NVGS - Earnings call transcript Q1 2024

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Randall Giveans

[Audio Gap] but are not limited to, the 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 and are, as such, subject to material risks and uncertainties. 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. With that, I will now pass the floor to Mads Peter Zacho, the company's CEO. Please go ahead, Mads.

Mads Zacho

Thank you, and good morning. Thank you all for logging into this Navigator Gas earnings call for Q1 2024. over always points a quarter relating and I'll as the review of will the then data for main to talk I begin quick with of 'XX year. Yes, outlook the the first revenues Gary, period revenues couple minutes Oeyvind quarter for business and the with a we in time, operating our of results. Also on past and this follow almost detail can in same will drivers Randy XXXX. equal up to more present with robust was it that by in though, different, is mix charter time driven rates. The higher I'll minute. Adjusted say year. well million a at little in a $XX bit more last million, EBITDA new that about $XX above a of period set the EBITDA for QX same record at million. came income in net Adjusted $XX

on capital Our also our similar and share cash quarters. and position our solid into shareholders after per dividend remained returned own facilities credit repurchased continued with our we even capital deploying we terminal debt ethylene shares expansion. We've revolver, $X.XX to previous a on to repaid

continue high pleased TCE to track million able unusually You'll previous at to in to to closer XX% ethylene declare X share our last to in in at higher on but above early-stage will investment of our the we that is utilization XX%. terminal terminal year. this generate quite have Coast rates at total to expansion QX the equivalent be approved progress as we commercial our million new dividend and $XX,XXX, which period EBITDA achieved Board pleased a was an reach In see XX% tons than more total, Last particularly clean we buyback. our and slightly we Navigator's QX, per net up are quarters. We're This of result XXX,XXX see same near contributed the income average for now export terminal which is total utilization year a XXXX expect tons year, new QX results. We're a to XX%, share per date. completion area. in we we first that akin was of of following Gulf plus quarter, this to record with this an level managed ammonia U.S. X% push during capacity $XX will, further annum. The that now quarter in in project year, the at down continues rates of this export in a JV in for TCE export we of the also payments environment. Throughput

before, carrier volumes. ammonia optimistic said are ammonia that majority an of the clean clean we about as believe the energy gas we will As and tankers we transport

Point, and good. is terminal As ship-to-shore interest with business key the our case logistics. lies our for remains the outlook The Morgan's with

XX%, buildings segment, our or for being Handysize transportation continue. to vessels from we remain supply trade We continue time new limited out With of to at higher rates. to expiring above on sold this near international gas older and renew in expect utilization charters we and expect solid our demand carriers,

it Panama now financial our review Gary, the explain Go Oeyvind with Canal, shortly. I'll see in Gary. results. normalization also We which ahead, more detailed of over give gradual he'll detail hand more a a will you and to

Gary Chapman

There to the to XXXX. first first Slide to same that as continued vessels first vessel of quarter slightly depreciation X, again, of effects average, quarter very very Bay XXXX. And I'm time and quarter the XXXX first very further $XX,XXX Navigator total in quarter outcomes in of the boosted a good in were with, in equivalent positive day some marked great $XXX.X both momentum increase quarter progress expenses being the of the XXXX platform. On result Thank operating having report to compared results utilization operational X total operating fully and afternoon our record up near new charter Greater quarter, on EBITDA, vessels revenue was XXXX compared giving operation. The quarter was $XX.X first you million X our $XX,XXX rates healthy year, on to same $XX.X XX% million in to also much, were, Mads, income, a having Greater the ourselves the in last increase in us quarter and everyone. was our this still effect XX.X%, last by positive those quarter a in Bay of for a XXXX we with slightly compared or Navigator in to very pleased but net full due a and overall operating adjusted mainly lower stronger in morning per of which day up per year. million,

