6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

Commission File Number 001-36202

NAVIGATOR HOLDINGS LTD.

(Exact name of Registrant as specified in its Charter)

21 Palmer Street

London, SW1H 0AD

United Kingdom

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F  x    Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1). Yes  ¨    No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7). Yes  ¨    No  x

NAVIGATOR HOLDINGS LTD.

REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2014

INDEX

	PAGE
Management’s Discussion and Analysis of Financial Condition and Results of Operations		2
Quantitative and Qualitative Disclosures About Market Risk		10
Important Information Regarding Forward-Looking Statements		11
Unaudited Condensed Consolidated Financial Statements
Unaudited Consolidated Balance Sheets as of December 31, 2013 and March 31, 2014		F-1
Unaudited Consolidated Statements of Income for the three months ended March 31, 2013 and March  31, 2014		F-2
Unaudited Consolidated Statements of Comprehensive Income for the three months ended March  31, 2013 and March 31, 2014		F-3
Unaudited Consolidated Statements of Shareholders’ Equity for the year ended December  31, 2013 and the three months ended March 31, 2014		F-4
Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and March  31, 2014		F-5
Notes to Unaudited Condensed Consolidated Financial Statements		F-6
SIGNATURES

1

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context otherwise requires, all references in this report to “Navigator Holdings,” “our,” “we,” “us” and the “Company” refer to Navigator Holdings PLC, an Isle of Man corporation, with regard to all periods prior to its redomiciliation in the Republic of the Marshall Islands, and to Navigator Holdings Ltd., a Marshall Islands corporation, with regard to all periods after its redomiciliation in the Republic of the Marshall Islands. All references in this report to our wholly-owned subsidiary “Navigator Gas L.L.C.” refer to Navigator Gas Transport PLC, an Isle of Man corporation, with regard to all periods prior to its redomiciliation in the Republic of the Marshall Islands, and to Navigator Gas L.L.C., a Marshall Islands limited liability company, with regard to all periods after its redomiciliation in the Republic of the Marshall Islands. As used in this report, unless the context indicates or otherwise requires, references to “our fleet” or “our vessels” (A) include (i) 23 vessels we owned as of March 31, 2014, or “our owned vessels,” (ii) four newbuildings expected to be delivered from Jiangnan Shipyard (Group) Co. Ltd. in China, or “Jiangnan,” between June and October of 2014, or the “2014 newbuildings,” (iii) four newbuildings expected to be delivered from Jiangnan between March and December of 2015, or the “2015 newbuildings” and (iv) two newbuildings expected to be delivered from Jiangnan in March and April 2016, or the “2016 newbuildings”; and (B) exclude (i) the chartered-in vessel that we have chartered-in through December 2014 and (ii) three newbuildings that are subject to options that we have exercised with Jiangnan and we expect will be delivered in 2016, or the “option newbuldings.” As used in this report, (i) “WLR” refers to WL Ross & Co. LLC and (ii) the “WLR Group” refers to WLR and certain of its affiliated investment funds owning shares of our common stock, collectively.

This section should be read in conjunction with the interim financial statements and notes thereto presented elsewhere in this report, as well as the historical consolidated financial statements and notes thereto of Navigator Holdings Ltd. included in our Annual Report on Form 20-F for the year ended December 31, 2013. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States and are presented in U.S. Dollars unless otherwise indicated.

Overview

We are the owner and operator of the world’s largest fleet of handysize liquefied gas carriers. We provide international and regional seaborne transportation services of liquefied petroleum gas, or “LPG,” petrochemical gases and ammonia for energy companies, industrial users and commodity traders. These gases are transported in liquefied form, by applying cooling and/or pressure, to reduce volume by up to 900 times depending on the cargo, making their transportation more efficient and economical.

On November 26, 2013, we completed our initial public offering, or “IPO,” of 13,800,000 shares of our common stock at $19.00 per share, including the full exercise by the underwriters of their option to purchase an additional 1,800,000 shares of common stock from the selling stockholders. We offered 9,030,000 shares of common stock and certain selling stockholders offered 4,770,000 shares of common stock. We received net proceeds of approximately $156.4 million, after deducting underwriting discounts and expenses, from our sale of 9,030,000 shares in the offering.

Recent Developments

On April 17, 2014, we exercised our option to build an additional three 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers, in addition to the one vessel of the same size already under construction. The three additional vessels will be built at Jiangnan Shipyard in China for $78.4 million each. Following our exercise of the option to build three additional vessels, we have thirteen vessels in our newbuilding program, four of which are scheduled for delivery in late 2014, four in 2015 and five in 2016.

Factors Affecting Comparability

You should consider the following factors when evaluating our historical financial performance and assessing our future prospects:

• We have been and are significantly increasing our fleet size. Our historical financial performance and future prospects have been and will be significantly impacted by the increasing size of our fleet.

• Historical Fleet Size. Our historical financial statements for the three months ended March 31, 2013, reflect the results of operations of a weighted average fleet size of 14.5 vessels, resulting in 15 vessels at March 31, 2013, three of which were then recent deliveries from the 11 A.P. Møller handysize fleet. We took delivery of all 11 of the A.P. Møller vessels during 2013, bringing our total fleet size to 24 by December 31, 2013 and we maintained that number throughout the three months ended March 31, 2014.

• Future Fleet Size. We have entered into agreements to acquire thirteen newbuilding liquefied gas carriers, with four handysize vessel to be delivered during 2014, four handysize vessels in 2015, one handysize vessels and four 35,000 cbm vessels in 2016. Furthermore, the time charter relating to our chartered-in vessel currently terminates in December 2014, after which such vessel will no longer contribute to our results of operations unless we extend the charter-in relationship.

Given the variability in operating vessels in our fleet, our historical financial statements reflect, and in the future will reflect, significantly different levels of ownership and operating days as well as different levels of voyage expenses, vessel operating expenses, interest expense and other related costs.

• We will incur additional general administration costs and other corporation expenses. We will continue to incur additional costs as a result of being a publicly-traded corporation, including costs associated with annual reports to shareholders and SEC filings, investor relations and NYSE annual listing fees. We may also grant equity compensation that would result in an expense to us.

• We will have different financing arrangements. We have entered into secured term loan facilities and issued senior unsecured notes to finance the acquisitions of vessels and the construction of newbuildings. Please read “—Secured Term Loan Facilities” and “—Senior Unsecured Bonds.” We may enter into additional lending arrangements for the newbuildings currently not subject to a loan facility.

2

Results of Operations

Three Months Ended March 31, 2014 Compared to Three Months Ended March 31, 2013

The following table compares our operating results for the three months ended March 31, 2013 and 2014:

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2014			Percentage Change
	(in thousands, except percentages)
Operating revenue	$	42,313		$	69,826			65.0	%
Operating expenses:
Address and brokerage commissions		1,120			1,485			32.6	%
Voyage expenses		7,723			9,886			28.0	%
Charter-in costs		1,375			2,100			52.7	%
Vessel operating expenses		9,591			17,261			80.0	%
Depreciation and amortization		7,146			11,049			54.6	%
General administration costs		1,398			2,725			94.9	%
Other corporate expenses		445			459			3.1	%
Total operating expenses	$	28,798		$	44,965			56.1	%
Operating income	$	13,515		$	24,861			84.0	%
Interest expense		(5,797	)		(7,850	)		35.4	%
Interest income		33			92			178.8	%
Income before income taxes	$	7,751		$	17,103			120.7	%
Income taxes		133			221			66.2	%
Net income	$	7,618		$	16,882			121.6	%

Operating Revenue. Operating revenue increased by 65.0% to $69.8 million for the three months ended March 31, 2014, from $42.3 million for the three months ended March 31, 2013. This increase was primarily due to:

• an increase in operating revenue of approximately $25.0 million attributable to an increase in the weighted average number of vessels from 14.5 to 24.0, or 65.5%, for the three months ended March 31, 2014, and a corresponding increase in vessel ownership days by 859 days, or 66.0%, for the three months ended March 31, 2014, as compared to the three months ended March 31, 2013;

• a small increase in operating revenue of approximately $0.3 million attributable to improved average monthly charter rates, which rose to an average of approximately $871,385 per vessel per calendar month ($28,648 per day) for the three months ended March 31, 2014, as compared to an average of approximately $866,850 per vessel per calendar month ($28,492 per day) for the three months ended March 31, 2013; and

• a negligible increase in operating revenue attributable to an increase in fleet utilization from 96.8% during the three months ended March 31, 2013 to 96.9% during the three months ended December 31, 2014.

• an increase in operating revenue of approximately $2.2 million relating to a relative increase in the number of voyage charters to time charters during the three months ended March 31, 2014 compared to the three months ended March 31, 2013.

