Navigator Holdings Ltd. Preliminary Fourth Quarter and Financial Year 2021 Results (Unaudited)
Highlights
- Navigator Holdings Ltd. (the “Company”, “we”, “our” and “us”) (NYSE: NVGS) reported operating revenue of $129.4 million for the three months ended December 31, 2021, compared to $87.4 million for the three months ended December 31, 2020. Operating revenue for the year ended December 31, 2021, amounted to $403.6 million, compared to $332.5 million for the year ended December 31, 2020.
- Net loss was $0 million for the three months ended December 31, 2021, compared to a net income of $3.4 million for the three months ended December 31, 2020. Excluding impairment losses on vessels of $63.7 million, net income would have been $16.7 million for the three months ended December 31, 2021.
- Adjusted EBITDA(1) was $2 million for the three months ended December 31, 2021, compared to $32.0 million for the three months ended December 31, 2020. Adjusted EBITDA for the year ended December 31, 2021, amounted to $155.8 million, compared to $124.2 million for the year ended December 31, 2020.
- Fleet utilization was 91.4% for the three months ended December 31, 2021, compared to 91.0% for the three months ended December 31, 2020.
- The ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Marine Export Terminal”) had throughput volumes of approximately 241,500 tons for the three months ended December 31, 2021, compared to 125,300 tons for the three months ended December 31, 2020. The total throughput volumes for the year ended December 31, 2021 were 628,257 tons.
- In November 2021, the Company secured multi-year time charters for its remaining three midsize ethane carriers, with expiry of these time charters in 2026.
- On January 14, 2022, the Company sold Navigator Neptune, a 2000 built 22,000 cbm ethylene carrier for $21.0 million.
- On March 7, 2022, the Company sold the Happy Bird, a 1999 built 8,600 cbm LPG carrier for $6.1 million.
- Debt reduced by $24.2 million during the three months ended December 31, 2021, with cash and cash equivalents standing at $124.0 million as of December 31, 2021.
The Company’s financial information for the quarter and year ended December 31, 2021 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, 2021 is finalized.
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