NVGS - Earnings call 3 2023 | Navigator Holdings Ltd.

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Randall Giveans

Welcome to the Navigator Holdings Conference Call for the Third Quarter 2023 financial results, live from Houston, Texas.

We have with us Mr. Mads Peter Zacho, Chief Executive Officer; Mr. Gary Chapman, Chief Financial Officer; Mr. Oeyvind Lindeman, Chief Commercial Officer; and myself, Randy Giveans, Executive Vice President of Investor Relations and Business Development in North America. that is you recorded advise must this being conference today. I we we making conduct as will today's And presentation, be statements. various forward-looking These based to and today's on date, to, material limited assumptions, forecasts prospects risks financial but as as expectations, management operational include, of expectations and are and a from such, the and uncertainties. perspective and and plans both statements future not are subject our Actual forward-looking differ results from information significantly forecast. financial and may Zacho, pass the Chief floor With the that, Peter company's Officer. Mads I now Executive to Please Mads. go ahead,

Mads Zacho

you much, you the earnings Thank so morning, Randy, and for Navigator and thank call. good to dialing in Gas

month of about a co-part as he experience leadership running, to introducing the ground shipping finance First new leader Gary's tell am Gary to hit he value excited professional a Chapman, our and I Navigator team. like that ago. I'd a you joined well CFO, a has long of you has already all, who and ensured as how the Navigator over is just now as

soon from Gary financial review the in him, with of more see you and will results a as couple You'll hear minutes.

I EBITDA adjusted quarter $XX reviewing $XX of recent third record same new it is up the last and this the million compared off improvement a for period higher and million year's quarters us XX% the to hit $XXX than quarter over or advanced same will operating last year, the the -- year. the was. QX, what QX results highlights a revenues generated XXXX. This kick quarter, We of now in by million a strong

we QX. for our excited earnings seasonally share are pretty for $X.XX this You may about recall that is XXXX. was weakest per Adjusted result QX quarter, QX so

at cash XXXX. remained below when $XXX to at million position million end, we $XXX entered robust that quarter and compares just Our

notes own worth that also we of in As be picture, million our this $X that hand. cash using part of on open bought unsecured September, should market you aware

share and own the a During we million our paid quarter, $X repurchased of $X.XX worth per of cash dividend shares.

$X.XX now worth We following result. further of buybacks plus declare our just also $X share QX per new million over share dividend

fleet to better factor comparing XX% important At in the vessels result our above per period period XX% by QX X.XX time, Terminal was our TCE QX, XXXX our at operating for last Export in last XXXX. were running same to Ethylene to joint for -- $XX,XXX compared in million above $XX,XXX utilization same or day were about year. same QX XXX,XXX venture tons XXXX just our average earned An compared tons Throughout QX year. throughput

of is million, $XX the already The August each this new of made contributed year. well $X of April, payments million expansion progress and in up October terminal and we've payments X of underway, of

announced Yara also Solutions. investment in to alongside interest a We Azane Fuel Growth new Ventures XX.X% acquire a

Navigator company The for first are expected off part that's of be a strategy. shipping, kicking green we that now and a And our as ammonia really XXXX. that to means delivered in ammonia fuel are central units bunkering

a and Asia. Canal you the increase Panama. positive of news, of recent This rainfall of availability transits from number duration tonnage In our seen voyages will lack likely in will utilization reduced will a way. that U.S. the being to in Panama due have to turn, impact are This, in

this XX% rates quarter winter utilization the the and in hover in of typically year are final period. around to Our expected is TCE stronger

the handysize is old. XX is large remain remains Terminal through volumes global capacity years part than and order with already export QX. fleet to the to expected near Point Adding of in attractive nameplate picture minimum this, the Morgan's Ethylene supply a more book

for will, Navigator. for I'll over now it as Gary, who CFO hand first present to And the time,

