{"id":502855,"date":"2021-06-10T16:15:12","date_gmt":"2021-06-10T20:15:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited\/"},"modified":"2021-06-10T16:15:12","modified_gmt":"2021-06-10T20:15:12","slug":"navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited\/","title":{"rendered":"Navigator Holdings Ltd. Preliminary First Quarter 2021 Results (Unaudited)"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p id=\"temp_ReleaseStart\">\n        <span class=\"legendSpanClass\"><br \/>\n          <span class=\"xn-location\">LONDON<\/span><br \/>\n        <\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">June 10, 2021<\/span><\/span> \/PRNewswire\/ &#8212;<\/p>\n<p>\n        <b><br \/>\n          <i>Highlights<\/i><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Navigator Holdings Ltd. (the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; and &#8220;us&#8221;) (NYSE: NVGS) reported operating revenue of <span class=\"xn-money\">$85.7 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, an increase of 5.5% compared to <span class=\"xn-money\">$81.3 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/li>\n<li>Net income was <span class=\"xn-money\">$2.8 million<\/span> (earnings per share of <span class=\"xn-money\">$0.05<\/span>) for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, compared to a net loss of <span class=\"xn-money\">$8.2 million<\/span> (loss per share of <span class=\"xn-money\">$0.14<\/span>) for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/li>\n<li>Adjusted EBITDA<sup>(1)<\/sup> was <span class=\"xn-money\">$31.0 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, an increase of 21.6% compared to <span class=\"xn-money\">$25.5 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/li>\n<li>Fleet utilization was 88.2% for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, a slight reduction from the 89.0% achieved for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/li>\n<li>Awarded four 12 month timecharter contracts with Mitsui\u00a0&amp; Co. Energy Trading Singapore Pte. Ltd. to be used for Pembina Pipeline Corporation&#8217;s new LPG export facility at <span class=\"xn-location\">Prince Rupert, British Columbia<\/span>, West Coast Canada. The charters commenced in <span class=\"xn-chron\">May 2021<\/span>.<\/li>\n<li>In January \u00a02021, the marine terminal credit facility became fully drawn at an aggregate amount of <span class=\"xn-money\">$69.0 million<\/span> and converted into a five year term loan. The final drawdowns amounted to <span class=\"xn-money\">$18.0 million<\/span>, of which <span class=\"xn-money\">$4.0 million<\/span> was used to make a final capital contribution to the Export Terminal Joint Venture, with the remaining <span class=\"xn-money\">$14.0 million<\/span> to be used for general corporate purposes.<\/li>\n<li>In April\u00a02021, announced signing of a non-binding Letter of Intent with Naviera Ultranav Limitada (&#8220;Ultranav&#8221;) to merge Ultragas ApS&#8217; (&#8220;Ultragas&#8221;) fleet of 18 LPG carriers and associated business activities with the Company. The proposed transaction takes Navigator&#8217;s total fleet size to 56 vessels and will significantly strengthen Navigator&#8217;s position in the handysized sector, providing customers with greater flexibility.<\/li>\n<li>In <span class=\"xn-chron\">April 2021<\/span>, published our inaugural CSR report.<\/li>\n<\/ul>\n<p>The Company&#8217;s financial information for the quarter ended <span class=\"xn-chron\">March 31, 2021<\/span> included in this press release is preliminary and unaudited and is subject to change in connection with the completion of the Company&#8217;s quarter-end close procedures and further financial review. Actual results may differ as a result of the completion of the Company&#8217;s quarter-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the quarter ended <span class=\"xn-chron\">March 31, 2021<\/span> is finalized.<\/p>\n<p>\n        <u>Ultragas merger<\/u>\n      <\/p>\n<p>On April\u00a012, 2021, the Company announced the signing of a non-binding Letter of Intent with Ultranav to merge Ultragas&#8217; fleet of 18 LPG carriers and associated business activities with the Company.<\/p>\n<p class=\"prnmr10\">In connection with the proposed acquisition of Ultragas&#8217; fleet, it is expected that Navigator would issue approximately 21.2\u00a0million new shares of its common stock to Ultranav, and assume Ultragas&#8217; net debt of approximately $197\u00a0million, as well as its net working capital. After giving effect to the proposed issuance of its new shares of common stock to Ultranav, Navigator is expected to have a total of approximately 77.1\u00a0million shares of common stock outstanding, of which Ultranav would own approximately 27.5% and BW Group would own approximately 28.4%. The transaction is subject to the execution of a definitive share purchase agreement, approval by the boards of directors of both Navigator and Ultragas, regulatory approvals and other customary closing conditions. The parties anticipate closing the transaction during the third quarter of 2021. There can be no assurance that a definitive share purchase agreement relating to the transaction will be executed or that the transaction will be completed on the terms anticipated or at all.<\/p>\n<p class=\"prnmr10\">\n        <u>Ethylene Marine Export Terminal <\/u>\n      <\/p>\n<p class=\"prnmr10\">The construction of the Marine Export Terminal was completed in <span class=\"xn-chron\">December 2020<\/span>. The Company made a final contribution of <span class=\"xn-money\">$4.0 million<\/span> to the Export Terminal Joint Venture during the first quarter of 2021, taking the total contributions to <span class=\"xn-money\">$146.5 million<\/span> for our 50% share of the capital cost of the Marine Export Terminal.\u00a0 The Company&#8217;s associated five-year terminal credit facility is now fully drawn at <span class=\"xn-money\">$69.0 million<\/span>, following a drawdown for the final <span class=\"xn-money\">$4.0 million<\/span> contribution and an additional <span class=\"xn-money\">$14.0 million<\/span> drawn for general corporate purposes.<\/p>\n<p>During February and <span class=\"xn-chron\">March 2021<\/span>, operation of the 16-mile pipeline carrying ethylene from caverns at <span class=\"xn-location\">Mont Belvieu, Texas<\/span> to the Marine Export Terminal suspended service due to operational issues, impacting terminal volumes for those months. Those issues were remedied at the end of March and the pipeline has resumed service.<\/p>\n<p class=\"prnmr10\">\n        <u>Shipping Trends<\/u>\n      <\/p>\n<p class=\"prnmr10\">Increased LPG and petrochemical gases exports, including ethylene, led to an increase in our fleet utilization and earnings early in the first quarter of 2021, with <span class=\"xn-chron\">January 2021<\/span> utilization reaching pre-pandemic levels of 96%, in line with the same period last year. However, the extraordinary <span class=\"xn-location\">Texas<\/span> freeze, which affected large parts of <span class=\"xn-location\">North America<\/span> during February, shut down 80% of all U.S. ethylene production. Almost 100% of the ethylene producing plants in <span class=\"xn-location\">Texas<\/span> and <span class=\"xn-location\">Louisiana<\/span> were forced to abruptly cease operation as they were not designed for a subzero climate and lacked winterization contingencies. As the underlying domestic demand for ethylene derivatives was largely unaffected, pricing for U.S. produced ethylene spiked, increasing from <span class=\"xn-money\">$733<\/span>\/MT in <span class=\"xn-chron\">January 2021<\/span> to a peak of <span class=\"xn-money\">$1,270<\/span>\/MT in <span class=\"xn-chron\">March 2021<\/span>, which resulted in a negative price differential relative to the rest of the world.<\/p>\n<p class=\"prnmr10\">February and <span class=\"xn-chron\">March 2021<\/span> saw U.S. inventories of ethylene fully drawn and the little production that was still being produced going directly to domestic downstream processing, resulting in the terminal export volumes going from a near maximum capacity in <span class=\"xn-chron\">January 2021<\/span> to a low in February and <span class=\"xn-chron\">March 2021<\/span>, which in turn had a negative impact on our ethylene fleet utilization. Our fleet utilization reduced to mid-80% for the two remaining months of the first quarter, resulting in an overall utilization of 88.2% for the first quarter of 2021.