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The following table presents selected operating data for the three months ended March 31, 2014 and 2013, which we believe is useful in understanding our operating revenue:

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2014
Fleet Data:
Weighted average number of vessels		14.5			24.0
Ownership days		1,301			2,160
Available days		1,254			2,160
Operating days		1,214			2,092
Fleet utilization		96.8	%		96.9	%
Average daily time charter equivalent rate	$	28,492		$	28,648

Address and Brokerage Commissions. Address and brokerage commissions increased by 32.6% to $1.5 million for the three months ended March 31, 2014, from $1.1 million for the three months ended March 31, 2013 as the number of vessels in our fleet, and consequently operating revenue on which it is based, increased.

Voyage Expenses. Voyage expenses increased by 28.0% to $9.9 million for the three months ended March 31, 2014, from $7.7 million for the three months ended March 31, 2013. This increase was primarily due to the significant increase in our fleet size, and the consequential increased number of voyage charters undertaken during the three months ended March 31, 2014.

Charter-in Costs. Charter-in costs increased by 52.7% to $2.1 million for the three months ended March 31, 2014, from $1.4 million for the three months ended March 31, 2013. This increase is primarily related to the chartered in vessel being in drydock during 2013, when no charter-in costs were incurred, compared to being in operation for the entire three months ended March 31, 2014.

Vessel Operating Expenses. Vessel operating expenses increased by 80.0% to $17.3 million for the three months ended March 31, 2014, from $9.6 million for the three months ended March 31, 2013. Vessel operating expenses increased by $664 per day, or 8.7%, to $8,333 per vessel per day for the three months ended March 31, 2014, compared to $7,669 per vessel per day for the three months ended March 31, 2013. These increases were primarily due to additional costs on our ethylene vessels and particularly low operating expenses incurred in the first three months of 2013.

Depreciation and Amortization. Depreciation and amortization expense increased by 54.6% to $11.0 million for the three months ended March 31, 2014, from $7.1 million for the three months ended March 31, 2013. This increase was primarily due to an increase in our fleet size. Depreciation and amortization expense included amortization of capitalized drydocking costs of $0.9 million for the three months ended March 31, 2014, and $0.6 million for the three months ended March 31, 2013.

Other Operating Results

General Administration Costs. General administration costs increased by 94.9% to $2.7 million for the three months ended March 31, 2014, from $1.4 million for the three months ended March 31, 2013, primarily due to additional costs attributable to enlarged operations associated with fleet expansion and additional costs associated with being a publicly-traded corporation.

Other Corporate Expenses. Other corporate expenses increased by 3.1% to $0.5 million for the three months ended March 31, 2014, from $0.4 million for the three months ended March 31, 2013.

Interest Expense. Interest expense increased to $7.8 million for the three months ended March 31, 2014, from $5.8 million for the three months ended March 31, 2013. This increase was primarily due to increased interest expense and finance charges for our entry into an additional secured term loan facility in February 2013 to facilitate the acquisition of the fleet of 11 handysized vessels from A.P. Møller.

Interest Income. Interest income increased to $92,018 for the three months ended March 31, 2014, from $33,528 for the three months ended March 31, 2013. The increase in interest income for the three months ended March 31, 2014, was primarily due to interest generated on unapplied proceeds from our initial public offering.

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Income Taxes. Income tax relates to taxes on our subsidiaries incorporated in the United Kingdom and Singapore. Our United Kingdom subsidiary earns management and other fees from fellow subsidiary companies, and our Singaporean subsidiary earns interest payments from Indonesia, where the main corporate tax rates are 24% and 17%, respectively. For the three months ended March 31, 2014, we incurred taxes of $221,024 as compared to taxes for the three months ended March 31, 2013 of $132,800.

Liquidity and Capital Resources

Liquidity and Cash Needs

Our primary uses of funds have been capital expenditures for the construction of vessels, repayments of bank loans, voyage expenses, vessel operating expenses, general and administrative costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards and financing expenses. Our primary sources of funds have been cash from operations. We are required to maintain certain minimum liquidity amounts in order to comply with our various debt instruments. Please see “—Secured Term Loan Facilities.”

In addition to operating expenses, our medium-term and long-term liquidity needs primarily relate to the construction of newbuild vessels and potential future acquisitions. We have agreed to purchase 13 newbuildings for an aggregate of $737.8 million, which is comprised of the four 2014 newbuildings from Jiangnan Shipyard, China for $49.9 million per vessel, the four 2015 newbuildings from Jiangnan for an average of $45.5 million per vessel and the five 2016 newbuildings from Jiangnan, one vessel for $44.0 million, one for $77.4 million and three vessels for $78.4 million each. As of March 31, 2014, we had made aggregate payments to Jiangnan of $79.6 million.

We expect to finance the remaining construction prices of the 2014 newbuildings through previously issued equity and borrowings under our current senior term loan facilities. We expect to finance the purchase price of the 2015 newbuildings, the 2016 newbuildings and any additional future acquisitions either through previously issued equity, internally generated funds, debt financings, the issuance of additional equity securities or a combination of these forms of financing. We anticipate that our primary sources of funds for our long-term liquidity needs will be from cash from operations and/or debt or equity financings. We believe that these sources of funds will be sufficient to meet our liquidity needs for the foreseeable future.

Ongoing Capital Expenditures.

Liquefied gas transportation is a capital-intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance. We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every two and one-half to three years. Drydocking each vessel takes approximately 20-30 days. Drydocking days generally include approximately 5-10 days of travel time to and from the drydocking shipyard and approximately 15-20 days of actual drydocking time. Six of our vessels will require to enter drydock during 2014.

We spend significant amounts of funds for scheduled drydocking (including the cost of classification society surveys) of each of our vessels. As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cost of the initial five-year drydocking of one of our vessels is approximately $650,000, the ten-year drydocking cost is approximately $1.2 million and the 15-year drydocking cost is approximately $1.5 million. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs, with a balance included as a component of our operating expenses. We are not aware of any regulatory changes or environmental liabilities that we expect to have a material impact on our current or future results of operations. Over the long term, we will be required to make substantial capital expenditures to preserve the operating capacity of, and to grow, our fleet.

5

Cash Flows

The following table summarizes our cash and cash equivalents provided by (used in) operating, financing and investing activities for the periods presented:

	Three Months Ended March 31, 2013			Three Months Ended March 31, 2014
	(in thousands)
Net cash provided by operating activities	$	17,830		$	32,151
Net cash used in investing activities		(128,792	)		(22,649	)
Net cash provided / (used) by financing activities		63,519			(15,518	)
Net decrease in cash and cash equivalents		(47,443	)		(6,016	)

Operating Cash Flows. Net cash provided by operating activities for the three months ended March 31, 2014, increased to $32.2 million, from $17.8 million for the three months ended March 31, 2013, an increase of 80.3%. This $14.4 million increase in net cash provided by operating activities for the three months ended March 31, 2014 compared to the three months ended March 31, 2013, was primarily due to increases in net revenue referred to above and by movements in working capital.

Net cash flow from operating activities depends upon repairs and maintenance activity, acquisitions and dispositions, foreign currency rates, changes in interest rates, fluctuations in working capital balances and charter rates attainable.

Investing Cash Flows. Net cash used in investing activities of $22.6 million for the three months ended March 31, 2014, primarily represents $21.5 million for payments made to Jiangnan shipyard, representing a second installment on two 2015 newbuildings, and an initial 10% installment payment on the two 2016 newbuildings, a handysize vessel and a 35,000 cbm newbuilding.

Net cash used in investing activities of $128.8 million for the three months ended March 31, 2013, primarily consists of $123.5 million for the acquisition of three of the 11 vessels acquired from A.P. Møller and $5.2 million representing a second installment payment for two of the four 2014 newbuildings.

Financing Cash Flows. Net cash used in financing activities was $15.5 million for the three months ended March 31, 2014, primarily consisting of loan repayments under the term loan facilities.

Net cash provided by financing activities was $63.5 million for the three months ended March 31, 2013, consisting of $75.0 million from the issuance of common stock to the WLR Group and others, offset by $6.7 million in loan repayments and payment of financing costs of $4.7 million.

Secured Term Loan Facilities

General. Navigator Gas L.L.C., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries have entered into a series of secured term loan facilities beginning in April 2011, or the “April 2011 secured term loan facility,” in April 2012, or the “April 2012 secured term loan facility,” in February 2013, or the “February 2013 secured term loan facility,” and in April 2013, or the “April 2013 secured term loan facility.” Collectively, we refer to the debt thereunder as our “secured term loan facilities.” Proceeds of the loans under our secured term loan facilities may be used to finance newbuildings, acquisitions and for general corporate purposes. The full commitment amounts have been drawn under the April 2011 secured term loan facility, the April 2012 secured term loan facility and the February 2013 secured term loan facility. The full $120.0 million under the April 2013 secured term loan facility is available to be drawn to fund the 2014 newbuilding vessels. We are the guarantor under each of the secured term loan facilities.

Fees and Interest. We paid arrangement and agency fees at the time of the closing of our secured term loan facilities. Agency fees are due annually. Interest on amounts drawn is payable at a rate of U.S. LIBOR plus a bank margin, for interest periods of one, three or six months or longer if agreed by all lenders.

