Navigator Holdings Run a Tight Ship, Report 2013 Profit Surge

MarineLink.com
Monday, March 17, 2014
Gas carrier: Photo courtesy of Navigator Holdings

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.

HIghlights

  • 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.

www.navigatorgas.com

 

 

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

A Great Passion for Small Ships

Gottfried Knöbel owns almost 1,500 miniature model ships, many of them are Hapag-Lloyd ships. How did he end up with this collection?   In a quiet residential district in Cologne,

Busan Port Names Woo Ye-jong as New CEO

The Busan Port Authority (BPA) announced Woo Ye-jong has been named as its new CEO, as appointed by the Korean Ministry of Oceans and Fisheries.   Woo took office on July 31,

USCG Hoists Ailing Man from Tug

A man believed to be suffering symptoms from a heart attack was medevaced from a tugboat Thursday morning.   A U.S. Coast Guard helicopter crew from Air Station Traverse City, Mich.

Tanker Trends

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

Finance

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

LNG

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

LNG-fueled Box Ship a 'Momentous Step Forward'

On Saturday, August 29, 2015, the world’s first series of energy efficient containerships welcomed its second LNG-powered vessel in San Diego, fueling the U.S.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6698 sec (1 req/sec)