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 June 30, 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 THREE AND SIX MONTH PERIOD ENDED JUNE 30, 2014

INDEX

	PAGE
Management’s Discussion and Analysis of Financial Condition and Results of Operations		2
Quantitative and Qualitative Disclosures About Market Risk		13
Important Information Regarding Forward-Looking Statements		14
Unaudited Condensed Consolidated Financial Statements
Unaudited Consolidated Balance Sheets as of December 31, 2013 and June 30, 2014		F-1
Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2013 and 2014		F-2
Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June  30, 2013 and 2014		F-3
Unaudited Consolidated Statements of Shareholders’ Equity for the year ended December  31, 2013 and the six months ended June 30, 2014		F-4
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2014		F-5
Notes to Unaudited Condensed Consolidated Financial Statements		F-6
EXHIBITS
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) 24 vessels we owned as of June 30, 2014, or “our owned vessels,” (ii) three newbuildings expected to be delivered from Jiangnan Shipyard (Group) Co. Ltd. in China, or “Jiangnan,” between September and December 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) five newbuildings expected to be delivered from Jiangnan between March and December 2016, or the “2016 newbuildings”; and (B) exclude the chartered-in vessel that we have chartered-in through December 2014” 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 an 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.

On June 20, 2014 we took delivery of Navigator Atlas, the first of the 2014 newbuildings from Jiangnan.

Following our exercise of the option to build three additional vessels, and the delivery of one of the 2014 newbuildings, we have twelve vessels in our newbuilding program, three of which are scheduled for delivery in late 2014, four in 2015 and five in 2016.

On June 30, 2014, we entered into a Supplemental Agreement to our February 2013 $270 million secured term loan facility, which among other things, (i) allows us to prepay $120,000,000 outstanding under such secured term loan facility, (ii) revises the terms of such secured term loan facility to include a quasi revolving facility where funds can be drawn over the course of the facility period in four tranches of $30,000,000 each and (iii) provides that such secured term loan facility be amended and restated to reflect the foregoing. On July 7, 2014, we prepaid $120,000,000 outstanding under such secured term loan facility.

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.

2

• Historical Fleet Size. Our historical financial statements for the three and six months ended June 30, 2013, reflect the results of operations of a weighted average fleet size of 18.9 and 16.6 vessels respectively, resulting in 20 vessels at June 30, 2013, seven 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 until June 20, 2014, when we took delivery of an additional newbuilding.

• Future Fleet Size. We have entered into agreements to acquire twelve newbuilding liquefied gas carriers, with three handysize vessels to be delivered during 2014, four handysize vessels in 2015, one handysize vessel 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 corporate 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, costs relating to internal controls over financial reporting, SEC filings, investor relations and NYSE annual listing fees. We also expect to 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.

3

Results of Operations for the Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013

The following table compares our operating results for the three months ended June 30, 2013 and 2014:

	Three Months Ended June 30, 2013			Three Months Ended June 30, 2014			Percentage Change
	(in thousands, except percentages)
Operating revenue	$	60,503		$	76,063			25.7	%
Operating expenses:
Address and brokerage commissions		1,455			1,762			21.1	%
Voyage expenses		14,537			12,171			(16.3	%)
Charter-in costs		1,800			2,100			16.7	%
Vessel operating expenses		13,342			17,833			33.7	%
Depreciation and amortization		8,536			11,146			30.6	%
General administration costs		1,796			2,559			42.5	%
Other corporate expenses		554			922			66.4	%
Total operating expenses	$	42,020		$	48,493			15.4	%
Operating income	$	18,483		$	27,570			49.2	%
Interest expense		(6,943	)		(7,819	)		12.6	%
Interest income		13			124			853.8	%
Income before income taxes	$	11,553		$	19,875			72.0	%
Income taxes		91			212			133.0	%
Net income	$	11,462		$	19,663			71.5	%

Operating Revenue. Operating revenue increased by $15.6 million or 25.7% to $76.1 million for the three months ended June 30, 2014, from $60.5 million for the three months ended June 30, 2013. This increase was primarily due to:

• an increase in operating revenue of approximately $12.8 million attributable to an increase in the weighted average number of vessels from 18.9 to 24.1, or 27.5%, for the three months ended June 30, 2014, and a corresponding increase in vessel ownership days by 480 days, or 28.0%, for the three months ended June 30, 2014, as compared to the three months ended June 30, 2013;

• an increase in operating revenue of approximately $2.5 million attributable to improved average monthly charter rates, which rose to an average of approximately $917,795 per vessel per calendar month ($30,174 per day) for the three months ended June 30, 2014, as compared to an average of approximately $880,350 per vessel per calendar month ($28,943 per day) for the three months ended June 30, 2013;

• an increase in operating revenue of approximately $2.6 million attributable to an increase in fleet utilization from 95.3% during the three months ended June 30, 2013 to 99.4% during the three months ended June 30, 2014, as the lower utilization for the three months ended June 30, 2013 was associated with positioning the newly acquired vessels from A.P. Møller; and

• a reduction in operating revenue of approximately $2.3 million relating to a relative decrease in the number of voyage charters to time charters during the three months ended June 30, 2014, compared to the three months ended June 30, 2013.

4

The following table presents selected operating data for the three months ended June 30, 2013 and 2014, which we believe is useful in understanding our operating revenue:

	Three Months Ended June 30, 2013			Three Months Ended June 30, 2014
Fleet Data:
Weighted average number of vessels		18.9			24.1
Ownership days		1,715			2,195
Available days		1,667			2,131
Operating days		1,588			2,117
Fleet utilization		95.3	%		99.4	%
Average daily time charter equivalent rate	$	28,943		$	30,174

Address and Brokerage Commissions. Address and brokerage commissions increased by 21.1% to $1.8 million for the three months ended June 30, 2014, from $1.5 million for the three months ended June 30, 2013, as the number of vessels in our fleet, and consequently operating revenue on which it is based, increased.

