Highlights
• Navigator Holdings Ltd. (the “Company”, “we”, “our” and “us”) (NYSE: NVGS) reported operating revenue of $85.9 million for the three months ended June 30, 2021, compared to $82.5 million for the three months ended June 30, 2020.
• Net income was $0.3 million (earnings per share of $0.01) for the three months ended June 30, 2021, compared to a net income of
$3.0 million (earnings per share of $0.05) for the three months ended June 30, 2020.
• Adjusted EBITDA(1) was $28.2 million for the three months ended June 30, 2021, compared to $31.9 million for the three months ended June 30, 2020.
• Fleet utilization was 85.4% for the three months ended June 30, 2021, a reduction from the 88.3% achieved for the three months ended June 30, 2020.
• The ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Marine Export Terminal”) had
throughput volumes of 155,428 tons for the three months ended June 30, 2021, compared to 103,220 tons for the three months ended
June 30, 2020.
• Four 12-month time charters with Mitsui & Co. Energy Trading Singapore Pte. Ltd. commenced during the quarter, transporting LPG
from Pembina Pipeline Corporation’s new LPG export facility at Prince Rupert, British Columbia, West Coast Canada. A fifth vessel is
scheduled to enter service on this route in October 2021.
• Navigator loaded the first cargo from the new 20,000bbls per day Repauno LPG Export Terminal on the U.S. East Coast in April 2021,
followed by two similar cargoes loadings in May.
• On August 4, 2021, the Company entered into the previously announced transaction with Naviera Ultranav Limitada (“Ultranav”) to
merge the Ultragas ApS (“Ultragas”) fleet and business activities with Navigator. The addition of their 18 vessels will give a combined
fleet of 56 vessels which will enhance our capability to provide flexibility, choice and support to our customers.
• In April 2021, we published our inaugural CSR report.
The Company’s financial information for the quarter ended June 30, 2021, included in this press release is preliminary and is subject to change in connection with the completion of the Company’s quarter-end close procedures and further financial review. Actual results may differ from these estimates as a result of the completion of the Company’s quarter-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the quarter ended June 30, 2021, is finalized.