6

Term and Facility Limits

April 2011 Secured Term Loan Facility. The April 2011 secured term loan facility has a term of six years with a maximum principal amount of $80.0 million. The April 2011 secured term loan facility is a delayed draw facility with an availability period that ended December 27, 2012. The aggregate fair market value of the collateral vessels must be no less than 130% of the aggregate outstanding borrowings under the facility. Interest on amounts drawn is payable at a rate of U.S. LIBOR plus 300 basis points per annum.

April 2012 Secured Term Loan Facility. The April 2012 secured term loan facility has a term of five years with a maximum principal amount of up to $180.0 million. The April 2012 secured term loan facility is a delayed draw facility with an availability period that ended December 31, 2012. The aggregate fair market value of the collateral vessels must be no less than 135% of the aggregate outstanding borrowings under the facility. Interest on amounts drawn is payable at a rate of U.S. LIBOR plus 337.5 basis points per annum.

February 2013 Secured Term Loan Facility. The February 2013 secured term loan facility has a term of five years with a maximum principal amount of up to the lesser of (i) $270.0 million and (ii) 60% of the fair market value of the collateral vessels. The February 2013 secured term loan facility is a delayed draw facility with an availability period that ended December 31, 2013. Advances under facility were upon the delivery of the A.P. Møller vessels. The aggregate fair market value of the collateral vessels must be no less than 135% of the aggregate outstanding borrowings under the facility. Interest on amounts drawn is payable at a rate of U.S. LIBOR plus 350 basis points per annum.

April 2013 Secured Term Loan Facility. The April 2013 secured term loan facility has a term of six years from the loan drawdown date with a maximum principal amount of up to $120.0 million. The April 2013 secured term loan facility is a delayed draw facility with the last availability period ending June 8, 2015. Proceeds of the loans under the April 2013 secured term loan facility will be used to finance our four 2014 newbuildings. The aggregate fair market value of the collateral vessels must be no less than 135% of the aggregate outstanding borrowings under the facility. Interest on amounts drawn is payable at a rate of U.S. LIBOR plus 350 basis points per annum.

Prepayments/Repayments. The borrowers may voluntarily prepay indebtedness under our secured term loan facilities at any time, without premium or penalty, in whole or in part upon prior written notice to the facility agent, subject to customary compensation for LIBOR breakage costs. The borrowers may not reborrow any amount that has been so prepaid.

The loans will be subject to quarterly amortization repayments beginning three months after the initial borrowing date or delivery dates of the newbuildings, as applicable. Any remaining outstanding principal amount must be repaid on the expiration date of the facilities.

The borrowers are also required to deliver semi-annual compliance certificates, which include valuations of the vessels securing the applicable facility from an independent ship broker. Upon delivery of the valuation, if the market value of the collateral vessels is less than 130% of the outstanding indebtedness under the April 2011 facility or 135% of the outstanding indebtedness under the other facilities, the borrowers must either provide additional collateral or repay any amount in excess of 130% or 135% of the market value of the collateral vessels, as applicable.

Financial Covenants. The secured term loan facilities contain financial covenants requiring the borrowers, among other things, to ensure that:

• the ratio of Net Debt to Total Capitalization (each as defined in the applicable secured term loan facility) is no greater than 0.60 to 1.00;

• the borrowers have liquidity (including undrawn available lines of credit with a maturity exceeding 12 months) of no less than (i) between $10.0 million and $25 million, as applicable, or (ii) 5% of Net Debt or total debt, as applicable, whichever is greater;

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• the ratio of EBITDA to Interest Expense (each as defined in the applicable secured term loan facility), on a trailing four quarter basis, is no less than 3.00 to 1.00;

• the borrower must maintain a minimum ratio of shareholder equity to total assets of 30%; and

• the current assets of the borrower must exceed the current liabilities (excluding current liabilities attributable to the senior unsecured bonds or the senior term loans) at all times.

Restrictive Covenants. The secured term loan facilities provide that the borrowers may not pay dividends to us out of operating revenues generated by the vessels securing the indebtedness if an event of default has occurred or is continuing. The secured term loan facilities also limit the borrowers from, among other things, incurring indebtedness or entering into mergers and divestitures. The secured term loan facilities also contain general covenants that will require the borrowers to maintain adequate insurance coverage and to maintain their vessels. In addition, the secured term loan facilities include customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross-default to other indebtedness and non-compliance with security documents.

As of March 31, 2014, we were in compliance with all covenants under the secured term loan facilities, including with respect to the aggregate fair market value of our collateral vessels.

Senior Unsecured Bonds

General. On December 18, 2012, we issued senior unsecured bonds in an aggregate principal amount of $125.0 million with Norsk Tillitsmann ASA as the bond trustee. The proceeds of the senior unsecured bonds were used (i) in part to finance the acquisition of the A.P. Møller vessels and (ii) for general corporate purposes. The senior unsecured bonds are governed by Norwegian law and listed on the Nordic ABM which is operated and organized by Oslo Børs ASA.

Interest. Interest on the senior unsecured bonds is payable at a fixed rate of 9.0% per annum, calculated on a 360-day year basis. Interest is payable semi-annually on June 18 and December 18 of each year.

Maturity. The senior unsecured bonds mature in full on December 18, 2017.

Optional Redemption. We may redeem the senior unsecured bonds, in whole or in part, beginning December 18, 2015. Senior unsecured bonds redeemed from December 18, 2015 to December 17, 2016, shall be redeemed at 104% of par, senior unsecured bonds redeemed from December 18, 2016 to June 17, 2017, shall be redeemed at 102% of par and senior unsecured bonds redeemed from June 18, 2017, to the day prior to the maturity date, shall be redeemed at 101% of par.

Additionally, upon the occurrence of a “Change of Control Event” (as defined in the senior unsecured bond agreement), the holders of senior unsecured bonds have an option to force the issuer to repay such holder’s outstanding bonds at 101% of par.

Financial Covenants. The senior unsecured bond agreement contains financial covenants requiring us, among other things, to ensure that:

• we and our subsidiaries maintain a minimum liquidity of no less than the greater of (i) $12.5 million and (ii) 5% of Total Interest-Bearing Debt (as defined in the senior unsecured bond agreement);

• we and our subsidiaries maintain a positive working capital amount;

• we and our subsidiaries maintain an Interest Coverage Ratio (as defined in the senior unsecured bond agreement) of not less than 3.0;

• we and our subsidiaries maintain an Equity Ratio (as defined in the senior unsecured bond agreement) of at least 30%; and

• we and our subsidiaries ensure that the sum of the market value of (i) our vessels plus (ii) any amounts in any escrow account in favor of the bond trustee are at least 120% of the Total Interest-Bearing Debt.

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Our compliance with the covenants listed above is measured as of the end of each fiscal quarter, except for the final ratio, which is measured semi-annually on June 30 and December 31 of each year.

Restrictive Covenants. The senior unsecured bond agreement provides that we may declare dividends so long as such dividends do not exceed 50% of our consolidated net profits after taxes and we have an Equity Ratio of 35% after giving pro forma effect to such distribution. The senior unsecured bond agreement also limits us and our subsidiaries from, among other things, incurring additional indebtedness, entering into mergers and divestitures, engaging in transactions with affiliates or incurring any additional liens. In addition, the senior unsecured bond agreement includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, false representation and warranty, a cross-default to other indebtedness, the occurrence of a material adverse effect, or our insolvency or dissolution.

As of March 31, 2014, we were in compliance with all covenants under our senior unsecured bond agreement.

Tabular Disclosure of Contractual Obligations

The contractual obligations schedule set forth below summarizes our contractual obligations as of March 31, 2014.

	2014		2015		2016		2017		Thereafter		Total
	(in thousands)
Vessels under construction	$	168,316		165,350		89,364		—		—	$	423,030
Charter-in vessels		6,300		—		—		—		—		6,300
Secured term loan facilities and 9% senior unsecured bond issue		45,563		50,850		50,850		279,024		134,010		560,297
Office leases		560		747		747		630		2,189		4,874
Total contractual obligations	$	220,739	$	216,947	$	140,961	$	279,654	$	136,199	$	994,501

As part of our growth strategy, we will continue to consider strategic opportunities, including the acquisition of additional vessels. We may choose to pursue such opportunities through internal growth or joint ventures or business acquisitions. We intend to finance any future acquisitions through various sources of capital, including credit facilities, debt borrowings and the issuance of additional shares of common stock.

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Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk from changes in interest rates and foreign currency fluctuations, as well as inflation. We may in the future use interest rate swaps to manage interest rate risks, but will not use these financial instruments for trading or speculative purposes.

Interest Rate Risk

Historically, we have been subject to limited market risks relating to changes in interest rates because we did not have significant amounts of floating rate debt outstanding. Navigator Gas L.L.C., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries are parties to secured term loan facilities that bear interest at an interest rate of LIBOR plus 300 to 350 basis points. A variation in LIBOR of 100 basis points would result in a variation of $10,000 in annual interest paid on each $1.0 million of indebtedness outstanding under the secured term loan facilities.

