Navigator Holdings Ltd Annual Report 2020

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Navigator Holdings LtdAnnual Report 2020

Ethylene Capable VesselsAuroraEclipse(37.3k cbm)AtlasEuropa(21k cbm)Neptune(21k cbm)Pluto(21k cbm)Saturn(22.1k cbm)Nova(37.3k cbm)Triton(21k cbm)(22.1k cbm)Prominence(37.3k cbm)Oberon(21k cbm)Umbrio(21k cbm)(37.3k cbm)Orion(22.1k cbm)Venus(22.1k cbm)Semi Refrigerated VesselsAriesCapricorn(20.5k cbm)Centauri(20.5k cbm)Gemini(22k cbm)Leo(20.5k cbm)(20.5k cbm)PegasusPhoenix(22k cbm)Libra(20.5k cbm)Scorpio(22k cbm)(20.5k cbm)Ceres(22k cbm)Luga(22k cbm)Taurus(20.5k cbm)Copernico(22k cbm)Magellan(20.9k cbm)Virgo(20.5k cbm)Yauza(22k cbm)Fully Refrigerated VesselsJorf(38k cbm)Galaxy(22.5k cbm)Genesis(22.5k cbm)Global(22.5k cbm)Glory(22.5k cbm)TerminalHouston Ethylene Export TerminalGrace(22.5k cbm)Gusto(22.5k cbm)

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM 20-F‘REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACTOF 1934ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934ORFor the fiscal year ended December 31, 2020OR‘TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto‘SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934ORDate of event requiring this shell company reportCommission file number: 001-36202NAVIGATOR HOLDINGS LTD.(Exact Name of Registrant as Specified in Its Charter)Republic of the Marshall Islands(Jurisdiction of Incorporation or Organization)c/o NGT Services (UK) Ltd10 Bressenden Place, London, SW1E 5DH, United KingdomTelephone: 44 20 7340 4850(Address of Principal Executive Offices)Niall NolanChief Financial Officer10 Bressenden Place, London, SW1E 5DH, United KingdomTelephone: 44 20 7340 4850Facsimile: 44 20 7340 4858(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)Securities registered or to be registered pursuant to Section 12(b) of the Act:Title of Each ClassTrading Symbol(s)Name of Each Exchange on which RegisteredCommon StockNVGSNew York Stock ExchangeSecurities registered or to be registered pursuant to Section 12(g) of the Act: NoneSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act: NoneIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.55,893,618 Shares of Common StockIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ‘ No ÈIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934. Yes ‘ No ÈIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. Yes È No ‘Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-Tduring the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes È No ‘Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See thedefinitions of “large accelerated filer”, “accelerated filer” and emerging growth company” in Rule 12b-2 of the Exchange Act.Large accelerated filer ‘ Accelerated filer È Non-accelerated filer ‘ Emerging growth company ‘If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ‘† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting StandardsCodification after April 5, 2012.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport. ÈIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:U.S. GAAP ÈInternational Financial Reporting Standards as IssuedOther ‘by the International Accounting Standards Board ‘If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.Item 17 ‘Item 18 ‘If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘No È

NAVIGATOR HOLDINGS LTD.INDEX TO REPORT ON FORM 20-FPART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 1.Identity of Directors, Senior Management and Advisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 2.Offer Statistics and Expected Timetable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 3.Key Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Capitalization and Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Reasons for the Offer and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 4.Information on the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. History and Development of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Organizational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. Property, Plant and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 4A.Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 5.Operating and Financial Review and Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Operating Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Liquidity and Capital Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Research and Development Patents and Licenses etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. Trend Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E. Off-Balance Sheet Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F. Tabular Disclosure of Contractual Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .G. Safe Harbor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Critical Accounting Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 6.Directors, Senior Management and Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Board Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E. Share Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 7.Major Shareholders and Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Major Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Interests of Experts and Counsel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 8.Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Consolidated Statements and Other Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Significant Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 9.The Offer and Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Offer and Listing Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Plan of distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 10.Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .B. Memorandum and Articles of Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .C. Material Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .D. Exchange Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E. Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F. Dividends and Paying Agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .G. Statements by Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107107113113