Voyage Expenses. Voyage expenses decreased by 16.3% to $12.2 million for the three months ended June 30, 2014, from $14.5 million for the three months ended June 30, 2013. This decrease was primarily due to a decreased number of voyage charters undertaken during the three months ended June 30, 2014 compared to the three months ended June 30, 2013.

Charter-in Costs. Charter-in costs increased by 16.7% to $2.1 million for the three months ended June 30, 2014, from $1.8 million for the three months ended June 30, 2013. This increase reflects the increased market rate payable for the chartered in vessel with effect from January 1, 2014.

Vessel Operating Expenses. Vessel operating expenses increased by 33.7% to $17.8 million for the three months ended June 30, 2014, from $13.3 million for the three months ended June 30, 2013, as the number of vessels in our fleet increased. Vessel operating expenses increased by $437 per day, or 5.4%, to $8,470 per vessel per day for the three months ended June 30, 2014, compared to $8,033 per vessel per day for the three months ended June 30, 2013. These increases were primarily due to increased costs on the older vessels in the fleet and additional operating expenses incurred on general maintenance for three vessels which undertook scheduled drydocking during the three months to June 30, 2014.

Depreciation and Amortization. Depreciation and amortization expense increased by 30.6% to $11.1 million for the three months ended June 30, 2014, from $8.5 million for the three months ended June 30, 2013. This increase was primarily due to an increase in our fleet size. Depreciation and amortization expense included amortization of capitalized drydocking costs of $1.0 million for the three months ended June 30, 2014, and $0.8 million for the three months ended June 30, 2013.

Other Operating Results

General Administration Costs. General administration costs increased by 42.5% to $2.6 million for the three months ended June 30, 2014, from $1.8 million for the three months ended June 30, 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 66.4% to $0.9 million for the three months ended June 30, 2014, from $0.6 million for the three months ended June 30, 2013 primarily due to additional costs associated with being a publicly-traded corporation.

Interest Expense. Interest expense increased to $7.8 million for the three months ended June 30, 2014, from $6.9 million for the three months ended June 30, 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 $124,772 for the three months ended June 30, 2014, from $12,651 for the three months ended June 30, 2013. The increase in interest income for the three months ended June 30, 2014, was primarily due to interest generated on unapplied proceeds from our initial public offering.

5

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 June 30, 2014, we incurred taxes of $211,994 as compared to taxes for the three months ended June 30, 2013 of $91,118.

Results of Operations for the Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

The following table compares our operating results for the six months ended June 30, 2013 and 2014:

	Six Months Ended June 30, 2013			Six Months Ended June 30, 2014			Percentage Change
	(in thousands, except percentages)
Operating revenue	$	102,816		$	145,889			41.9	%
Operating expenses:
Address and brokerage commissions		2,575			3,247			26.1	%
Voyage expenses		22,260			22,057			(0.9	%)
Charter-in costs		3,175			4,200			32.3	%
Vessel operating expenses		22,933			35,094			53.0	%
Depreciation and amortization		15,682			22,195			41.5	%
General administration costs		3,195			5,284			65.4	%
Other corporate expenses		999			1,381			38.2	%
Total operating expenses	$	70,819		$	93,458			32.0	%
Operating income	$	31,997		$	52,431			63.9	%
Interest expense		(12,739	)		(15,669	)		23.0	%
Interest income		46			217			371.7	%
Income before income taxes	$	19,304		$	36,979			91.6	%
Income taxes		224			433			93.3	%
Net income	$	19,080		$	36,546			91.5	%

Operating Revenue. Operating revenue increased by $43.1 million or 41.9% to $145.9 million for the six months ended June 30, 2014, from $102.8 million for the six months ended June 30, 2013. This increase was primarily due to:

• an increase in operating revenue of approximately $37.8 million attributable to an increase in the weighted average number of vessels from 16.6 to 24.1, or 45.2%, for the six months ended June 30, 2014, and a corresponding increase in vessel ownership days by 1,339 days, or 44.4%, for the six months ended June 30, 2014, as compared to the six months ended June 30, 2013;

• an increase in operating revenue of approximately $2.7 million attributable to improved average monthly charter rates, which rose to an average of approximately $894,729 per vessel per calendar month ($29,416 per day) for the six months ended June 30, 2014, as compared to an average of approximately $874,480 per vessel per calendar month ($28,751 per day) for the six months ended June 30, 2013;

• an increase in operating revenue of approximately $2.8 million attributable to an increase in fleet utilization from 95.9% for the six months ended June 30, 2013 to 98.1% for the six months ended June 30, 2014; and

• a relatively small decrease in operating revenue of approximately $0.2 million relating to a minor decrease in the cost of voyage charters during the six months ended June 30, 2014, compared to the six months ended June 30, 2013.

6

The following table presents selected operating data for the six months ended June 30, 2013 and 2014, which we believe is useful in understanding our operating revenue:

	Six Months Ended June 30, 2013			Six Months Ended June 30, 2014
Fleet Data:
Weighted average number of vessels		16.6			24.1
Ownership days		3,016			4,355
Available days		2,921			4,291
Operating days		2,802			4,210
Fleet utilization		95.9	%		98.1	%
Average daily time charter equivalent rate	$	28,751		$	29,416

Address and Brokerage Commissions. Address and brokerage commissions increased by 26.1% to $3.2 million for the six months ended June 30, 2014, from $2.6 million for the six months ended June 30, 2013 as the number of vessels in our fleet, and consequently operating revenue on which it is based, increased.

