Navigator (NVGS) Analyst presentation summary

Company overview and strategy

• Operates a diversified fleet of 56 vessels with an average age of 11.4 years, serving global LPG, petrochemical, ammonia, ethane, and CO2 markets.

• Holds a leading position in the Handysize gas carrier market with about 32% market share.

• Recognized for ESG excellence, ranking 3rd out of 64 companies in Webber Research's 2024 ESG scorecard.

• Strategic focus on expanding energy infrastructure, including ethylene and ammonia export terminals.

• Committed to sustainability, targeting net zero by 2050 and deriving one-third of revenues from green cargo by 2030.

Financial performance and capital allocation

• Q3 2024 operating revenues reached $141.8m, with adjusted EBITDA of $67.7m and net income of $18.2m.

• Maintains robust liquidity with $196m available as of September 30, 2024, and net debt/EBITDA at 2.3x.

• Continues to pay quarterly dividends and repurchase shares, returning $4.6m to shareholders in Q4 2024.

• Issued a $100m unsecured bond at 7.25%, achieving the tightest spread for a USD shipping bond in the Nordic market since 2008.

• Ongoing deleveraging with over $100m annual scheduled debt amortization and only one major maturity before 2029.

Fleet and infrastructure developments

• Sold four oldest vessels since 2022 and completed delivery of five new JV vessels, keeping fleet modern and efficient.

• Ordered two new 48,500 cbm ethylene carriers for delivery in 2027, with options for two more.

• Expansion of the Morgan's Point ethylene export terminal on track for completion in December 2024, boosting capacity to at least 1.55 million tons per year.

• Invested in clean ammonia export infrastructure via Ten08 Energy and ammonia bunkering JV Azane Fuel Solutions.

• Active in CO2 shipping and storage solutions through the BlueStreak CO2 consortium.