NVGS - Earnings call transcript Q1 2022

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Randy Giveans

[Call Starts Abruptly] limited to, future expectations, plans and prospects from both a financial and operational perspective and are based on management assumptions, forecasts and expectations as of today's date. Actual results may differ significantly from our forward-looking information and financial forecast.

Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission.

So with that, I will now pass the floor to our Chairman, Mr. von Appen. Dag. ahead, go Please

Dag von Appen

day Call. Welcome Good First the Quarter Earnings to Randy. to everyone. Navigator Thanks,

would to dedication I for quality First, like to their ships staff service hard cruise and work customers. and our to high thank delivering the Navigator

keep and Oeyvind, to and Randy in Officer, the the a moving high We working pandemic conflict. our staff improve. Officer; our that with Chief by merger. of Operation Thanks Commercial synergies performance team the merger our as Russia-Ukraine Investor it throughout Officer; Financial smoothly in we're of North being capturing to have our continues business are committee all we been America goes and results to seagoing teamwork, be charge and comprised integration the our very to is have continue ahead, thank very glad Niall, up running Chief Special company impacted by together Michael, they for development Relations. strong grateful part And new management our as the and Chief the the and office strongly by Houston affected to you leading

the to huge from Oetker, our of from reduce Board would behalf on Both stepped valuable Beroutsos. gratitude have to to extend longer when members. decided nine our down support the I Second, the to appreciation service like and Board Board, we Alexander to and seven member, of Andreas

important with huge geopolitical is at going same development green. reduction shipping jitters, longer even and upside and believe shareholders. create returning trade crisis, world changing shipping supportive global has Despite freight and patterns to the Navigator order special stay XXXX. the time, active the order headwinds expansion market markets inflation a healthy remain and the supply low additional together to of the times, conflict, Gas gas supportive no created committed The financial ship impacted short the ongoing will Although market as on of disruptions may and amazingly market volumes, economic the growth pandemic for Chinese creating petrochemical well and believe, the interest year, rates. our serving disruption markets disruptions, economic multiple for into the from for reduced recovery trade. been rate Emission the both COVID-XX European with next observers demand speeds markets, expect commodity, board, supply material policies segment, profile and latest balance, lockdown The going freight and improving economic recent mitigate book several and volatile I and of through that inefficiencies rises have all But rates. and in further impact highest have chain volatility years, energy the tanker energy Russia-Ukraine with as continues

Of course, time will tell.

quarterly X. Slide on Turning to the highlights

balance as debt to levels We adjusted the million, reduce strong sheet achieved the million last pleased roughly financial with report of debt quarter amortization. a We year, first performance much EBITDA are of year. to a much resulting continue in compared liquidity, to first for quarterly $XX.X as in and through last XXXX of $XXX our we quarter twice program a improved

The the explained three time charter see On the factors. at be of by can freight improving commercial nearly equivalent utilization front, improving rising XX% an we underlying $XX,XXX. and market steadily rates our nearly

now last exports year American on and was production First, U.S. at X% above production level rise. natural propane production gas on record for started. shale highest the liquids April since are gas and the

in And for XXX,XXX Navigator April, Morgan's ethylene resulting the terminal of at high record incremental in totaled first ethylene exports logistics. approximately seaborne quarter. at export Point addition, profitability XXX,XXX Enterprise In all-time throughput during demand reached the an tons, tons achieving

are the more conflict to being translates tankers. challenged disrupting further in closest the European sources demand for petrochemical routes. typical geographical customers from and ton products trade looking mile happening same Russia-Ukraine gas namely ammonia. as The which supplier petrochemical is all we sourcing is into gases gases, traditional Second, transport, and increasingly is supply The afield sourcing LPG,

demand ethylene LPG segment with trades tanker is same segment which and gas there ammonia be gas ethane activity employed substitution handysize the vessels refrigerated the segments available inter-ship turn in providing therefore, petrochemicals. Third, less can tanker in for easy Increased higher carriers, competition. export effect is U.S. and in fully trades, ships seen across carrier in and segments. – gas reduces employed propane vessels larger fewer ton-mile The for