H.I.Documents on Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Subsidiary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 11.Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . .Item 12.Description of Securities Other than Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 13.Defaults, Dividend Arrearages and Delinquencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds . . . . . . . . . . .Item 15.Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16A.Audit Committee Financial Expert . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16B.Code of Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16C.Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16D.Exemptions from the Listing Standards for Audit Committees . . . . . . . . . . . . . . . . . . . . . . . .Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers . . . . . . . . . . . . . . . . .Item 16F.Change in Registrant’s Certifying Accountant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16G.Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 16H.Mine Safety Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 17.Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 18.Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Item 19.Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20120120120Presentation of Information in this Annual ReportThis annual report on Form 20-F for the year ended December 31, 2020, or this “annual report,” should be readin conjunction with our consolidated financial statements and notes thereto included in this annual report. Unlessthe context otherwise requires all references in this annual report to “Navigator Holdings,” “our,” “we,” “us” andthe “Company” refer to Navigator Holdings Ltd., a Marshall Islands corporation. All references in this annualreport to our wholly-owned subsidiary “Navigator Gas L.L.C.” refer to Navigator Gas L.L.C., a Marshall Islandslimited liability company. As used in this annual report, unless the context indicates or otherwise requires,references to “our fleet” or “our vessels” include the 38 vessels we owned and operated as of December 31, 2020.As used in the annual report, “WLR Group” refers collectively to WL Ross & Co. LLC and certain of itsaffiliated investment funds and “BW Group” refers to BW Group Limited. On December 22, 2020, the WLRGroup, our previous major shareholder, sold all of the 21,863,874 shares of our common stock then owned by theWLR Group to the BW Group.Cautionary Statement Regarding Forward Looking StatementsThis annual report contains certain forward-looking statements concerning plans and objectives of managementfor future operations or economic performance, or assumptions related thereto, including our financial forecastand statements concerning the anticipated transaction with Ultragas ApS, the anticipated terms and benefitsthereof and the anticipated timing of completion thereof. In addition, we and our representatives may from timeto 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 andthe markets in which we operate as described in this annual report. In some cases, you can identify the forwardlooking statements by the use of words such as “may,” “could,” “should,” “would,” “expect,” “plan,”“anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,”“scheduled,” or the negative of these terms or other comparable terminology. Forward-looking statements appearin a number of places in this annual report. These risks and uncertainties include, but are not limited to: global epidemics or other health crises such as the outbreak of the novel coronavirus COVID-19(“COVID-19”), including the impact on our business; future operating or financial results; pending acquisitions, business strategy and expected capital spending;ii

operating expenses, availability of crew, number of off-hire days, drydocking requirements andinsurance costs; fluctuations in currencies and interest rates; general market conditions and shipping market trends, including charter rates and factors affectingsupply and demand; our ability to continue to comply with all our debt covenants; our financial condition and liquidity, including our ability to refinance our indebtedness as it matures orobtain additional financing in the future to fund capital expenditures, acquisitions and other corporateactivities; estimated future capital expenditures needed to preserve our capital base; our expectations about the availability of vessels to purchase, the time that it may take to construct newvessels, or the useful lives of our vessels; our continued ability to enter into long-term, fixed-rate time charters with our customers; the availability and cost of low sulfur fuel oil compliant with the International Maritime Organizationsulfur emission limit reductions, generally referred to as “IMO 2020,” which took effect January 1,2020; our vessels engaging in ship to ship transfers of liquified petroleum gas (“LPG”) or petrochemicalcargoes which may ultimately be discharged in sanctioned areas or to sanctioned individuals withoutour knowledge; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from future litigation; our expectations relating to the payment of dividends; our ability to successfully remediate any material weaknesses in our internal control over financialreporting and our disclosure controls and procedures; our expectation regarding providing in-house technical management for certain vessels in our fleet andour success in providing such in-house technical management; our expectations regarding the financial success of the ethylene export marine terminal at Morgan’sPoint, Texas (the “Marine Export Terminal”) and our related 50/50 joint venture with EnterpriseProducts Partners L.P (the “Export Terminal Joint Venture”) or the Luna Pool (as defined below); and other factors discussed in “Item 3—Key Information—Risk Factors” of this annual report.All forward-looking statements included in this annual report are made only as of the date of this annual report.New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, wecannot assess the impact of each such factor on our business or the extent to which any factor, or combination offactors, may cause actual results to be materially different from those contained in any forward-lookingstatement. 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. Wemake no prediction or statement about the performance of our common stock.iii

