NAVIGATOR HOLDINGS LTD. FOURTH QUARTER AND FINANCIAL YEAR 2017 RESULTS
* Navigator Holdings Ltd. (NYSE: NVGS) (the “Company”) reports operating revenue of $76.7 million for the three months ended December 31, 2017 and $298.6 million for the full year ended December 31, 2017.
* Maintained strong utilization of 87.2% for the three months ended December 31, 2017 and 87.6% for the year ended December 31, 2017 despite the market downturn.
* Net income was $1.4 million (or $0.03 per share) for the three months ended December 31, 2017 and $5.3 million (or $0.10 per share) for the year ended December 31, 2017, which includes a one-off cost totaling $3.5 million (or $0.06 per share) associated with the redemption of the Company’s senior unsecured bonds.
* EBITDA(1) was $29.6 million for the three months ended December 31, 2017 and $120.8 million for the year ended December 31, 2017.
* The Company has continued to benefit from the increasing demand for the transportation of long-haul petrochemical gases, with petrochemicals accounting for 84% of all spot days during 2017.
* Took delivery of the remaining five newbuilding vessels during 2017, increasing our fleet to 38 vessels. The Company’s newbuild program is complete.
* During 2017 we took an additional four vessels into in-house technical management with an additional vessel in January 2018 taking the total number of in-house technical managed vessels to nine.
* Commenced three year charters with Braskem for two of our ethane/ethylene capable vessels taking ethane from Morgan’s Point, Houston to Braskem’s ethylene complex in Brazil.
* Since the year end, we successfully renewed a contract of affreightment with Mitsubishi International Corporation to utilize three vessels for the majority of 2018 taking ethylene from the Targa terminal, in Houston to Far East Asia.
* Since the year end, we entered into a 50/50 joint venture agreement with Enterprise Product Partners to build a new ethylene marine export terminal along the U.S. Gulf Coast that will have the capacity to export approximately one million tons of ethylene per year. The export terminal is expected to be in service by the first quarter of 2020. The project is supported by long-term contracts with customers that include U.S. ethylene producer Flint Hills Resources and a major international trading company.