<\/p>\n<p class=\"prnmr10\">U.S. ethane pricing was not materially impacted by the winter freeze and it continued to be one of the most competitive feedstocks for the production of ethylene globally. While U.S. ethylene prices soared during the first quarter of 2021, they have now reduced from their peak, opening up arbitrage with both <span class=\"xn-location\">Europe<\/span> and <span class=\"xn-location\">Asia<\/span>, although it has taken a number of months longer than initially anticipated. We expect <span class=\"xn-chron\">June 2021<\/span> export volumes to be close to those of the <span class=\"xn-chron\">January 2021<\/span>, and we anticipate exports for the remainder of the year to be at nameplate capacity of one million tons per annum. The normalization of U.S. ethylene prices and consequently ethylene exports are adding to the positive sentiment going forward.<\/p>\n<p class=\"prnmr10\">The newly commissioned Repauno LPG export terminal in <span class=\"xn-location\">New Jersey<\/span>, on the U.S. East Coast exported its first seaborne handysize cargo during <span class=\"xn-chron\">April 2021<\/span>. This added an incremental LPG supply terminal for the handysize segment. During the same month, the Company entered into four 12 month timecharter contracts with Mitsui\u00a0&amp; Co. Energy Trading Singapore Pte. Ltd. to be used for Pembina Pipeline Corporation&#8217;s new LPG export facility at <span class=\"xn-location\">Prince Rupert, British Columbia<\/span>, West Coast Canada. The four semi-refrigerated handysize vessels commenced their charters during the second half of <span class=\"xn-chron\">May 2021<\/span>, which will have a positive impact on the overall handysize sector, which encompasses only 119 vessels.<\/p>\n<p class=\"prntac\">\n        <b>Results of Operations for the Three Months Ended <span class=\"xn-chron\">March 31, 2021<\/span> Compared to the Three Months Ended <span class=\"xn-chron\">March 31, 2020<\/span><\/b>\n      <\/p>\n<p class=\"prntac\">The following table compares our operating results for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> and 2021:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <u><br \/>\n                    <span class=\"prnews_span\"><br \/>\n                      <b>March 31, 2020<\/b><br \/>\n                    <\/span><br \/>\n                  <\/u><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <u><br \/>\n                    <span class=\"prnews_span\"><br \/>\n                      <b>March 31, 2021<\/b><br \/>\n                    <\/span><br \/>\n                  <\/u><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3 prnvab\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Percentage<br \/><u>Change<\/u><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen3 prntac\" colspan=\"3\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">(in thousands, except percentages)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,257<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80,508<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues \u2013 Luna Pool collaborative arrangements<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,240<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,257<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85,748<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Expenses:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Brokerage commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,255<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,193<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Voyage expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,544<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,616<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Voyage expenses \u2013 Luna Pool collaborative arrangements<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,132<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Vessel operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,406<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,992<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1.5%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,273<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.3%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">General and administrative costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,508<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,280<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3.0%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Other income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(72)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3 prnvab prntal\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml60\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71,923<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 73,414<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,334<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,334<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32.1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other income\/(expense)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Foreign currency exchange gain on senior secured bonds<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,417<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(99.9%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Unrealized (loss)\/gain on non-designated derivative instruments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,961)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">547<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">103.9%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,540)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,961)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(22.3%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">Interest income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">219<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(85.4%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml30\">\n                <span class=\"prnews_span\">(Loss)\/income before taxes and share of result of equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,531)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,960<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(168)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(145)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of result of equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,041)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(606)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(80.1%)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss) \/ income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,740)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,209<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">141.5%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(422)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(389)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.8%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss) \/ income attributable to stockholders of Navigator Holdings Ltd<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,162)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,820<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">134.6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Operating Revenues<\/i><br \/>\n        <\/b>.\u00a0Operating revenues, net of address commissions, was <span class=\"xn-money\">$80.5 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, a decrease of <span class=\"xn-money\">$0.7 million<\/span> or 0.9% compared to <span class=\"xn-money\">$81.3 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>. This decrease was primarily due to:<\/p>\n<ul type=\"disc\">\n<li>an increase in operating revenues of approximately <span class=\"xn-money\">$3.3 million<\/span> attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately <span class=\"xn-money\">$667,830<\/span> per vessel per calendar month (<span class=\"xn-money\">$21,956<\/span> per day) for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, compared to an average of approximately <span class=\"xn-money\">$634,350<\/span> per vessel per calendar month (<span class=\"xn-money\">$20,855<\/span> per day) for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>;<\/li>\n<li>a decrease in operating revenues of approximately <span class=\"xn-money\">$1.5 million<\/span> attributable to a decrease in vessel available days of 82 days or 2.4% for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> compared to the three months to <span class=\"xn-chron\">March 31, 2020<\/span>, primarily due to an increase in the number of dry dockings undertaken during the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, compared to the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> as well as the effects of 2020 being a leap year; and<\/li>\n<li>a decrease in operating revenues of approximately <span class=\"xn-money\">$0.6 million<\/span> attributable to a decrease in fleet utilization which was 88.2% for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> compared to 89.0% for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/li>\n<li>a decrease in operating revenues of approximately <span class=\"xn-money\">$1.9 million<\/span> primarily attributable to a decrease in pass through voyage costs, including additional canal transits for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> compared to the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>;<\/li>\n<\/ul>\n<p class=\"prnmr10\">The following table presents selected operating data for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> and 2021, which we believe are useful in understanding the basis for movement in our operating revenues.