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Revenue: Increased by 2% compared to the same period previous year, totaling $144 million for Q4 2024.
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Adjusted EBITDA: $73.4 million for Q4 2024, up from $72 million in the same period previous year.
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Net Income: $21.6 million for Q4 2024, with a basic earnings per share of $0.31.
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Adjusted Net Income: $27 million or $0.39 per share, excluding unrealized gains/losses on derivatives and other adjustments.
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Cash Position: $139.8 million in cash and cash equivalents as of December 31, 2024.
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Debt Repayment: $35 million in scheduled loan repayments during Q4 2024.
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New Bonds Issued: $100 million of unsecured bonds at 7.25% in the Nordic market.
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Time Charter Equivalent (TCE) Rates: Average of $28,341 per day for Q4 2024.
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Utilization Rate: 92.2% for Q4 2024.
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Vessel Operating Expenses: $46 million for Q4 2024.
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General and Administrative Costs: $9.4 million for Q4 2024.
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Ethylene Terminal Throughput: 159,183 tons for Q4 2024, contributing $5.6 million from the joint venture.
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Return of Capital: $0.05 fixed dividend and share buyback totaling 25% of net income for Q4 2024.
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New Vessel Acquisitions: Three handysize ethylene carriers for $83.9 million, with two delivered in February 2025.
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Debt to Adjusted EBITDA Ratio: 2.4 times as of December 31, 2024.
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Net Debt Capitalization: 34% at the end of 2024.
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Cash Breakeven for 2025: Estimated at $20,610 per day.
Release Date: March 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Navigator Holdings Ltd (NYSE:NVGS) reported a 2% increase in revenues for Q4 2024 compared to the same period the previous year, driven by higher utilization.
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The company achieved an adjusted EBITDA of over $73 million for Q4 2024, surpassing both the previous year’s Q4 and Q3 2024 figures.
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Navigator Holdings Ltd (NYSE:NVGS) maintained a strong balance sheet with a robust cash position, even after significant debt repayments and investments.
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The company successfully issued $100 million of new unsecured bonds at a favorable rate of 7.25%, marking the tightest spread for any dollar-denominated shipping bond in the Nordic market since 2008.
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Navigator Holdings Ltd (NYSE:NVGS) completed the expansion of its ethylene export terminal on time and on budget, increasing its annual throughput capacity significantly.
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The throughput at the joint venture ethylene export terminal was lower than Q4 2023 and below capacity due to US cracker turnarounds.
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The ethylene transport demand was temporarily softer, impacting market conditions.
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Vessel operating expenses were slightly up compared to the average of the first three quarters of 2024, typical at the end of the financial year due to accruals.
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The company reported a small unrealized loss of $0.3 million related to movements in the fair market value of long-term interest rate swaps.
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Geopolitical tensions and market uncertainties pose challenges to longer-term forecasting and could impact future operations.
