 | ||||||||
Voyage expenses | 16,865 | 18,115 | 78,674 | 74,509 | ||||||||
Voyage expenses – | 5,533 | — | 20,716 | 5,561 | ||||||||
Vessel operating expenses | 43,924 | 46,715 | 159,266 | 170,952 | ||||||||
Depreciation and amortization | 30,559 | 32,828 | 126,220 | 129,202 | ||||||||
General and administrative costs | 8,389 | 8,878 | 27,439 | 31,213 | ||||||||
Loss/(profit) from sale of vessel | (4,363 | ) | 144 | (4,721 | ) | (4,797 | ) | |||||
Other income | (105 | ) | 36 | (364 | ) | (60 | ) | |||||
Total operating expenses | 102,296 | 108,422 | 413,130 | 413,503 | ||||||||
Operating Income | 20,989 | 33,210 | 60,662 | 137,234 | ||||||||
Other income/(expense) | ||||||||||||
Foreign currency exchange (loss)/gain on senior secured bonds | (5,969 | ) | — | 6,589 | — | |||||||
Realized gain/(loss) on cross currency interest rate swap | 6,888 | — | (6,270 | ) | — | |||||||
Unrealized (loss)/gain on non-designated derivative instruments | (471 | ) | (5,254 | ) | 25,124 | (7,282 | ) | |||||
Loss on repayment of senior bonds | (1,102 | ) | — | (1,102 | ) | — | ||||||
Write off of deferred financing costs | (212 | ) | — | (212 | ) | (171 | ) | |||||
Interest expense | (13,983 | ) | (16,355 | ) | (50,840 | ) | (64,898 | ) | ||||
Interest income | 713 | 2,060 | 1,082 | 5,707 | ||||||||
Income before taxes and share of result of equity method investments | 6,853 | 13,661 | 35,033 | 70,590 | ||||||||
Income taxes | (4,459 | ) | (56 | ) | (5,949 | ) | (4,325 | ) | ||||
Share of result of equity method investments | 7,861 | 5,540 | 25,794 | 20,607 | ||||||||
Net Income | 10,255 | 19,145 | 54,878 | 86,872 | ||||||||
Net income attributable to non-controlling interest | (287 | ) | (1,394 | ) | (1,405 | ) | (4,617 | ) | ||||
Net Income attributable to stockholders of | $ | 9,968 | $ | 17,751 | $ | 53,473 | $ | 82,255 | ||||
Earnings per share attributable to stockholders of | ||||||||||||
Basic: | $ | 0.13 | $ | 0.24 | $ | 0.69 | $ | 1.11 | ||||
Diluted: | $ | 0.13 | $ | 0.24 | $ | 0.69 | $ | 1.10 | ||||
Dividend Paid | $ | — | $ | 0.05 | $ | — | $ | 0.10 | ||||
Weighted average number of shares outstanding in the period: | ||||||||||||
Basic: | 77,264,139 | 73,265,815 | 77,234,830 | 74,096,284 | ||||||||
Diluted: | 77,574,995 | 73,813,208 | 77,558,494 | 74,607,449 | ||||||||
Number of shares outstanding at the end of the period: | 76,804,474 | 73,208,586 | 76,804,474 | 73,208,586 | ||||||||
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three months ended | Three months ended | Year ended | Year ended | ||||||||
(in thousands) | |||||||||||
Net income | $ | 10,255 | $ | 19,145 | $ | 54,878 | $ | 86,872 | |||
Other comprehensive income: | |||||||||||
Foreign currency translation (loss)/income | (141 | ) | (49 | ) | (215 | ) | 311 | ||||
Total comprehensive income | 10,114 | 19,096 | 54,663 | 87,183 | |||||||
Total comprehensive income attributable to: | |||||||||||
Stockholders of | 9,827 | 17,702 | 53,263 | 82,566 | |||||||
Non-controlling interest | 287 | 1,394 | 1,400 | 4,617 | |||||||
Total comprehensive income | $ | 10,114 | $ | 19,096 | $ | 54,663 | $ | 87,183 | |||
Condensed Consolidated Balance Sheets
(Unaudited)
As at | As at | |||||
(in thousands, except share data) | ||||||