Our valuations cash general in balances our XXXX in and interest noncash mark-to-market our were was recent months. the and quarter in our a earned the well and this costs in were quarter loss lower reflecting the in million, by cushioned slightly rates managed income of swaps stable interest administrative the period quarter same more on coming than expenses rate in forward the $X.X small movement first in interest interest of

of the throughput Our deferred export in terminal The XXXX Mads were derived by Point. of volumes, and quarter XXX,XXX Morgan's around tons year current than last quarter line first terminal mainly as profits ethylene mentioned, tons. primarily reflects in income our the same from tax XX,XXX our at lower taxes, and share investment ethylene

to during expect the capacity its accordingly. results terminal near However, we currently throughput with XXXX remain

X, adjusted was $X.XX. further some and of to for for agreements at March with Our on record strong the making sheet million. cash in liquidity read yourselves. The balance million. This shown bottom $XX attributable for and liquidity of ethylene million. equivalents terminal $XX.X new coming to and data our leave cash $XXX remains facilities. which a quarter XX table points, of our and Slide right compares Navigator over loans Holdings our gives revolving This schedule expansion with million The Net at just income fleet cash million minimum I'll you of due of EPS dividends was total EBITDA $XXX an over and including to $XX.X total our buybacks around credit one stockholders payments repayments on recent covenants $X.X making project and after after on credits of after additional all loan balance our repaying million undrawn liquidity our revolving is progress credit after balance bank

XX, trend. its debt XX to liquidity our XXXX, and months market as just good of adjusted Our robust net XX, for March net utilization, was and rates the was X.Xx XXXX. With March EBITDA to debt capitalization XX% upward has continued to

we're our as needed a the until that for our proportion But shareholder share investments of be for ethylene our projects enhance and some in carefully, that meantime, that investment terminal expansion capital. manage to of we'll looking cash distributions of our the look remainder that the expect we're project buybacks good considering course, debt, reduce at. other stewards and returns. There and well of projects will later continue our to are, of actively a and year We be business's number of we finance business will capital our

situation our on at finance X. Slide Looking

million further new well, be received is more a is loans a loans and $XXX $XXX the liquidity provide the maturities refinanced actively extended remaining unsecured feedback positive, no which we'll and to company. part of have our those, the be Although in quarter likely XXXX, bond million or to likely XXXX of now lenders matures called at And million, with XXXX, date we're from from or that sometime looking low than event of $XXX we positive very until update second including new in are as September March results. maturities that for resulting The to existing as XXXX.

with debt EBITDA and top reduced indeed at in the of its the occur average you annual left see continuing has top than during more million scheduled to amortization $XXX XXXX, around net aggressively You'll Xx. on through since to due XXXX XXXX, can months last Navigator see our debt the right. on reduce to We're now which substantially how XX debt

look and we the and the forma right. Then per scheduled on day, complex as only historic generate positive this work continuing figure XXXX and XXXX. quarter for now time XXXX. whole as coming compared segments, Slide we smaller different for consistent year to interest a results expense. On differing for showing throughout our to of maturity OpEx, daily which ranging considering across XXXX with also we right figure record of cash It, our on were today's the at remains guidance quarterly our our Taken depreciation also across this next demonstrating that $XX,XXX. into very was bottom enables the XXXX Navigator $XX,XXX to now full and that in pro second of debt quarter schedule size some the more our vessels. repayments outline side. And very for of OpEx with are EBITDA, our to graphic includes vessels shown but first illustration is not we the with now our estimated to this breakeven on dock providing guidance larger And debt by vessel year from which our shipping such charter ethylene positive recording general we across of the EBITDA, well X, average this report XXXX, admin, updates year the anticipate XX, vessel refinancing level well very outlined and and able profile an heavier for as Even relative dry first TCE course, Slide rates, XXXX our we pursuing, the the adjusted in will are breakeven a quarter's

XXXX expect of currently second to the result. also We provide healthy quarter a

this XXXX, XX EBITDA On XX, show first adjusted on the bar last based months we right EBITDA EBITDA historic quarter. annualized an for side and adjusted adjusted of our Slide our