We invest our surplus funds with reputable financial institutions, yielding higher returns than are available on overnight deposits in banks. These deposits have original maturities of no more than six months, in order to provide the Company with flexibility to meet all requirements for working capital and for capital investments.

We do not currently use interest rate swaps to manage the impact of interest rate changes on earnings and cash flows, but we may elect to do so in the future.

Foreign Currency Exchange Rate Risk

Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, virtually all of our revenues are in U.S. Dollars. Our expenses, however, are in the currency invoiced by each supplier, and we remit funds in the various currencies invoiced. We incur some vessel operating expenses, including some crewing costs, and general and administrative costs in foreign currencies and there is a risk that currency fluctuations could have an adverse effect on the value of our cash flows. We have not entered into any hedging transactions to mitigate our exposure to foreign currency exchange rate risk.

Inflation

Certain of our operating expenses, including crewing, insurance and drydocking costs, are subject to fluctuations as a result of market forces. Inflationary pressures on bunker (fuel and oil) costs in particular have risen over the past number of years and could have a material effect on our future operations if the number of vessel employment contracts for voyage charters increases. In the case of the 18 of our 24 vessels that were time-chartered to third parties as of March 31, 2014, it is the charterers who pay for bunkers. If our vessels are employed under voyage charters or COAs, freight rates are generally sensitive to the price of fuel. However, a sharp rise in bunker prices may have a temporary negative effect on our results since freight rates generally adjust only after prices settle at a higher level.

10

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the period ended March 31, 2014 contains certain forward-looking statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto, including our financial forecast, contain forward-looking statements. In addition, we and our representatives may from time to 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 and the markets in which we operate as described in this annual report. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Forward-looking statements appear in a number of places in this annual report. These risks and uncertainties include, but are not limited to:

• future operating or financial results;

• pending acquisitions, business strategy and expected capital spending;

• operating expenses, availability of crew, number of off-hire days, drydocking requirements and insurance costs;

• general market conditions and shipping market trends, including charter rates and factors affecting supply and demand;

• our financial condition and liquidity, including our ability to obtain additional financing in the future to fund capital expenditures, acquisitions and other corporate activities;

• estimated future capital expenditures needed to preserve our capital base;

• our expectations about the receipt of our thirteen newbuildings;

• our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;

• our continued ability to enter into long-term, fixed-rate time charters with our customers;

• changes in governmental rules and regulations or actions taken by regulatory authorities;

• potential liability from future litigation; and

• our expectations relating to the payment of dividends.

All forward-looking statements included in this Report on Form 6-K are made only as of the date of this Report on Form 6-K. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We do not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

11

NAVIGATOR HOLDINGS LTD.

Consolidated Balance Sheets

(Unaudited)

	December 31, 2013			March 31, 2014
Assets
Current assets
Cash and cash equivalents	$	194,740,045		$	188,724,431
Accounts receivable, net		11,837,578			10,196,597
Accrued income		7,902,234			2,311,268
Prepaid expenses and other current assets		6,282,218			7,849,300
Inventories		5,924,201			6,968,604
Total current assets		226,686,276			216,050,200
Non-current assets
Long-term debtors		316,559			316,559
Vessels in operation, net		1,026,226,551			1,015,502,346
Vessels under construction		60,197,486			82,543,556
Property, plant and equipment, net		363,015			344,587
Deferred finance costs, net		11,436,165			10,745,114
Total assets	$	1,325,226,052		$	1,325,502,362
Liabilities and stockholders’ equity
Current liabilities
Current portion of long-term debt	$	60,750,308		$	58,275,308
Accounts payable		13,585,924			7,954,169
Accrued expenses and other liabilities		6,438,384			8,047,332
Accrued interest		4,261,971			6,730,353
Deferred income		4,803,196			5,116,260
Total current liabilities		89,839,783			86,123,422
Non-current liabilities
Secured term loan facilities, net of current portion		389,734,262			377,021,685
Senior unsecured bond		125,000,000			125,000,000
Total non-current liabilities		514,734,262			502,021,685
Commitments and contingencies
Stockholders’ equity
Common stock – $.01 par value; 400,000,000 shares authorized; 55,326,765 shares issued and outstanding, (2013: 38,694,648) (1)		553,267			553,267
Additional paid-in capital		584,030,816			583,850,368
Accumulated other comprehensive loss		(87,930	)		(84,676	)
Retained earnings		136,155,854			153,038,296
Total stockholders’ equity		720,652,007			737,357,255
Total liabilities and stockholders’ equity	$	1,325,226,052		$	1,325,502,362

(1) All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company’s 3-for-1 stock split on October 29, 2013 as described in Note 5 – Common Stock to these consolidated financial statements.

See accompanying notes to condensed consolidated financial statements.

F-1

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Income

(Unaudited)

	Three months ended March 31,
	2013			2014
Revenues
Operating revenue	$	42,312,898		$	69,825,529
Expenses
Address and brokerage commissions		1,119,922			1,484,569
Voyage expenses		7,723,446			9,886,357
Charter-in costs		1,374,718			2,100,000
Vessel operating expenses		9,590,390			17,261,215
Depreciation and amortization		7,146,376			11,048,746
General and administrative costs		1,398,261			2,724,834
Other corporate expenses		445,321			459,065
Total operating expenses		28,798,434			44,964,786
Operating income		13,514,464			24,860,743
Other income/(expense)
Interest expense		(5,796,876	)		(7,849,295	)
Interest income		33,528			92,018
Income before income taxes		7,751,116			17,103,466
Income taxes		(132,800	)		(221,024	)
Net income	$	7,618,316		$	16,882,442
Earnings per share:
Basic and diluted: (1)	$	0.18		$	0.31
Weighted average number of shares outstanding:
Basic and diluted: (1)		41,611,314			55,326,765

(1) All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company’s 3-for-1 stock split on October 29, 2013 as described in Note 5 – Common Stock to these consolidated financial statements.

See accompanying notes to condensed consolidated financial statements.

F-2

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three months ended March 31,
	2013			2014
Net income	$	7,618,316		$	16,882,442
Other Comprehensive Income / (Loss):
Foreign currency translation (loss) / gain		(87,994	)		3,254
Total Comprehensive Income	$	7,530,322		$	16,885,696

See accompanying notes to condensed consolidated financial statements.

F-3

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Shareholders’ Equity

(Unaudited)

	Accumulated Common Stock at 0.01 par value (1)		Additional Paid-in Capital (1)			Other Comprehensive Income (Loss)			Retained Earnings		Total
January 1, 2013		386,946		352,379,033			(114,507	)		95,172,018		447,823,490
Issuance of common stock net of issuance costs		165,300		230,924,215			—			—		231,089,515
Restricted shares issued March 31, 2013		600		—			—			—		600
Restricted shares issued April 7, 2013		271		—			—			—		271
Restricted shares issued April 11, 2013		150		—			—			—		150
Net income		—		—			—			40,983,836		40,983,836
Foreign currency translation		—		—			26,577			—		26,577
Share-based compensation plan		—		727,568			—			—		727,568
December 31, 2013	$	553,267	$	584,030,816		$	(87,930	)	$	136,155,854	$	720,652,007
Issuance of common stock, net of issuance costs		—		(330,171	)		—			—		(330,171	)
Net income		—		—			—			16,882,442		16,882,442
Foreign currency translation		—		—			3,254			—		3,254
Share-based compensation		—		149,723			—			—		149,723
March 31, 2014	$	553,267	$	583,850,368		$	(84,676	)	$	153,038,296	$	737,357,255

(1) All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company’s 3-for-1 stock split on October 29, 2013 as described in Note 5 – Common Stock to these consolidated financial statements.

See accompanying notes to condensed consolidated financial statements.

F-4

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Cash Flows

(Unaudited)

	Three months ended March 31
	2013			2014
Cash flows from operating activities
Net income	$	7,618,316		$	16,882,442
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		7,146,376			11,048,746
Payment of drydocking costs		—			(3,496	)
Share-based compensation		190,498			149,723
Amortization of deferred financing costs		404,925			691,051
Unrealized foreign exchange		(62,214	)		3,150
Changes in operating assets and liabilities
Accounts receivable		(510,452	)		1,640,981
Inventories		(1,120,362	)		(1,044,403	)
Accrued income and prepaid expenses and other current assets		1,683,896			4,023,884
Accounts payable, accrued interest and other liabilities		2,479,357			(1,241,362	)
Net cash provided by operating activities		17,830,340			32,150,716
Cash flows from investing activities
Payment to acquire vessels		(123,543,397	)		(284,895	)
Payment for vessels under construction		(5,216,913	)		(22,346,070	)
Purchase of other property, plant and equipment		(32,260	)		(17,617	)
Net cash used in investing activities		(128,792,570	)		(22,648,582	)
Cash flows from financing activities
Direct financing costs of secured term loan facilities		(4,725,000	)		—
Repayment of secured term loan facilities		(6,710,627	)		(15,187,577	)
Issuance costs of 9% senior unsecured bond		(25,179	)		—
Proceeds from issuance of stock		75,000,000			—
Issuance costs of stock		(19,977	)		(330,171	)
Net cash provided / (used) by financing activities		63,519,217			(15,517,748	)
Net decrease in cash and cash equivalents		(47,443,013	)		(6,015,614	)
Cash and cash equivalents at beginning of period		140,870,317			194,740,045
Cash and cash equivalents at end of period	$	93,427,304		$	188,724,431
Supplemental Information
Total interest paid during the period, net of amounts capitalized	$	2,167,627		$	4,689,863
Total tax paid during the period	$	20,649		$	77,036

See accompanying notes to condensed consolidated financial statements.