Assets | ||||||
Current Assets | ||||||
Cash, cash equivalents and restricted cash | $ | 153,194 | $ | 158,242 | ||
Accounts receivable, net of allowance for credit losses | 18,245 | 34,653 | ||||
Accrued income | 9,367 | 2,437 | ||||
Prepaid expenses and other current assets | 21,152 | 17,068 | ||||
Bunkers and lubricant oils | 8,548 | 9,044 | ||||
Insurance receivable | 1,452 | 526 | ||||
Amounts due from related parties | 16,363 | 33,402 | ||||
Total current assets | 228,321 | 255,372 | ||||
Non-current Assets | ||||||
Vessels, net | 1,692,494 | 1,754,382 | ||||
Property, plant and equipment, net | 198 | 142 | ||||
Intangible assets, net of accumulated amortization | 239 | 332 | ||||
Equity method investments | 148,534 | 174,910 | ||||
Derivative assets | 21,955 | 14,674 | ||||
Right-of-use asset for operating leases | 3,625 | 2,873 | ||||
Prepaid expenses and other non-current assets | 1,372 | — | ||||
Total non-current assets | 1,868,417 | 1,947,313 | ||||
Total Assets | $ | 2,096,738 | $ | 2,202,685 | ||
Liabilities and Stockholders’ Equity | ||||||
Current Liabilities | ||||||
Current portion of secured term loan facilities, net of deferred financing costs | $ | 99,009 | $ | 120,327 | ||
Current portion of operating lease liabilities | 219 | 914 | ||||
Accounts payable | 7,773 | 11,643 | ||||
Accrued expenses and other liabilities | 24,708 | 20,847 | ||||
Accrued interest | 4,211 | 5,488 | ||||
Deferred income | 23,108 | 25,617 | ||||
Amounts due to related parties | 595 | 606 | ||||
Total current liabilities | 159,623 | 185,442 | ||||
Non-current Liabilities | ||||||
Secured term loan facilities and revolving credit facilities, net of current portion and deferred financing costs | 608,338 | 641,975 | ||||
Senior unsecured bond, net of deferred financing costs | 98,943 | 90,336 | ||||
Operating lease liabilities, net of current portion | 4,032 | 3,500 | ||||
Deferred tax liabilities | 4,250 | 7,016 | ||||
Amounts due to related parties | 48,140 | 41,342 | ||||
Total non-current liabilities | 763,703 | 784,169 | ||||
Total Liabilities | 923,326 | 969,611 | ||||
Commitments and Contingencies - Note 11 | ||||||
Stockholders’ Equity | ||||||
Common stock—$0.01 par value per share; 400,000,000 shares authorized; 73,208,586 shares issued and outstanding, ( | 769 | 733 | ||||
Additional paid-in capital | 798,188 | 799,472 | ||||
Accumulated other comprehensive loss | (463 | ) | (152 | ) | ||
Retained earnings | 364,000 | 390,221 | ||||
1,162,494 | 1,190,274 | |||||
Non-controlling interest | 10,918 | 42,800 | ||||
Total equity | 1,173,412 | 1,233,074 | ||||
Total Liabilities and Stockholders’ Equity | $ | 2,096,738 | $ | 2,202,685 | ||
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Year Ended | Year Ended | |||||
(in thousands) | ||||||
Cash flows from operating activities | ||||||
Net income | $ | 54,878 | $ | 86,872 | ||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||
Foreign exchange gain on senior secured bonds | (6,589 | ) | — | |||
Unrealized (gain)/loss on non-designated derivative instruments | (25,124 | ) | 7,282 | |||
Realized loss on cross currency interest rate swap | 6,270 | — | ||||
Depreciation and amortization | 126,220 | 129,202 | ||||