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/><u>March 31, 2020<\/u><\/b><br \/>\n                <\/span><br \/>\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/><u>March 31, 2021<\/u><\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Fleet Data:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average number of vessels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38.0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Ownership days<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,458<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,420<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Available days<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,432<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,350<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating days<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,055<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fleet utilization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">89.0%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88.2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average daily time charter equivalent rate\u00a0(*)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,855<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>*<\/b>\u00a0\u00a0 <b>Non-GAAP Financial Measure\u2014Time charter equivalent: <\/b>Time charter equivalent (&#8220;TCE&#8221;) rate is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues, (excluding collaborative arrangements), less any voyage expenses, (excluding collaborative arrangements), by the number of operating days for the relevant period. TCE rates exclude the effects of the collaborative arrangements, as operating days and fleet utilization, on which TCE rates are based, are calculated for our owned vessels, and not the average of all pool vessels. Under a time charter, the charterer pays substantially all of the vessel voyage related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses. TCE rate is a shipping industry performance measure used primarily to compare period-to-period changes in a company&#8217;s performance despite changes in the mix of charter types (i.e., spot charters, time charters and contracts of affreightment) under which the vessels may be employed between the periods. We include average daily TCE rate, as we believe it provides additional meaningful information in conjunction with net operating revenues, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies.<\/p>\n<p>\n        <b><br \/>\n          <i>Reconciliation of Operating Revenues to TCE rate<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>The following table represents a reconciliation of TCE rate to operating revenues, the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/>March 31,\u00a02020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/>March 31,\u00a02021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(in\u00a0thousands,\u00a0except\u00a0operating\u00a0days<br \/>and average\u00a0daily\u00a0time\u00a0charter\u00a0equivalent\u00a0rate)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Fleet Data:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues (excluding collaborative arrangements)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,257<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80,508<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Voyage expenses (excluding collaborative arrangements)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,544<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,616<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues less Voyage expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63,713<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">64,892<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating days<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,055<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average daily time charter equivalent rate<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,855<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 21px\">\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b><br \/>\n          <i>Operating Revenues \u2013 Luna Pool collaborative arrangements<\/i><br \/>\n        <\/b>.\u00a0Pool earnings are aggregated and then allocated (after deducting pool overheads and managers fees) to the pool participants in accordance with the pooling agreement. Operating revenues\u2014Luna Pool collaborative arrangements was <span class=\"xn-money\">$5<\/span>.2\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, which represents our share of pool net revenues generated by the other participant&#8217;s vessels in the pool. The Luna Pool, which comprises nine of the Company&#8217;s ethylene vessels and five ethylene vessels from Pacific Gas Pte. Ltd., focuses on the transportation of ethylene and ethane to meet the growing demands of our customers. The Luna Pool became operational during the second quarter of 2020 and consequently there was no Operating Revenues &#8211; Luna Pool collaborative arrangements for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Brokerage Commissions<\/i><br \/>\n        <\/b>.\u00a0Brokerage commissions, which typically vary between 1.25% and 2.5% of revenue, was <span class=\"xn-money\">$1<\/span>.2\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, and <span class=\"xn-money\">$1.2 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Voyage Expenses.<\/i><br \/>\n        <\/b>\u00a0Voyage expenses decreased by <span class=\"xn-money\">$1.9 million<\/span> or 11.0% to <span class=\"xn-money\">$15<\/span>.6\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, from <span class=\"xn-money\">$17<\/span>.5\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>. This decrease in voyage expenses is primarily due to a reduction in bunker prices and consumption for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> compared to the three months to <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Voyage Expenses \u2013 Luna Pool collaborative arrangements<\/i><br \/>\n        <\/b>.\u00a0Voyage expenses<b><i>\u2014<\/i><\/b>Luna Pool collaborative arrangements were <span class=\"xn-money\">$4<\/span>.1\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, which represents the other participant&#8217;s share of pool net revenues generated by our vessels in the pool. The net effect after deducting Voyage Expenses\u2014Luna Pool collaborative arrangements from operating revenues\u2014Luna Pool collaborative arrangements was that the other participant&#8217;s vessels in the Luna Pool contributed <span class=\"xn-money\">$1.1 million<\/span> to our vessels to during the first quarter of 2021. The Luna Pool became operational during the second quarter of 2020 and consequently there were no Voyage Expenses\u2014Luna Pool collaborative arrangements for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Vessel Operating Expenses<\/i><br \/>\n        <\/b>.\u00a0Vessel operating expenses decreased by <span class=\"xn-money\">$0.4 million<\/span> or 1.5% to <span class=\"xn-money\">$27<\/span>.0\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, from <span class=\"xn-money\">$27.4 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>. Average daily vessel operating expenses decreased by <span class=\"xn-money\">$33<\/span> per vessel per day, or 0.4%, to <span class=\"xn-money\">$7,892<\/span> per vessel per day for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, compared to <span class=\"xn-money\">$7,925<\/span> per vessel per day for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Depreciation and Amortization<\/i><br \/>\n        <\/b>.