Q3 2024 Navigator Holdings Ltd Earnings Call Transcript
Key Points
- Navigator Holdings Ltd (NVGS) reported a 3% increase in revenues for Q3 2024, driven by higher time charter (TC) rates.
- The company maintains a strong balance sheet with a robust cash position, even after debt repayments and capital deployment into the Ethylene terminal expansion.
- Navigator Holdings Ltd (NVGS) achieved a high vessel utilization rate of over 90%, aligning with their guidance.
- The company issued $100 million of new unsecured bonds at a 7.25% interest rate, marking the tightest spread for any dollar-denominated shipping bond in the Nordic market since 2008.
- Navigator Holdings Ltd (NVGS) continues to explore new markets, having entered into a memorandum of understanding (MOU) with Uniper for CO2 transportation and committed to an investment in clean ammonia.
- Adjusted EBITDA for Q3 2024 was $68 million, slightly below the $72 million from the same period last year.
- Ethylene export terminal throughput was significantly down due to disruptions caused by Hurricane Beryl.
- General and administrative costs were slightly elevated due to nonrecurring legal costs related to a secondary public offering.
- The company reported a non-cash unrealized loss of $5.2 million on derivative instruments in Q3 2024.
- There are upcoming cash calls totaling around $63 million for the terminal expansion project, which will be paid from cash on hand until new financing arrangements are completed.
All right. Thank you for standing by ladies and gentlemen and welcome to the Navigator Holdings conference call for the third quarter, 2024 financial results on today's call, we have Mads Peter Zacho, Chief Executive Officer, Gary Chapman, Chief Financial Officer Oeyvind Lindeman, Chief Commercial Officer, and myself, Randy Giveans, Executive Vice President of Investor relations and Business Development in North America. I must advise you that this conference call is being recorded today as we conduct today's presentation, we will be making various forward-looking statements these statements include but are not 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, November 7th 2024 and are subject to material risks and uncertainties. Actual results may differ significantly from our forward-looking information and financial forecast. Additional information about these
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