NAVIGATOR HOLDINGS LTD. ANNOUNCES RESULTS FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2016
- – Navigator Holdings Ltd. (NYSE: NVGS) reports operating revenue of $75.5 million for the three months ended December 31, 2016. Operating revenue amounted to $294.1 million for the full year ended December 31, 2016.
- – Net income was $7.6 million for the three months ended December 31, 2016. Net income was $44.6 million for the year ended December 31, 2016.
- – Earnings per share was $0.14 for the three months ended December 31, 2016 and $0.81 for the full year ended December 31, 2016.
- – EBITDA(1) was $33.8 million for the three months ended December 31, 2016 and $140.2 million for the year ended December 31, 2016.
- – We took delivery of four newbuilding vessels during 2016, increasing our fleet to 33 vessels on the water as at December 31, 2016. In 2017 we have taken delivery of an additional two newbuildings, with the three remaining newbuildings expected to be delivered by July 2017.
- – In October 2016, we entered into a new $220.0 million secured term loan and revolving credit facility, to refinance two loan facilities that were due to mature in April 2017, and to provide the finance for our final unfinanced newbuilding.
- – In February 2017, two of our original ethylene carriers were placed on long-term time charters that will commence in either late 2017 or early 2018 with Braskem SA. These vessels will transport ethane from Enterprise Product Partners, Morgan’s Point Terminal, in the Houston Ship Channel to the Braskem ethylene complex in Brazil.
- – In February 2017, we successfully issued $100.0 million in new 7.75% senior unsecured bonds maturing in 2021 in the Norwegian bond market. The net proceeds and cash on hand were used to repay all of our outstanding $125.0 million aggregate principal amount of 9% senior unsecured bonds that were due to mature in December 2017.