\u00a0Depreciation and amortization increased by 0.3% to <span class=\"xn-money\">$19<\/span>.3\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, from <span class=\"xn-money\">$19<\/span>.2\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>. Depreciation and amortization included amortization of capitalized drydocking costs of <span class=\"xn-money\">$2<\/span>.2\u00a0million and <span class=\"xn-money\">$2.1 million<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> and 2020 respectively. \u00a0<\/p>\n<p>\n        <b><br \/>\n          <i>General and Administrative Costs<\/i><br \/>\n        <\/b>.\u00a0General and administrative costs decreased by <span class=\"xn-money\">$0<\/span>.2\u00a0million or 3.0% to <span class=\"xn-money\">$6<\/span>.3\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, from <span class=\"xn-money\">$6<\/span>.5\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Other Income<\/i><br \/>\n        <\/b>.\u00a0Other income was <span class=\"xn-money\">$0<\/span>.1\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> and consists of management fees for commercial and administrative activities performed by the Company for the Luna Pool. The Luna Pool became operational during the second quarter of 2020 and consequently there was no other income for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Non-operating Results \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Foreign Currency Excha<\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>nge Gain on Senior Secured Bonds<\/i><br \/>\n        <\/b>.\u00a0Exchange gains and losses relate to non-cash movements on our 2018 Bonds which are denominated in Norwegian Kroner and translated to U.S. Dollar at the prevailing exchange rate as of <span class=\"xn-chron\">March 31, 2021<\/span>. The foreign currency exchange gain of <span class=\"xn-money\">$8,000<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> was as a result of the Norwegian Kroner against the U.S. Dollar, being broadly similar at <span class=\"xn-money\">NOK 8.5<\/span> to <span class=\"xn-money\">USD 1.0<\/span> as of <span class=\"xn-chron\">March 31, 2021<\/span> and <span class=\"xn-chron\">December 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Unrealized Gain on Non-designated Derivative Instruments<\/i><br \/>\n        <\/b>.\u00a0The unrealized gains on non-designated derivative instruments of <span class=\"xn-money\">$0<\/span>.5\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> relates to the fair value movement in our interest rate swaps. The unrealized loss on this swap for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> was <span class=\"xn-money\">$14.0 million<\/span>.<\/p>\n<p>\u00a0<b><i>Interest Expense<\/i><\/b>.\u00a0Interest expense decreased by <span class=\"xn-money\">$2<\/span>.5\u00a0million, or 22.3%, to <span class=\"xn-money\">$9<\/span>.0\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, from <span class=\"xn-money\">$11<\/span>.5\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>. This is primarily as a result of a reduction in 3-month US LIBOR interest rates.<\/p>\n<p>\n        <b><br \/>\n          <i>Income Taxes<\/i><br \/>\n        <\/b>.\u00a0Income taxes related to taxes on our subsidiaries incorporated in the <span class=\"xn-location\">United Kingdom<\/span>, <span class=\"xn-location\">Poland<\/span> and <span class=\"xn-location\">Singapore<\/span> and our consolidated variable interest entity (&#8220;VIE&#8221;), incorporated in <span class=\"xn-location\">Malta<\/span>. For the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, we had a tax charge of <span class=\"xn-money\">$145,000<\/span> compared to taxes of <span class=\"xn-money\">$168,000<\/span> for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Share of result of equity accounted joint ventures<\/i><br \/>\n        <\/b>.\u00a0The share of result of the Company&#8217;s 50% ownership in the Export Terminal Joint Venture was a loss of <span class=\"xn-money\">$0<\/span>.6\u00a0million for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, primarily as a result of a force majeure being declared for most of February and <span class=\"xn-chron\">March 2021<\/span> due to mechanical integrity concerns on the pipeline carrying ethylene from the caverns at <span class=\"xn-location\">Mont Belvieu, Texas<\/span> to the Marine export terminal. For the three months ended <span class=\"xn-chron\">March 31, 2020<\/span>, there was a loss of <span class=\"xn-money\">$3.0 million<\/span> from the Marine Export Terminal relating to minimal throughput volumes and initial startup costs.<\/p>\n<p class=\"prnmr10\">\n        <b><br \/>\n          <i>Non-Controlling Interest.<\/i><br \/>\n        <\/b> We have entered into a sale and leaseback arrangement in <span class=\"xn-chron\">November 2019<\/span> with a wholly-owned special purpose vehicle (&#8220;lessor SPV&#8221;) of a financial institution. Although we do not hold any equity investments in this lessor SPV, we have determined that we are the primary beneficiary of this entity and accordingly, we are required to consolidate this VIE into our financial results. Thus, the income attributable to the financial institution of <span class=\"xn-money\">$0.4 million<\/span> is presented as the non-controlling interest in our financial results for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> and <span class=\"xn-chron\">March 31, 2020<\/span>.<\/p>\n<p class=\"prngen19\">\n        <b><br \/>\n          <u>Reconciliation of Non-GAAP Financial Measures <\/u><br \/>\n        <\/b>\n      <\/p>\n<p class=\"prngen19\">The following table sets forth a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> and 2021:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/>March 31,\u00a02020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Three\u00a0Months<br \/>Ended<br \/>March 31,\u00a02021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">(in\u00a0thousands)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss) \/ income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,740)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,209<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net interest expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,321<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,929<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">168<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">145<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA<sup>(1)<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,959<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,556<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign currency exchange gain on senior secured bonds<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,417)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrealized loss \/ (gain) on non-designated derivative instruments\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(547)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup>(1)<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,503<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,001<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <sup>1<\/sup> EBITDA and Adjusted EBITDA are not measurements prepared in accordance with U.S. GAAP (non-GAAP financial measures). EBITDA represents net income before net interest expense, income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA before foreign currency exchange gain or loss on senior secured bonds and unrealized gain or loss on non-designated derivative instruments. Management believes that EBITDA and Adjusted EBITDA are useful to investors in evaluating the operating performance of the Company. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to consolidated net income, cash generated from operations or any measure prepared in accordance with U.S. GAAP, and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. See the table above for a reconciliation of EBITDA and Adjusted EBITDA to net income \/ (loss), our most directly comparable U.S. GAAP financial measure.