Navigator Holdings Run a Tight Ship, Report 2013 Profit Surge
In its preliminary fourth quarter and financial year 2013 results, ship owners and charterers Navigator Holdings report that EBITDA increased to $106.8 million for the year ended December 31, 2013 from $63.9 million for 2012.
- Earnings per share increased to $0.89 for the year ended December 31, 2013 from $0.82 for 2012, based on a significantly increased number of shares outstanding
- Completed the acquisition and delivery of 11 vessels from affiliates of AP Moller Maersk
- Completed initial public offering of 13,800,000 common shares, including full exercise of underwriters’ option to purchase additional shares
- Ten newbuilding semi-refrigerated gascarriers onorder for delivery between April 2014 and April2016
Year Ended December 31, 2013 Financial Results Overview:
Operating revenue for the year ended December 31, 2013 amounted to $234.3 million (excluding the cargo revenue mentioned above), an increase of $87.6 million compared to operating revenue of $146.7 million for the year ended December 31, 2012.
Net operating revenue, which is operating revenue less voyage expenses, amounted to $185.0 million for the year ended December 31, 2013, an increase of $66.1 million on the year ended December 31, 2012.
At December 31, 2013, Navigator has 24 handysize liquefied gas carrier vessels in operation, including the one chartered-in vessel, and it has an additional ten vessels on order, which are expected to be delivered between April 2014 and April 2016.
At December 31, 2013, 13 of the 18 semi-refrigerated gas carriers operated by Navigator were on time charters at an average rate of approximately $910,000 per calendar month. The remaining semi-refrigerated vessels were trading on the spot market or on contracts of affreightment.
Fleet utilization was 92.9% for the twelve months to December 31, 2013 compared to 99.5% for the full year of 2012.