Navigator Holdings Ltd (NYSE:NVGS) stock rose 5.17% (As on March 21, 1:39:29 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22. Fleet utilization was 94.1% for the three months ended December 31, 2022, compared to 91.4% for the three months ended December 31, 2021. The ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene Export Terminal”) had throughput volumes of approximately 262,835 tons for the three months ended December 31, 2022, compared to 234,024 tons for the three months ended December 31, 2021. The total ethylene throughput volumes for the year ended December 31, 2022, were 987,529 tons. On November 23, 2022, the Company sold its oldest vessel, Navigator Magellan, a 1998 built 22,000 cbm LPG carrier to a third party for $12.7 million. On December 20, 2022, the Company’s joint venture (the “Navigator Greater Bay Joint Venture”) with Greater Bay Gas Co. Ltd. (“Greater Bay”) acquired a 17,000 cbm, 2018-built ethylene capable liquefied gas carrier, Navigator Luna, for $42.25 million. The vessel was financed by borrowing $27.5 million, or 65%, under a term loan facility, and the Company financed its share of the balance from cash on hand.

Meanwhile, the Company agreed, together with our joint venture partner, to a capital project to expand the Ethylene Export Terminal (the “Expansion Project”) increasing the export capacity to at least 1.5 million tons and up to three million tons per year. The total capital contributions required from us to the joint venture that owns the Ethylene Export Terminal (the “Export Terminal Joint Venture”) for the Expansion Project are expected to be approximately $120-130 million.

NVGS in the fourth quarter of FY 22 has reported the adjusted earnings per share of 13 cents, missing the analysts’ estimates for the adjusted earnings per share of 22 cents. The company had reported the adjusted revenue growth of 35.9 percent to $123.29 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $102.3 million. Adjusted EBITDA was $59.4 million for the three months ended December 31, 2022, compared to $59.7 million for the three months ended December 31, 2021.

Additionally, the Company initiated a share repurchase program in December 2022. As of March 10, 2023, the Company had purchased and cancelled two million common shares for a total amount of $25.4 million (an average price of $12.57 per share). On March 20, 2023, the Company entered into a new $200.0 million senior secured term loan facility to refinance two existing loan facilities that were due to mature during 2023. The new loan will mature in 2029, and will enable the Company to borrow an additional approx. $65.0 million for general corporate purposes.