Here go, Gary. you

Gary Chapman

the and XXXX operating XX.X%, Slide I'm continued miles third that quarter much, help Thank X pleased million said, you summer And the The the third you us. up Time in equivalent all today, Mads last positive to the the this very quarter to of X, with of that third on bottom was above shows hence, and QX XXX XXXX, guided the XX% higher say TCE table of good ethylene-capable momentum $XX,XXX the Mads, quarter seasonally part the done taking at mainly vessels be the up point. $XXX.X We Navigator being rates up by great results. to revenue months charter quarter really compared third on in in traditionally in despite everyone. XXXX also story right with with where up been which ethane morning, quarter some quieter. third as has quarter, from of that quarter, from million for quarter, XX% in there movements and year. I'm ton we utilization to strong very building please. $XX,XXX pleased driven and the the to or saw was have TCE, our Slide second together and last work

time utilization year. and This we better is quarter reported reported than XX% better than XX.X% the this the last we last

just TCE quarter the higher this operating overall. with offset utilization, little Although has rate result to than overall a have better quarter, and by a us compared leaving we strong than been seen revenues more the last fall last

million you good rates utilization, to and last million you operating you So decreased total look have costs and need also quarter. to $XXX your good to to expenses when have compared $XXX

year that on million the Orion for $X quarter one-off second Navigator this the the and same sale exclude the XXXX. in you quarter in $XXX happened of the profit million If

September expenses, X vessel vessel per XXXX, ended months vessel average to per or daily compared expenses XXXX. for the vessel $X,XXX decreased those per total operating XX, XX, X.X% per for $XXX ended Within day by to September the months day day X per $X,XXX operating per

the a row reporting in of a Following this that EBITDA $XX.X quarter, million, has EBITDA quarter adjusted of all this, we're increased. fourth adjusted record

Depreciation higher today we income interest interest the and entered Noting total last interest were rates and both when quarter living year. fixed environment interest have figures of XX% rate for compared that affected in was our steady and by the reported to third for have we the rate quarter third into XXXX around interest expense the for of debt. swaps are

for $X.XX months September attributable September XXXX September months to net unrealized adjusted the ended instruments, Navigator derivative share, the share for income XX, X a compared XX, $X.X million XX, X for losses ended excluding ended share XXXX. September to $X.XX the the $X.XX on was X months Earnings earnings The for ended stockholders compared was September $XX.X of per XXXX, XX, million the gains to And XX, ended per and September X ended months X loss the for $X.XX was for months per to XXXX. months XXXX. compared of X

no collaborative featuring into arrangements. XX% the quarter and also as our from forward, increase The our nil acquired of are under longer expenses operating the year, during joint which vessels consolidated from now venture, its this days Pool as that Navigator, Greater in vessel or that is Bay program during they and resulted fully revenues the and financial are owned revenue are acquisitions the Luna vessel is by the complete. quarter second going statements in Pool an available voyage has final vessel This such Luna operating now the

X last increased The with share X in XX venture volumes September export joint XXXX, an the XXX,XXX ended months XX, exported $X.X of million the company's the XXX,XXX results the September for months ownership ended income XX of of compared the to the tons ended X months terminal through terminal September the year. XX% for of was tons for

again for on of our the deferred tax current relates share Ethylene to Export charge tax and taxes the quarter profits Terminal. from The mainly

balance balance Ethylene is expansion [Export] investments Slide The agreements projects be with all remains capital enhance at million. after for $XX a over XX. recent balance X, liquidity Terminal will credit for strong and our a million and The on to that of $XXX cash bank compares redistribution, This minimum shown lines September returns. our used the cash cash sheet of This shareholder balance can little buybacks. of strong, on covenants a and

as net X. only position X.Xx now debt shown X due that Greater is joint the September noting to EBITDA of Slide at maturities vessels, to adjusted no long-term the venture financing until XXXX, The and is but really to as from, on Bay giving healthy increase our XXXX, a in with XX, loan net debt us work

current loan our will occur, Maturities serving senior that may totaling not $XXX value or unsecured as the for refinanced at as opportunities any likely include are million bond, and refinanced the amongst on which facilities investment younger million X than bank the collateral higher be be a may may depending vessels. vessels XXXX to $XXX

expect a positive result, in XXXX. As that we event cash to a refinancing be

X, shipping cash On $XX,XXX the us to per vessels. vessels Slide outlined larger, rates breakeven daily positive OpEx we the this different cycle. the for charter on ethylene This for day expectations per vessel right to level To low slide for the $XX,XXX, the for enables throughout TCE from XXXX is relative more quarter to day. ranging for per smaller day $X,XXX $XX,XXX XXXX generate recalling estimated was third EBITDA at the segments, size across our complex

net annual spend expense. for range OpEx, We interest cost, for also and a expected vessel provide depreciation the G&A

