Navigator Holdings Ltd. Preliminary Results for the Three and Six Months Ended June 30, 2018

Highlights

* Navigator Holdings Ltd. (the “Company”) reported operating revenue of $73.2 million for the three months ended June 30, 2018.

* Net loss was $3.2 million (resulting in a loss per share of $0.06) for the three months ended June 30, 2018.

* EBITDA was $27.2 million for the three months ended June 30, 2018.

* Net cash provided by operating activities was $21.0 million for the three months ended June 30, 2018.

* During the quarter the Company announced that construction is now under way on the 50/50 joint venture to construct an ethylene marine export terminal, which will be located at Morgan’s Point, Texas on the Houston Ship Channel. The facility will have the capacity to export approximately one million tons of ethylene per year. Refrigerated storage for 30,000 tons of ethylene will be constructed on-site and will provide the capability to load ethylene at rates of 1,000 tons per hour. Commercial operations are expected to begin in the fourth quarter of 2019, one quarter earlier than previously projected.

* Maintained strong fleet utilization of 90.3% for the three months ended June 30, 2018, up from the 86.2% achieved during the second quarter of 2017.

Fleet utilization was 90.3% during the second quarter of 2018, up from the 86.2% achieved during the second quarter of 2017, but slightly down on the 91.7% achieved during the first quarter of 2018. Petrochemical activity, particularly long-haul carriage of petrochemicals (butadiene, crude C4 and butene-1) from Europe to the U.S. Gulf of Mexico and Brazil to the Far East have been the primary factor behind this increase in utilization. Two handysize and two midsize vessels have been fully employed transporting ethane for the majority of the second quarter of 2018, trading from the U.S. to Central and South America as well as North West Europe. All five midsized gas carriers (“MGCs”) in the fleet are now contracted to operate under time charters for the remainder of 2018.

However, the increase in utilization has been tempered by a continued low charter rate environment, compounded by an approximate 30% increase in bunker prices across the second quarter of 2018 as crude prices rise, translating to further reductions in charter rates achieved. Ethylene handysize vessels have returned to charter rates of approximately $25,000 per day during the second quarter, although rates for standard LPG transportation remained at approximately $15,000 per day. Energy Transfer Partners’ Marcus Hook export facility remained offline for nearly all of the second quarter, which caused much disruption to the Atlantic’s time charter business operators that rely on this facility.