EBITDA on vessels In incremental in addition, $X,XXX sensitivity EBITDA in each illustrates some update our per increase adjusted average approximately to $XX the equivalent rates million Slide scheduled right an the provide dry XX, an time bars increase charter on day. Then for and docks. of then

of of plans. total $XX.X an included drydocking in days We scheduled and vessels XXX drydocking and which fully all is of have total cash CapEx anticipated XXXX during costed off-hire for with flow our XX expected million,

dry detail more one below, year, successfully the docking $X.X we is technologies as timing dry those more their and before, have of taking on a million, at year. Also, docks a this energy-saving expected actually to and as very X cost to the shown these of So the of in completed XX with complete that on [indiscernible]. today scheduled those these we have opportunities vessels for announced dock technologies vessels are payback costs dry already having dock later many short install around noting

and very similar remains and guidance figures here for that those guidance disclosed. which also we interested scheduled to XXXX drydocks XXXX Finally, provided on previous some are we

to on able and been to another So at of I'll position. development. who with a go for with growth foundation now record very hand ourselves adjusted we've our great provide end some it good further an and that, quarter update continue our plans momentum ahead. please the commercial will those over with Oeyvind, of solid EBITDA, and Oeyvind, And provide

Oeyvind Lindeman

Gary, and to everybody. hello Thank you,

Let's move XX. Slide to

our cargoes the years on couple see back what or look have you If XX driven we clear trends. so, business a over of last

used driver a significant earnings to to LPG be Firstly, our days.

on represents the left-hand However, so. only declining it has the it or line X/X gray Today, as you our of can over steadily earnings been see days. last on decade graph, the

of shortfall the emergence filling LPG Navigator. and is petrochemical Secondly, ammonia clearly demand the for

where all North and is the sorted each year excited to cargo growing business and will linked our our illustrated years results ships time of ammonia North And origination the load, the graph and talking and spending few of ethylene i.e., quarter. then us. presentation. Growth invariably are today, we North XX% also the right. whopping can trends to for back, to developments, that the a show develop. petrochemicals what infrastructure. though, And is grade the year some we contribute America. are voyages see, they later investments to our much We why lot. A areas, the into it The see significance for a U.S. growth our earnings this We significant does these benefit graph. but downstream in ammonia -- where set positive gas this increase which U.S. about going explains We midstream It we all Navigator olefin reaffirms you on days, by originated a XXXX. as clean and in below discharge in to these we try linked and firmly that's in be to And are America's projections future. XX% as of America, right-hand to linked production areas just the very will is was do it to further about U.S. growth,

from gas this but U.S. XX. trended the natural on month production March. NGL of comes positive U.S. LPG The barrel, liquids first production NGL during Slide during volatile. less exports, the to dipped Turning year, which were

As freight markets. well as during calls, mentioned NGL production the provides health we a LPG of have indication of good previous as exports the

We to of Canal LPG impact. the Panama way and are Asia are also has Good headed need situation Well, transits to their exports Cape about to by the is its so? U.S. How the locks. means of transit there means headed to Canal, which for whether through to these ethane a Panama think way the the And Asia, Asia, Canal of all its sizes, most supply another. Larger in exports required XXXX, to locks, Neo-Panamax during longer practice how according one side, or new vessels Panama no of exports of on authorities, the allowed exports voyages. impacted meaningful are additional Canal vessels Panama XX% Hope which the XX% U.S. its ethylene headed XX% Asia, vessel head to exports that impacting or

last however, segment, but we have transits a normal transiting the daily increasingly original through dramatic the couple against Handysize the improvement. XX, of to XX from increased now as locks months XX of For a are over

from is to Asia. $XXX freight, trade this is U.S. Africa. via earnings. our actually vessels of Handysize a positive thing. For also ethane to larger viable segment, If against South ton becomes example, good ethylene a It for for more head needing

Our will to longer higher Panama compared be day route. the rates transiting

to ethylene benefits Although the the Page think for XXXX were on to seaborne voyages shorter, market importance on metric ethylene, terminal within illustrates have the million export are greater within us. U.S. of or are I The Staying Asia. ships the X.X ethylene tons. The When in traditional operations XX, ethylene started exports. status global been its XXXX, Morgan's trades quo. influence Point Europe on commenced smaller it