Voyage Expenses. Voyage expenses decreased by 0.9% to $22.1 million for the six months ended June 30, 2014, from $22.3 million for the six months ended June 30, 2013. This small decrease was primarily due to slightly decreased costs incurred associated with the voyage charters undertaken during the six months ended June 30, 2014.

Charter-in Costs. Charter-in costs increased by 32.3% to $4.2 million for the six months ended June 30, 2014, from $3.2 million for the six months ended June 30, 2013. This increase is primarily related to the chartered in vessel being in drydock during 2013, when no charter-in costs were incurred for an associated seven week period, compared to the chartered in vessel being in operation for the entire six months ended June 30, 2014, as well as an increase in the charter-in rate payable with effect from January 1, 2014.

Vessel Operating Expenses. Vessel operating expenses increased by 53.0% to $35.1 million for the six months ended June 30, 2014, from $22.9 million for the six months ended June 30, 2013, as the number of vessels in our fleet increased. Vessel operating expenses increased by $525 per day, or 6.7%, to $8,402 per vessel per day for the six months ended June 30, 2014, compared to $7,877 per vessel per day for the six months ended June 30, 2013. These increases were primarily due to higher costs on our ethylene vessels and additional operating expenses incurred for work undertaken on general maintenance while three of our vessels were in drydock.

Depreciation and Amortization. Depreciation and amortization expense increased by 41.5% to $22.2 million for the six months ended June 30, 2014, from $15.7 million for the six months ended June 30, 2013. This increase was primarily due to an increase in our fleet size. Depreciation and amortization expense included amortization of capitalized drydocking costs of $1.9 million for the six months ended June 30, 2014, and $1.4 million for the six months ended June 30, 2013.

Other Operating Results

General Administration Costs. General administration costs increased by 65.4% to $5.3 million for the six months ended June 30, 2014, from $3.2 million for the six months ended June 30, 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 38.2% to $1.4 million for the six months ended June 30, 2014, from $1.0 million for the six months ended June 30, 2013 primarily due to additional costs associated with being a publicly-traded corporation.

Interest Expense. Interest expense increased to $15.7 million for the six months ended June 30, 2014, from $12.7 million for the six months ended June 30, 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.

7

Interest Income. Interest income increased to $216,790 for the six months ended June 30, 2014, from $46,179 for the six months ended June 30, 2013. The increase in interest income for the six months ended June 30, 2014, was primarily due to interest generated on unapplied proceeds from our initial public offering.

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 six months ended June 30, 2014, we incurred taxes of $433,018 as compared to taxes for the six months ended June 30, 2013 of $223,918.

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 and proceeds from the secured term loan facilities. 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 12 newbuildings (following the delivery of Navigator Atlas in June 2014) for an aggregate of $688.0 million, which is comprised of the three 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 June 30, 2014, we had made aggregate payments to Jiangnan of $93.0 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 flows 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 require drydocking during 2014, three of which have entered drydock in the period to June 30, 2014 and the remaining three expected to enter drydock during the third quarter.

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.

8

Cash Flows

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

	Six Months Ended June 30, 2013			Six Months Ended June 30, 2014
	(in thousands)
Net cash provided by operating activities	$	27,705		$	53,960
Net cash used in investing activities		(283,676	)		(88,768	)
Net cash provided / (used) by financing activities		202,014			(715	)
Net decrease in cash and cash equivalents		(53,958	)		(35,524	)

Operating Cash Flows. Net cash provided by operating activities for the six months ended June 30, 2014, increased to $54.0 million, from $27.7 million for the six months ended June 30, 2013, an increase of 90.4%. This $26.3 million increase in net cash provided by operating activities for the six months ended June 30, 2014 compared to the six months ended June 30, 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 the size of our fleet, repairs and maintenance activity, , 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 $88.8 million for the six months ended June 30, 2014, primarily represents $84.9 million for payments made to Jiangnan shipyard, representing an initial installment on each of the four 35,000 cbm newbuildings, amounting to $31.3 million, three installments for the 2015 newbuildings totaling $13.7 million and the final installment of $39.9 million for the delivery of the first 2014 newbuilding, Navigator Atlas.

Net cash used in investing activities of $283.7 million for the six months ended June 30, 2013, primarily consists of $273.1 million for the acquisition of seven of the 11 vessels acquired from A.P. Møller and $10.0 million representing a second installment payment for two of the four 2014 newbuildings, and some payments for newbuilding supervision costs.

Financing Cash Flows. Net cash used in financing activities was $0.7 million for the six months ended June 30, 2014, primarily consisting of $30.0 million drawn on a bank loan facility associated with the delivery of Navigator Atlas and loan repayments under the secured term loan facilities.

Net cash provided by financing activities was $202.0 million for the six months ended June 30, 2013, consisting of $147.2 million drawn from new bank loan facility, $75.0 million from the issuance of common stock to the WLR Group and others, offset by $13.4 million in loan repayments and payment of financing costs of $6.6 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. Following the drawdown of $30.0 million to part finance the delivery of Navigator Atlas in June 2014 there is $90.0 million under the April 2013 secured term loan facility available to be drawn to fund the remaining three 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.

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.

9

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 the 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.

On June 30, 2014, we entered into a Supplemental Agreement to our February 2013 $270 million secured term loan facility, which, among other things, (i) allows the us to prepay $120,000,000 outstanding under such term loan facility, (ii) revises the terms of the such term loan facility to include a quasi revolving facility where funds can be drawn over the course of the facility period in four tranches of $30,000,000 each and (iii) provides that such term loan facility be amended and restated to reflect the foregoing. On July 7, 2014, we prepaid $120,000,000 outstanding under such term loan facility.

