Ethylene Export Terminal
Ethylene throughput for the third quarter of 2022 at the
Ethylene Export Terminal totaled 189,142 metric tons, a reduction
from the 268,444 and 267,110 metric tons throughput in Q2 and Q1
2022, respectively. This reduction was expected as the third
quarter is normally the seasonally weakest period of the year. This
year’s reduction was a result of an economic slowdown in Europe
while Asian demand also remained muted due to ongoing COVID
restrictions. Additionally, ethylene production rates were reduced
during the third quarter, and both European and Asian inventory
levels remained elevated throughout the third quarter, thus the
geographical arbitrage was closed due to a tight global price
spread. Looking ahead to the fourth quarter of 2022, October 2022
volumes significantly increased to 104,000 tons with another 79,000
tons expected for November, primarily as Asia reopens resulting in
multiple cargoes being transported to the Far East for the first
time since the second quarter of 2022.
Shipping Trends
During the third quarter of 2022, the handysize
fully-refrigerated 12-month time charter rate assessment increased
by $25,000 per calendar month (“pcm”) to $680 000 pcm and the
handysize semi-refrigerated 12 month time charter rate assessment
decreased by $5,000 per calendar month (“pcm”) to $695,000 pcm.
Shipbroker reports are indicating an increase for both segments for
the fourth quarter of 2022, with fully-refrigerated and
semi-refrigerated vessels being quoted at $695,000 pcm and $715,000
pcm respectively.
Ethylene trends witnessed in the second quarter of 2022
continued into July and August with approximately 80% of U.S
ethylene exports being transported to Europe and the remainder
staying within the Americas. According to Kpler, October 2022 was
the first month since November 2021 when most of the ethylene
volume went to Asian destinations; 60% of the ethylene volume was
shipped transpacific. The total ethylene volume exported from North
America during the third quarter of 2022 was 237,000 metric tons
(“mts”), an increase of 55,000 mts compared to the third quarter of
2021. North American ethylene exports reached their second-highest
monthly exports during October 2022 at 121,000 mts with
approximately two thirds of those tons being transported to Asian
discharge ports. The seaborne transportation of higher ethylene
export volumes and longer distances to discharge ports increases
the demand for shipping, which benefits the Company’s handysize
ethylene gas carrier segment.
Ethane continued its upward trend during the third quarter of
2022 reaching a record level of 732,000 mts exported during August
2022. 26% of that volume was transported on handysize gas carriers
which was the highest level since the last peak during August 2021.
U.S.-produced ethane remains one of the most competitive feedstocks
for the production of ethylene. We are witnessing a renewed
interest in U.S. ethane and ethylene from the international
petrochemical industry as producers are seeking ways to remain
competitive, either by maintaining their current production using
naphtha, switching to cheaper petrochemical feedstocks, including
U.S ethane or by importing the derivatives, such as ethylene.
Our vessels employed in the seaborne transportation of ammonia
during the third quarter increased from seven to 10 vessels,
comprising 25% of our handysize earnings days. Europe imported
613,000 mts of ammonia during October alone, which was a historic
record. A record 126,000 mts or 20% of the ammonia volume was
loaded in Asian ports, which is an emerging trend with handysize
vessels carrying ammonia over significantly longer distances and is
increasing our time charter coverage. As such, 53% of our fleet is
contracted for the next six months and 41% for the next 12 months.
We believe there is an increasing demand for the seaborne
transportation of LPG and ammonia for use in energy and food
production, which is less sensitive to market fluctuations. The
transportation of ammonia and LPG typically remains a time charter
business and 12 of our vessels are currently on medium-term time
charters.
Petrochemical demand is typically associated with global GDP and
has a higher correlation to market volatility. However, U.S.
petrochemicals remain competitive with international markets on a
comparative basis which suggests that it will play an increasingly
important role in balancing supply and demand, enabling areas which
are experiencing cost-prohibitive domestic production to continue
operation based on U.S. imports.