F-5

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements

(Unaudited)

1. Basis of Presentation

In the opinion of the management of Navigator Holdings Ltd. (the “Company”), the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, necessary for a fair presentation of the financial position of the Company and its subsidiaries as of March 31, 2014; the results of operations for the three months ended March 31, 2014 and 2013; statement of stockholders equity for the three months ended March 31, 2014 and 2013; and cash flows for the three months ended March 31, 2014 and year ended December 31, 2013.

These unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America for interim reporting. Also, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The results for the period ended March 31, 2014 are not necessarily indicative of results for the full 2014 fiscal year or any other future periods. It is recommended that these financial statements be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2013.

2. Revenue Recognition

The Company employs its vessels on time charters or voyage charters. With time charters, the Company receives a fixed charter hire per on-hire day, and revenue is recognized on an accrual basis and is recorded over the term of the charter as service is provided. In the case of voyage charters, the vessel is contracted for a voyage between two or more ports and the Company is paid for the cargo transported.

On April 1, 2013, the Company changed its method of accounting for revenue recognition on voyage charters. Previously, the Company determined that a voyage commenced with loading and completed at the point of discharge. The Company now recognizes revenue on a discharge-to-discharge basis in determining percentage of completion for all voyage charters, but does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. The Company has adopted this new policy as it considers the decision to undertake a specific voyage is highly dependent on the location of the vessel’s prior discharge port and the part of the voyage to the load port is a necessary part of the overall profitability of that voyage. Management believes that given the significant increase in the number of vessels in operation and consequently the number of voyage charters undertaken, the results of the Company could be materially distorted by excluding the proportion of the revenue in sailing to the next load port. The effect of this new accounting policy, since its adoption on April 1, 2013, has not been considered material. Its adoption has not resulted in a retrospective adjustment as of or for the year ended December 31, 2013, or for the three months ended March 31, 2013, as the impact is not considered material.

F-6

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

3. Vessels in Operation

	Vessel		Drydocking		Total
Cost
December 31, 2013	$	1,147,878,454	$	14,085,517	$	1,161,963,971
Additions		284,895		3,496		288,391
Disposals		—		—		—
March 31, 2014	$	1,148,163,349	$	14,089,013	$	1,162,252,362
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307	$	135,737,420
Charge for the period		10,087,118		925,478		11,012,596
Disposals for the period		—		—		—
March 31, 2014	$	138,847,231	$	7,902,785	$	146,750,016
Net Book Value
March 31, 2014	$	1,009,316,118	$	6,186,228	$	1,015,502,346
December 31, 2013	$	1,019,118,341	$	7,108,210	$	1,026,226,551

The net book value of vessels that serve as collateral for the Company’s bank loans was $877,078,839 at March 31, 2014.

4. Vessels Under Construction

	2013		2014
Vessels under construction at January 1	$	20,110,888		60,197,486
Payments to shipyard		38,124,000		21,526,000
Other payments including site team costs and initial stores		1,962,598		820,070
Vessels under construction at December 31 / March 31	$	60,197,486	$	82,543,556

5. Common Stock

An investment agreement with affiliates of WL Ross & Co L.L.C., Mr David Butters, Chief Executive Officer of the Company, and a third party was entered into on February 15, 2013, to subscribe for shares of common stock with a value of $75,000,000. 7,500,000 shares were issued and funds were received by the Company on February 25, 2013.

The number of shares of common stock outstanding reflects a 3-for-1 stock split that was effected on October 29, 2013. All references in these consolidated financial statements to the number of common shares, price per share and weighted average number of common shares outstanding prior to the 3-for-1 stock split have been adjusted to reflect this stock split on a retroactive basis, unless otherwise noted.

F-7

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

5. Common Stock (continued)

On November 26, 2013 the Company completed its initial public offering of 13,800,000 shares of its common stock at $19.00 per share, including the full exercise by the underwriters of their option to purchase an additional 1,800,000 shares of common stock from the selling stockholders. Navigator offered 9,030,000 shares of common stock and certain selling shareholders offered 4,770,000 shares of common stock. Net proceeds received by the company from the sale of 9,030,000 shares of its common stock were approximately $156,400,000, after deducting underwriting discounts and expenses.

The shares began trading on the New York Stock Exchange on November 21, 2013 under the ticker symbol “NVGS”.

6. Share-Based Compensation

During 2008, the Company’s Board adopted the 2008 Restricted Stock Plan (the “Plan”), which entitled officers, employees, consultants and directors of the Company to receive grants of restricted stock of the Company’s common stock. Prior to closing of the Company’s initial public offering in November 2013, this Plan was frozen such that new awards will no longer be issued thereunder. However, any outstanding awards prior to the Plan being frozen shall continue to remain outstanding and extend beyond the date the Plan was frozen. Any future equity incentive awards will be granted under a new 2013 Long Term Incentive Plan entered into prior to the closing of the Company’s initial public offering.

The 2008 Plan is administered by the Board or a committee of the Board. The maximum aggregate number of common shares that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan was 9,000,000 shares of common stock. A holder of restricted stock, awarded under the Plan, shall have the same voting and dividend rights as the Company’s other common stockholders in relation to those shares.

The fair value of the restricted stock is calculated by multiplying the number of shares by the deemed calculated share value at the grant date.

In 2013, the Company granted 60,000 shares under the Plan, with a weighted average value of $10.00 per share, to the Chief Executive of the Company on March 31, 2013 and between April 7, 2013 and April 11, 2013 a further 42,117 shares were granted to the officers and management of the Company with a weighted average value of $10.04 per share. All these shares vest on the third anniversary of the grant date. During the year to December 31, 2013, 258,000 shares of those previously awarded vested.

Using the straight-line method of expensing the restricted stock grants, the weighted average estimated value of the shares calculated at the date of grant thereon is recognized as compensation costs in the Statement of Income over the vesting period. During the three months ended March 31, 2014, the Company recognized $149,723 in share-based compensation costs (three months ended March 31, 2013: $190,498). At March 31, 2014, there was a total of $798,588 unrecognized compensation costs relating to the expected future vesting of share-based awards (December 31, 2013: $948,311) which are expected to be recognized over a weighted average period of 1.38 years (December 31, 2013: 1.53 years).

F-8

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

6. Share-Based Compensation (continued)

The total fair value of shares vested during the three months ended March 31, 2013 and March 31, 2014 was $780,000 and $409,500 respectively.

Restricted share grant activity for the year ended December 31, 2013 and three months ended March 31, 2014 was as follows:

	Number of non-vested restricted shares			Weighted average grant date fair value		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2013		369,648		$	5.76
Granted		102,117			10.00
Vested		(258,000	)		5.26
Balance as of December 31, 2013		213,765		$	8.40		1.53 years	$	5,758,829
Granted		—			—
Vested		(15,750	)		5.99
Balance as of March 31, 2014		198,015		$	8.59		1.38 years	$	5,148,390

The 2013 Long Term Incentive Plan is administered by Compensation Committee with certain decisions subject to approval of our Board. The maximum aggregate number of common shares that may be delivered pursuant to options or awards granted under the Plan is 3,000,000 shares of common stock. A holder of restricted stock, awarded under the Plan, shall have the same voting and dividend rights as the Company’s other common stockholders in relation to those shares. As at March 31, 2014, no grants have been made under the 2013 Plan.

7. Commitments and Contingencies

The Company occupies office space in London with a lease commencing in March 2012, for a period of ten years, with a mutual break clause after five years, and is paying approximately $515,000 (£321,850) per calendar year. The Company also occupies property in New York paying approximately $231,990 per year. The lease is for a period of five years ending June 30, 2017. The Company has chartered-in a vessel for a period ending in December 2014 at a fixed monthly rate commensurate with the market rate at the time of fixing the charter.

The Company entered into agreements on April 25, 2012, to purchase four 21,000 cbm, semi-refrigerated ethylene-capable liquefied gas carriers to be built at Jiangnan Shipyard in China for an aggregate price of approximately $200,000,000. The first vessel is scheduled to be delivered in May 2014 followed by a vessel delivery approximately each two months thereafter.

F-9

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

7. Commitments and Contingencies (continued)

On July 18, 2013, the Company entered into agreements to construct one further 21,000 cubic meter semi-refrigerated ethylene-capable gas carrier and two 22,000 cubic meter semi-refrigerated liquefied gas carriers for a combined price of approximately $138,000,000, plus options to build two further 22,000 cubic meter semi-refrigerated liquefied gas carriers, at a construction price of $44,000,000. These options were subsequently exercised. These five vessels are scheduled to be delivered between March 2015 and March 2016.