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. Save for the February 2013 secured term loan facility referred to above, 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;

• 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.

10

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 June 30, 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.

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 June 30, 2014, we were in compliance with all covenants under our senior unsecured bond agreement.

11

Tabular Disclosure of Contractual Obligations

The contractual obligations schedule set forth below summarizes our contractual obligations as of June 30, 2014.

	2014		2015		2016		2017		Thereafter		Total
	(in thousands)
Vessels under construction	$	128,436	$	161,526	$	304,868	$	—	$	—	$	594,830
Charter-in vessels		4,200		—		—		—		—		4,200
Secured term loan facilities and 9% senior unsecured bond issue		31,625		53,350		53,350		281,524		155,260		575,109
Office leases		373		747		747		631		2,189		4,687
Total contractual obligations	$	164,634	$	215,623	$	358,965	$	282,155	$	157,449	$	1,178,826

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.

12

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 14 of our 24 vessels that were time-chartered to third parties as of June 30, 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.

13

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This Report on Form 6-K for the period ended June 30, 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 twelve 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.

14

NAVIGATOR HOLDINGS LTD.

Consolidated Balance Sheets

(Unaudited)

	December 31, 2013			June 30, 2014
Assets
Current assets
Cash and cash equivalents	$	194,740,045		$	159,216,275
Accounts receivable, net		11,837,578			6,844,776
Accrued income		7,902,234			9,494,569
Prepaid expenses and other current assets		6,282,218			9,200,379
Inventories		5,924,201			7,193,709
Total current assets		226,686,276			191,949,708
Non-current assets
Long-term debtors		316,559			316,559
Vessels in operation, net		1,026,226,551			1,059,710,983
Vessels under construction		60,197,486			95,560,966
Property, plant and equipment, net		363,015			375,977
Deferred finance costs, net		11,436,165			10,050,069
Total assets	$	1,325,226,052		$	1,357,964,262
Liabilities and stockholders’ equity
Current liabilities
Current portion of long-term debt	$	60,750,308		$	58,300,308
Accounts payable		13,585,924			10,338,879
Accrued expenses and other liabilities		6,438,384			7,731,635
Accrued interest		4,261,971			3,909,547
Deferred income		4,803,196			3,448,646
Total current liabilities		89,839,783			83,729,015
Non-current liabilities
Secured term loan facilities, net of current portion		389,734,262			391,809,108
Senior unsecured bond		125,000,000			125,000,000
Total non-current liabilities		514,734,262			516,809,108
Commitments and contingencies
Stockholders’ equity
Common stock – $.01 par value;
400,000,000 shares authorized; 55,339,119 shares issued and outstanding, (2013: 55,326,765)		553,267			553,391
Additional paid-in capital		584,030,816			584,141,693
Accumulated other comprehensive income / (loss)		(87,930	)		29,330
Retained earnings		136,155,854			172,701,725
Total stockholders’ equity		720,652,007			757,426,139
Total liabilities and stockholders’ equity	$	1,325,226,052		$	1,357,964,262

See accompanying notes to condensed consolidated financial statements.

F-1

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Income

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2013			2014			2013			2014
Revenues
Operating revenue	$	60,503,439		$	76,063,032		$	102,816,337		$	145,888,561
Expenses
Address and brokerage commissions		1,454,912			1,761,891			2,574,834			3,246,460
Voyage expenses		14,536,713			12,170,651			22,260,159			22,057,008
Charter-in costs		1,800,000			2,100,000			3,174,718			4,200,000
Vessel operating expenses		13,342,764			17,832,779			22,933,154			35,093,994
Depreciation and amortization		8,536,163			11,146,102			15,682,539			22,194,848
General and administrative costs		1,796,382			2,559,295			3,194,643			5,284,129
Other corporate expenses		553,862			922,285			999,183			1,381,350
Total operating expenses		42,020,796			48,493,003			70,819,230			93,457,789
Operating income		18,482,643			27,570,029			31,997,107			52,430,772
Other income/(expense)
Interest expense		(6,942,558	)		(7,819,378	)		(12,739,434	)		(15,668,673	)
Interest income		12,651			124,772			46,179			216,790
Income before income taxes		11,552,736			19,875,423			19,303,852			36,978,889
Income taxes		(91,118	)		(211,994	)		(223,918	)		(433,018	)
Net income	$	11,461,618		$	19,663,429		$	19,079,934		$	36,545,871
Earnings per share:
Basic: (1)	$	0.25		$	0.36		$	0.43		$	0.66
Diluted: (1)	$	0.25		$	0.35		$	0.43		$	0.66
Weighted average number of shares outstanding:
Basic:(1)		46,293,327			55,337,349			43,965,585			55,332,086
Diluted: (1)		46,293,327			55,535,396			43,965,585			55,431,657

(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 June 30,					Six months ended June 30,
	2013			2014		2013			2014
Net income	$	11,461,618		$	19,663,429	$	19,079,934		$	36,545,871
Other Comprehensive Income / (Loss):
Foreign currency translation (loss) / gain		(8,329	)		114,006		(96,323	)		117,260
Total Comprehensive Income	$	11,453,289		$	19,777,435	$	18,983,611		$	36,663,131

See accompanying notes to condensed consolidated financial statements.

F-3

NAVIGATOR HOLDINGS LTD.