now which were tons laid positive vessels. Panama ability be coming More they our and will to available larger required New have the trade XX, to the quite at will for longer in obviously traditional This the requiring today. tons and services. To volumes, that gas the require again $XX,XXX voyages note, ethylene all on gone ton a shipped and us. which longer, increase arbitrage shows for we're tons demand provided via and dynamic and change U.S. is The be shipping through these day to out expansion ethylene is its have markets has insignificant and time, the goes patterns. On potential to ethylene is represent Page an U.S. to to supply. it of the reaching snapshot global a for seaborne ship ton to left-hand including yields impressive. being Canal assess capacity, the Argus post draw elements on graph reach power chain. various of by ethylene an a $XXX we our what points a market show us of current ethylene from quite to And what that Asia. the chain. On flex market the ships, be of ethylene freight world to expansion, in XX% value share seeing supply it the supply, U.S. out allows to point paper, cheap price that's $XXX the a the half U.S. And can reach Handysize that about global

And to arbitrage, XX% quarter, the a In XX% addition about to influence vessel Europe first and Asia. to on of headed has U.S. product exports major supply freight. during

is -- our fairly compared ethylene share, The majority what market terminal. no we fairly ref are we other quarter, conducted voyages The accurate blue on that with darker line continue larger charter trending vessels Asia the lighter contract latest a Page time be Handysize The of charters XX. of lines That is on on fully $XX,XXX shown basis means charter to to which and and semi-ref time the are representing green assessment from longer renewals. lower pulling though, means fewer weekly robust. time illiquid this see see a originating XX-month being day. majority said, about the at compared our already second is The For and on Handysize a to markets based assessment, things.

worth delivered what fully graph So higher and renewals we percentage showing also of Handysize XX complete see candidates many talk is Page showing refrigerated the charter fleet XX the forth. seeing we we small of these XX% age years. about to both on time are updated the segments. It that with over vessels is of recycling number in large-sized size about and rates years It of The in this few relatively vessels is than next category, is low when for becoming opposite a noting Handysize order. shows so to what on be fleet a of high the composition existing the vessels

and just continue the a year second rates repeat to start increasing So we had increasing average the Mads said, and very and trend good the into of what positive see utilization. on quarter with we Gary

it him Let to you. to Randy additional hand over to some for developments. details give on over Randy, me recent

Randall Giveans

Oeyvind. you, Thank

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

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

$XX variable a below Gas trading of use our Navigator well least capital of the policy portion We'll shares. at share. with the to repurchase shares return NAV Additionally, of

totaling reminder, of a during common at As average quarter, first the XX,XXX repurchased we price $XXX,XXX shares $XX.XX. an

to $X end net a focus of us. least that Navigator and income. of million the dividend to at now we XX% equal will common ahead, expect and repurchases for core Looking Returning repurchase of the share together the shareholders the remain quarter, shares between such capital

XX an announcement project our now complete. up terminal, the construction required The expected to nicely. expansion ethylene by components progressing agreements delivered joint And our December. total us hand is is are now Engineering be the is regarding $XXX we year. with on venture from to of Most been the underway than made key this and until previous date financing with later the completed CapEx export Turning have Slide and new already following have expected less date, completion $XX to remaining payments is capital cash million, the million. on expected from to contribution totaling progress of

you limited Now in the to bottom as left nameplate on see now availability, chart, and and due capacity with the vessel throughput commodity despite can some tight softness spreads second back above is January December like quarter and offtake terms signed this has that a likely inform summer. contract commercial new off to be to signed customer strong been another to multiyear the to agreed has start. We'd also offtake you first

So be to the in majority we capacity will the vast coming continue contracted the of expect additional months.

After by Gulf U.S. a along clean vetting an early-stage announcement export the ammonia project approved Slide here on for of belief investment in our our in clean new and growth has Board Coast. a ammonia, process a immense potential Now firm $X.X million driven the deep XX.