<\/p>\n<p class=\"prntac\">\n        <b>Our Fleet <\/b>\n      <\/p>\n<p class=\"prntac\">The following table sets forth our vessels as of <span class=\"xn-chron\">June 10, 2021<\/span>:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Vessel<\/b><br \/>\n                <\/span><br \/>\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Year<br \/>Built<\/b><br \/>\n                <\/span><br \/>\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Vessel\u00a0Size<br \/>(CBM)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Employment<br \/>Status<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current Cargo<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Charter<br \/>Expiration Date<\/b><br \/>\n                <\/span><br \/>\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>Ethylene\/ethane capable semi-refrigerated<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Orion*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Neptune*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethylene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Pluto<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time Charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">July 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Saturn*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Venus*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,085<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethylene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Atlas*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Europa*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethylene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Oberon*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethylene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Triton*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Umbrio*<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Butadiene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Aurora<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December 2026<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Eclipse<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">March 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Nova<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">September 2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Prominence<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">37,300<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ethane<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>Semi-refrigerated<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Magellan<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1998<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,700<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Aries<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2008<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">November 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Capricorn<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2008<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Gemini<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Pegasus<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,200<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Propylene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">March 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Phoenix<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,200<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">May 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Scorpio<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">June 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Taurus<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Virgo<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2009<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,750<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Leo<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2011<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,600<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December 2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Libra<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2012<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,600<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December 2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Centauri<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">May 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Ceres<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">June 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Ceto<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">May 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Copernico<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Spot market<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Butadiene<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Luga<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">February 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Yauza<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">April 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>Fully-refrigerated<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Glory<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2010<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ammonia<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">May 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Grace<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2010<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">June 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Galaxy<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2011<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ammonia<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">November 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Genesis<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2011<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Drydock<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Global<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2011<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">January 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Gusto<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2011<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">LPG<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December 2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Navigator Jorf<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Time charter<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Ammonia<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">August 2027<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i>*\u00a0\u00a0\u00a0 denotes our nine owned vessels that operate within the Luna Pool<\/i>\n      <\/p>\n<p class=\"prnmr10\">\n        <b>Conference Call Details: <\/b>\n      <\/p>\n<p class=\"prnmr10\">Tomorrow, <span class=\"xn-chron\">Friday June 11, 2021<\/span>, at <span class=\"xn-chron\">9:00 A.M. ET<\/span>, the Company&#8217;s management team will host a conference call to discuss the preliminary financial results.<\/p>\n<p class=\"prnmr10\">Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0)20 7192 8592 (Standard International Dial In). Please quote &#8220;Navigator&#8221; to the operator. There will also be a live, and then archived, webcast of the conference call, available through the Company&#8217;s website (<a href=\"www.navigatorgas.com\" target=\"_blank\" rel=\"nofollow noopener\">www.navigatorgas.com<\/a>). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.<\/p>\n<p class=\"prnmr10\">A telephonic replay of the conference and accompanying slides will be available following the completion of the call and will remain available until <span class=\"xn-chron\">Friday, June 18, 2021<\/span>. To listen to the archived audio file, visit our website at <a href=\"www.navigatorgas.com\" target=\"_blank\" rel=\"nofollow noopener\">www.navigatorgas.com<\/a>\u00a0and click on Key Dates under our Investors Centre page.<\/p>\n<p class=\"prnmr10\">\n        <b>Navigator Gas <\/b>\n      <\/p>\n<p class=\"prnmr10\">\n        <b>Attention: Investor Relations Department &#8211; <a href=\"investorrelations@navigatorgas.com\" target=\"_blank\" rel=\"nofollow noopener\">investorrelations@navigatorgas.com<\/a><\/b>\n      <\/p>\n<p class=\"prnmr10\">London:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010 Bressenden Place, <span class=\"xn-location\">London<\/span>, SW1E 5DH. Tel: +44 (0)20 7340 4850<\/p>\n<p class=\"prnmr10\">New York:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0650 Madison Ave, <span class=\"xn-location\">New York, NY<\/span> 10022. Tel: +1 212 355 5893<\/p>\n<p class=\"prnmr10\">\n        <b>About Us <\/b>\n      <\/p>\n<p class=\"prnmr10\">Navigator Holdings Ltd. is the owner and operator of the world&#8217;s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (&#8220;LPG&#8221;) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at <span class=\"xn-location\">Morgan&#8217;s<\/span><span class=\"xn-location\">Point, Texas<\/span> on the Houston Ship Channel, <span class=\"xn-location\">USA<\/span>. Navigator&#8217;s fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with our sophisticated vessels providing an efficient and reliable &#8216;floating pipeline&#8217; between the parties, connecting the world today, creating a sustainable tomorrow.