PART IItem 1.Identity of Directors, Senior Management and AdvisersNot applicable.Item 2.Offer Statistics and Expected TimetableNot applicable.Item 3.A.Key InformationSelected Financial DataThe following table presents selected historical financial data for the years ended December 31, 2016, 2017,2018, 2019 and 2020 which has been derived in part from our audited consolidated financial statements includedelsewhere in this annual report and should be read together with and qualified in its entirety by reference to suchaudited consolidated financial statements.The following table should be read together with “Item 5—Operating and Financial Review and Prospects.”Navigator HoldingsYear Ended December 31,201720182019(in thousands, except per share data, fleet data andaverage daily results)2016Income Statement Data:Operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating revenues—Luna Pool collaborativearrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . Operating expenses:Brokerage commissions . . . . . . . . . . . . . . . . . . . . . .Voyage expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .Voyage expenses—Luna Pool collaborativearrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Vessel operating expenses . . . . . . . . . . . . . . . . . . . .Depreciation and amortization . . . . . . . . . . . . . . . . .General and administrative costs . . . . . . . . . . . . . . .Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Insurance recoverable from vessel repairs . . . . . . . .Total operating expenses . . . . . . . . . . . . .294,112 298,595 310,046 301,385 319,665————12,830294,112 298,595 310,046 301,385 99)—216,155251,413268,566268,774290,741Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency exchange gain/(loss) on senior securedbonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unrealized (loss)/gain on non-designated derivativeinstruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Loss on repayment of 7.75% senior unsecured bonds . . .Write off of deferred financing costs . . . . . . . . . . . . . . . .Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202077,957 47,182 41,480 32,611 91)2,762(479)(155)(40,672)Income/(loss) before income taxes . . . . . . . . . . . . . . . . . . Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Share of result of equity accounted joint ventures . . . . . .45,815 (1,177)—5,707 (397)—(5,368) (333)(38)(15,129) (352)(1,126)1,279(617)651Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income attributable to non-controlling interest . . . . .44,638 —5,310 —(5,739) —(16,607) (99)1,313(1,756)Net income/(loss) attributable to stockholders ofNavigator Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 44,638 5,310 (5,739) (16,706) (443)1