Slide quarters we this a historic adjusted the XX, EBITDA, up and On further several outline quarterly showing over a our step past step-up quarter.

an EBITDA LTM quarter based of historical On bar, our our EBITDA Slide bar, on show we the and adjusted latest XXXX annualized XX, this incorporating the right result. quarter adjusted

the addition, charter increments the show rates the average right to increase $X,XXX to EBITDA day. per bars by were an EBITDA increase those on of if In of adjusted of further effects

XX, we've the final topic. guide help important scheduled drydockings on this included given slide Slide on a numerous next year, to Then

also expected for XQ of energy-saving dry off-high XXXX, vessels and We that docks, total drydocks and for of with a 'XX through we XQ XXXX some have such 'XX. take opportunities scheduled XX XQ those of those XXX CapEx as on to XXXX technologies further interested million these total XXXX these drydocking ahead. install And in are here. XQ during days drydocking during listed through looking We'll have $XX.X guided during

to you. the conclusion mic of this section Thank and third you, Oeyvind. the finance over for pass I'll now the quarter, to that's So

Oeyvind Lindeman

and Houston. you, good Thank morning Gary, from

aspects Administration at to a you XX XX% by LPG key per day, barrels exports a period competitive same prices in various at from million making ethane us, LPG terminals. exceeded throughput for export X in U.S. the XXXX. XX. for increased the The bolsters production production natural Information and trend in and Notably, American milestones year. continues gas strong August per Energy This increase end reached grow, August. day U.S. growth If production the XXX million surpassing barrels look further take of predicts liquids Slide

During volumes that months, the typical American saw tons quarter, a U.S. the cargo handysize the compared we slight third inventory North will Despite month. handysize buildup anticipate LPG increase the export quarter. pre-winter to exceeding per continue XXX,XXX metric second during

the focus handysize talking The component demand. natural In LPG shipping American secondary North the the to story segment, linked but production. of ethane, about largest an when gas important, is current liquids primary is

we from the Europe ethylene $XXX On can Slide is price in dynamics. that for ample transportation the market the of ethylene, approximately region U.S. markets. leading marine for being Asia $XXX ton sale international ethylene to $XXX margin be around to metric or as attention leaving ethane long Currently, direct ton, illustrating History in per per graph This today, terminal and in per prices to continues $XXX metric the derivative as flow sold an left, ton. priced costs. ethane's XX, to remain shows below ethane U.S. the ton, lower Pacific

venture, Ethylene Terminal, both from Our this reality. our Export joint and benefit fleet

which in oil destinations high-oil-price substitute keep Pacific middle the costly. in European ethylene the to U.S. as becomes seen of graph. to Additionally, environment production to and enhances is attractiveness and volumes shifting the more important ethylene is mind, a Asia further The ethane distribution of as exports a back to export ethylene between alternative balance

likely are distance. challenges We'll with causing closer locks volumes the impacts numbers shorter the look in current take in Canal Panama more However, moment. temporarily Panama of to disruptions towards shift to a Europe at due the a Canal the transit

ethane ethylene handysize shows has XX ethylene ethane in of in volume of years. U.S. Page on months, on right-hand over for segment the the volumes of Data total the graph, has been the past the highest XXXX volume slightly recent decreased X and the combined level ethane shipments that and has increased. handysize While exports