<\/p>\n<p class=\"prntac\">\n        <b>Navigator Holdings Ltd. <br \/><\/b><br \/>\n        <b>Consolidated Balance Sheets <br \/><\/b><br \/>\n        <b>(Unaudited)<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">December\u00a031,\u00a02020<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">March\u00a031,\u00a02021<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">(in thousands, except share data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash, cash equivalents and restricted cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 59,271<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85,249<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net of allowance for credit losses of $174 (December 31, 2020: $161)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,699<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,073<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,956<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,015<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,423<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bunkers and lubricant oils<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,600<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Insurance receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">447<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">345<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due from related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,853<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,709<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">136,538<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">159,981<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-current assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Vessels, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,545,688<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,529,364<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property, plant and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">502<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">428<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Intangible assets, net of accumulated amortization of $295 (December 31, 2020: $279)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">277<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">283<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investment in equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">148,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151,210<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Derivative assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">263<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Right-of-use asset for operating leases<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,701<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,422<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid expenses and other non-current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,037<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,402<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total non-current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,702,870<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,688,372<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,839,408<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,848,353<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities and stockholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current portion of secured term loan facilities, net of deferred financing costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65,662<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83,541<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current portion of operating lease liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,276<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,286<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,565<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,779<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued expenses and other liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,488<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,657<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,398<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,361<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,604<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,235<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">229<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">215<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">107,222<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">131,074<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-current liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Secured term loan facilities and revolving credit facilities, net of current portion and deferred financing costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">552,595<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">536,265<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Senior secured bond, net of deferred financing costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69,580<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69,644<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Senior unsecured bond, net of deferred financing costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">98,158<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">98,257<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Derivative liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,007<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,715<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating lease liabilities, net of current portion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,232<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,963<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,219<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,450<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total non-current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">789,791<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">771,294<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">897,013<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">902,368<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Commitments and contingencies<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Stockholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Common stock\u2014$.01 par value per share; 400,000,000 shares authorized; 55,971,121 shares issued and outstanding, (December 31, 2020: 55,893,618)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">559<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">559<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">593,254<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">593,552<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accumulated other comprehensive loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(245 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(164)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Retained earnings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">346,972<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">349,794<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Navigator Holdings Ltd. stockholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">940,540<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">943,741<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,855<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,244<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">942,395<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">945,985<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total liabilities and equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,839,408<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,848,353<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p class=\"prntac\">\n        <b>Navigator Holdings Ltd.