although coming capital We deployed. first provide light on as today, we'll details is project And details the sure weeks. monetary to expect and in be the to develops contribution more make our

the the future subject pre-FID approval, also the being investments focus larger with at make our development Now construction terminal phase to initial the and for and FID investment of during is logistics. we on to this and project, board the studies, ship-shore and expect FID capital

be a Fuel ammonia an is Gulf be currently our Azane As of evidenced and our well and And high-demand by note, fuel producing of Navigator ammonia, already will areas numerous coal as vessel transfer ammonia, power continue key vessels region to will hydrogen as the key for power exported will for transporting first recent for conventionally clean ship-to-ship plants, a recently Solutions for the then ammonia our Asia fuel into our for ammonia, bunkering, clean Gas. To produced focus using which ammonia-based to investment ships in in cracking globe the performed U.S. for for principle approval bunkering generation. around such as to world, a as displace across fertilizer. Europe be and co-firing then ammonia

as be we the a So we're more day excited start afternoon. the would an Stock NYSE by Slide June it and first our on near of Hollarin celebratory step to bell. XX Gas Ring the and Navigator with in into telling aforementioned love more than the future. And you about the you conclude and will learn ring everything finishing at on ceremony presentation, celebrate bell meaningful this to We there about a We'll contributor these York to on the to Tuesday, forward the followed exciting very reception Exchange, that XX. Hootin should on site, ringing take hear to the Bell look with project New you business developments more investor and we closing a decade to trading that have be to

you over that, I'll remarks. we like the me it back With so So turn guest to please attend, if to list. let now you'd for can closing to know, add Mads

Mads Zacho

a Good. lot, Thanks Randy.

and a one XXXX off financial are see pretty can heard, confident will you You the come as good results. of that start. that stronger just And has commercial here be we to year

are within markets, we combined in that new emerging or a markets, such really think COX. with for strong positioned existing the as some future the of opportunities core exciting with our clean I transportation well ammonia outlook and in

it to gives capital and our business the the at shareholders return to and Our time. grow same shape balance its us sheet in best is ever, flexibility

best to exciting So with very yet come. XXXX we are looking into the a

lot, and you, Randy. back to thanks a So

Randall Giveans

some be a Operator, Q&A. Mads. you, now Instructions] open open line lines should here Thank for caller, So the your second. we'll [Operator in first

Omar Nokta

and the been Hollarin, been it's from it's calling nice Hootin nice the This quarter Randy, a quarters. of the you said series is Nokta a -- -- Omar Jefferies.

ever. in demand. utilization you EBITDA and You've best noteworthy, it's release, had I year-over-year, as guess, your you the dipped And mentioned mentioned softer

play. I So felt utilization year-over-year then are more it, year? think is dramatically thing? dip a last clearly, -- And are how And XQ? move strong would just as activity at of about from guess, shaping the seasonality you or perhaps about seasonality of that than kind it the up we kind dynamics thinking kind overall levels say was of past there

Mads Zacho

means you that off almost we Maybe I kick year, robust looking push rates here. just There can that and odd you able be can will what and are for looking and XX% utilization, Oeyvind, as reason or to can of take to fill another ships periods typically much the there QX was we But, think that time over that very I the for XX% year. that, this should At not robust a one market. over give saw then, last us be at up Oeyvind, just that will difficult Once be quarter more detailed of we market and achieve. But a is consider in. explanation. short typical be at always first for out idle in pretty we really we're one the it's to or as XX%

Oeyvind Lindeman

somewhat was rates higher, that are TCE even the ago, to than Yes. TCE months note though rate. is thing XX Omar, the utilization one lower average

utilization judgment always between with trading, trade-off all So the level. rate And call. there's a it's and a a ships dynamic, it's obviously

because demand. that ship used a It reason, number. is We service is that of penalty -- soft each we mentioned is for the for up. technical idle out soft had on you rates a word and are X% ship was has of issues that, whatever that haven't TCE you Now demand seen

if talking had able rates. they is to push that's XX% working, a So just be that we've been reiterate We're good above want market. XX%, that would I about. But to

We up. which ethylene seen. have and QX that TCEs XX ever a we've highest about The producing trade this is shown year. ethane is trade during the are day,

just front. Utilization it. bright is looking of factor are that things a So on small

Omar Nokta

the That's clear. of bit just I shifting gears And then that. towards expansion. appreciate maybe a kind terminal

offtake ahead agreement, first completion. nice expecting of to and here more see, your you're signed is You which

we like in about, think definitely project should to end seems completion at the -- is on wanted basically or buildup in to it What it earnings of of during it's XQ generate is already turnkey as existence? a ramp it Just a think off since itself, terminal it's that kind almost in starting about terms track there we in of completion for 'XX? XQ. Is of or expect

Mads Zacho

don't take one, this you Why Randy?

