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Navigator Holdings Ltd. reports developments tied to its liquefied gas transportation business, including the ownership and operation of handysize liquefied gas carriers serving petrochemical gases, ethylene, ethane, LPG and industrial raw materials. The company also owns a 50% joint-venture interest in an ethylene export marine terminal at Morgan's Point, Texas on the Houston Ship Channel.
Recurring news themes for NVGS include operating and financial results, fleet and vessel-investment updates, annual report availability, shareholder voting matters, board elections, auditor ratification, capital-structure disclosures and governance matters for the public company.
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Navigator Holdings Ltd. (NYSE: NVGS) announced the conclusion of the sale of approximately 39.1% equity interest to BW Group Limited, which closed on December 22, 2020. Following this transaction, BW Group has entered into an Investor Rights Agreement, allowing it to designate two board members and establishing restrictions on acquiring additional shares until May 18, 2022. Additionally, Andreas Beroutsos joined the board as a BW Group appointee, while Hal Malone resigned, with no reported disagreements. Executive Chairman David Butters expressed confidence in Beroutsos's contributions.
WL Ross & Co. LLC has agreed to sell its approximately 39.1% equity interest in Navigator Holdings Ltd. (NYSE: NVGS) for $9.00 per share, representing a 9.4% premium to the company's 10-day volume-weighted average price as of December 14, 2020. This strategic move is backed by supportive remarks from both WL Ross and BW Group, highlighting the potential for Navigator's growth and strategic execution. Moelis & Company and Skadden, Arps, Slate, Meagher & Flom LLP advised WL Ross, while Cleary Gottlieb Steen & Hamilton LLP represented BW Group.
Navigator Holdings Ltd. reported $81.4 million in operating revenue for Q3 2020, up from $75.6 million in Q3 2019. The company achieved net income of $1.5 million, an improvement from a loss of $2.9 million last year. Adjusted EBITDA was $31.9 million, slightly lower than $29.5 million in Q3 2019, despite decreased fleet utilization at 78.8%. The company is experiencing disruptions from Hurricane Laura affecting throughput at its ethylene export terminal, but expects utilization to rise as market dynamics improve.
Navigator Holdings Ltd. (NYSE: NVGS) will announce its financial results for the three and nine months ending September 30, 2020 on November 12, 2020, after market close in New York. A conference call for discussion will be held on November 13, 2020, at 9:00 A.M. ET. Participants can join via a US Toll Free number or international dial-in numbers. An archived webcast will also be available on the company's website.
Navigator operates the world's largest fleet of handysize liquefied gas carriers, essential for transporting petrochemical gases.
Navigator Holdings Ltd. (NYSE: NVGS) reported a Q2 2020 operating revenue of $79.9 million, an increase from $73.6 million in Q2 2019. The company achieved a net income of $3.0 million or $0.05 per share, significantly improving from a net loss of $7.7 million in Q2 2019. Key factors included fleet utilization rising to 88.3% and an Adjusted EBITDA of $31.9 million. A new three-year charter for ethylene transport was secured at rates exceeding $30,000 per day. The ethylene terminal is expected to maintain profitability for the rest of the year.
Navigator Holdings Ltd. (NYSE: NVGS) will release its financial results for the three and six months ended June 30, 2020, after market close on August 13, 2020. The management will host a conference call on August 14, 2020, at 9:00 A.M. ET to discuss these results. Participants can dial in via specific phone numbers provided in the release. Additionally, a live audio webcast will be available on the company's website. Navigator owns the largest fleet of handysize liquefied gas carriers and plays a crucial role in the liquefied gas supply chain.