On December 20, 2013, the Company entered into a contract to construct a 35,000 cubic meter semi-refrigerated ethane capable gas carrier at a purchase price of $77,400,000 at Jiangnan for delivery in April 2016 with an option to construct three further ethane-capable vessels for $78,400,000 each. This option was exercised in April 2014.

8. Subsequent events

On April 23, 2014 the Company exercised the option to build an additional three 35,000 cubic meter semi-refrigerated ethane capable gas carriers at Jiangnan Shipyard in China at a combined purchase price of $235,200,000. The vessels are scheduled to be delivered in 2016.

F-10

Exhibit

The following exhibits are filed as part of this report on Form 6-K:

101 The following financial information from Navigator Holdings Ltd.’s Report on Form 6-K for the quarter ended March 31, 2014, filed with the SEC on May 6, 2014, formatted in Extensible Business Reporting Language (XBRL):

i. Unaudited Consolidated Balance Sheets as of December 31, 2013 and March 31, 2014

ii. Unaudited Consolidated Statements of Income for the three months ended March 31, 2013 and March 31, 2014

iii. Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2013 and March 31, 2014

iv. Unaudited Consolidated Statements of Shareholders’ Equity for the year ended December 31, 2013 and the three months ended March 31, 2014

v. Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and March 31, 2014

vi. Notes to Unaudited Condensed Consolidated Financial Statements

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NAVIGATOR HOLDINGS LTD.
Date: May 6, 2014	By:	/s/ Niall J Nolan
	Name:	Niall J Nolan
	Title:	Chief Financial Officer

XML

Revenue Recognition

3 Months Ended

Mar. 31, 2014

Revenue Recognition

2. Revenue Recognition

The Company employs its vessels on time charters or voyage charters. With time charters, the Company receives a fixed charter hire per on-hire day, and revenue is recognized on an accrual basis and is recorded over the term of the charter as service is provided. In the case of voyage charters, the vessel is contracted for a voyage between two or more ports and the Company is paid for the cargo transported.

On April 1, 2013, the Company changed its method of accounting for revenue recognition on voyage charters. Previously, the Company determined that a voyage commenced with loading and completed at the point of discharge. The Company now recognizes revenue on a discharge-to-discharge basis in determining percentage of completion for all voyage charters, but does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. The Company has adopted this new policy as it considers the decision to undertake a specific voyage is highly dependent on the location of the vessel’s prior discharge port and the part of the voyage to the load port is a necessary part of the overall profitability of that voyage. Management believes that given the significant increase in the number of vessels in operation and consequently the number of voyage charters undertaken, the results of the Company could be materially distorted by excluding the proportion of the revenue in sailing to the next load port. The effect of this new accounting policy, since its adoption on April 1, 2013, has not been considered material. Its adoption has not resulted in a retrospective adjustment as of or for the year ended December 31, 2013, or for the three months ended March 31, 2013, as the impact is not considered material.

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2014

Basis of Presentation

1. Basis of Presentation

In the opinion of the management of Navigator Holdings Ltd. (the “Company”), the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, necessary for a fair presentation of the financial position of the Company and its subsidiaries as of March 31, 2014; the results of operations for the three months ended March 31, 2014 and 2013; statement of stockholders equity for the three months ended March 31, 2014 and 2013; and cash flows for the three months ended March 31, 2014 and year ended December 31, 2013.

These unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America for interim reporting. Also, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The results for the period ended March 31, 2014 are not necessarily indicative of results for the full 2014 fiscal year or any other future periods. It is recommended that these financial statements be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2013.

XML

Consolidated Balance Sheets (USD $)	Mar. 31, 2014		Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 188,724,431		$ 194,740,045
Accounts receivable, net	10,196,597		11,837,578
Accrued income	2,311,268		7,902,234
Prepaid expenses and other current assets	7,849,300		6,282,218
Inventories	6,968,604		5,924,201
Total current assets	216,050,200		226,686,276
Non-current assets
Long-term debtors	316,559		316,559
Vessels under construction	82,543,556		60,197,486
Property, plant and equipment, net	344,587		363,015
Deferred finance costs, net	10,745,114		11,436,165
Total assets	1,325,502,362		1,325,226,052
Current liabilities
Current portion of long-term debt	58,275,308		60,750,308
Accounts payable	7,954,169		13,585,924
Accrued expenses and other liabilities	8,047,332		6,438,384
Accrued interest	6,730,353		4,261,971
Deferred income	5,116,260		4,803,196
Total current liabilities	86,123,422		89,839,783
Non-current liabilities
Secured term loan facilities, net of current portion	377,021,685		389,734,262
Senior unsecured bond	125,000,000		125,000,000
Total non-current liabilities	502,021,685		514,734,262
Commitments and contingencies
Stockholders' equity
Common stock - $.01 par value; 400,000,000 shares authorized; 55,326,765 shares issued and outstanding, (2013: 38,694,648)	553,267	[1]	553,267	[1]
Additional paid-in capital	583,850,368		584,030,816
Accumulated other comprehensive loss	(84,676)		(87,930)
Retained earnings	153,038,296		136,155,854
Total stockholders' equity	737,357,255		720,652,007
Total liabilities and stockholders' equity	1,325,502,362		1,325,226,052
Vessels In Operation
Non-current assets
Property, plant and equipment, net	$ 1,015,502,346		$ 1,026,226,551

[1] All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company's 3-for-1 stock split on October 29, 2013 as described in Note 5 - Common Stock to these consolidated financial statements.

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Consolidated Statements of Shareholders' Equity (USD $)	Total	Issued March 31, 2013	Issued April 7, 2013	Issued April 11, 2013	Accumulated Common Stock		Accumulated Common Stock Issued March 31, 2013		Accumulated Common Stock Issued April 7, 2013		Accumulated Common Stock Issued April 11, 2013		Additional Paid-in Capital		Other Comprehensive Income (Loss)	Retained Earnings
Beginning Balance at Dec. 31, 2012	$ 447,823,490				$ 386,946	[1]							$ 352,379,033	[1]	$ (114,507)	$ 95,172,018
Issuance of common stock net of issuance costs	231,089,515				165,300	[1]							230,924,215	[1]
Restricted shares issued		600	271	150			600	[1]	271	[1]	150	[1]
Net income	40,983,836															40,983,836
Foreign currency translation	26,577														26,577
Share-based compensation	727,568												727,568	[1]
Ending Balance at Dec. 31, 2013	720,652,007				553,267	[1]							584,030,816	[1]	(87,930)	136,155,854
Issuance of common stock, net of issuance costs	(330,171)												(330,171)	[1]
Net income	16,882,442															16,882,442
Foreign currency translation	3,254														3,254
Share-based compensation	149,723												149,723	[1]
Ending Balance at Mar. 31, 2014	$ 737,357,255				$ 553,267	[1]							$ 583,850,368	[1]	$ (84,676)	$ 153,038,296

[1] All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company's 3-for-1 stock split on October 29, 2013 as described in Note 5 - Common Stock to these consolidated financial statements.

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Restricted Share Grant Activity (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Number of RSUs
Unvested, beginning balance	213,765	369,648
Granted		102,117
Vested	(15,750)	(258,000)
Unvested, ending balance	198,015	213,765
Weighted-average grant date fair value
Unvested, beginning balance	$ 8.40	$ 5.76
Granted		$ 10.00
Vested	$ 5.99	$ 5.26
Unvested, ending balance	$ 8.59	$ 8.40
Weighted-average remaining contractual terms (Years)
Weighted-average remaining contractual terms (Years)	1 year 4 months 17 days	1 year 6 months 11 days
Aggregated intrinsic value
Aggregated intrinsic value	$ 5,148,390	$ 5,758,829

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Subsequent Events - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Apr. 23, 2014 Subsequent Event Options Exercised Ethane Capable GAs Carrier m3 Vessel
Subsequent Event [Line Items]
Payment for property plant and equipment	$ 284,895	$ 123,543,397	$ 235,200,000
Number of vessels to be constructed under option agreement			3
Gas carrier cargo capacity			35,000
Original Expected Delivery Of Vessels, and year			2016-04

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Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net income	$ 16,882,442	$ 7,618,316
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	11,048,746	7,146,376
Payment of drydocking costs	(3,496)
Share-based compensation	149,723	190,498
Amortization of deferred financing costs	691,051	404,925
Unrealized foreign exchange	3,150	(62,214)
Changes in operating assets and liabilities
Accounts receivable	1,640,981	(510,452)
Inventories	(1,044,403)	(1,120,362)
Accrued income and prepaid expenses and other current assets	4,023,884	1,683,896
Accounts payable, accrued interest and other liabilities	(1,241,362)	2,479,357
Net cash provided by operating activities	32,150,716	17,830,340
Cash flows from investing activities
Payment to acquire vessels	(284,895)	(123,543,397)
Payment for vessels under construction	(22,346,070)	(5,216,913)
Purchase of other property, plant and equipment	(17,617)	(32,260)
Net cash used in investing activities	(22,648,582)	(128,792,570)
Cash flows from financing activities
Direct financing costs of secured term loan facilities		(4,725,000)
Repayment of secured term loan facilities	(15,187,577)	(6,710,627)
Issuance costs of 9% senior unsecured bond		(25,179)
Proceeds from issuance of stock		75,000,000
Issuance costs of stock	(330,171)	(19,977)
Net cash provided / (used) by financing activities	(15,517,748)	63,519,217
Net decrease in cash and cash equivalents	(6,015,614)	(47,443,013)
Cash and cash equivalents at beginning of period	194,740,045	140,870,317
Cash and cash equivalents at end of period	188,724,431	93,427,304
Supplemental Information
Total interest paid during the period, net of amounts capitalized	4,689,863	2,167,627
Total tax paid during the period	$ 77,036	$ 20,649