Reconciliation of Non-GAAP Financial
Measures
The following table sets forth a reconciliation of net income to
EBITDA and Adjusted EBITDA for the three and nine months ended
September 30, 2021 and 2022:
|
Three months ended |
|
Nine months ended |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
(in thousands) |
(in thousands) |
Net income |
$ |
7,079 |
|
|
$ |
2,859 |
|
|
$ |
10,942 |
|
|
$ |
44,623 |
|
Net interest expense |
|
10,064 |
|
|
|
12,996 |
|
|
|
27,910 |
|
|
|
36,488 |
|
Income taxes |
|
446 |
|
|
|
426 |
|
|
|
781 |
|
|
|
1,490 |
|
Depreciation and
amortization |
|
24,054 |
|
|
|
32,842 |
|
|
|
62,800 |
|
|
|
95,661 |
|
|
|
|
|
|
EBITDA(1) |
$ |
41,643 |
|
|
$ |
49,123 |
|
|
$ |
102,433 |
|
|
$ |
178,262 |
|
Foreign currency exchange gain
on senior secured bonds |
|
(1,372 |
) |
|
|
(5,117 |
) |
|
|
(1,710 |
) |
|
|
(12,558 |
) |
Unrealized loss/(gain) on
non-designated derivative instruments |
|
227 |
|
|
|
(2,541 |
) |
|
|
(51 |
) |
|
|
(12,437 |
) |
|
|
|
|
|
Adjusted EBITDA(1) |
$ |
40,498 |
|
|
$ |
41,465 |
|
|
$ |
100,672 |
|
|
$ |
153,267 |
|
|
|
|
|
|
1 EBITDA and Adjusted EBITDA are not measurements prepared in
accordance with U.S. GAAP (non-GAAP financial measures). EBITDA
represents net income before net interest expense, income taxes,
depreciation and amortization. We define Adjusted EBITDA as EBITDA
before foreign currency exchange gain or loss on senior secured
bonds and unrealized gain or loss on non-designated derivative
instruments. Management believes that EBITDA and Adjusted EBITDA
are useful to investors in evaluating the operating performance of
the Company. EBITDA and Adjusted EBITDA do not represent and should
not be considered alternatives to consolidated net income, cash
generated from operations or any measure prepared in accordance
with U.S. GAAP, and our calculation of EBITDA and Adjusted EBITDA
may not be comparable to that reported by other companies.
Conference Call Details: Tomorrow, Wednesday,
November 16, 2022 at 11:00 A.M. E.S.T., the Company’s management
team will host a Zoom conference call and slide presentation to
discuss the financial results.
Zoom Conference Call DetailsParticipants should
register for the conference call and slide presentation through the
following
link:https://us06web.zoom.us/webinar/register/WN_4tfytyysSeWTk5lYq55v0g
Or join by phone:United States:
+1 929 205
6099United Kingdom:
+44 330 088 5830
For a full list of US and international numbers available,
please click on the link below: International numbersWebinar
ID: 831 6550 1509Passcode: 650795
The conference call and slide presentation will be available for
replay on Navigator’s website (www.navigatorgas.com) under Key
Dates and All Reports in the Investors Centre section.
Navigator Gas:
Investor Relations investorrelations@navigatorgas.com or
randy.giveans@navigatorgas.com
Houston: 1201 Fannin St, Suite 262, Houston, Texas USA 77002.
Tel: +1 713 373 6197.
London: 10 Bressenden Place, London, SW1E 5DH. Tel +44 (0)20
7340 4850
Investor Relations / Media
AdvisorsNicolas Bornozis / Paul LampoutisCapital Link -
New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
About Us
Navigator Holdings Ltd. is the owner and operator of the world’s
largest fleet of handysize liquefied gas carriers and a global
leader in the seaborne transportation services of petrochemical
gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”)
and ammonia and owns a 50% share, through a joint venture, in an
ethylene export marine terminal at Morgan’s Point, Texas on the
Houston Ship Channel, USA. Navigator’s fleet consists of 53 semi-
or fully-refrigerated liquefied gas carriers, 21 of which are
ethylene and ethane capable. On September 30, 2022, Navigator
announced a new joint venture with Greater Bay Gas Co. Ltd.
(“Greater Bay”), owned 60% by Navigator and 40% by Greater Bay. The
Company plays a vital role in the liquefied gas supply chain for
energy companies, industrial consumers and commodity traders, with
its sophisticated vessels providing an efficient and reliable
‘floating pipeline’ between the parties, connecting the world
today, creating a sustainable tomorrow.
Navigator’s common stock trades on the New York
Stock Exchange under the symbol “NVGS”.
