Navigator Hldgs Ltd Stock Price, News & Analysis

Navigator Holdings (NYSE: NVGS), operating as Navigator Gas, has secured a $147.6 million term loan and revolving credit facility with Credit Agricole Corporate and Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken AB (PUBL). The facility, dated August 9, 2024, will be used to:

• Refinance the existing March 2019 secured loan facility
• Fund the repurchase of Navigator Aurora
• Support general corporate and working capital needs

The loan is structured in two tranches: $100.8 million and $46.8 million. It matures in August 2030 with a quarterly interest rate of SOFR plus 190 basis points, including a sustainability-linked adjustment. The facility is secured by up to five of the company's vessels and contains specific conditions, covenants, and events of default.

Navigator Holdings (NYSE: NVGS) has announced a co-investment with Attis Clean Energy in Ten08 Energy , a clean ammonia developer. The project aims to create an industrial-scale hybrid blue and green ammonia production export facility on the Gulf Coast of Texas. Navigator's initial $2.5 million commitment comes with an option to invest up to $100 million in preferred equity at Final Investment Decision (FID).

The first phase of the project is expected to produce 1.4 million metric tonnes per year of ultra-low carbon ammonia, with operations commencing in late 2029 or early 2030. Navigator and Ten08 plan to offer an integrated service of US-based clean ammonia production and international seaborne transportation to customers in Europe and Asia. This initiative supports the decarbonization of various industries, including power, shipping, fertilizer, and chemicals.

Navigator Holdings (NYSE: NVGS), operating as Navigator Gas, has announced the release date for its second quarter 2024 financial results. The company, which owns and operates the world's largest fleet of handysize liquefied gas carriers, will publish its results for the three months ended June 30, 2024, after the New York market close on Wednesday, August 14, 2024.

A Zoom conference call and slide presentation will be held the following day, Thursday, August 15, 2024, at 10:00 A.M. E.D.T., where the company's management team will discuss the financial results. Interested participants can register for the call through a provided link or join by phone using the given dial-in numbers. The conference call and slide presentation will be available for replay on Navigator Gas' website under the Investors Centre section.

Navigator Holdings (NYSE: NVGS) and Bumi Armada Berhad have announced that their joint venture, Bluestreak CO2 , has entered into a memorandum of understanding (MoU) with Uniper (UK) . The collaboration aims to explore the feasibility of implementing a jetty-moored floating liquid CO2 storage facility and liquid CO2 carrier solution for Uniper's proposed Grain Carbon Capture project in the UK.

The project aligns with the UK Government's goal of decarbonizing the power sector by 2030. Bluestreak CO2 is expected to design and implement a comprehensive CO2 value chain, including liquid CO2 shuttle tankers and storage capabilities. This initiative demonstrates how Bluestreak CO2 can assist emitters without pipeline access in managing their CO2 emissions effectively.

Navigator Gas, the owner and operator of the world's largest fleet of handysize liquefied gas carriers, held its 2024 Annual General Meeting of Shareholders on June 24, 2024, in New York. During the meeting, shareholders approved the election of Dag von Appen, Yngvil Åsheim, Dr. Heiko Fischer, Janette Marx, Dr. Anita Odedra, Peter Stokes, and Florian Weidinger to the board of directors, who will serve until the 2025 Annual General Meeting. Additionally, PricewaterhouseCoopers LLP was ratified as the independent public accounting firm for the fiscal year ending December 31, 2024.

Navigator Gas announced the upsize and pricing of a Secondary Public Offering by BW Group , selling 7,000,000 shares at $15.00 per share. The offering is set to close on June 13, 2024. Navigator Gas will not receive proceeds from this sale but will repurchase half of the shares (3,500,000) at $14.52 per share using cash on hand. The repurchase is contingent on the completion of the Secondary Offering. Citigroup and DNB Markets, Inc. are managing the offering. The offering documents were filed with the SEC and prospective investors can access these for detailed information.

Navigator Gas announced a secondary public offering of 6,000,000 shares by its selling shareholder, BW Group The company will not receive any proceeds from this sale. Concurrently, Navigator Gas plans to repurchase 3,000,000 of these shares from underwriters at the offering price, using cash on hand. The share repurchase is dependent on the completion of the secondary offering and customary closing conditions. Citigroup and DNB Markets are joint book-running managers for the offering. The offering documents have been filed with the SEC and are available for prospective investors.

Navigator Gas (NYSE: NVGS) announced their 2024 Annual Meeting, scheduled for June 24, 2024, at Baker Botts LLP, New York. Shareholders will vote on board elections and ratify PricewaterhouseCoopers LLP as the independent public accounting firm. The record date for voting is May 17, 2024. Relevant documents will be distributed before the meeting, and the Notice of Meeting and Proxy Statement are available on the SEC website and the company's site. Additionally, Navigator Gas has filed its 2023 Form 20-F with the SEC, accessible through their website. Hard copies are available upon request.

Navigator Gas reported its financial results for Q1 2024 on May 15, 2024. The company declared a $0.05 per share dividend, payable on June 25, 2024, as part of its Return of Capital policy, and plans to repurchase $2 million of common stock. Operating revenue for the quarter was $134.2 million, a slight decrease from $136 million in Q1 2023. Net income attributable to shareholders was $22.6 million, up from $18.8 million in the same period last year, and basic earnings per share were $0.31 compared to $0.25.

EBITDA grew to $73.7 million from $64.6 million, while adjusted EBITDA increased to $74.1 million from $69 million. The company reduced its debt by $31.1 million to $862.1 million, maintaining cash reserves of $172.2 million. The average daily time charter equivalent (TCE) rose to $28,339 from $25,620, though fleet utilization dropped to 89.3% from 96.3%.

Navigator Gas also announced plans for a $130 million expansion of its ethylene export terminal in Texas and a $2.5 million investment in an early-stage clean ammonia export project.