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, authorized	400,000,000	400,000,000
Common stock, shares issued	55,326,765	38,694,648
Common stock, shares outstanding	55,326,765	38,694,648

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Vessel in Operations (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Net book value, ending balance	$ 344,587	$ 363,015
Vessels In Operation
Property, Plant and Equipment [Line Items]
Cost, beginning balance	1,161,963,971
Cost, Additions	288,391
Cost, Disposals
Cost, ending balance	1,162,252,362
Accumulated depreciation, beginning balance	135,737,420
Accumulated depreciation, charge for the period	11,012,596
Accumulated depreciation, disposals for the period
Accumulated depreciation, ending balance	146,750,016
Net book value, ending balance	1,015,502,346	1,026,226,551
Vessels In Operation | Vessel
Property, Plant and Equipment [Line Items]
Cost, beginning balance	1,147,878,454
Cost, Additions	284,895
Cost, Disposals
Cost, ending balance	1,148,163,349
Accumulated depreciation, beginning balance	128,760,113
Accumulated depreciation, charge for the period	10,087,118
Accumulated depreciation, disposals for the period
Accumulated depreciation, ending balance	138,847,231
Net book value, ending balance	1,009,316,118	1,019,118,341
Vessels In Operation | Drydocking
Property, Plant and Equipment [Line Items]
Cost, beginning balance	14,085,517
Cost, Additions	3,496
Cost, Disposals
Cost, ending balance	14,089,013
Accumulated depreciation, beginning balance	6,977,307
Accumulated depreciation, charge for the period	925,478
Accumulated depreciation, disposals for the period
Accumulated depreciation, ending balance	7,902,785
Net book value, ending balance	$ 6,186,228	$ 7,108,210

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Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Trading Symbol	NVGS
Entity Registrant Name	Navigator Holdings Ltd.
Entity Central Index Key	0001581804
Current Fiscal Year End Date	--12-31

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Vessel in Operations - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 344,587	$ 363,015
Collateralized Loan Obligations
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 877,078,839

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Consolidated Statements of Income (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Revenues
Operating revenue	$ 69,825,529		$ 42,312,898
Expenses
Address and brokerage commissions	1,484,569		1,119,922
Voyage expenses	9,886,357		7,723,446
Charter-in costs	2,100,000		1,374,718
Vessel operating expenses	17,261,215		9,590,390
Depreciation and amortization	11,048,746		7,146,376
General and administrative costs	2,724,834		1,398,261
Other corporate expenses	459,065		445,321
Total operating expenses	44,964,786		28,798,434
Operating income	24,860,743		13,514,464
Other income/(expense)
Interest expense	(7,849,295)		(5,796,876)
Interest income	92,018		33,528
Income before income taxes	17,103,466		7,751,116
Income taxes	(221,024)		(132,800)
Net income	$ 16,882,442		$ 7,618,316
Earnings per share:
Basic and diluted	$ 0.31	[1]	$ 0.18	[1]
Weighted average number of shares outstanding:
Basic and diluted	55,326,765	[1]	41,611,314	[1]

[1] All share amounts (except par value per share amounts) have been retroactively restated for 2013 to reflect the Company's 3-for-1 stock split on October 29, 2013 as described in Note 5 - Common Stock to these consolidated financial statements.

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Share-Based Compensation

3 Months Ended

Mar. 31, 2014

Share-Based Compensation

6. Share-Based Compensation

During 2008, the Company’s Board adopted the 2008 Restricted Stock Plan (the “Plan”), which entitled officers, employees, consultants and directors of the Company to receive grants of restricted stock of the Company’s common stock. Prior to closing of the Company’s initial public offering in November 2013, this Plan was frozen such that new awards will no longer be issued thereunder. However, any outstanding awards prior to the Plan being frozen shall continue to remain outstanding and extend beyond the date the Plan was frozen. Any future equity incentive awards will be granted under a new 2013 Long Term Incentive Plan entered into prior to the closing of the Company’s initial public offering.

The 2008 Plan is administered by the Board or a committee of the Board. The maximum aggregate number of common shares that may be delivered pursuant to awards granted under the Plan during the ten-year term of the Plan was 9,000,000 shares of common stock. A holder of restricted stock, awarded under the Plan, shall have the same voting and dividend rights as the Company’s other common stockholders in relation to those shares.

The fair value of the restricted stock is calculated by multiplying the number of shares by the deemed calculated share value at the grant date.

In 2013, the Company granted 60,000 shares under the Plan, with a weighted average value of $10.00 per share, to the Chief Executive of the Company on March 31, 2013 and between April 7, 2013 and April 11, 2013 a further 42,117 shares were granted to the officers and management of the Company with a weighted average value of $10.04 per share. All these shares vest on the third anniversary of the grant date. During the year to December 31, 2013, 258,000 shares of those previously awarded vested.

Using the straight-line method of expensing the restricted stock grants, the weighted average estimated value of the shares calculated at the date of grant thereon is recognized as compensation costs in the Statement of Income over the vesting period. During the three months ended March 31, 2014, the Company recognized $149,723 in share-based compensation costs (three months ended March 31, 2013: $190,498). At March 31, 2014, there was a total of $798,588 unrecognized compensation costs relating to the expected future vesting of share-based awards (December 31, 2013: $948,311) which are expected to be recognized over a weighted average period of 1.38 years (December 31, 2013: 1.53 years).

The total fair value of shares vested during the three months ended March 31, 2013 and March 31, 2014 was $780,000 and $409,500 respectively.

Restricted share grant activity for the year ended December 31, 2013 and three months ended March 31, 2014 was as follows:

	Number of non-vested restricted shares			Weighted average grant date fair value		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2013		369,648		$	5.76
Granted		102,117			10.00
Vested		(258,000	)		5.26
Balance as of December 31, 2013		213,765		$	8.40		1.53 years	$	5,758,829
Granted		—			—
Vested		(15,750	)		5.99
Balance as of March 31, 2014		198,015		$	8.59		1.38 years	$	5,148,390

The 2013 Long Term Incentive Plan is administered by Compensation Committee with certain decisions subject to approval of our Board. The maximum aggregate number of common shares that may be delivered pursuant to options or awards granted under the Plan is 3,000,000 shares of common stock. A holder of restricted stock, awarded under the Plan, shall have the same voting and dividend rights as the Company’s other common stockholders in relation to those shares. As at March 31, 2014, no grants have been made under the 2013 Plan.

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Common Stock

3 Months Ended

Mar. 31, 2014

Common Stock

5. Common Stock

An investment agreement with affiliates of WL Ross & Co L.L.C., Mr David Butters, Chief Executive Officer of the Company, and a third party was entered into on February 15, 2013, to subscribe for shares of common stock with a value of $75,000,000. 7,500,000 shares were issued and funds were received by the Company on February 25, 2013.

The number of shares of common stock outstanding reflects a 3-for-1 stock split that was effected on October 29, 2013. All references in these consolidated financial statements to the number of common shares, price per share and weighted average number of common shares outstanding prior to the 3-for-1 stock split have been adjusted to reflect this stock split on a retroactive basis, unless otherwise noted.

On November 26, 2013 the Company completed its initial public offering of 13,800,000 shares of its common stock at $19.00 per share, including the full exercise by the underwriters of their option to purchase an additional 1,800,000 shares of common stock from the selling stockholders. Navigator offered 9,030,000 shares of common stock and certain selling shareholders offered 4,770,000 shares of common stock. Net proceeds received by the company from the sale of 9,030,000 shares of its common stock were approximately $156,400,000, after deducting underwriting discounts and expenses.

The shares began trading on the New York Stock Exchange on November 21, 2013 under the ticker symbol “NVGS”.