Navigator HoldingsYear Ended December 31,201720182019(in thousands, except per share data, fleet data andaverage daily results)20162020Earnings /(loss) per share attributable to stockholders ofNavigator Holdings Ltd.:Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.81 0.10 (0.10) (0.30) (0.01)Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80 0.10 (0.10) (0.30) (0.01)Weighted average number of shares outstanding:Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,418,626 55,508,974 55,629,023 55,792,711 55,885,376Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,794,481 55,881,454 55,629,023 55,792,711 55,885,376Navigator HoldingsYear Ended December 31,201720182019(in thousands, except per share data, fleet data andaverage daily results)2016Balance Sheet Data (at end of period):Cash, cash equivalents and restricted cash . .Total assets . . . . . . . . . . . . . . . . . . . . . . . . . .Total liabilities . . . . . . . . . . . . . . . . . . . . . . .Total Navigator Holdings Ltd. stockholders’equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash Flows Data:Net cash provided by operating activities . . .Net cash used in investing activities . . . . . . .Net cash provided by / (used in) financingactivities . . . . . . . . . . . . . . . . . . . . . . . . . .Fleet Data:Weighted average number of vessels(2) . . . . .Ownership days(3) . . . . . . . . . . . . . . . . . . . . .Available days(4) . . . . . . . . . . . . . . . . . . . . . .Operating days(5) . . . . . . . . . . . . . . . . . . . . . .Fleet utilization(6) . . . . . . . . . . . . . . . . . . . . . .Average Daily Results:Time charter equivalent rate(7) . . . . . . . . . . . .Daily vessel operating expenses(8) . . . . . . . . .Other Data:EBITDA(1) . . . . . . . . . . . . . . . . . . . . . . . . . . .Adjusted EBITDA(1) . . . . . . . . . . . . . . . . . . . 57,2721,724,843768,363 62,1091,853,887890,674956,480 963,21371,515 66,130 ,013955,110939,803940,54086,748 75,921 77,517 49,700 0,898111,94131.311,46311,2559,88887.9% 202025,4767,925 140,237 140,237(25,784)36.213,22813,19511,56487.6% 21,0187,635 120,770 120,77035,32438.013,87013,76712,24789.0% 20,2847,694 114,788 117,582(35,381)38.013,87013,60811,81386.8% 20,8318,037 107,609 107,80138.013,90813,68411,88086.8% 21,5737,873 119,283 124,237(1) 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 taxesand depreciation and amortization. We define Adjusted EBITDA as EBITDA before foreign currencyexchange gain or loss on senior secured bonds, unrealized gain or loss on non-designated derivativeinstruments, loss on repayment of senior unsecured bonds and the write off deferred financing costs.Management believes that EBITDA and Adjusted EBITDA are useful to investors in evaluating theoperating performance of the Company. EBITDA and Adjusted EBITDA do not represent and should not beconsidered as alternatives to consolidated net income, cash generated from operations or any measureprepared in accordance with U.S. GAAP, and our calculation of EBITDA and Adjusted EBITDA may notbe comparable to that reported by other companies.2

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them inisolation, or as substitutes for analysis of our results as reported under U.S. GAAP. Some of theselimitations are: EBITDA and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capitalexpenditures or contractual commitments; EBITDA and Adjusted EBITDA do not recognize the interest expense or the cash requirementsnecessary to service interest or principal payments on our debt; EBITDA and Adjusted EBITDA ignore changes in, or cash requirements for, our working capitalneeds; and other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do,limiting their usefulness as comparative measures.Because of these limitations, EBITDA and Adjusted EBITDA should not be considered measures ofdiscretionary cash available to us to invest in the growth of our business.The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income / (loss), ourmost directly comparable U.S. GAAP financial measure, for the periods presented:Navigator HoldingsYear Ended December 31,201720182019(in thousands)2016Net income/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . .Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Depreciation and amortization . . . . . . . . . . . . . . . . . . . 44,63832,1421,17762,280 5,31041,47539773,588EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,237Foreign currency exchange gain on senior securedbonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .—Unrealized loss on non-designated derivativeinstruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .—Loss on repayment of 7.75% senior secured bonds . . .—Write off of deferred financing costs . . . . . . . . . . . . . .— 120,770Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,770 140,2372020 (5,739) (16,607) 1,31344,05447,69140,67233335261776,14076,17376,681 114,788 107,609 —403(2,762)479155 117,582 107,658 119,086(2) We calculate the weighted average number of vessels during a period by dividing the number of totalownership days during that period by the number of calendar days during that period.(3) We define ownership days as the aggregate number of days in a period that each vessel in our fleet has beenowned by us. Ownership days are an indicator of the size of our fleet over a period and the potential amountof revenue that we record during a period.(4) We define available days as ownership days less aggregate off-hire days associated with scheduledmaintenance, which includes drydockings, vessel upgrades or special or intermediate surveys. We useavailable days to measure the aggregate number of days in a period that our vessels

united states securities and exchange commission washington, d.c. 20549 form 20-f ' registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934 or È annual report pursuant to section 13 or 15(d) of the securities exchange act of 1934 for the fiscal year ended december 31, 2020 or ' transition report pursuant to section 13 or 15(d) of the securities .

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