Payment of drydocking costs | (18,338 | ) | (12,424 | ) | ||
Profit from sale of vessel | (4,721 | ) | (4,797 | ) | ||
Share-based compensation expense | 869 | 1,284 | ||||
Amortization of deferred financing costs | 3,863 | 3,716 | ||||
Share of results of equity method investments | (25,794 | ) | (20,607 | ) | ||
Deferred taxes | — | 2,363 | ||||
Other unrealized foreign exchange loss/(gain) | 2,872 | (159 | ) | |||
Changes in operating assets and liabilities | ||||||
Accounts receivable | 13,661 | (16,408 | ) | |||
Insurance claim receivable | (3,858 | ) | 400 | |||
Bunkers and lubricant oils | 3,958 | (496 | ) | |||
Accrued income, prepaid expenses and other current assets | (9,541 | ) | 11,013 | |||
Accounts payable, accrued interest, accrued expenses and other liabilities | 10,478 | 4,501 | ||||
Amounts due from related parties | 1,204 | (17,039 | ) | |||
Net cash provided by operating activities | 130,308 | 174,703 | ||||
Cash flows from investing activities | ||||||
Additions to vessels and equipment | (45,719 | ) | (191,727 | ) | ||
Contributions to equity method investments | — | (36,558 | ) | |||
Distributions from equity method investments | 27,469 | 30,790 | ||||
Purchase of other property, plant and equipment and intangibles | (50 | ) | (233 | ) | ||
Net proceeds from sale of vessel | 38,762 | 20,720 | ||||
Insurance recoveries | 9,263 | 527 | ||||
Net cash provided by/(used in) investing activities | 29,725 | (176,481 | ) | |||
Cash flows from financing activities | ||||||
Proceeds from secured term loan facilities and revolving credit facilities | 139,273 | 323,561 | ||||
Direct financing cost of secured term loan and revolving credit facilities | (1,874 | ) | (3,548 | ) | ||
Repayment of senior bonds | (61,564 | ) | — | |||
Repurchase of share capital | (5,485 | ) | (48,736 | ) | ||
Settlement of derivatives | (11,322 | ) | — | |||
Repayments under operating lease obligations | — | (289 | ) | |||
Purchase of senior unsecured bonds | — | (9,000 | ) | |||
Repayment of secured term loan facilities and revolving credit facilities | (186,430 | ) | (268,311 | ) | ||
Repayment of refinancing of vessel to related parties | (6,738 | ) | (6,798 | ) | ||
Cash received from non-controlling interest | 5,915 | 27,264 | ||||
Dividend paid | — | (7,334 | ) | |||
Net cash (used in)/provided by financing activities | (128,225 | ) | 6,809 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,837 | ) | 17 | |||
Net increase in cash, cash equivalents and restricted cash | 28,971 | 5,048 | ||||
Cash, cash equivalents and restricted cash at beginning of year | 124,223 | 153,194 | ||||
Cash, cash equivalents and restricted cash at end of year | $ | 153,194 | $ | 158,242 | ||
Supplemental Information | ||||||
Total interest paid during the year, net of amounts capitalized | $ | 48,600 | $ | 62,109 | ||
Total tax paid during the year | $ | 2,438 | $ | 1,800 | ||
Our Fleet
The following table provides details of our vessels as of
Operating Vessel | Year Built | Vessel Size (cbm) | Employment Status | Current Cargo | Time Charter Expiration Date |
Ethylene/ethane capable semi-refrigerated midsize | |||||
Navigator Aurora | 2016 | 37,300 | Time Charter | Ethane | |
Navigator Eclipse | 2016 | 37,300 | Time Charter | Ethane | |