Consolidated Statements of Shareholders’ Equity

(Unaudited)

	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		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		—		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		—		(340,171	)		—			—		(340,171	)
Restricted shares issued April 14, 2014		124		—			—			—		124
Net income		—		—			—			36,545,871		36,545,871
Foreign currency translation		—		—			117,260			—		117,260
Share-based compensation		—		451,048			—			—		451,048
June 30, 2014	$	553,391	$	584,141,693		$	29,330		$	172,701,725	$	757,426,139

(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)

	Six months ended June 30, 2013			Six months ended June 30, 2014
Cash flows from operating activities
Net income	$	19,079,934		$	36,545,871
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		15,682,539			22,194,848
Payment of drydocking costs		(1,392,598	)		(2,277,898	)
Amortization of share-based compensation		390,111			451,172
Amortization of deferred financing costs		842,108			1,386,096
Unrealized foreign exchange		(70,656	)		107,562
Changes in operating assets and liabilities
Accounts receivable		(2,199,526	)		4,992,802
Inventories		(3,539,610	)		(1,269,508	)
Accrued income and prepaid expenses and other current assets		(3,543,370	)		(4,510,495	)
Accounts payable, accrued interest and other liabilities		2,456,179			(3,660,769	)
Net cash provided by operating activities		27,705,111			53,959,681
Cash flows from investing activities
Payment to acquire vessels		(273,072,920	)		(350,477	)
Payment for vessels under construction		(10,556,464	)		(88,308,704	)
Purchase of other property, plant and equipment		(47,030	)		(108,945	)
Release of short-term investment		10,000,000			—
Placement of short-term investment		(10,000,000	)		—
Net cash used in investing activities		(283,676,414	)		(88,768,126	)
Cash flows from financing activities
Proceeds from secured term loan facilities		147,150,000			30,000,000
Direct financing costs of secured term loan facilities		(6,669,871	)		—
Repayment of secured term loan facilities		(13,421,254	)		(30,375,154	)
Issuance costs of 9% senior unsecured bond		(25,179	)		—
Proceeds from issuance of stock		75,000,000			—
Issuance costs of stock		(19,978	)		(340,171	)
Net cash provided / (used) by financing activities		202,013,718			(715,325	)
Net decrease in cash and cash equivalents		(53,957,585	)		(35,523,770	)
Cash and cash equivalents at beginning of period		140,870,317			194,740,045
Cash and cash equivalents at end of period	$	86,912,732		$	159,216,275
Supplemental Information
Total interest paid during the year, net of amounts capitalized	$	10,786,776		$	14,685,002
Total tax paid during the year	$	32,496		$	326,695

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 June 30, 2014; the results of operations for the three and six months ended June 30, 2014 and 2013; statement of stockholders equity for the six months ended June 30, 2014; and cash flows for the six months ended June 30, 2014 and 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. As such, 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. 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. The results for the period ended June 30, 2014 are not necessarily indicative of results for the full 2014 fiscal year or any other future periods.

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 six months ended June 30, 2013, as the impact is not considered material.

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

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		350,475		2,277,898			2,628,373
Transfer from vessels under construction		52,295,224		650,000			52,945,224
Disposals		—		(833,333	)		(833,333	)
June 30, 2014	$	1,200,524,153	$	16,180,082		$	1,216,704,235
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307		$	135,737,420
Charge for the period		20,224,725		1,864,440			22,089,165
Disposals for the period		—		(833,333	)		(833,333	)
June 30, 2014	$	148,984,838	$	8,008,414		$	156,993,252
Net Book Value
June 30, 2014	$	1,051,539,315	$	8,171,668		$	1,059,710,983
December 31, 2013	$	1,019,118,341	$	7,108,210		$	1,026,226,551

On June 20, 2014, Navigator Atlas, the first of the 21,000 cubic meter semi-refrigerated ethylene-capable gas carriers being built at Jiangnan shipyard in China was delivered.

The net book value of vessels that serve as collateral for the Company’s bank loans was $922,807,901 at June 30, 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		84,926,000
Transfer to vessels in operation		—		(52,945,224	)
Other payments including site team costs and initial stores		1,962,598		3,382,704
Vessels under construction at December 31 / June 30	$	60,197,486	$	95,560,966

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.

F-7

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

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”.

6. Share-Based Compensation

During 2008, the Company’s Board adopted the 2008 Restricted Stock Plan (the “2008 Plan”), which entitled officers, employees, consultants and directors of the Company to receive grants of restricted stock of the Company’s common stock. This 2008 Plan is administered by the Board or a committee of the Board. 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.

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 issued 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 the new 2013 Long Term Incentive Plan entered into prior to the closing of the Company’s initial public offering.

In 2013, the Company granted 60,000 shares under the 2008 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. 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.

During the year to December 31, 2013, 258,000 shares of those previously awarded under the 2008 Plan vested with a total fair value of $6,950,520. A further 61,350 shares awarded under the 2008 Plan vested during the six months to June 30, 2014 at a fair value of $1,802,463.

The 2013 Long Term Incentive Plan (“2013 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.

On April 14, 2014 the Company granted 12,348 shares under the 2013 Plan, with a weighted average value of $24.29 per share to certain members of the Board of Directors. All of these shares vest on the first anniversary of the grant date.

F-8

NAVIGATOR HOLDINGS LTD.

Notes to the Condensed Consolidated Financial Statements (continued)

(Unaudited)

6. Share-Based Compensation (continued)

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 is recognized as compensation costs in the Statement of Income over the period to the vesting date.

During the six months ended June 30, 2014, the Company recognized $330,104 in share-based compensation costs (six months ended June 30, 2013: $390,111). As of June 30, 2014, there was a total of $918,207 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 1.35 years (December 31, 2013: 1.53 years).

