Navigator : 2024 Q4 Results Presentation
NVGS
Fourth Quarter 2024 Earnings Presentation
March 12, 2025
Highlights - Strong Finish to a Record Year; Expecting Further Improvement in 2025
Financial
Commercial
Outlook
CORPORATE PRESENTATION 2025
* TCE (time charter equivalent) excludes the 9 owned smaller vessels that are
3
commercially managed in the independent Unigas Pool.
4
Contents
Financial Update
Income Statement - Sequential Improvement Leads to Record Annual EBITDA
(US$'000)
Operating revenues
Operating revenues - Unigas Pool
Total operating revenues
Brokerage commissions Voyage expenses Vessel operating expenses Depreciation and amortization General and administrative costs (Profit) / loss from sale of vessel
2023
2024
Q4
Q4
Unaudited
Unaudited
129,068
130,269
12,564
13,762
141,632
144,031
(1,706)
(1,672)
(18,115)
(19,187)
(46,715)
(45,957)
(32,828)
(32,645)
(8,878)
(9,401)
▪ Strong operational performance in 4Q 2024, with total
operating revenues of $144.0m and robust Adjusted EBITDA
of $73.4m (FY 2024 adjusted EBITDA of $292.8m).
▪ Net income attributable to stockholders of Navigator Holdings
Ltd. of $21.6m, and basic earnings per share ('EPS') of $0.31.
▪ Adjusted net income (which excludes unrealized gains/losses
on derivatives instruments, foreign exchange, write-off of
deferred financing costs and loss on repayment of bonds) was
$27.0m, or Adjusted EPS of $0.39.
▪ Ethylene terminal throughput volumes in 4Q 2024 were
159,183 tons resulting in a contribution of $5.6m from our
Other Income
(36)
-
Total operating expenses
(108,422)
(108,862)
ethylene terminal joint venture.
Operating income
33,210
35,169
Unrealized loss on non-designated derivative instruments
(5,254)
(278)
Net interest expense
(14,586)
(11,197)
Unrealized foreign exchange (loss) / gains
291
(2,847)
Write-off of deferred financing costs
-
(829)
Loss on repayments of unsecured bonds
-
(1,456)
Income taxes
(56)
(1,324)
Share of result of joint venture
5,540
5,620
Net income
19,145
22,858
Net income attributable to non-controlling interest
(1,394)
(1,272)
Fleet Data
Weighted average number of vessels* Ownership days
Available days
Operating days
Fleet utilization
Average daily results in quarter:Time charter equivalent Daily vessel operating expense
2023
2024
Q4
Q4
47.0 47.0
4,324 4,324
4,273 4,250
3,903 3,920
91.3% 92.2%
$28,428 $28,341
$9,068 $8,920
Net income attributable to stockholders of NVGS
17,751
21,586
*With the exception of daily vessel operating expenses, all other data in the table above excludes the 9 owned smaller vessels that are commercially managed in the independent Unigas Pool.
CORPORATE PRESENTATION 2025
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Balance Sheet Strength and Liquidity Position Provides A Stable Foundation
▪ Strong balance sheet with sustained liquidity, despite paying out $35m
December 31
December 31
for scheduled loan repayments, $57m in payments towards our
(US$'000)
2023
2024
ethylene terminal expansion, $1.1m in share buybacks, and $21m in
Audited
Unaudited
progress payments towards our MGC newbuild vessels, all in 4Q 2024.
Assets
Cash and cash equivalents
158,242
139,797
Other current assets
97,130
80,587
Total current assets
255,372
220,384
Vessels, net
1,754,382
1,653,607
Vessels under construction
-
41,589
Equity method investments
174,910
253,729
Other assets
18,021
11,320
Total assets
2,202,685
2,180,629
Liabilities and equity
Net current portion of debt
120,327
250,087
Other current liabilities
65,115
68,686
Total current Liabilities
185,442
318,773
Net long-term debt
773,653
603,441
Other non-current Liabilities
10,516
12,051
Total liabilities
969,611
934,265
Equity
1,190,274
1,205,469
Non-controlling interest
42,800
40,895
Total liabilities and equity
2,202,685
2,180,629
Liquidity position remains robust even after recent uses of cash
$MM
200.8
196.2
200.0
28.5167.0
150.0
28.5
68.5
139.8
122.2
100.0
88.5
77.7
89.8
50.0
50.0
50.0
50.0
50.0
0.0
31 March, 2024
30 Jun, 2024
30 Sep, 2024
31 Dec, 2024
Undrawn vessel facilities
Available Cash & Cash Equivalents
Minimum cash requirement - Bank covenant
Total liquidity
CORPORATE PRESENTATION 2025
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Extending Debt Maturities, Improving Liquidity, and Reducing Financing Costs
Current Debt Maturity Profile / Balloons at Maturity to 2030
Proforma Debt Maturity Profile / Balloons at Maturity to 2030
$100 million Bond
$210 million facility
$67 million facility
$151 million facility
$100 million Bond
$67 million facility
$151 million facility
$111.8 million facility
$111.8 million facility
$200 million facility
$147.6 million facility
$75 million facility
$200 million facility
$147.6 million facility
$75 million facility
200
200
150
$25m
150
$25m
During next
$56m
12 months
$56m
100
$50m
100
$136m
50
$50m
$100m
50
$25m
$40m
$100m
$68m
$25m
$11m
$68m
0
$29m
$32m
0
$29m
$32m
2025
2026
2027
2028
2029
2030
2025
2026
2027
2028
2029
2030
CORPORATE PRESENTATION 2025
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Leverage Continues To Decrease Providing Substantial Financial Flexibility
Net-Debt to Adjusted EBITDA (last 12 months)
8.0
7.5
6.6
6.4
6.6
7.0
6.0
5.3
5.0
4.0
3.4
2.6
2.4
3.0
2.0
1.0
-
2017
2018
2019
2020
2021
2022
2023
2024
$million's
Indicative Quarterly Loan Repayment Profile
$160m
Q1
Q2
Q3
Q4
$140m
$121
$118
$118
$125
$120m
$35
$34
$29
$30
$100m
$80m
$24
$32
$32
$33
$60m
$35
$27
$28
$40m
$25
$20m
$26
$26
$30
$34
$0m
2024
2025
2026
2027
CORPORATE PRESENTATION 2025
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Lean Operations and Cost Efficiencies Result In Robust Cashflow From Operations
Estimated All-in Cash Breakeven for 2025 is $20,610 per day
$25,000
$1,400
$20,610
$20,000
$5,500
$19,210
$15,000
$2,600
$1,700
$11,110
$10,000
$8,950
$460
$5,000
$0
Broker Commission
EBITDA Breakeven
Debt Amortization
Drydocking CAPEX
OPEX
G&A costs
Net interest
Cash Breakeven
NVGS 2024
expense
Cash Breakeven
Expense Guidance for 2025
Daily OPEX
Mid-sized
$11,100/day
Semi-ref ethylene
$8,800/day
Semi-ref LPG
$9,000/day
Fully ref LPG
$9,500/day
Small LPG
$8,050/day
1Q25 Estimates
Vessel OPEX
$45m - $46m
Cash G&A
$9m - $9.5m
Depreciation
$34m - $34.5m
Cash Interest Expense
$13m - $14m
Full Year 2025 Estimates
Vessel OPEX
$190m - $192m
Cash G&A
$36m - $38m
Depreciation
$136m - $138m
Cash Interest Expense
$56m - $58m
CORPORATE PRESENTATION 2025
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Disclaimer
Navigator Holdings Ltd. published this content on March 12, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 12, 2025 at 14:15:10.520.