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Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		1 Months Ended										0 Months Ended		3 Months Ended	1 Months Ended		12 Months Ended
	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Dec. 20, 2013 Semi Refrigerated	Jul. 18, 2013 Semi Refrigerated USD ($) Carriers	Jul. 18, 2013 Semi Refrigerated Minimum	Jul. 18, 2013 Semi Refrigerated Maximum	Dec. 20, 2013 Ethylene Semi Refrigerated USD ($) m3 Vessel	Jul. 18, 2013 Ethylene Semi Refrigerated m3 Carriers	Apr. 25, 2012 Ethylene Semi Refrigerated USD ($) m3 Carriers	Jul. 18, 2013 Liquefied Gas Segment Semi Refrigerated m3 Carriers	Jul. 18, 2013 Liquefied Gas Segment Options Exercised Semi Refrigerated USD ($) m3 Option	Dec. 20, 2013 Ethane Capable GAs Carrier Options Exercised Semi Refrigerated USD ($)	Apr. 23, 2014 Subsequent Event Ethane Capable GAs Carrier Options Exercised USD ($) m3	Apr. 23, 2014 Subsequent Event Ethane Capable GAs Carrier Options Exercised Semi Refrigerated	Mar. 31, 2014 Chartered In	Mar. 30, 2012 London Operation USD ($)	Mar. 30, 2012 London Operation GBP (£)	Dec. 31, 2012 New York USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Operating lease future minimum payment per year																$ 515,000	£ 321,850	$ 231,990
Lease term																10 years	10 years	5 years
Lease term, mutual break clause																5 years	5 years
Lease expiration date															Dec. 31, 2014			Jun. 30, 2017
Gas carrier cargo capacity							35,000	21,000	21,000	22,000	22,000		35,000
Number of gas carriers to be purchased				5				1	4	2
Future cost of carriers to be constructed				138,000,000			77,400,000		200,000,000			78,400,000
Expected Delivery Of Vessels									The first vessel is scheduled to be delivered in May 2014 followed by a vessel delivery approximately each two months thereafter.
Payment for property plant and equipment	$ 284,895	$ 123,543,397									$ 44,000,000		$ 235,200,000
Number of options to construct vessels											2
Number of vessels to be constructed under option agreement							3
Expected Delivery Of Vessels, month and year			2016-04		2015-03	2016-03							2016-04
Option exercised date														Apr. 23, 2014

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Vessels Under Construction (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Line Items]
Payments to shipyard	$ 22,346,070	$ 5,216,913
Vessels Under Construction
Property, Plant and Equipment [Line Items]
Beginning balance	60,197,486	20,110,888
Other payments including site team costs and initial stores	820,070	1,962,598
Ending balance	82,543,556	60,197,486
Vessels Under Construction | Shipyard
Property, Plant and Equipment [Line Items]
Payments to shipyard	$ 21,526,000	$ 38,124,000

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Vessels in Operation (Tables)

3 Months Ended

Mar. 31, 2014

Vessels In Operation

Vessels

	Vessel		Drydocking		Total
Cost
December 31, 2013	$	1,147,878,454	$	14,085,517	$	1,161,963,971
Additions		284,895		3,496		288,391
Disposals		—		—		—
March 31, 2014	$	1,148,163,349	$	14,089,013	$	1,162,252,362
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307	$	135,737,420
Charge for the period		10,087,118		925,478		11,012,596
Disposals for the period		—		—		—
March 31, 2014	$	138,847,231	$	7,902,785	$	146,750,016
Net Book Value
March 31, 2014	$	1,009,316,118	$	6,186,228	$	1,015,502,346
December 31, 2013	$	1,019,118,341	$	7,108,210	$	1,026,226,551

Vessels Under Construction

Vessels

	2013		2014
Vessels under construction at January 1	$	20,110,888		60,197,486
Payments to shipyard		38,124,000		21,526,000
Other payments including site team costs and initial stores		1,962,598		820,070
Vessels under construction at December 31 / March 31	$	60,197,486	$	82,543,556

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies

7. Commitments and Contingencies

The Company occupies office space in London with a lease commencing in March 2012, for a period of ten years, with a mutual break clause after five years, and is paying approximately $515,000 (£321,850) per calendar year. The Company also occupies property in New York paying approximately $231,990 per year. The lease is for a period of five years ending June 30, 2017. The Company has chartered-in a vessel for a period ending in December 2014 at a fixed monthly rate commensurate with the market rate at the time of fixing the charter.

The Company entered into agreements on April 25, 2012, to purchase four 21,000 cbm, semi-refrigerated ethylene-capable liquefied gas carriers to be built at Jiangnan Shipyard in China for an aggregate price of approximately $200,000,000. The first vessel is scheduled to be delivered in May 2014 followed by a vessel delivery approximately each two months thereafter.

On July 18, 2013, the Company entered into agreements to construct one further 21,000 cubic meter semi-refrigerated ethylene-capable gas carrier and two 22,000 cubic meter semi-refrigerated liquefied gas carriers for a combined price of approximately $138,000,000, plus options to build two further 22,000 cubic meter semi-refrigerated liquefied gas carriers, at a construction price of $44,000,000. These options were subsequently exercised. These five vessels are scheduled to be delivered between March 2015 and March 2016.

On December 20, 2013, the Company entered into a contract to construct a 35,000 cubic meter semi-refrigerated ethane capable gas carrier at a purchase price of $77,400,000 at Jiangnan for delivery in April 2016 with an option to construct three further ethane-capable vessels for $78,400,000 each. This option was exercised in April 2014.

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Subsequent events

3 Months Ended

Mar. 31, 2014

Subsequent events

8. Subsequent events

On April 23, 2014 the Company exercised the option to build an additional three 35,000 cubic meter semi-refrigerated ethane capable gas carriers at Jiangnan Shipyard in China at a combined purchase price of $235,200,000. The vessels are scheduled to be delivered in 2016.

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Restricted Share Grant Activity

Restricted share grant activity for the year ended December 31, 2013 and three months ended March 31, 2014 was as follows:

	Number of non-vested restricted shares			Weighted average grant date fair value		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2013		369,648		$	5.76
Granted		102,117			10.00
Vested		(258,000	)		5.26
Balance as of December 31, 2013		213,765		$	8.40		1.53 years	$	5,758,829
Granted		—			—
Vested		(15,750	)		5.99
Balance as of March 31, 2014		198,015		$	8.59		1.38 years	$	5,148,390

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Share-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended		3 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2008	Mar. 31, 2014 2013 Long Term Incentive Plan	Mar. 31, 2013 Chief Executive Officer	Apr. 11, 2013 Officers And Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares authorized for grant				9,000,000	3,000,000
Shares granted term				10 years
Number of restricted stock unit, granted			102,117		0	60,000	42,117
Weighted average value, granted			$ 10.00			$ 10.00	$ 10.04
Restricted stock unit, vesting in period	15,750		258,000
Vesting term			Vest on the third anniversary of the grant date.
Share based compensation cost	$ 149,723	$ 190,498
Unrecognized share-based compensation cost	798,588		948,311
Unrecognized compensation costs, weighted-average recognition period	1 year 4 months 17 days		1 year 6 months 11 days
Share vested, total fair value	$ 780,000	$ 409,500

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Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income	$ 16,882,442	$ 7,618,316
Other Comprehensive Income / (Loss):
Foreign currency translation (loss) / gain	3,254	(87,994)
Total Comprehensive Income	$ 16,885,696	$ 7,530,322

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Vessels in Operation

3 Months Ended

Mar. 31, 2014

Vessels In Operation

Vessels in Operation

3. Vessels in Operation

	Vessel		Drydocking		Total
Cost
December 31, 2013	$	1,147,878,454	$	14,085,517	$	1,161,963,971
Additions		284,895		3,496		288,391
Disposals		—		—		—
March 31, 2014	$	1,148,163,349	$	14,089,013	$	1,162,252,362
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307	$	135,737,420
Charge for the period		10,087,118		925,478		11,012,596
Disposals for the period		—		—		—
March 31, 2014	$	138,847,231	$	7,902,785	$	146,750,016
Net Book Value
March 31, 2014	$	1,009,316,118	$	6,186,228	$	1,015,502,346
December 31, 2013	$	1,019,118,341	$	7,108,210	$	1,026,226,551

The net book value of vessels that serve as collateral for the Company’s bank loans was $877,078,839 at March 31, 2014.

Vessels Under Construction

Vessels in Operation

4. Vessels Under Construction

	2013		2014
Vessels under construction at January 1	$	20,110,888		60,197,486
Payments to shipyard		38,124,000		21,526,000
Other payments including site team costs and initial stores		1,962,598		820,070
Vessels under construction at December 31 / March 31	$	60,197,486	$	82,543,556

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Common Stock - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	12 Months Ended	0 Months Ended
	Feb. 15, 2013	Oct. 29, 2013	Dec. 31, 2013	Nov. 26, 2013 Initial Public Offering	Nov. 26, 2013 Initial Public Offering Underwriters Option To Purchase Units	Nov. 26, 2013 Initial Public Offering Company Stock	Nov. 26, 2013 Initial Public Offering Selling Stockholders
Class of Stock [Line Items]
Common stock issued, value	$ 75,000,000		$ 231,089,515
Common stock issued, shares	7,500,000			13,800,000	1,800,000	9,030,000	4,770,000
Stock split		The number of shares of common stock outstanding reflects a 3-for-1 stock split that was effected on October 29, 2013.
Common stock, split ratio		3
Common stock issued, price per share				$ 19.00
Proceed from initial public offer				$ 156,400,000