Restricted share grant activity for the year ended December 31, 2013 and six months ended June 30, 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		12,348			24.29
Vested		(61,350	)		6.39
Balance as of June 30, 2014		164,763		$	10.33		1.35 years	$	4,840,737

On April 14, 2014 the Company granted 231,055 share options under the 2013 Plan, with a weighted average value of $7.45 per share to officers and employees of the Company. All options are not exercisable until the third anniversary of the grant date and can be exercised up to tenth anniversary of the date of grant. The fair value of each option is calculated on the date of grant based on the Black-Scholes valuation model using the assumptions listed in the table below. Expected volatilities are based on the historic volatility of the Company’s stock price and other factors. The Company does not currently pay dividends and it is assumed this will not change. As these are the first options granted by the Company, the expected term of option granted is anticipated to be the mid-point of the exercisable period. The risk free rate is the rate adopted from the U.S. Government Zero Coupon Bond.

Expected volatility	25.0	%
Expected dividend yield	0.0	%
Expected term (in years)	6.5
Risk free rate	2.17	%

F-9

Options	Number of non-vested restricted options		Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2014		—		—		—		—
Granted		231,055	$	24.29		9.80		—
Vested		—		—		—		—
Balance as of June 30, 2014		231,055	$	24.29		9.80	$	1,176,070
Exercisable at June 30, 2014		—		—		—		—

During the six months ended June 30, 2014, the Company recognized $121,068 in share-based compensation costs relating to options granted under the 2013 Plan. At June 30, 2014, there was $1,599,368 of total unrecognized compensation costs related to non-vested options under the 2013 Plan. This cost is expected to be recognized over a weighted average period of 2.8 years.

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 cubic meter, semi-refrigerated ethylene-capable liquefied gas carriers to be built at Jiangnan Shipyard in China for an aggregate price of approximately $200,000,000.

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.

On June 20, 2014, Navigator Atlas, the first of the 21,000 cubic meter semi-refrigerated ethylene-capable gas carriers was delivered from Jiangnan shipyard in China. Three further newbuild vessels of the same size and class are scheduled for delivery during the year to December 2014.

8. Subsequent Events

The Company has evaluated subsequent events through August 6, 2014, which is the date the financial statements were available to be issued.

F-10

EXHIBITS

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

101	The following financial information from Navigator Holdings Ltd.’s Repo’rt on Form 6-K for the quarter ended June 30, 2014, furnished with the SEC on August 6, 2014, formatted in Extensible Business Reporting Language (XBRL):
	i.       Unaudited Consolidated Balance Sheets as of December 31, 2013 and June 30, 2014
	ii.      Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2013 and June 30, 2014
	iii.    Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and June 30, 2014
	iv.     Unaudited Consolidated Statements of Shareholders’ Equity for the year ended December 31, 2013 and the six months ended June 30, 2014
	v.      Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and June 30, 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: August 6, 2014	By:	/s/ Niall J Nolan
	Name:	Niall J Nolan
	Title:	Chief Financial Officer

XML

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended		1 Months Ended				0 Months Ended		1 Months Ended				0 Months Ended	1 Months Ended	6 Months Ended	1 Months Ended		12 Months Ended
	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Dec. 20, 2013 Semi Refrigerated	Jul. 18, 2013 Semi Refrigerated USD ($) Carriers	Jul. 18, 2013 Semi Refrigerated Minimum	Jul. 18, 2013 Semi Refrigerated Maximum	Jun. 20, 2014 Ethylene Semi Refrigerated Vessel m3	Apr. 25, 2012 Ethylene Semi Refrigerated USD ($) m3 Vessel	Dec. 20, 2013 Ethylene Semi Refrigerated USD ($) m3 Vessel	Jul. 18, 2013 Ethylene Semi Refrigerated Carriers m3	Jul. 18, 2013 Liquefied Gas Segment Semi Refrigerated m3 Carriers	Jul. 18, 2013 Liquefied Gas Segment Options Exercised Semi Refrigerated USD ($) m3 Option	Apr. 23, 2014 Ethane Capable GAs Carrier Options Exercised Semi Refrigerated	Dec. 20, 2013 Ethane Capable GAs Carrier Options Exercised Semi Refrigerated USD ($)	Jun. 30, 2014 Chartered In	Mar. 30, 2012 London Operation USD ($)	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
Payment for property plant and equipment	350,477	273,072,920						200,000,000				44,000,000
Number of vessels to be constructed under option agreement							3	4
Gas carrier cargo capacity							21,000	21,000	35,000	21,000	22,000	22,000
Number of gas carriers to be purchased				5						1	2
Future cost of carriers to be constructed				$ 138,000,000					$ 77,400,000					$ 78,400,000
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
Option exercised date													Apr. 23, 2014
Expected Delivery Of Vessels							Three further newbuild vessels of the same size and class are scheduled for delivery during the year to December 2014.

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Revenue Recognition

6 Months Ended

Jun. 30, 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 six months ended June 30, 2013, as the impact is not considered material.

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

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Basis of Presentation

6 Months Ended

Jun. 30, 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 June 30, 2014; the results of operations for the three and six months ended June 30, 2014 and 2013; statement of stockholders equity for the six months ended June 30, 2014; and cash flows for the six months ended June 30, 2014 and 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. As such, 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. 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. The results for the period ended June 30, 2014 are not necessarily indicative of results for the full 2014 fiscal year or any other future periods.

