Navigator Holdings Ltd.

Thank you for standing by, ladies and gentlemen, and welcome to the Navigator Holdings conference call on the fourth quarter and year-end 2020 financial results. We have with us Mr. David Bettis, Executive Chairman, Mr. Harry Deans, Chief Executive Officer, Mr. Neil Noland, Chief Financial Officer, and Mr. Oeyvind Lindeman, Chief Commercial Officer. At this time, all participants are in listen-only mode. There will be a presentation followed by a question-answer session, at which time, if you wish to ask a question, please press star and 1 on your telephone keypad and wait for an automated message stating your line is open. Oeyvind Lindeman

Thank you very much. Thank you. These forward-looking statements are based on management's assumptions, forecasts, and expectations as of today's date and are, as such, subject to material risks and uncertainties. Actual results may differ significantly from our forward-looking information financial forecasts. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission. So today's call will include comments from Harry Dean's CEO, Niall Nolan, our Chief Financial Officer, and Oeyvind Lindeman, our Chief Operational Officer, Commercial Officer. So Harry, why don't you take the call from here?

Thanks, David. So good morning to everybody on the call. I hope you're all well and keeping safe. It's hard to believe it is now well over a year since we entered our first lockdown, with most of us thinking it would last for maybe three or four weeks at most. How wrong we were. We are now in the second or third wave of infection and new more virulent variants have unfortunately emerged. Thankfully science and modern medicine have succeeded in rapidly developing effective vaccines to combat this disease. More vaccines and counting have now been approved and have been rolled out worldwide, albeit the vaccine programmes are inconsistent and patchy at best across nations and geographies. Although overall the business environment started to improve in the second half of 2020, it is clear that the global business activity continues to be impacted by COVID-19 flare-ups and the new strains. We expect this overhang to remain until vaccination levels rise significantly. Prior to our Q3 call, we said that we were once again running our business remotely from our home offices worldwide. At that time we expected that this would be the case well into Q1 2021 if not beyond. We now expect that to last well into Q2 of this year. US LPG production and exports have been remarkably resilient throughout the pandemic, and there was no sign of that changing in Q4. The trend continued into 2021, throughout January and into mid-February, when the Southern Freeze, or Storm Uri, brought snow and unseasonally cold weather to the US Gulf Coast. The winter storm caused a huge amount of disruption to upstream, midstream, refinery and cracker production across the region, with the majority of capacity shutting down. By our estimates, we think at the height of the cold snap almost 100% of Texas ethnean capacity and approaching 80% of all US elephants capacity was taken offline. Frankly as I speak, we have seen a sharp bounce back in production with the vast majority of operations already restarted or in the process of being ramped up. I am pleased to report that the business was again profitable in Q4 for the third quarter in succession Our performance bounced back after the impact on Q3 of the Gulf Hurricanes, with a net income of $3.4 million and an adjusted EBITDA of $32 million, both of which were an improvement on the same feed last year. The quarterly and year-to-date operating revenue, net income and EBITDA have all improved substantially when compared to 2019. Morgan's Point Earthling Joint Venture Terminal with a four-quarter EBITDA of $2.1 million was again profitable for the quarter and indeed finished in profit for the whole year. Utilisation rates finished 2020 as they began strongly with a sharp recovery in the quarter and month-on-month increases. The recovery and utilization rates faltered when the sudden freeze hit. bringing down the vast majority of U.S. cracker capacity, 40-year-old PDH production, and severely impacting most fractionation capacity in the Gulf. This storm, together with the Mount Bellevue pipeline and subsequent etherean joint venture terminal force measures, caused major supply interruptions. Rapid vessel rescheduling and repositioning enabled us to find alternative employment for the majority of our etherean vessels. Nevertheless, Utilization rates have dipped to around the mid-80% level in February and are expected to stay at those levels for the remainder of Q1. As is typical, the U.S. gold cracker issue has dramatically reduced development of open supplies, causing a domestic prices spike and leading to the slamming shut of the healthy ethnean arbitrage to Asia. But despite this blip, nothing has fundamentally changed. There are plentiful supplies of the most advantaged olefin feedstock in the U.S. East End which coupled with olefin overcapacity and the efficient equity market will ensure that the art will recover as units ramp up, the tanks are replenished and the product again is priced to move. Turning now to crew relief, I am pleased to report we have made further progress on overdue crew changes in Q4 in the face of ever-changing legislation and restrictions. Navigator, together with countless other owners and ship managers, have signed the Neptune Declaration on Seafarer Wellbeing and Crew Changes. This declaration asks that all seafarers are recognised as key workers and requests that a coordinated, pan-governmental approach be adopted to facilitate crew changes under internationally agreed health procedures. It is testament to the hard work, the dedication and the strict detains to the new gold standard hygiene protocols of our seafarers that Navigate the Gas was fortunate not to experience a single confirmed COVID case in any of our 38 vessels in 2020. What about safety? We are proud of the efforts we have taken together with our partners to keep people safe both physically and emotionally and to keep the products in the tanks. Our over-air fleet safety performance was the best on record. We increased our number of near-miss reports, which is a leading safety indicator, while reducing the frequency of actual incidents. We've now reached a significant milestone, having surpassed 800 days without a lost time incident on our in-house managed fleet. When it comes to safety though, we all know that you're only as good as your last second worked, so we continue to be vigilant. In late December, we completed Phase 2 of our Morgan's Point Ethylene JV terminal when the 30,000 kiloton refrigerated ethylene storage tank was successfully commissioned and brought into service. And this can be seen in the supplemental pack. On the 23rd of December, we reached the crucial milestone when the navigator Atlas loaded the first cargo directly from the tank. Utilising the tank facilitates faster vessel loading with speeds increasing almost tenfold. This new capability will allow us to increase throughput whilst improving efficiency for our customers as we reach the 1 million tonnes nameplate capacity. By any metric, this construction project has exceeded all its targets with a safe, on time and below budget completion. And this is all the more impressive as the majority of the construction took place in the middle of the COVID-19 global pandemic. I'd like to take this opportunity to thank everybody involved in the successful delivery of this remarkable and unique project. We are now confident that we will be able to exceed the terminal 1 million tonnes nameplate capacity by at least 10% without any significant investment. Overall, Q4 was a good quarter for our business, with momentum building month-on-month. We safely emerged from the Q3 weather headwinds and saw the resulting improvements in our utilization rates. Our Epling JB terminal finished the year strongly, with an annual throughput of over 420,000 tonnes, which was an excellent performance when you consider that Phase 1 was not fully commissioned until April, with a refrigerated tank coming on stream in late December, Once the weather-related US oil from production issues and the forced majeures subside, this tank capacity will dramatically boost with terminal throughput, bringing with it stable cash flows from our take-up day contracts, and this will help offset any volatility in the shipping business. The handy-sized new build to this logbook continues our all-time historical lows, and this can be seen in slide 13 in the supplemental presentation. This combined with the start-up, or the imminent start-up, of the three new North American export facilities, including our own Morgan's Point Ethylene Joint Venture, the Rupana Terminal, and the Prince Rupert Facility, will help underpin farming vessel utilization rates. This coupled with the healthy ethane arbitrage and the reopening of the US-Asia Ethylene Arbitrage, together with increasing demand for ethane and LPG in China, will help boost exports. and should bring improved options for both the handy-sized segment and for navigator gas. With those few remarks, I'd like to hand you over to our CFO, Niall Nolan. Niall? Thanks, Harry, and good morning all.