IMPORTANT INFORMATION REGARDING
FORWARD-LOOKING STATEMENTS
Statements included in this press release concerning plans and
objectives of management for future operations or economic
performance, or assumptions related thereto, including our
financial forecast, contain forward-looking statements. In
addition, we and our representatives may from time to time make
other oral or written statements that are also forward-looking
statements. Such statements include, in particular, statements
about our plans, strategies, business prospects, changes and trends
in our business and the markets in which we operate as described in
this press release. In some cases, you can identify the
forward-looking statements by the use of words such as “may,”
“could,” “should,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” or the negative of these terms or other
comparable terminology. These risks and uncertainties include, but
are not limited to:
- global epidemics or other health crises
such as the outbreak of COVID-19, including its impact on our
business;
- future operating or financial
results;
- pending acquisitions, business strategy
and expected capital spending;
- operating expenses, availability of
crew, number of off-hire days, drydocking requirements and
insurance costs;
- fluctuations in currencies and interest
rates;
- general market conditions and shipping
market trends, including charter rates and factors affecting supply
and demand;
- our ability to continue to comply with
all our debt covenants;
- our financial condition and liquidity,
including our ability to refinance our indebtedness as it matures
or obtain additional financing in the future to fund capital
expenditures, acquisitions and other corporate activities;
- estimated future capital expenditures
needed to preserve our capital base;
- our expectations about the availability
of vessels to purchase, or the useful lives of our vessels;
- our continued ability to enter into
long-term, fixed-rate time charters with our customers;
- the availability and cost of low sulfur
fuel oil compliant with the International Maritime Organization
sulfur emission limit reductions, generally referred to as “IMO
2020,” which took effect January 1, 2020;
- our vessels engaging in ship to ship
transfers of LPG or petrochemical cargoes which may ultimately be
discharged in sanctioned areas or to sanctioned individuals without
our knowledge;
- the impact of the Russian invasion of
Ukraine;
- changes in governmental rules and
regulations or actions taken by regulatory authorities;
- potential liability from future
litigation;
- our expectations relating to the
payment of dividends;
- our ability to successfully remediate
the material weakness in our internal control over financial
reporting and our disclosure controls and procedures;
- our expectations regarding the
financial success of the Ethylene Export Terminal and our related
Export Terminal Joint Venture; or our Luna Pool collaborative
arrangement;
- our expectations regarding the
financial success of our Greater Bay Joint Venture, the timing and
costs of the anticipated vessel acquisitions by the Greater Bay
Joint Venture and the financing thereof by the joint venture, and
the anticipating timing, and financing, of our capital
contributions to the Greater Bay Joint Venture;
- our expectations regarding the
integration, profitability and success of the vessels and
businesses acquired in the Ultragas Transaction and the operational
and financial benefits from the combined businesses and fleet;
and
- other factors detailed from time to
time in other periodic reports we file with the Securities and
Exchange Commission.
All forward-looking statements included in this press release
are made only as of the date of this press release. New factors
emerge from time to time, and it is not possible for us to predict
all of these factors. Further, we cannot assess the impact of each
such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement. We
expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise.
We make no prediction or statement about the performance of our
common stock.