Randall Giveans

X happen in Yes. turnkey, It's will thing. ramp Sure X or of will there right? but most up be that December. So maybe of operations, week November,

we January operational new entirety by capacity. So XXXX, X, fully will be for the of the

Omar Nokta

All Okay. right.

good. Sounds on just me, one know early on I for you putting project final a then highlighted. And still in and CapEx. you're ammonia it's the the development

at to Navigator As forward the you an you or as similar somebody kind alone somebody, you with look of partner potential or enterprise you think about it expect and or would to do that as this go something you move move like forward, with project? is

Mads Zacho

marine on up some like partners sort. linked facility we in projects these rely here, I be would the inevitably, production or of would we land good that. on to a up infrastructure partnering think, would Typically, storage be And facility for ones.

with that much should also do working have we think will love be We'd doesn't joint have partners. with with with to would one this we other be like enterprise. them. it very expect we where I We be more doing do them, there can situations successfully So to ventures you enterprise. but as done It love

Randall Giveans

we're is to The initial of Ammonia give the million to total. CapEx that, million. in $XXX billions $XXX dollars. talking terminal And enterprise new for scale some just another around projects, expansion is

So going partners, certainly ourselves. with not of ahead

Next question.

open. be should line Your

Frank Galanti

capacity sort should project go it the from color, are of of of Navigator? I investment -- calling guys Stifel. sort And forward? This early size the project. can Galanti you but needs But Frank and that you is Yes. what Randy, be Great. on for sort I at it's would that what sort of stage, the on capital ammonia And know looking from -- appreciate rough

Randall Giveans

point, terms the tons, right? tons, X questions, this hard million for tons. Is the The it details to tons, Again, answer right, million those to studies at in X Yes. initial X and capacity. really pre-FID FID X million of give is investment any million

billions, So could will think clarity but range much be, of give starts with I wide I range too much, could million $X.X the and there. in be more what Again, a wide of here, B there's than there's sorry, a our -- this much come. color larger be can't terms pretty to don't initial meaningful a it it certainly investment. And a meaningful result, but as number. right? It details you investment certainly a fairly

Frank Galanti

second that's distributing generally And No, sort down of I of net number still Obviously, for want it though. do XX% growing my wanted Like you of helpful, to down it's sort leverage. leverage about to? sort sort you flows coming anticipate do At return about of to ask of think given question, only reexamining what that come get should point income. policy? pretty is and then you a cash Sure. how Or there and that?

Mads Zacho

off us Gary, kick then, and supplement here, you can just can I me.

state than a I they ours. company ratios, gearing probably like in comfortable now right now for are think be would I place lower think would and the quite steady we're current with a the

stable I appropriate gearing. structure, for have a have our company amount reasonably think to fair where and from a terminal, TCE from we on financial of it's perfectly of our income so

of this a also projects. us that say more. capacity reflection do is So looking have to you at could we growth And

time. in growing huge committed of money deployed the a past We on we haven't our amount And quarters Navigator over have business. growing to

So we a are couple. evaluating

own we stock. We are aware investing in against are keenly competing our that

with good profile. So it needs to be return projects good

portfolio So an that. at time. And Gary? I capacity I have opportunities have we of the interesting same good think think we for

Gary Chapman

Mads. target. all a would I fully Yes. don't you have that said, agree We with

try with we think I careful balance and the we right to that sheet projects make funds. be our sure the uses of and those right choose

of projects. news gets them That's return the coming the takes And policy, come always to along. of time market be the that this to sometimes the Board. over projects our think, couple that little to got of we'll new hopefully, a aim. capital quarters we've see at I looked right Meantime, give quarter we'll bit some And able about to that evaluate for by each and

Randall Giveans

Next caller, should line open. your be

Climent Molins

Molins added. how you about provide Climent from guessing new you the but direct discussion offtake have cannot of wanted compare to the is existing Investor's the to This Value asking agreements economics you some offtake recently commentary, I agreement you Edge. by on I'm on could start capacity? provide ones on

Mads Zacho

Go ahead, Randy.