Navigator complete, is month, infrastructure XXX,XXX note our tons was It per constraints. exported of ethylene in also directly while export the liquids of vessels that September in natural is market, does at expansion strategically XXX,XXX metric currently also around the to XXXX. XXX,XXX to Gas production. the September linked important tons market, the during capacity that same upstream ethane U.S. ethane until ethane tons American is on Nearly face North is in Therefore, capped is compared but positioned, not to ethylene just not handysize all gas

Our the regularly centers link blocks old Asia Panama U.S. and laden. a the has journey ethylene region. with regardless the XX, days, creating just reliable see, ballast across of average Page demand time customers Panama between Pacific Pacific scheduled process economical service vessels navigate a and the in vessels in XXX nearly to exports the efficient of vital docks, has X of and delivery an year, are ethane Ocean. the to date, of this facilitated Canal, or over transits whether our through both Navigator This transit Gulf we can On

We've and won't provide the at new However, this lock To fresh of address the Gatun transits change. its until the City point, water situation is which at of the next low reduced locks transits The season. surroundings operation the additional capacity. will historical for provides poised Lake, authorities onset and XXXX of both April to this, a as water that canal old permitted is informed least to Panama at until in half for that the Panama as monsoon canal's have Until point. year. be number level transits well essential been

this terms? does practical mean in what So

round implication Cape on primary Hope. whether Asia XX to ethylene longer via or by round expected a voyage Good route to U.S. be times. Suez duration The of exports of the is increase LPG, trips of ethane voyage, will The Canal and from is to days depending XX on

has by enticing spare As which direction traffic has in offering started vessel Suez discounts. Canal, a note, the this capacity

trades As can you the imagine, to shift. starting are

those The through as travel limitations shown granted Panama to might the preference Page secondary be Even Canal. implication transit the to vessel type able draft due laden is that not a on canal fully XX. reduced

Additionally, container LNG vessels behind prioritized able carriers delays and cruise severe likely will face ships, queued ships. transit to being

to anticipate developments happen. our trade, ethane ethylene and we For X

vessels terminals are voyages First, the as challenges to we This carriers expect an in the increase ethane fulfilling contracts U.S. is at handysize Xx ethane. demand ethane face take-or-pay transport larger as in for export in likely uptick the their longer.

per upstream profitable arbitrage Asian equal, manage being Second, at markets, things additional midstream about performance changes, versus may third on their waiting remains as without to ethylene Cape the producers the Canal cost to sail to XX. or shown facilitate and need profit full Despite to $XX the there of quarter Panama tilt. our unaffected these to continue companies allow of margins Suez Both ton freight East is days. Page via trade to largely

days, at nearly our the other earning level. supporting shifted only account the has told, of petrochemical composition LPG. to segments, cargoes which, utilization around continues all Ammonia resulting in XX% for our earnings an Our expense in slightly, XX% with increase of cargo

overall carrier across are Page being market page, robust petrochemicals gas segments. market ammonia. than presented time charter fundamentals those and LPG, the and discussed currently XX and indicating for levels this various higher on the negotiated The strong extended showcases

on fleet as the or steady with Page supply expected especially years quarter, phasing vessels vessels XX, XX of figure, segment, which of X% of the handysize from manageable our the X order existing of Finally, last a the only age. nearing out is remains indicated all tonnage considering on within

I'm his to first, recent by Canal for for Randy regarding Q&A Panama there update over questions few on sure stand a announcements. particular, in as will are We Randy? but the shortly

Randall Giveans

Oeyvind. you, Thank

we provide want made several announcements those to on additional a few we developments on up recent details months, in updated following of regarding So announcements.

or of to XX, to net Slide table our our has payment capital to million. dividend cash quarterly of income all capital of quarter record and So million $X.XX share, XXXX, announce recently per payable we for on to of $X.X with return XX% announced of $X.X in December are we're a declared of below, return pleased this The of shareholders equaling returning Board the X, line a December XX third shareholders policy of the dividend quarter. as