NAVIGATOR HOLDINGS
LTD.Condensed
Consolidated
Balance
Sheets(Unaudited)
|
December 31, 2021 |
|
September 30, 2022 |
|
(in thousands, except share data) |
Assets |
|
|
Current assets |
|
|
Cash, cash equivalents and restricted
cash |
$ |
124,223 |
|
|
$ |
157,097 |
|
Accounts receivable, net of allowance for credit losses of $1,221
(December 31, 2021:
$1,105) |
|
31,906 |
|
|
|
22,118 |
|
Accrued income |
|
6,150 |
|
|
|
6,530 |
|
Prepaid expenses and other current
assets |
|
16,293 |
|
|
|
23,196 |
|
Bunkers and lubricant
oils |
|
13,171 |
|
|
|
12,849 |
|
Insurance
receivable |
|
6,857 |
|
|
|
3,073 |
|
Amounts due from related
parties |
|
16,736 |
|
|
|
12,826 |
|
|
|
|
Total current
assets |
|
215,336 |
|
|
|
237,689 |
|
Non-current assets |
|
|
Vessels, net |
|
1,763,252 |
|
|
|
1,673,802 |
|
Assets held for
sale |
|
25,944 |
|
|
|
8,144 |
|
Property, plant and equipment,
net |
|
330 |
|
|
|
172 |
|
Intangible assets, net of accumulated amortization of $426
(December 31, 2021: $387)
|
|
400 |
|
|
|
260 |
|
Equity method
investments |
|
150,209 |
|
|
|
147,580 |
|
Derivative assets
|
|
579 |
|
|
|
22,426 |
|
Right-of-use asset for operating
leases |
|
923 |
|
|
|
4,062 |
|
Prepaid expenses and other non-current
assets |
|
452 |
|
|
|
293 |
|
|
|
|
Total non-current
assets |
|
1,942,089 |
|
|
|
1,856,739 |
|
|
|
|
Total
assets |
$ |
2,157,425 |
|
|
$ |
2,094,428 |
|
|
|
|
Liabilities and stockholders’ equity |
|
|
Current liabilities |
|
|
Current portion of secured term loan facilities, net of deferred
financing
costs |
$ |
148,570 |
|
|
$ |
201,650 |
|
Current portion of operating lease
liabilities |
|
381 |
|
|
|
202 |
|
Accounts
payable |
|
11,600 |
|
|
|
7,697 |
|
Accrued expenses and other
liabilities |
|
20,247 |
|
|
|
22,525 |
|
Accrued
interest |
|
5,211 |
|
|
|
3,496 |
|
Deferred
income |
|
18,510 |
|
|
|
20,990 |
|
Amounts due to related
parties |
|
224 |
|
|
|
1,312 |
|
|
|
|
Total current
liabilities |
|
204,743 |
|
|
|
257,872 |
|
|
|
|
Non-current liabilities |
|
|
Secured term loan facilities and revolving credit facilities, net
of current portion and deferred financing
costs |
|
604,790 |
|
|
|
447,941 |
|
Senior secured bond, net of deferred financing
costs |
|
67,688 |
|
|
|
55,320 |
|
Senior unsecured bond, net of deferred financing
costs |
|
98,551 |
|
|
|
98,845 |
|
Derivative
liabilities |
|
8,800 |
|
|
|
18,210 |
|
Operating lease liabilities, net of current
portion |
|
522 |
|
|
|
3,737 |
|
Amounts due to related
parties |
|
54,877 |
|
|
|
50,107 |
|
|
|
|
Total non-current
liabilities |
|
835,228 |
|
|
|
674,160 |
|
|
|
|
Total
Liabilities |
|
1,039,971 |
|
|
|
932,032 |
|
Commitments and contingencies |
|
|
Stockholders’ equity |
|
|
Common stock—$.01 par value per share; 400,000,000 shares
authorized; 77,264,139 shares issued and outstanding, (December 31,
2021:
77,180,429) |
|
772 |
|
|
|
773 |
|
Additional paid-in
capital |
|
797,324 |
|
|
|
797,993 |
|
Accumulated other comprehensive
loss |
|
(253 |
) |
|
|
(604 |
) |
Retained
earnings |
|
316,008 |
|
|
|
359,513 |
|
|
|
|
Total Navigator Holdings Ltd. stockholders’
equity |
|
1,113,851 |
|
|
|
1,157,675 |
|
Non-controlling
interest |
|
3,603 |
|
|
|
4,721 |
|
|
|
|
Total equity |
|
1,117,454 |
|
|
|
1,162,396 |
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