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Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 159,216,275	$ 194,740,045
Accounts receivable, net	6,844,776	11,837,578
Accrued income	9,494,569	7,902,234
Prepaid expenses and other current assets	9,200,379	6,282,218
Inventories	7,193,709	5,924,201
Total current assets	191,949,708	226,686,276
Non-current assets
Long-term debtors	316,559	316,559
Vessels under construction	95,560,966	60,197,486
Property, plant and equipment, net	375,977	363,015
Deferred finance costs, net	10,050,069	11,436,165
Total assets	1,357,964,262	1,325,226,052
Current liabilities
Current portion of long-term debt	58,300,308	60,750,308
Accounts payable	10,338,879	13,585,924
Accrued expenses and other liabilities	7,731,635	6,438,384
Accrued interest	3,909,547	4,261,971
Deferred income	3,448,646	4,803,196
Total current liabilities	83,729,015	89,839,783
Non-current liabilities
Secured term loan facilities, net of current portion	391,809,108	389,734,262
Senior unsecured bond	125,000,000	125,000,000
Total non-current liabilities	516,809,108	514,734,262
Commitments and contingencies
Stockholders' equity
Common stock - $.01 par value; 400,000,000 shares authorized; 55,339,119 shares issued and outstanding, (2013: 55,326,765)	553,391	553,267
Additional paid-in capital	584,141,693	584,030,816
Accumulated other comprehensive income / (loss)	29,330	(87,930)
Retained earnings	172,701,725	136,155,854
Total stockholders' equity	757,426,139	720,652,007
Total liabilities and stockholders' equity	1,357,964,262	1,325,226,052
Vessels In Operation
Non-current assets
Property, plant and equipment, net	$ 1,059,710,983	$ 1,026,226,551

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Consolidated Statements of Shareholders' Equity (USD $)	Total	Issued March 31, 2013	Issued April 7, 2013	Issued April 11, 2013	Issued April 14, 2014	Accumulated Common Stock		Accumulated Common Stock Issued March 31, 2013		Accumulated Common Stock Issued April 7, 2013		Accumulated Common Stock Issued April 11, 2013		Accumulated Common Stock Issued April 14, 2014		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	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	(340,171)															(340,171)	[1]
Restricted shares issued					124									124	[1]
Net income	36,545,871																		36,545,871
Foreign currency translation	117,260																	117,260
Share-based compensation	451,048															451,048	[1]
Ending Balance at Jun. 30, 2014	$ 757,426,139					$ 553,391	[1]									$ 584,141,693	[1]	$ 29,330	$ 172,701,725

[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 $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Number of RSUs
Unvested, beginning balance	213,765	369,648
Granted	12,348	102,117
Vested	(61,350)	(258,000)
Unvested, ending balance	164,763	213,765
Weighted-average grant date fair value
Unvested, beginning balance	$ 8.40	$ 5.76
Granted	$ 24.29	$ 10.00
Vested	$ 6.39	$ 5.26
Unvested, ending balance	$ 10.33	$ 8.40
Weighted-average remaining contractual terms (Years)
Weighted-average remaining contractual terms (Years)	1 year 4 months 6 days	1 year 6 months 11 days
Aggregated intrinsic value
Aggregated intrinsic value	$ 4,840,737	$ 5,758,829

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Summary of Stock Option Activity (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014
Options
Granted	231,055
Vested
Ending Balance	231,055
Exercisable at June 30, 2014
Weighted-Average Exercise Price
Granted	$ 24.29
Ending Balance	$ 24.29
Exercisable at June 30, 2014
Weighted-Average Remaining Contractual Term (years)
Granted	9 years 9 months 18 days
Ending Balance	9 years 9 months 18 days
Aggregate Intrinsic Value, End of period	$ 1,176,070

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Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net income	$ 36,545,871	$ 19,079,934
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	22,194,848	15,682,539
Payment of drydocking costs	(2,277,898)	(1,392,598)
Amortization of share-based compensation	451,172	390,111
Amortization of deferred financing costs	1,386,096	842,108
Unrealized foreign exchange	107,562	(70,656)
Changes in operating assets and liabilities
Accounts receivable	4,992,802	(2,199,526)
Inventories	(1,269,508)	(3,539,610)
Accrued income and prepaid expenses and other current assets	(4,510,495)	(3,543,370)
Accounts payable, accrued interest and other liabilities	(3,660,769)	2,456,179
Net cash provided by operating activities	53,959,681	27,705,111
Cash flows from investing activities
Payment to acquire vessels	(350,477)	(273,072,920)
Payment for vessels under construction	(88,308,704)	(10,556,464)
Purchase of other property, plant and equipment	(108,945)	(47,030)
Release of short-term investment		10,000,000
Placement of short-term investment		(10,000,000)
Net cash used in investing activities	(88,768,126)	(283,676,414)
Cash flows from financing activities
Proceeds from secured term loan facilities	30,000,000	147,150,000
Direct financing costs of secured term loan facilities		(6,669,871)
Repayment of secured term loan facilities	(30,375,154)	(13,421,254)
Issuance costs of 9% senior unsecured bond		(25,179)
Proceeds from issuance of stock		75,000,000
Issuance costs of stock	(340,171)	(19,978)
Net cash provided / (used) by financing activities	(715,325)	202,013,718
Net decrease in cash and cash equivalents	(35,523,770)	(53,957,585)
Cash and cash equivalents at beginning of period	194,740,045	140,870,317
Cash and cash equivalents at end of period	159,216,275	86,912,732
Supplemental Information
Total interest paid during the year, net of amounts capitalized	14,685,002	10,786,776
Total tax paid during the year	$ 326,695	$ 32,496

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Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	400,000,000	400,000,000
Common stock, shares issued	55,339,119	55,326,765
Common stock, shares outstanding	55,339,119	55,326,765