Navigator Nova | 2017 | 37,300 | Time Charter | Ethane | |
Navigator Prominence | 2017 | 37,300 | Time Charter | Ethane | |
Ethylene/ethane capable semi-refrigerated handysize | |||||
Navigator Pluto* | 2000 | 22,085 | Time Charter | Ethane | |
Navigator Saturn* | 2000 | 22,085 | Time Charter | Ethane | |
Navigator Venus* | 2000 | 22,085 | Spot Market | Ethane | — |
Navigator Atlas* | 2014 | 21,000 | Spot Market | Ethane | |
Navigator Europa* | 2014 | 21,000 | Time Charter | Ethane | |
Navigator Oberon* | 2014 | 21,000 | Spot Market | Ethane | — |
Navigator Triton* | 2015 | 21,000 | Spot Market | Ethane | — |
Navigator Umbrio* | 2015 | 21,000 | Time Charter | Ethane | |
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 | Time Charter | Ethane | |
Navigator | 2019 | 22,000 | Time Charter | Ethylene | |
Ethylene/ethane capable semi-refrigerated smaller size | |||||
2008 | 9,000 | — | — | ||
2012 | 6,800 | — | — | ||
Happy Penguin** | 2013 | 6,800 | — | — | |
Happy Kestrel** | 2013 | 12,000 | — | — | |
Happy Osprey** | 2013 | 12,000 | — | — | |
2014 | 12,000 | — | — | ||
Happy Albatross** | 2015 | 12,000 | — | — | |
Happy Avocet** | 2017 | 12,000 | — | — | |
Semi-refrigerated handysize | |||||
Navigator Aries | 2008 | 20,750 | Time Charter | LPG | |
Navigator Capricorn | 2008 | 20,750 | Time Charter | LPG | |
Navigator Gemini | 2009 | 20,750 | — | — | — |
Navigator Pegasus | 2009 | 22,200 | Time Charter | Propylene | |
Navigator | 2009 | 22,200 | Time Charter | Ammonia | |
Navigator Scorpio | 2009 | 20,750 | Time Charter | LPG | |
Navigator Taurus | 2009 | 20,750 | Time Charter | Ammonia | |
Navigator Virgo | 2009 | 20,750 | Time Charter | LPG | |
Navigator Leo | 2011 | 20,600 | Time Charter | LPG | |
Navigator Libra | 2012 | 20,600 | Time Charter | LPG | |
2014 | 22,000 | Time Charter | LPG | ||
2015 | 22,000 | Time Charter | LPG | ||
2015 | 22,000 | — | — | — | |
2015 | 22,000 | Spot Market | LPG | ||
Navigator Centauri | 2015 | 21,000 | Time Charter | LPG | |
Navigator Ceres | 2015 | 21,000 | Time Charter | LPG | |
Navigator Ceto | 2016 | 21,000 | Time Charter | LPG | |
Navigator Copernico | 2016 | 21,000 | Time Charter | LPG | |
2016 | 22,000 | Spot Market | LPG | — | |
Navigator Luga | 2017 | 22,000 | Time Charter | LPG | |
Navigator Yauza | 2017 | 22,000 | Time Charter | LPG | |
2017 | 22,000 | — | — | — | |
2017 | 22,000 | Time Charter | LPG | ||
Semi-refrigerated smaller size | |||||
2002 | 3,770 | — | — | ||
Fully-refrigerated | |||||
Navigator Glory | 2010 | 22,500 | Time Charter | Ammonia | |
Navigator Grace | 2010 | 22,500 | Time Charter | Ammonia | |
Navigator Galaxy | 2011 | 22,500 | Time Charter | Ammonia | |
Navigator Genesis | 2011 | 22,500 | Time Charter | Ammonia | |
Navigator Global | 2011 | 22,500 | Time Charter | Ammonia | |
Navigator Gusto | 2011 | 22,500 | Time Charter | Ammonia | |
Navigator Jorf | 2017 | 38,000 | Time Charter | Ammonia |
* denotes our owned vessels that operate within the
** denotes our owned vessels that operate within the independently managed
Category: Financial
1 In connection with the preparation of the Company’s consolidated financial statements for the three months ended
Source:
2024 GlobeNewswire, Inc., source