NAV of trading variable use our shares. return of well shares greater below than NVGS to with will the portion additional share, $XX we capital of repurchase Additionally, the a policy

reminder, the a new a Board a X.X program, December share between million. repurchase $XX we As of per Subsequently, price million and repurchased $XX average an May of at XXXX, of $XX.XX million for which shares we quarter. of NVGS quarter authorized total that the $X.X of now the least used repurchases the income. between equal plus end, shares XX% will at net we And of share looking during $X dividend and million million repurchase ahead, common the such share third

is a to Returning capital to relatively a shareholders requirement see for but we as shareholder-friendly something company. new Navigator,

capacity least construction the The paid the progressing, lead and be in and completed and project million, The million from Turning expansion tons Terminal from to expected $XXX up to train capital ordered the which capital the converting under year. increase by at be is million, XX-XX Export is to electricity X.X will million $XXX items are us previous expected XXXX. to the venture XXXX our to around existing have required project next project the The underway. groundwork by end the we contribution underway, of refrigeration venture up to for throughout is been a total around X joint tons at Slide on to of occur long Ethylene year the majority be irrigation and prep following an and over the ethane million to agreed Morgan's XX, export joint announcement refrigerate ethylene. also to regarding Point, Enterprise, to per with existing of tons our X.XX

made the expected totaling XXXX. and date, million, CapEx progress new from cash paid early X have agreements $XX hand financing remaining already To to completed payments, on are in we be is until

the new contracts, the current during left with Discussions run nameplate ongoing capacity, construction off-day terminal again, and continues chart, majority the to the see are to As bottom with and XXX,XXX guaranteed you can the be or tons. capacity of XXXX. expect above multiyear on phase, throughout contracted for XQ throughput customers at additional we reaching vast

XXXX net of at maturing Slide XX, of our price $X expense, reduce notes average further of in to purchased million we million an opportunistically September On $XXX.XX. the $XXX interest unsecured

Assuming par these yield X.X%, at we prices is of XX-month March we maturity in the above for well call 'XX, treasury earn so X% XX- notes. the would to at to bonds the or a

Going or have this notes interest them of sources more capital And options plenty than less made cash, be unsecured based forward, uses the decision other repaying issuing notes, for on the potential capital. environment, rate with outstanding we for current $XXX notes new will the million. extending including of and or the of

recent on a and provider the most the announced to Now XX, Azane solutions. Fuel Slide world's acquire Yara Mads ammonia announcement XX.X% new of investment Solutions, as a mentioned in interest our for earlier, first bunkering recently alongside we Ventures as Growth

in secured. be Azane 'XX, to financing see, agreement of importantly, by the has with the delivered can and built are FID ammonia you already the likely units And for As the Yara a Clean XX grant to green end a of time. of company over quarter commercial units expected first XXXX. first has be and is bunkering preorder the partnership Ammonia

shipping so believe our where this putting industry, ammonia investment. our to continue is for fuel we're with be a money mouth future will the strategic We key

outlook XXXX presentations, at be on vessels And loading Investor Slide for appreciation market have as customers weather strategy. climbing shareholders, for Analyst dinner Thursday, the industry there and our Wednesday, lean not to the to the and bright, followed an we'll outlook On the Navigator week. Now for a then by Board. we'll Terminal management, forecast as is of on Point make then by beautiful event lunch but Export ethylene, down the as host covering aboard members Houston, one We'll our of this looking Texas well Gas. financial Morgan's is analysts, it Day upcoming touring some as with finishing time still trends, bright for and company partners. The current followed update, medium-term XX,

about remarks. to over that, So can hopefully, us more I'll closing Mads hear for in With join coming the turn to days it. it back you

Mads Zacho

it's hope Thanks Yes. here, lot, see a heading. that you Randy. we're I for can you Navigator like do positioned the well the as sailing And is future. that and direction strong

gas allows are tank We delivering into months. are it amount revenues tight, the of going rates. typically we or And winter strong and consistent earnings. growing stays feed higher and the a charter for Utilization and now in

growth, midterm order, outlook of is business our The strong liquids production and here handysize in tanker continued robust Houston. on with limited gas natural for gas vessels a with least number not

this. ever, sheet our return Navigator's The its with our shown business. balance remain and at venture as same allowing Our a committed leverage has Morgan's Terminal cash is capital joint grow time. growing the us in shape to good well business strongly expanding same and into best We Point as in our investment to progress

So And the Randy. to it you, hand best back I'll with is yet that, come. to

Randall Giveans

Thank now the for Q&A. you, [Operator Instructions] we'll Operator, Mads. lines some open

Unknown Analyst

these This is on there. and if the availability higher midsize how please for color seeing on wanted as Panama demand for some more and more Emily, trickling business. detail issues VLGC is first smaller to could impacting congestion have Wondering on provide you you segments. We Are tightened the demand Canal into your ask Omar.