<br \/><\/b><br \/>\n        <b>Consolidated Statements of Operations <br \/><\/b><br \/>\n        <b>(Unaudited)<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr style=\"height: 21px\">\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen9\" colspan=\"2\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Three months ended<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">March\u00a031,<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">(in\u00a0thousands\u00a0except\u00a0share\u00a0data)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 81,257<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80,508<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating revenues &#8211; Luna Pool collaborative arrangements<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8212;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,240<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total operating revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,257<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85,748<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Brokerage commissions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,255<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,193<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Voyage expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,544<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,616<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Voyage expenses &#8211; Luna Pool collaborative arrangements<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,132<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Vessel operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,406<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,992<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,508<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,280<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(72)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total operating expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71,923<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73,414<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,334<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,334<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other income\/(expense)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign currency exchange gain on senior secured bonds<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,417<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrealized gain\/(loss) on non-designated derivative instruments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,961)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">547<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,540)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,961)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">219<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Loss)\/ income before income taxes and share of result of equity accounted joint ventures<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,531)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,374<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(168)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(145)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of result of equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,041)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(606)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss)\/income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,740)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,209<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income attributable to non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(422)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(389)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net (loss)\/income attributable to stockholders of Navigator Holdings Ltd<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,162)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,820<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(Loss)\/earnings per share attributable to stockholders of Navigator Holdings Ltd.:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic and diluted:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.14)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.05<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Weighted average number of shares outstanding:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,838,186<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,900,206<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,838,186<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,240,142<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p class=\"prntac\">\n        <b>Navigator Holdings Ltd.<br \/><\/b><br \/>\n        <b>Consolidated Statements of Cash Flows<br \/><\/b><br \/>\n        <b>(Unaudited)<\/b>\n      <\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Three months \u00a0ended<br \/>March\u00a031,<br \/>2020<br \/>(in\u00a0thousands)<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prntac\">\n                <span class=\"prnews_span\">Three months ended<br \/>March\u00a031,<br \/>2021<br \/>(in\u00a0thousands)<\/span>\n              <\/p>\n<p class=\"prntac\">\n                <span class=\"prnews_span\">\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from operating activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss)\/income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,740 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,209<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjustments to reconcile net (loss)\/income to net cash provided by operating activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrealized loss\/(gain) on non-designated derivative instruments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,961<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(547)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Payment of drydocking costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,380 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,652)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of share-based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">352<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">298<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of deferred financing costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,074<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">840<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of result of equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,041<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">606<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Insurance claim receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(407)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(309)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrealized foreign exchange gain on senior secured bonds<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,417)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other unrealized foreign exchange gains<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Changes in operating assets and liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(659)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,248)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bunkers and lubricant oils<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,060 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,172)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued income, prepaid expenses and other current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,971<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable, accrued interest, accrued expenses and other liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,279<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,718<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts from related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,130<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash provided by operating activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,642<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29,185<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from investing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Payments to acquire ballast water systems<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(294)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(193)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investment in equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(355)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,000)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Distributions from equity accounted joint ventures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">850<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase of other property, plant and equipment and intangibles<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Insurance recoveries<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">411<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash used in investing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(546 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,961)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash flows from