Lastly, front, during two the commercial prices, first of reducing oldest of completed our on fleet. vessels sale the good at of average our we operating quarter age the further the

demand outlook and of sorry, – as production are NGL demand ships of tighter exports American the our becoming forward, ships remains Looking utilization supply and and and keeping supply optimistic prices becoming to rates North shipping rise. climb, supported strong on tighter. and by continue

the has which helping stronger tons we Following begun conditions see momentum volumes to our Europe This recently QX increased ship efficient of advantage commodities quarter terminal together U.S. levels competitively deliver priced through the expansion of companies Because Enterprise. are size robust operations, end all more several the a this, developments earnings overheads Asia almost signs Navigator XXXX we are into differentials with And ethylene with geographical we positive Houston, reflects have targeted improving creation U.S. the The per the and infrastructure, results. April-May stronger us have all and demand at export expect of In month. of we second price our investments large based flows, cost to cash the for large in ethylene. transport. exports. approximately our at the in terminal, summary, remained and our translate user NGL market evaluating for reduced Gas, value similar midstream export ethylene because good company, processing record these for announced production, partners U.S. continue across shareholders. and in and of as our at should XXX,XXX

terminal, best health the the future. right business people, position vision, strategy the the have correct the the model, the to for ships, the well We Navigator financial Gas and integrated

Now, a give review. like more detailed over to would will I who you. you financial Niall, hand Thank to

Niall Nolan

Thank you, and Dag, good morning, everybody.

$XX.X million and income $X.X During unrealized performance the are or the the as EBITDA handysize was $XX.X for of the million, for million $X.XX quarter million million million, to in million $XX.X vessels smaller first million year. a quarter share first for reduction a last Total Pool, quarter, QX $X.XX XXXX. a a the and exchange per first representing to comparative net the the were following income eliminated. on revenues year. sale of XXXX. the per for seven increase of as a the equates million company, $XX.X now an which quarter carrier offset year. for and $XX.X Unigas compared record $XX fleet last share There XXXX of the the operating This derivative cubic by of last from or was of first joining which the as quarter X,XXX Ultragas the on quarter, part strong share adjusted transaction XXXX revenue January company revenues Happy or the the compared this in of first the of compares generated million a for vessels nine Unigas sale net additional losses of generated of additional $XXX.X million to for $XX.X if $XX the built to meter this of instruments operational the Navigator a foreign principally Neptune of to of slight gains result The $XX.X result March $XX revenues quarter XXth following LPG Bride from was derived

XXXX. achieved to nudged ago, utilization an for to last quarter the accounted per $XX,XXX also compared rate approximately Vessel We And to was million $X.X day an $XX,XXX million or to – average to to this month, an increase day first of from $XXX,XXX the XXXX. the a per the year $X.X as a rose which up quarter XX.X% for quarter, this see the charter increasing quarter in additional per rates during in increase revenues to continue revenues. of $XX,XXX contributing quarter, the day compared for environment XX.X% of charter

the the increased during the pool last pass-through vessels significantly of globally. to XX a days course dock of a a have share $XX.X other during the incurring of this the voyage vessels for vessels were which with year voyage Bunker Voyage increase We other to quarter expenses remaining and was had revenue the first net are quarter of in dry the from of aggregate benefit by dry energy cost planned in million subject only the which of of Consequently, voyage this have million surveys, million the vessels Luna scheduled million, over from in participants' or in surging our result with $XX.X dry the handysize during this capital forms of continues is of as of capital Pool we million the of expenses fleet, in the Pool an of vessel's total line are scheduled surveys from docking to $X.X revenues four taking benefit billion costs quarter share our $X.X net fuel thereby participants' similar $X.X the part and enter representing voyage of representing from $X.X year. and nine pool. scheduled cost the dock most XXXX. additional quarter, the seven XX.X% primarily The our for operating which further a net their expenditures the nine $X.X costs, at to for $X.X their Luna revenues, expenses. months these quarter, charters, to A expenses, million million. prices expected the

