■ Navigator Holdings Ltd. reported net income of $2.7 million for the three months ended March 31, 2017 and earnings per share of $0.05, which included one-off costs totaling $4.2 million (or $0.07 per share) associated with the redemption of the Company’s senior unsecured bonds that were due to mature in December 2017.
■ Utilization increased to 92.4% for the three months ended March 31, 2017 compared to 87.6% for the three months ended March 31, 2016.
■ Adjusted EBITDA was $33.5 million for the three months ended March 31, 2017.
■ Took delivery of Navigator Nova the third of our four midsize semi-refrigerated ethane/ethylene capable vessels from Jiangnan, on January 12, 2017. Navigator Nova commenced on a time charter following delivery.
■ Took delivery of Navigator Luga on January 24, 2017 and on April 5, 2017 Navigator Yauza, a sister ship, was delivered. These two handysize semi-refrigerated vessels from HMD immediately commenced on long term time charters.
■ On February 10, 2017, the Company successfully issued 7.75% senior unsecured bonds in an aggregate principle amount of $100.0 million. The net proceeds of the issue together with the cash in hand were used to redeem in full $125.0 million of outstanding 9.0% senior unsecured bonds.
■ The Company has benefited from increasing demand for the transportation of petrochemicals gases, with the proportion of our total revenue from long-haul trade increasing from 20% in the first quarter 2016 to approximately 52% in the first quarter 2017.