Navigator Holdings Ltd. (NYSE:NVGS) Q4 2022 Earnings Call Transcript

Oeyvind Lindeman: On the — we had some color commentary in the prepared remarks. On time charter rates, the renewals we are doing at the moment or in 2023 has been repriced at or above the assessment that we are showing. So that is clearly an improvement from where we have been over the last 2, 3, 4 years; so that is great to see. On the spot side, we are reducing — or we’re increasing our spot exposure because we think the fundamentals are there, justifying that slight adjustment. So the spot rates depends very much, as I mentioned, the time, the area and the cargo. So that has a bigger variation volatility than the time charter rates. But in combination, if you combine it all, it is better than what we’ve seen for a long time.

Randy Giveans: Excellent. And then last question for Niall. After this quarter, share repurchases, what is the diluted outstanding share?

Niall Nolan: The quarter, as you mentioned in your remarks, Randy, the quarter — or the share repurchase scheme only started mid-December. So the number of shares bought in December was not a whole lot less than 0.5 million shares. We have — up to date, we have about 2 million shares purchased. So it’s 2 million less than that, given that just towards the beginning of the year, so around 75 million.

Oeyvind Lindeman: And that’s, of course, with any potential completion of the program will take another if it was the same average price, of course, it would be another 2 million. So you need to add that in because the idea is that we have the full $50 million. And so far, we are heading in that direction.

Randy Giveans: Well, thanks. That is it for the Q&A. Thank you again for all of those who joined us. We will be back likely in mid-May for our 1Q ’23 results. So looking forward to seeing you then and feel free to reach out with any questions. Have a great day.