all first expenses operating first vessel the during $XX.X by quarter the of for XX% result of vessels compared Our additional quarter million quarter. a to XXXX to fleet was the the in the increased of as or which OpEx

are year. $XX per last per this per quarter or of million, to for increase $XX.X day to when our vessels In per XX% year the two-fold. approximately last last to $X,XXX reason vessel operating per expenses Depreciation fact, increased first quarter for of and compared the day during vessel quarter for compared $X,XXX day, by reduced day first quarter the the day this again of $X,XXX quarter XXXX. The on by

$X.X $X.X December more years there year, at effect quarter General a years reallocation the other and unrealized approximately increase vessels on to XX the The fleet quarter, $XX.X to million income quarters $X.X of swap for costs expenses quarter. the reduce management vessel relating quarter. being of LIBOR during of management the over approximately estimated relating interest for expenses lives New last the depreciation participants $X.X increase. the which Luna million increase the as accounted the the last of technical decision million the of compared Ultragas And a for of fair the quarter. instruments five-year and useful course offset vessels the gains XX First, the primarily for to of the the XXXX, significantly costs have an office reduction for will from our Pool risen from closure at with generally in the were were other per to rate be costs company's administrative rates XX on both to were million swaps value of earned of derivative following was XX, the associated movements million of this York just in with being a same fees operating management to was, of under and our secondly, and comparative by $XXX,XXX

transaction have at as rates two other. the our We on fixed fixed of interest loan each X.X% LIBOR the of approximately And part loans X%. at Ultragas one have facilities on and on the X.XX% assumed

was there $XXX addition, million million, $X.X of the outstanding $X last additional vessels. our Norwegian on which year, of Ultragas swap was a unrealized currency quarter In $XX of with of of the million on an relating million. on the the quarter all first an interest gain result increase as of was associated to Interest cross bonds for the expense debt

profit record share Our this was $X.X quarter. from results the marine million a of ethylene export terminal of

million loss profit to XXX,XXX Dag to quarterly time. of throughput year, This last based quarter. the the a said $X.X at in second terminal. issues the of million. and $XX quarter profit of the for increased ethylene As XXXX at guidance annualized pipeline now terminal on integrity for $XXX,XXX previously at understand to in this million on of But and $XX compared based between quarters annum the due million annual of two this during million per following QX We first the is of charges $XX that This to XXXX. million $X.X profit the guidance addition EBITDA is given a $XX million the level, that of had from terminal, $X.X between tons consecutively the of we capability past EBITDA depreciation profits better

had the March and the $XX.X from On balance X, at XX Slide we vessels. cash available our on company million $XXX.X a associated with facilities secured see credit sheet million revolving undrawn that of further

Our minimum a bank maximum million. liquidity loans $XX covenant various is from agreements and of our credit

is payments. small highlighting which of meter book $XX LPG sold During values of that we sold re $X.X these worth quarter carrying carrier supports respective at sheet. the both in first the March vessels built our Bird, XXXX for the disposals XXXX ethylene or of And Navigator vessel XXXX, $XXX,XXX, of of a just Happy vessels a built excess these generating million. a on for Neither debt balance It carrier in we values January, XXXX sold required their cubic any under Neptune, million. were X,XXX in profit the

