Navigator (NVGS) Capital Link’s 2026 Virtual Corporate Presentation Series summary

Business overview and growth strategy

• Operates the world's largest handysize liquefied gas carrier fleet, with 57 vessels and 32% market share.

• Owns a 50% stake in the Morgan's Point ethylene export terminal, the largest globally, with 1.55 million tons/year capacity.

• Expanded fleet through mergers, acquisitions, and newbuild orders; six new vessels to be delivered 2027–2028.

• Initiated capital return policy in 2023, including share buybacks and dividends, with increased payouts in 2025.

• Focuses on flexible fleet deployment, serving petrochemical, LPG, and ammonia markets for stable cash flows.

Market position, operations, and ESG

• Maintains strong relationships with top-tier, creditworthy customers, resulting in no credit losses.

• Global trading routes, primarily from North America to Europe and Asia, drive earnings.

• Achieved first place in Webber Research's ESG scorecard among 64 shipping companies.

• Targets future growth in clean ammonia and CO2 transport as markets mature.

• Offices in Asia, Europe, and the Americas support global operations.

Commercial and market outlook

• Fleet flexibility enables high utilization (~90%) and stable earnings across energy, consumer goods, and food sectors.

• 60% of earnings days originate from North America, with petrochemicals as a key driver.

• Seaborne trade in LPG, ammonia, and petrochemicals expected to grow from 175 to 200 million tons by 2028.

• Handysize segment has a low order book (11%) and aging fleet, supporting a positive supply-demand balance.

• Freight rates for ethylene, semi-refrigerated, and fully-refrigerated vessels remain healthy and stable.