Randall Giveans

the at We multiyears. additional current won't return, in at for been is to right, time, contracts. this similar is still good It Yes. commercial earning but discussions offtakers. a because various we can, with It what on we've very probably we're

portfolio signed the contract. give and that have just So the call certainly again, after we coming once out don't one we'll give in aggregate, details clarity as additional we'll contracts and We on want to months, built are more will, out. right? an details it We

Climent Molins

Makes sense.

mentioned you expect this the financing insight of on the some Could liquidity expect on up? You also terminal provide amount later free to secure to you new you year.

Randall Giveans

some provide Gary big a very Yes. I'll but Gary start, it's range, color. let but

Gary Chapman

Yes, Climent. a That tricky question. is slightly

at a of bond was and terminal for now. looking are we of company just the for finance, original investment, a the few number sources back which way combination bank this, funds did like different a think ago of years I

So I any conclusions. any haven't yet drawn made we or think

this because that. at a we're in think I position, not stage, rushing comfortable we're

foremost. Our own resources, cash allows itself from invest us position our equity to first and

projects got also way as other the what's judge a of little tie to and our So time we've think may to best bit that with potential opportunities in that come well. I and

And to said tricky Randy a wide beginning, question a this stage, it's So quite at at as answer. range. the

Randall Giveans

the we'll existing repaid Yes. on By the terminal. have facility year-end, fully

have of dollars some hundreds scale. millions certainly you to worth give is of underlevered, asset that we'll an So

Climent Molins

from question final me. And

appetite XX% and You're dividends. of of top repurchases Is net on via incremental share repurchases the for there discount any income the to currently given NAV? distributing XX%, prevailing

Mads Zacho

I is mean, tool flow. very here. buybacks efficient I where cash to guess, just is capital position off I good for And shareholders. kick Navigator generating a a can in us share returning it's

Our sheet balance strong. is

think million with asking $XX year, you're that plus we back of Navigator authorization about extra and And well do to question So do a shares, have worth here. very for for Navigator the shareholders. And bought valid authorization yes, more after we that -- $XX some quarter. each Last have. we we worked it's million

something is clearly it So at. looking we're

that our here. service just vessels in consolidating here. more we require And expansion terminal will segment We also expanding discussed. taking have part terminal of as stated are goal the a to ethylene and we new the

we So out to for for what schedule terms and of us us, I mean, it plan it's really are of to in deploy looking capital -- well. CapEx

timing get a us, the and tool need for is right. we it great So to just

Randall Giveans

hands. any Don't see other

on Oeyvind? shown recent first to how spot Slide strong in your the dip shown have will second have have And for exceed quarter. rates average start recent So one but quarter here. assessments on question a the chat for you been as think XX, do TCE we lately the rates with the Broker XXXX, pictures? coming

Oeyvind Lindeman

give that don't a is mentioned about can We accurate guidance that earnings that's page the and the for is, quarter. ethylene there, line say ones question But in prepared fairly referring was and next remarks, on what normally we day, we $XX,XXX the for green the to. the that

has semi-refrigerated see assessment what and in is not the I higher and graph. And contracting XXX dipped, prepared graph but water. are is ships the on are illiquid. sense is of fixed the the the XX-month those And week. that every those as what refrigerated fully ships On remarks reason on market and also, than why charters we our only those, that in think I all It's that the in see renewal inaccurate time you of Handysize the the mentioned

I graph can a hope say I is there. little positive So question. than that bit is is we imbalance showing. what are it that the answers seeing what But numbers that more

Randall Giveans

that Q&A. right, of I All think good. the is Sounds our conclusion

We'll today's again at Stock days weeks, New Tuesday, Have the in So have XX, thank to and of us York call. follow-ups, you hope wonderful you the we on on Exchange. day. certainly a if joining any coming around be you and for see many June

Oeyvind Lindeman

Thank you.

Navigator (NVGS) 16 May 242024 Q1 Earnings call transcript