Oeyvind Lindeman

-- you, the capacity reducing lanes. Longer It's impact have XX% the a good mean voyages will I obviously on Canal shipping for Navigator. is you're very will Thank a which by generally also topical will Emily. Panama question. good And shipping be and for by result, right. an trade

seen We have on impact immediate ethane.

spot -- the in vessels because or have the availability market. ethylene of are some we've high little ships examples demand of there's seen rates where that ethane So for handysize ethane-capable

is an impact. positive that So immediate

be trade, will ethylene voyages the the clearly On longer.

prepared add connecting Cape. customers Suez in today to so facilitate in come We'll The the Houston, remarks, which with the to Thursday, Day. our you immediate Investor through to will on or Navigator There Pacific mentioned $XX, scheduled changes arbitrage Oberon, room is freight Panama. the you the of Asia Morgan's go Houston we via for on Point board go to was see she if had, on we've as

However, now Cape Indonesia via deviate and to to discharge. she will go

So a already. longer voyages

generally, the tighten will a this in is shipping So which market positive. speak

Unknown Analyst

utilization. I follow with a wanted to fleet on up question

year to and strong up You in done. and it XX% this with nicely very fell to XX% quarter, utilization, off started so XQ bounced this XX%

Your presentation revealed Any is detail around to there XX%. that it be think expected XXXX? I'm should utilization super wondering XQ we in modeling would be about how But that you could provide helpful.

Mads Zacho

say it's Sorry, our few above before a I at comments can you -- over when when number. robust just look or it's it that, typically, to good here had a And we market. take that's a XX% utilization, slightly

As grow. North overall looks continuing the new situation in are in natural here, production, good particular, supply-demand gas is Navigator the that with that for think to book of coming we've previous discussion America liquids we limited with in ships in and indicated the order also very

situation So changing that that good with and utilization. the really for isn't that much. means is supply growing demand the overall that And

numbers I So there that you that's and going count When being something be it's not above, are should up or on we the that pretty down. should you at norm. XX% think exceptional, and as will expect

us it's number, that please at Oeyvind something or it's just push a allows XX% So but looking good to and have. upwards, the rate that, add really any color also you over

Oeyvind Lindeman

on head. nail Thank the the you. I think hit you

Randall Giveans

Thanks Emily. so much,

better much Omar. than sounded You

Next Question.

Benjamin Nolan

up hear Emily's I Nolan. question follow This to Actually, is on was there. Hopefully, going can Ben me. you

bit You guess, of or that on curious at utilization I'm why a conservatism? dip were is, XX% in well, at of the little bit the the and which it determined a period be in as relates of least little you're you quarter utilization a be not number, -- fourth sort that may bit softer a a I numbers over dip said, little -- normally expecting quarter utilization. to in just third as to

Mads Zacho

I that I such. be we're think think as there a here that guiding dip don't will that

whether neighborhood to is XX%. includes to or that with of that XX% probably difficult in or high forecast be we're XX% XX% I guiding going so, XX% precision think a or the level very it's

impression confident outlook, you've should the I in remain to is left around robust be we we quarters. relatively with recent think that the think overall, as are going the you supply-demand utilization here that seen and

operating So that's you points can can the is pattern here looking percentage at say, conclusion probably more the influence and X than rather it. up X that down simply or

sometimes having bit It a bad be thing. a and be to [indiscernible]. till may maybe of downtime say, -- little holding sit little a us opportunity for may bit not back let's an And a shift for back,