$XX.X $XXX Our And it quarter. X, total shown by has Slide first on million. XX March during debt was the reduced at million

credit maintained by million, of XXXX, November, comprised vessels terminal approximately million. a a amount with debt $XX $X,XXX With Slide provide facilities our we are aggregate OpEx across of various have we the option of call to the on in the two markets. has breakeven currently the estimated XX us the This which facility bond in the denominated a EBITDA to day XX, which $XXX.X On of at per And side right-hand day the generative $XX,XXX a per million cycle. the vessel our Norwegian of for redemption In $XXX complex positive per krone of toughest shipping from Our ethylene cash rate to and to have throughout bonds, for we Slide ranging secured million, enables low segments expected loan respect for maturity more we XXXX box associated cash midsize vessels the of $XX which Norwegian XXX.XXX%, the evaluating. daily $X,XXX level generate day. larger, vessels. of at amount even we smaller the outlined

On a vessel spend uplift a takes transaction the which OpEx, vessels, well Ultragas annual We depreciation and range the outlined the XX, also increase in concluded we doubling XXXX, of expected provide for XXXX, Slide the from historical the income earnings quarter and the the G&A costs, as for QX net Ultragas account showing was XXXX into from quarterly the terminal. further expense. interest which the for EBITDA an as in QX in full

per bar on if EBITDA $XXX to to And $XX,XXX Oeyvind day, his hand million the giving over of rates rates were with across On thereafter, potential rates were left EBITDA each right average the XX, moving charter on with to you if graph side XXXX I'll EBITDA for $X,XXX and based day approximately Slide rise the the the the rise on fleet $XX,XXX the a that, to bar to $XXX the million climbed charter of of right graph, of we and annualized the charter day. remarks. that a QX outline shows by

Oeyvind Lindeman

finally to Niall. morning, And you, starting starts good Navigator. everyone. macroeconomic The are for Thank align

experiencing transition. as we the necessary in to realization that a where carbon demand energy and We stone gas stepping towards to are in trade is disruptions global environment a and due are future lower source derivatives its an gas longstanding are green a also flows high

carry. in U.S. also factor seeing production production, and to all infrastructure, investments are debottlenecking of gone we we Atlantic gas petrochemicals, supercharged is has XXXX dramatic imports in being and companies. renewed XXX of midstream liquids’ from the are in for ammonia, March, infrastructure American LPG, to enable increase. all NGL interest addition, across products natural reliable gases, North low the a to XXX count. especially In a In this connection count the we the environment to seaborne seeing One pointing the rig European from rig import today,

supply growth In least to steel, commodity X% the leaving on prolonged addition, three next squeeze handysize the only prices tonnage restricted the chains over as segment with is at situation such and feet years.

All for of these forward. set factors stage the environment robust going freight

perfectly stable the and incremental shipping other export demand recently exports see for in are competitive their transportation. markets increasing has reaching that once XX. exports. gas month remains linked on We expect visualize to to We charter broker’s and Repauno’s pricing terminals of record rise. per again. rates continuing approximately can the world shows can export market levels volume competitively derivatives. time reliable The clearly for America LPG priced is the gas to reinforces go export of terminal Ethane any producer is liquid X,XXX set seaborne Handysize And relatively reflected and parts also throughput and products natural U.S. April of growth is to from Navigator assessment. strength New April from and in demand in positive Page on this strength day. North We LPG is the these exporter Page Jersey third-party America Domestic as and to liquid in benefit commenced with shipping Coast compared is sentiment XX. program a on a positioned It record strengthening propane continued for hence new and demand gas natural increasing for U.S. also production production, production of barrels developments. of East closely

$XXX,XXX or have XXXX, on ship $XXX,XXX of improved type. a are core steadily in handysize and between range refrigerated the depending since month low to the ship month semi September vessels types now capable, a showing Our a with refrigerated fully ethylene

above that a have curve third-party while extended semi current meaning dynamics. time takes assessed We quoted refrigerated recently four the market XX-month for little reflect vessels by the charters brokers, rate to

