LONDON and NEW YORK, Oct. 18, 2022 (GLOBE NEWSWIRE) — Navigator Holdings Ltd. (“Navigator” or the “Company”) (NYSE: NVGS), owner and operator of the world’s largest fleet of utility-sized liquefied gas carriers, today announced that its Board of Directors has authorized a new repurchase plan for up to $50.0 million of Navigator common stock (the “Plan”).
Pursuant to the plan, Navigator may repurchase up to an aggregate of $50.0 million of company common stock through open market transactions, privately negotiated transactions or any other method permitted by U.S. securities laws. securities and the rules of the United States Securities and Exchange Commission.
The timing of any purchase and the number of shares to be purchased under the plan will be determined by Navigator’s management and will depend on market conditions, legal requirements, share price and other uses of capital, as well than other factors. The Plan does not obligate Navigator to redeem any of its shares and it may be suspended, terminated or modified by the Company at any time, for any reason.
Navigator Holdings Ltd. is the owner and operator of the world’s largest fleet of practical-sized liquefied gas carriers and a global leader in petrochemical gas shipping services, such as ethylene and ethane, gas liquid petroleum (“LPG”) and ammonia and owns a 50% interest, through a joint venture, in a marine ethylene export terminal at Morgan’s Point, Texas on the Houston Ship Channel , in the USA. Navigator’s fleet consists of 53 semi- or fully refrigerated liquefied gas carriers, 21 of which are ethylene and ethane compatible. On September 30, 2022, Navigator announced a new joint venture with Greater Bay Gas Co. Ltd. (“Greater Bay”), owned 60% by Navigator and 40% by Greater Bay, with the intention of acquiring five ethylene vessels over the next fifteen months. The company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable “floating pipeline” between parties, connecting the world today, creating a sustainable future.
Navigator’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.
Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Email: [email protected]
This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) regarding management’s plans and objectives for future operations or economic performance, or assumptions relating thereto and regarding the Plan and the joint venture. with Greater Bay. Additionally, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “could”, “should”, “should”, “expect”, “plan”, “anticipate”, “should”. intention, “anticipate”, “believe”, “estimate”, “predict”, “propose”, “potential”, “continue”, “intended”, or the negative form of these terms or any other comparable terminology.
These forward-looking statements involve numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, those set forth in the periodic reports that Navigator files with the United States Securities and Exchange Commission.
Any forward-looking statements included in this press release speak only as of the date of this press release. New factors emerge from time to time and it is impossible for us to predict all of these factors. Further, we cannot assess the impact of each of these factors on our business or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of future events, new information, a change in our opinions or expectations, or otherwise. We make no predictions or representations about the performance of our common stock.