2,157,425 |
|
|
$ |
2,094,428 |
|
|
|
|
NAVIGATOR HOLDINGS
LTD.Condensed
Consolidated
Statements
of
OperationsUnaudited)
|
|
|
|
|
|
Three Months endedSeptember 30, |
|
Nine Months endedSeptember 30, |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
|
|
|
(in thousands except share and per share
data) |
Revenues |
|
|
|
|
Operating
revenue |
$ |
87,085 |
|
|
$ |
93,960 |
|
|
$ |
247,746 |
|
|
$ |
300,231 |
|
Operating revenues - Unigas
Pool |
|
8,155 |
|
|
|
9,615 |
|
|
|
8,155 |
|
|
|
34,508 |
|
Operating revenue- Luna Pool collaborative
arrangement |
|
7,504 |
|
|
|
3,238 |
|
|
|
18,290 |
|
|
|
15,768 |
|
|
|
|
|
|
Total operating
revenues |
|
102,744 |
|
|
|
106,813 |
|
|
|
274,191 |
|
|
|
350,507 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Brokerage
commissions |
|
1,163 |
|
|
|
1,430 |
|
|
|
3,330 |
|
|
|
4,406 |
|
Voyage
expenses |
|
16,775 |
|
|
|
20,208 |
|
|
|
50,080 |
|
|
|
61,808 |
|
Voyage expenses – Luna Pool collaborative
arrangement |
|
4,772 |
|
|
|
3,643 |
|
|
|
14,567 |
|
|
|
15,183 |
|
Vessel operating
expenses |
|
34,948 |
|
|
|
38,663 |
|
|
|
90,766 |
|
|
|
115,342 |
|
Depreciation and
amortization |
|
24,054 |
|
|
|
32,842 |
|
|
|
62,800 |
|
|
|
95,661 |
|
General and administrative
costs |
|
7,988 |
|
|
|
6,137 |
|
|
|
19,732 |
|
|
|
19,050 |
|
Profit from sale of
vessel |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(358 |
) |
Other income |
|
(98 |
) |
|
|
(60 |
) |
|
|
(258 |
) |
|
|
(258 |
) |
|
|
|
|
|
Total operating expenses |
|
89,602 |
|
|
|
102,863 |
|
|
|
241,017 |
|
|
|
310,834 |
|
|
|
|
|
|
Operating income |
|
13,142 |
|
|
|
3,950 |
|
|
|
33,174 |
|
|
|
39,673 |
|
Other income / (expense) |
|
|
|
|
Foreign currency exchange gain on senior secured bonds |
|
1,372 |
|
|
|
5,117 |
|
|
|
1,710 |
|
|
|
12,558 |
|
Unrealized (loss) / gain on non-designated derivative
instruments |
|
(227 |
) |
|
|
2,541 |
|
|
|
51 |
|
|
|
12,437 |
|
Interest expense |
|
(10,134 |
) |
|
|
(13,166 |
) |
|
|
(28,074 |
) |
|
|
(36,857 |
) |
Interest income |
|
70 |
|
|
|
170 |
|
|
|
164 |
|
|
|
369 |
|
|
|
|
|
|
Income/ (Loss) before income taxes and share of result of
equity accounted joint ventures |
|
4,223 |
|
|
|
(1,388 |
) |
|
|
7,025 |
|
|
|
28,180 |
|
Income taxes |
|
(446 |
) |
|
|
(426 |
) |
|
|
(781 |
) |
|
|
(1,490 |
) |
Share of result of equity method investments |
|
3,302 |
|
|
|
4,673 |
|
|
|
4,698 |
|
|
|
17,933 |
|
|
|
|
|
|
Net income |
|
7,079 |
|
|
|
2,859 |
|
|
|
10,942 |
|
|
|
44,623 |
|
Net income attributable to non-controlling interest |
|
(389 |
) |
|
|
(414 |
) |
|
|
(1,172 |
) |
|
|
(1,118 |
) |
|
|
|
|
|
Net income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
6,690 |
|
|
$ |
2,445 |
|
|
$ |
9,770 |
|
|
$ |
43,505 |
|
|
|
|
|
|
Earnings per share attributable to stockholders of Navigator
Holdings Ltd.: |
|
|
|
|
Basic: |
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
Diluted: |
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
Weighted average number of shares outstanding: |
|
|
|
|
Basic: |
|
69,338,187 |
|
|
|
77,264,139 |
|
|
|
60,452,459 |
|
|
|
77,240,997 |
|
Diluted: |
|
69,673,623 |
|
|
|
77,574,995 |
|
|
|
60,789,378 |
|
|
|
77,559,014 |
|
|
|
|
|
|
NAVIGATOR HOLDINGS
LTD.Condensed
Consolidated
Statements of
Cash
Flows(Unaudited)
|
