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Navigator Holdings Ltd. Preliminary Fourth Quarter and Financial Year 2022 Results (Unaudited) Highlights

Navigator Holdings Ltd. Preliminary Fourth Quarter and Financial Year 2022 Results (Unaudited)

Highlights

  • Navigator Holdings Ltd. (the “Company”, “we”, “our” and “us”) (NYSE: NVGS) reported operating revenue of $123.3 million for the three months ended December 31, 2022, compared to $132.3 million for the three months ended December 31, 2021. Operating revenue for the year ended December 31, 2022, amounted to $473.8 million, compared to $406.5 million for the year ended December 31, 2021.
  • Net Income was $3 million (earnings per share of $0.13) for the three months ended December 31, 2022, compared to a net loss of $40.2 million (loss per share of $0.53) for the three months ended December 31, 2021.
  • Adjusted EBITDA(1) was $4 million for the three months ended December 31, 2022, compared to $59.7 million for the three months ended December 31, 2021. Adjusted EBITDA for the year ended December 31, 2022, amounted to $212.7 million, compared to $160.3 million for the year ended December 31, 2021.
  • Fleet utilization was 94.1% for the three months ended December 31, 2022, compared to 91.4% for the three months ended December 31, 2021.
  • The ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene Export Terminal”) had throughput volumes of approximately 262,835 tons for the three months ended December 31, 2022, compared to 234,024 tons for the three months ended December 31, 2021. The total ethylene throughput volumes for the year ended December 31, 2022, were 987,529 tons.
  • On November 23, 2022, the Company sold its oldest vessel, Navigator Magellan, a 1998 built 22,000 cbm LPG carrier to a third party for $12.7 million.
  • On December 20, 2022, the Company’s joint venture (the “Navigator Greater Bay Joint Venture”) with Greater Bay Gas Co. Ltd. (“Greater Bay”) acquired a 17,000 cbm, 2018-built ethylene capable liquefied gas carrier, Navigator Luna, for $42.25 million. The vessel was financed by borrowing $27.5 million, or 65%, under a term loan facility, and the Company financed its share of the balance from cash on hand.
  • On March 9, 2023, the Company agreed, together with our joint venture partner, to a capital project to expand the Ethylene Export Terminal (the “Expansion Project”) increasing the export capacity to at least 1.5 million tons and up to three million tons per year. The total capital contributions required from us to the joint venture that owns the Ethylene Export Terminal (the “Export Terminal Joint Venture”) for the Expansion Project are expected to be approximately $120-130 million.
  • The Company initiated a share repurchase program in December 2022. As of March 10, 2023, the Company had purchased and cancelled two million common shares for a total amount of $25.4 million (an average price of $12.57 per share).
  • On March 20, 2023, the Company entered into a new $200.0 million senior secured term loan facility to refinance two existing loan facilities that were due to mature during 2023. The new loan will mature in 2029, and will enable the Company to borrow an additional approx. $65.0 million for general corporate purposes.

The Company’s financial information for the quarter and year ended December 31, 2022, included in this press release is preliminary and unaudited and is subject to change in connection with the completion of the Company’s year-end close procedures and further financial review, including the audit currently underway by the Company’s independent registered public accounting firm. Actual audited results may differ as a result of the completion of the Company’s year-end closing procedures, review adjustments, and other developments that may arise between now and the time such financial information for the year ended December 31, 2022, is finalized.

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