Our on our our employment graph mix is illustrates of Page needs changing XX customers. The continuously the earnings days. to

showing Our first two trends. is quarter

we and of the is America’s our efficient continue position trading blue earnings Navigator’s with this in set secondly green the The feedstock XX% and ammonia. world in First, first up in believe proportion cheap is days woken carbon forward. is we to This for And in fuel. for as food of natural history, to carbon and ties are opportunity highest has storage the for unique ammonia production Blue vessel carbon easy free ammonia nicely geology. gas security. instance, crop for more with access free and potential caption go

showing is charters on are our trend time earnings second The petrochemical tremendously. days up

During the carrying on we quarter, and ethylene. time propylene, first vessels had employed in charters ethane, eight

of look to a natural the and way, I Far industry’s business service now volumes reliable potential petrochemical an with terminal gas, virtual we of ethylene traditional Point a Gulf. U.S. of markets. think With U.S. supports exported appetite U.S. to to the ethylene the for a the it’s it have overseas market. the reflection started the potential should fundamentals vogue, And together at changing to through a U.S. midstream coming as on venture products, between into delivering and to East. of be attractive American being to its quarter. our Morgan’s Enterprise. flow also the is reaching expand the to extension spot joint international international ethylene for minimum terminal record of XX In we model America back is liquid second ethane from This arbitrage tons export opposed terminal arbitrage of XXX,XXX expect consumers. competitively, to pipeline produced continued a illustrates turn ethylene Provided Europe Page in these priced

XX, and permits We cost very mentioned over of get I appetite, years. is in understanding segment are disability whole. various few The for currently as tonnage project the handysize next the terms large before in climbing, engineering order illustrates to as [indiscernible] the [ph]. a in the segment a situation X% increase On better evaluating Page customer of

should in handysize that vessels We to these situation mind are be age balanced product accommodate that these today for units. of the years XX materialize confident of recycled. are thus water additional vessels can And XX% on vintage further and there vessels of and should be demand about incremental supply therefore the

to supply, are is continue utilization charter through So all the robust XX% the following about EBITDA well products where rising investments all record rates, rising and around vessel ethylene, by all There’s and XX% we in gas in situation, derivatives, all, Navigator in influenced directly positioned on – North of infrastructure. lot terminal page, set in market, export quarter very strong the on outlook. liquidity production ethylene the which these things and increases think continued limited America is with

pretty aligned to thrive I we – are starts Back couple you much over to the a very years. forward to for next Navigator much. positive set that with as going So we environment the believe of for [ph] opened are Thank Randy.

Randy Giveans

you, Thank Oeyvind.

now the So, for we’ll some Instructions]. yes, Q&A. open [Operator line

your open. is So first It line is on question, mute.

Ben Nolan

Randy, hear can you me?

Randy Giveans

Can you go… now, hear

Ben Nolan

on Nolan is appreciating over of This the contracted? is on that couple, uplift but you some Ben sense relative percentage currently contract recontracting we Ben. do and go. assumed just they that across so, I Hey, I have the you’d things a Canadian specifically, in of to are This say you any want Any vessels – mentioned exports. vessels and basis were is sense have not sort Stifel. fleet, say let’s where to a what might the there at the relative Oeyvind, Yes, for rates of

Oeyvind Lindeman

the rate many Traditionally, from a transactions vessels charter the than to ones and are they is it trading, here lags, that Asia, the rate to a assessment up. that down or up where goes time year-on-year XX-month happening there’s particular that handysize because a of are XX% not Canadian These week. what for Coast from quoting But in are rate you’re brokers product referring ship third-party the week some higher indeed West segment. to taking not

see brokers. trades these definitely some are of what done you published So that being those on publicly there is ship for up the by are rates

Ben Nolan

Appreciate Oeyvind. obviously the been that, about has possibility then Okay. [Ph] are themselves. helpful. guys terminal, expanding And Enterprise moving to that over of you ethylene talking about That’s the and very vocal very

the I when strategy, making decision. everything this Phase that to have basically contracted you would you venture way of be an was expansion the the with this know idea even or it fully forward it a or thinking being joint about thinking did and willing a are final maybe market, X, pick same was investment Just to if project, almost in XX% before move good whatever number? contracted With the