financing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from the Terminal Facility<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Issuance costs of Terminal facility<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Issuance of secured term loan and revolving credit facilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(26)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Issuance cost of refinancing of vessel to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of secured term loan facilities and revolving credit facilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,633 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,446)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment of refinancing of vessel to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,341 )<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,774)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash provided used in financing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17,999)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(246)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net increase in cash, cash equivalents and restricted cash<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">97<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,978<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash, cash equivalents and restricted cash at beginning of period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,130<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,271<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash, cash equivalents and restricted cash at end of period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66,227<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 85,249<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Supplemental Information<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total interest paid during the year, net of amounts capitalized<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,365<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,991<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total tax paid during the year<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS <\/b>\n      <\/p>\n<p>This press release contains certain forward-looking statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto, including trends or forecasts and statements concerning the anticipated transaction with Ultragas, the anticipated terms and benefits thereof and the anticipated timing of completion thereof.. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate as described in this press release. In some cases, you can identify the forward-looking statements by the use of words such as &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;forecast,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;propose,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;scheduled,&#8221; or the negative of these terms or other comparable terminology. Forward-looking statements appear in a number of places in this press release. These risks and uncertainties include but are not limited to:<\/p>\n<ul type=\"disc\">\n<li>the completion of the Company&#8217;s quarter-end close procedures and further financial review with respect to the Company&#8217;s financial statements for the quarter ended <span class=\"xn-chron\">March 31, 2021<\/span>, and other developments that may arise between now and the disclosure of the Company&#8217;s final results for such quarter;<\/li>\n<li>global epidemics or other health crises such as the outbreak of COVID-19, including its impact on our business;<\/li>\n<li>future operating or financial results;<\/li>\n<li>pending acquisitions, business strategy and expected capital spending;<\/li>\n<li>operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs;<\/li>\n<li>fluctuations in currencies and interest rates;<\/li>\n<li>general market conditions and shipping market trends, including charter rates and factors affecting supply and demand;<\/li>\n<li>our ability to continue to comply with all our debt covenants;<\/li>\n<li>our financial condition and liquidity, including our ability to refinance our indebtedness as it matures or obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;<\/li>\n<li>estimated future capital expenditures needed to preserve our capital base;<\/li>\n<li>our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;<\/li>\n<li>our continued ability to enter into long-term, fixed-rate time charters with our customers;<\/li>\n<li>the availability and cost of low sulfur fuel oil compliant with the International Maritime Organization sulfur emission limit reductions, generally referred to as &#8220;IMO 2020,&#8221; which took effect <span class=\"xn-chron\">January 1, 2020<\/span>;<\/li>\n<li>our vessels engaging in ship to ship transfers of LPG or petrochemical cargoes which may ultimately be discharged in sanctioned areas or to sanctioned individuals without our knowledge;<\/li>\n<li>changes in governmental rules and regulations or actions taken by regulatory authorities;<\/li>\n<li>potential liability from future litigation;<\/li>\n<li>our expectations relating to the payment of dividends;<\/li>\n<li>our ability to successfully remediate a material weakness in our internal control over financial reporting and our disclosure controls and procedures;<\/li>\n<li>our expectation regarding providing in-house technical management for certain vessels in our fleet and our success in providing such in-house technical management;<\/li>\n<li>our expectations regarding the financial success of the Marine Export Terminal and our related Export Terminal Joint Venture or the Luna Pool; and<\/li>\n<li>other factors detailed from time to time in other periodic reports we file with the Securities and Exchange Commission.<\/li>\n<\/ul>\n<p>All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LN07755&amp;sd=2021-06-10\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited-301310411.html\">http:\/\/www.prnewswire.com\/news-releases\/navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited-301310411.html<\/a><\/p>\n<p>SOURCE  Navigator Gas<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LN07755&amp;Transmission_Id=202106101605PR_NEWS_USPR_____LN07755&amp;DateId=20210610\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LONDON , June 10, 2021 \/PRNewswire\/ &#8212; Highlights Navigator Holdings Ltd. (the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; and &#8220;us&#8221;) (NYSE: NVGS) reported operating revenue of $85.7 million for the three months ended March 31, 2021, an increase of 5.5% compared to $81.3 million for the three months ended March 31, 2020. Net income was $2.8 million (earnings per share of $0.05) for the three months ended March 31, 2021, compared to a net loss of $8.2 million (loss per share of $0.14) for the three months ended March 31, 2020. Adjusted EBITDA(1) was $31.0 million for the three months ended March 31, 2021, an increase of 21.6% compared to $25.5 million for the three months ended March 31, 2020. Fleet &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/navigator-holdings-ltd-preliminary-first-quarter-2021-results-unaudited\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Navigator Holdings Ltd. Preliminary First Quarter 2021 Results (Unaudited)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-502855","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Navigator Holdings Ltd. 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(the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; and &#8220;us&#8221;) (NYSE: NVGS) reported operating revenue of $85.7 million for the three months ended March 31, 2021, an increase of 5.5% compared to $81.3 million for the three months ended March 31, 2020. Net income was $2.8 million (earnings per share of $0.05) for the three months ended March 31, 2021, compared to a net loss of $8.2 million (loss per share of $0.14) for the three months ended March 31, 2020. Adjusted EBITDA(1) was $31.0 million for the three months ended March 31, 2021, an increase of 21.6% compared to $25.5 million for the three months ended March 31, 2020. Fleet &hellip; Continue reading &quot;Navigator Holdings Ltd. 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Net income was $2.8 million (earnings per share of $0.05) for the three months ended March 31, 2021, compared to a net loss of $8.2 million (loss per share of $0.14) for the three months ended March 31, 2020. Adjusted EBITDA(1) was $31.0 million for the three months ended March 31, 2021, an increase of 21.6% compared to $25.5 million for the three months ended March 31, 2020. Fleet &hellip; Continue reading \"Navigator Holdings Ltd. 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