The following is a summary of the Navigator Holdings Ltd. (NVGS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Navigator reported operating revenues almost equal to the same period in 2023, driven by higher time charter rates.

• The adjusted EBITDA was a record $74 million, up from $69 million in the same period last year.

• Adjusted net income was $23 million, and a further 5% per share dividend plus new share buyback is announced.

• They reported TCE rates to an average above $28,000, 11% higher than the same period last year.

• Operating income increased nearly 14% compared to the same period last year.

• Net debt to capitalization was 33% as per March 31, 2024, with net debt to adjusted EBITDA was 2.4x for the 12 months to that date.

Business Progress:

• Despite debt repayment, the company retained a strong cash position and continued to invest in the ethylene terminal expansion.

• Their JV ethylene export terminal decreased slightly in throughput, but a total export near terminal capacity is expected throughout the year.

• Progress on expansion of the terminal continues as planned, with completion expected in Q4 2024.

• They invested in an early-stage clean ammonia export project in the U.S. Gulf Coast area.

• Utilization is expected to remain near or above 90%, with charter renewals continuing at higher rates.

• Energy-saving technology investments are being made for their vessels, with plans to refinance their loans.

More details: Navigator IR

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