Benjamin Nolan

forward? part cash but on final small else Okay, leading decision, future does was I going are it the though, your as also curious ask Azane to bigger and It's when when understood. announcement. as hopefully it here, understandably, its to or and there was calls moves things. on would investment make anything that be necessary

Randall Giveans

we investment, million we the operating will will and dollars, the terms $X not of do that They have not foresee going total delivery, for additional is company. investment investment be upon now, pay pay forward. held Additional -- order, in right? But the us of for the then The at No. assets. units those option us

Benjamin Nolan

also than the I going contribution Or were The volumes was going the And on good. specific contribution we to it JV Okay. little ask about anything around was the The bit think how a Was JV. second was there quarter. should lower that? in forward?

Randall Giveans

XQ. in higher Yes,

most but Houston. especially one I this electricity in hot, here the extremely of was think a summers, August. in mentioned had that very high slides pricing August there, we they It but on

So little the in quarter. roll we forward electricity really then And will fourth up. positively that bit a had went of accounting deficiency, some

quarter. fourth third be So will contribution the than quarter certainly the higher

there. hand see Next I a question.

Climent Molins

Edge. is This from Climent Molins, I'm Investors Value

You I VLGC seen wondering whether was commentary effects from provided but months? over past congestion, the you've few rates on sky seen scaling ample we've Panama high Canal

Oeyvind Lindeman

correct. you're Climent,

above does ship trickle down. it doing the larger the are well, when So segments segment handysize

for is a it's So conceptually, whereby, better, larger Because difficult a it ship the also bigger game up] us to to is size [funneling that a think the when doing half rates ship. very than mental ships more about very are push higher. is paying for easier it

and dollars because a So ammonia, handysize, difficult more petrochemicals it's the that addition translates effect. cents to into question in easy we we LPG. it cascading do a do do we What ethylene, we ethane, for and helps, that's do

only largely. larger there correct. a larger you effect LPG as the uplift So ships better, positive know, from But is ships doing the do

Randall Giveans

I Thank you, here see another hand from [indiscernible]. Clement.

Unknown Analyst

Yes.

But just buyout Does thinking decade? Is over question. asset the me a next on it long-term e-mailed longer you're investment? give [APD] you option? for investment? I Sorry, your a plan the idea Sort have of an you what Morgan's for what's term strategic can that Point of the

Mads Zacho

Yes, you color and venture we by your we We're enterprise. start the have large that's, terminal also. with And a maybe to well-functioning of us it. relatively can super addition now evidenced the stable. partnership with a the and that also venture joint course, very together here. happy with It's can very It's I add joint expanding out have

a enterprise. as relationship. not a it a see option, stable It's venture. neither purchase we joint does have So XX-XX We do

So asset. XX-XX term. it as the a for cash-generative venture joint long we remaining see a see We this very

chain part part. shipping commercial of our it's than see business synergies for holding, being shipping some of the the also we in part bigger and the good value So very clear just

customers us opportunity are the materializing. are manage our to what and understanding gives much how and flows It better ships doing commercially the

So it business. shipping for has tremendous our value

on very to are would it. and we like to So pleased hold

Unknown Analyst

terms enterprise any exporting of you're shipments with how actually on about that -- talk any works once -- preferred you have that once you there or or can then out are terminal? sort arrangement -- And shipping of does

Oeyvind Lindeman

George bit Same be So open airport, International to their flights. a in it little lot it's here terminal. an that. But the go it's if hub. whereby akin United here. the like there's Airport you of Houston, And should Bush to It's a

Point, Thursday, you're Navigator a If if Morgan's there's to you ship that see of calling go a on terminal. ships joining and you'll Navigator lot

that's for use that So analogy question. the I usually

Randall Giveans

Thank you, Paul. that concludes believe I Q&A. our

you thank holidays. behalf Happy And week. wanted management Gas. just not, again see we'll I on Hopefully, this we'll team a of certainly Navigator the of of soon. talk So if to you lot

Navigator (NVGS) 14 Nov 232023 Q3 Earnings call transcript