Oeyvind Lindeman

that. One thing storage a tank to future and then keep Enterprise Mont X, tank should from in capable felt cubic doubling we upsized anticipation mind doing of cubic be as terminal upsized for Ben original is when call space potential potential venture taking to the to you the capacity. above Navigator ground of because product it joint assets to prepared those refer expansion. we be that X. we can to Similarly, XX,XXX to pipeline Belvieu did Phase Phase The XX,XXX was the needed in from a storage we for was both And down

all that’s in So, place.

and was cost an that So at time. the incremental

is – a go level a for that with ahead, are So what project we investigating XX%, that expansion, Enterprise is comfortable the level are XX% you there the which Navigator at assets would we when don’t different probably question, throughput commitment what strategies that potential and the need to moment. both for is, the

Ben Nolan

over. turn I’ll it Okay. And me, for Fair enough. lastly and then

this part I coming talked there there the coming first guys or M&A order LPG guess terminal States, curious be out you and/or it’s exports Navigator existing ethylene is capacity online, book, appetite contemplating year X% a was is go maybe do and through from to the other as the any of to As last of petrochemical seems on room you for or out fleet a whether only the the lot a that orders. if could size additional about assets? like it new be and was would I of case increased United

Michael Schroder

thing have. that ethylene continuously, with there our it we it's The competing for We're is I shipping. that ethane markets looking between think always at be and is with will something ethylene mind. ethane, on competition it's so

we trade So situation from whereby ships move some we envision ethane our ethylene. will into

to to Luna happen our a is ethylene ships the are product the about –XX/XX Pool example, But an the enough, willing ethane today pay. today there's it's what So just there the depends but the – The bit tonnage ethane ethane/ethylene. will give is depending then is if is dynamic moves all to trading two. of between So a that from what trade? question situation ethylene to XX-XX%

Ben Nolan

through acquisitions, then you through is And Right. a taking question it I Is how guess it that? you buildings? bigger new Is guys do resolve the position secondhand perhaps?

Michael Schroder

the It's with we today all on on ship we forth the we so who [indiscernible] assets. can control we what product spectrum, and and but what can and do existing and what contract

Ben Nolan

Right, right.

you, Okay, will that's fine. guys. Thank Good it. enough. I turn appreciate it to over

Randy Giveans

now. line right, Thank We'll open caller. your you, next Ben. up All

Chris Robertson

good is Robertson Chris How gentlemen. Jefferies. are at morning, This Hi, you?

Niall Nolan

you. Thank

Oeyvind Lindeman

Howdy.

Chris Robertson

technical that that, can following in the around about and on half expectations you or the relate and the has April talk or been Can limitations in XXX,XXX throughput seasonality at talk any And June So year? might about tons up May your expectations how elevated there? in any then for capabilities of for operational you month. back to

Oeyvind Lindeman

Hi. Chris, thanks the for question.

For XXX,XXX the ethylene tons. was terminal, QX

For QX, it will be above close so to XXX,XXX; QX.

So XXX,XXX the of XXX from little to a Why? May, whereby tactical venture tons the or hour will time bit tank. more takes approach be a fill joint an April about It's tons, less. June and it

Xst July full with third to – So we tank. a quarter, second start want July of

July. of export Xst the back June, of throughput the to go because terminal unlikely capability to bank at have the is So or full end out you want to

a So QX. little less to in overall similar be bit it'd but June,

Chris Robertson

color the terminal with I just Thanks east the on to plans, more wanted Yes. operations. for so coast looking the And ethylene at Okay. ask that. expansion the on but then,

and at supply from energy operations suppliers, or around different change Russia Northeast the expanding a been moment, any being maybe and given in the Ukraine long-term, plans source that have to trying the Europe? discussions situation structural So with to the Europeans there more in