|
|
|
|
|
Three Months endedSeptember 30, |
|
Nine Months endedSeptember 30, |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
|
|
|
(in thousands except share and per share
data) |
Revenues |
|
|
|
|
Operating
revenue |
$ |
87,085 |
|
|
$ |
93,960 |
|
|
$ |
247,746 |
|
|
$ |
300,231 |
|
Operating revenues - Unigas
Pool |
|
8,155 |
|
|
|
9,615 |
|
|
|
8,155 |
|
|
|
34,508 |
|
Operating revenue- Luna Pool collaborative
arrangement |
|
7,504 |
|
|
|
3,238 |
|
|
|
18,290 |
|
|
|
15,768 |
|
|
|
|
|
|
Total operating
revenues |
|
102,744 |
|
|
|
106,813 |
|
|
|
274,191 |
|
|
|
350,507 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Brokerage
commissions |
|
1,163 |
|
|
|
1,430 |
|
|
|
3,330 |
|
|
|
4,406 |
|
Voyage
expenses |
|
16,775 |
|
|
|
20,208 |
|
|
|
50,080 |
|
|
|
61,808 |
|
Voyage expenses – Luna Pool collaborative
arrangement |
|
4,772 |
|
|
|
3,643 |
|
|
|
14,567 |
|
|
|
15,183 |
|
Vessel operating
expenses |
|
34,948 |
|
|
|
38,663 |
|
|
|
90,766 |
|
|
|
115,342 |
|
Depreciation and
amortization |
|
24,054 |
|
|
|
32,842 |
|
|
|
62,800 |
|
|
|
95,661 |
|
General and administrative
costs |
|
7,988 |
|
|
|
6,137 |
|
|
|
19,732 |
|
|
|
19,050 |
|
Profit from sale of
vessel |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(358 |
) |
Other income |
|
(98 |
) |
|
|
(60 |
) |
|
|
(258 |
) |
|
|
(258 |
) |
|
|
|
|
|
Total operating
expenses |
|
89,602 |
|
|
|
102,863 |
|
|
|
241,017 |
|
|
|
310,834 |
|
|
|
|
|
|
Operating
income |
|
13,142 |
|
|
|
3,950 |
|
|
|
33,174 |
|
|
|
39,673 |
|
Other income / (expense) |
|
|
|
|
Foreign currency exchange gain on senior secured
bonds |
|
1,372 |
|
|
|
5,117 |
|
|
|
1,710 |
|
|
|
12,558 |
|
Unrealized (loss) / gain on non-designated derivative
instruments |
|
(227 |
) |
|
|
2,541 |
|
|
|
51 |
|
|
|
12,437 |
|
Interest
expense |
|
(10,134 |
) |
|
|
(13,166 |
) |
|
|
(28,074 |
) |
|
|
(36,857 |
) |
Interest
income |
|
70 |
|
|
|
170 |
|
|
|
164 |
|
|
|
369 |
|
|
|
|
|
|
Income/ (Loss) before income taxes and share of result of
equity accounted joint
ventures |
|
4,223 |
|
|
|
(1,388 |
) |
|
|
7,025 |
|
|
|
28,180 |
|
Income taxes |
|
(446 |
) |
|
|
(426 |
) |
|
|
(781 |
) |
|
|
(1,490 |
) |
Share of result of equity method
investments |
|
3,302 |
|
|
|
4,673 |
|
|
|
4,698 |
|
|
|
17,933 |
|
|
|
|
|
|
Net income |
|
7,079 |
|
|
|
2,859 |
|
|
|
10,942 |
|
|
|
44,623 |
|
Net income attributable to non-controlling interest |
|
(389 |
) |
|
|
(414 |
) |
|
|
(1,172 |
) |
|
|
(1,118 |
) |
|
|
|
|
|
Net income attributable to stockholders of Navigator
Holdings Ltd. |
$ |
6,690 |
|
|
$ |
2,445 |
|
|
$ |
9,770 |
|
|
$ |
43,505 |
|
|
|
|
|
|
Earnings per share attributable to stockholders of Navigator
Holdings Ltd.: |
|
|
|
|
Basic: |
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
Diluted: |
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
$ |
0.56 |
|
Weighted average number of shares outstanding: |
|
|
|
|
Basic: |
|
69,338,187 |
|
|
|
77,264,139 |
|
|
|
60,452,459 |
|
|
|
77,240,997 |
|
Diluted: |
|
69,673,623 |
|
|
|
77,574,995 |
|
|
|
60,789,378 |
|
|
|
77,559,014 |
|
|
|
|
|
|
Navigator (NYSE:NVGS)
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From Mar 2024 to Apr 2024
Navigator (NYSE:NVGS)
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From Apr 2023 to Apr 2024