Oeyvind Lindeman

that products LPG, assessment petrochemicals. Europeans are I ammonia, think energy fact including need of to they to in correct that woken supply supply, reliable all including the the including you're absolutely diversify up

So the coast America. they closest not places where do is of they that look? Well east one can there's look, many but

Europeans that past So Marcus we Europe, from have way is a have we than to is seen it. on in seen operations What winter bigger an Xx. and need they is post have in [ph] of sure finally and started that from the now because increase to commissioned Hook, Repauno connected coast New continue [indiscernible] the exports export propane set for happening Jersey. the east

coast So help and ships Opening Atlantic. have demand. docks. you see sourcing it, the longer. and closer that the the of disruption to product we support of effect longer to The from across the happening is that locations, to then have look instead to is say is and set the European remarks is And east

So for security shipping demand play energy a absolutely for coast But Europe. in role east the positive. will a this providing U.S. larger is generally

Chris Robertson

Thanks Oeyvind. time for that, the color on Appreciate Thank guys. the you.

Randy Giveans

right, All next Chris. caller? Thanks

Climent Molins

my Edge. you for Molins This gentlemen. taking on Investors morning, is questions. Thank Good from Climent

year increases increases contract these further the was mostly increasing could market. environment up the place you or shorter if wondering charter the commentary I seen on Past similar Following fixtures? on term in or year have taken two on rate three sector, provide some

Oeyvind Lindeman

XX handy the typical Traditionally Climent. market charter our question, is the for about duration around a in segment. time That Thanks size is months.

renewed they if through time to as as month point given need time, XX have you the you So – move year. we at be in any charters,

increase traditionally in on those or then at depending this environment. time, points conditions we drop are particular market in to current able rates rates the So

is shipping – in aligning, shipping on – more market past. tighter balanced there's many there's are market or been talked of a our has it why up-cycle. We starts than the We about reasons fundamental lot the

So we renewal commented higher and off, are time at that XX coming are of seen months than rates charters ago. have we done we've

an we're So board. we believe, show it, cycle we we an to we in are average feel – up in increasing and across the rate can and

Climent Molins

my for you, me. That's Thank questions. all All right. for taking guys,

Randy Giveans

another I Thanks ahead. Go here. Climent. see raised hand

Your be open. line should

make call. Just you un-mute sure your

David Cohen

change you the and the with linkage? accounting XX Advisors. to Is Cohen from David is there there Is indirect decisions subsequent the I'd of years between the any could in a this the linkage? there provide make Is interested commentary Hi, might in no in investment from down linkage? Minerva Thanks. you fleet. vessel regard lives an direct be linkage

Oeyvind Lindeman

Hi.

decision or have linkage. is merits investment timeline And it's is no on past to than, on on in made probably that and XX either we make an The is years. decision in years. the very general not looked something its based at think own investment little XX vessels I or there a shorter indeed certainly XX than

critical component So I – that's that decision. a don't of that's think

but this the is Neptune not years do some the we've I XX older we've think which the relative can evolution from to some, just environmentally. made of the comparison sold ones, and rather XX also a we old ships of as of that more mentioned between to and which dramatic year, of ships. XX move Navigator new decision can was years the age we ecology economically, And newer be ships and the to those about and the economics ships and had

So there or either in our is decision based XX XX of linkage terms on years. investment minimal

David Cohen

luck. Best of you. Thank

Oeyvind Lindeman

you. Thank Thanks.

Randy Giveans

Looks like right. no All questions. further

future. So joining this thank on you seeing again the outlook all for for and optimistic and us again, our hearing to call

If you We'll soon. free other me feel have email directly, any randy.giveans@navigatorgas.com. to talk questions,

Oeyvind Lindeman

you. Thank

Operator

Good bye.

Navigator (NVGS) 24 May 222022 Q1 Earnings call transcript