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Vessel in Operations (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Net book value, ending balance	$ 375,977	$ 363,015
Vessels In Operation
Property, Plant and Equipment [Line Items]
Cost, beginning balance	1,161,963,971
Cost, Additions	2,628,373
Cost, Transfer	52,945,224
Cost, Disposals	(833,333)
Cost, ending balance	1,216,704,235
Accumulated depreciation, beginning balance	135,737,420
Accumulated depreciation, charge for the period	22,089,165
Accumulated depreciation, disposals for the period	(833,333)
Accumulated depreciation, ending balance	156,993,252
Net book value, ending balance	1,059,710,983	1,026,226,551
Vessels In Operation | Vessel
Property, Plant and Equipment [Line Items]
Cost, beginning balance	1,147,878,454
Cost, Additions	350,475
Cost, Transfer	52,295,224
Cost, ending balance	1,200,524,153
Accumulated depreciation, beginning balance	128,760,113
Accumulated depreciation, charge for the period	20,224,725
Accumulated depreciation, ending balance	148,984,838
Net book value, ending balance	1,051,539,315	1,019,118,341
Vessels In Operation | Drydocking
Property, Plant and Equipment [Line Items]
Cost, beginning balance	14,085,517
Cost, Additions	2,277,898
Cost, Transfer	650,000
Cost, Disposals	(833,333)
Cost, ending balance	16,180,082
Accumulated depreciation, beginning balance	6,977,307
Accumulated depreciation, charge for the period	1,864,440
Accumulated depreciation, disposals for the period	(833,333)
Accumulated depreciation, ending balance	8,008,414
Net book value, ending balance	$ 8,171,668	$ 7,108,210

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
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 $)			0 Months Ended		1 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 20, 2014 Ethylene Semi Refrigerated m3	Apr. 25, 2012 Ethylene Semi Refrigerated m3	Dec. 20, 2013 Ethylene Semi Refrigerated m3	Jul. 18, 2013 Ethylene Semi Refrigerated m3	Jun. 30, 2014 Collateralized Loan Obligations
Property, Plant and Equipment [Line Items]
Gas carrier cargo capacity			21,000	21,000	35,000	21,000
Property, plant and equipment, net	$ 375,977	$ 363,015					$ 922,807,901

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Consolidated Statements of Income (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Revenues
Operating revenue	$ 76,063,032		$ 60,503,439		$ 145,888,561		$ 102,816,337
Expenses
Address and brokerage commissions	1,761,891		1,454,912		3,246,460		2,574,834
Voyage expenses	12,170,651		14,536,713		22,057,008		22,260,159
Charter-in costs	2,100,000		1,800,000		4,200,000		3,174,718
Vessel operating expenses	17,832,779		13,342,764		35,093,994		22,933,154
Depreciation and amortization	11,146,102		8,536,163		22,194,848		15,682,539
General and administrative costs	2,559,295		1,796,382		5,284,129		3,194,643
Other corporate expenses	922,285		553,862		1,381,350		999,183
Total operating expenses	48,493,003		42,020,796		93,457,789		70,819,230
Operating income	27,570,029		18,482,643		52,430,772		31,997,107
Other income/(expense)
Interest expense	(7,819,378)		(6,942,558)		(15,668,673)		(12,739,434)
Interest income	124,772		12,651		216,790		46,179
Income before income taxes	19,875,423		11,552,736		36,978,889		19,303,852
Income taxes	(211,994)		(91,118)		(433,018)		(223,918)
Net income	$ 19,663,429		$ 11,461,618		$ 36,545,871		$ 19,079,934
Earnings per share:
Basic:	$ 0.36	[1]	$ 0.25	[1]	$ 0.66	[1]	$ 0.43	[1]
Diluted:	$ 0.35	[1]	$ 0.25	[1]	$ 0.66	[1]	$ 0.43	[1]
Weighted average number of shares outstanding:
Basic:	55,337,349	[1]	46,293,327	[1]	55,332,086	[1]	43,965,585	[1]
Diluted:	55,535,396	[1]	46,293,327	[1]	55,431,657	[1]	43,965,585	[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

6 Months Ended

Jun. 30, 2014

Share-Based Compensation

6. Share-Based Compensation

During 2008, the Company’s Board adopted the 2008 Restricted Stock Plan (the “2008 Plan”), which entitled officers, employees, consultants and directors of the Company to receive grants of restricted stock of the Company’s common stock. This 2008 Plan is administered by the Board or a committee of the Board. 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.

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 issued 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 the new 2013 Long Term Incentive Plan entered into prior to the closing of the Company’s initial public offering.

In 2013, the Company granted 60,000 shares under the 2008 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. 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.

During the year to December 31, 2013, 258,000 shares of those previously awarded under the 2008 Plan vested with a total fair value of $6,950,520. A further 61,350 shares awarded under the 2008 Plan vested during the six months to June 30, 2014 at a fair value of $1,802,463.

The 2013 Long Term Incentive Plan (“2013 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.

On April 14, 2014 the Company granted 12,348 shares under the 2013 Plan, with a weighted average value of $24.29 per share to certain members of the Board of Directors. All of these shares vest on the first anniversary of the grant date.

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 is recognized as compensation costs in the Statement of Income over the period to the vesting date.

During the six months ended June 30, 2014, the Company recognized $330,104 in share-based compensation costs (six months ended June 30, 2013: $390,111). As of June 30, 2014, there was a total of $918,207 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 1.35 years (December 31, 2013: 1.53 years).

Restricted share grant activity for the year ended December 31, 2013 and six months ended June 30, 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		12,348			24.29
Vested		(61,350	)		6.39
Balance as of June 30, 2014		164,763		$	10.33		1.35 years	$	4,840,737

On April 14, 2014 the Company granted 231,055 share options under the 2013 Plan, with a weighted average value of $7.45 per share to officers and employees of the Company. All options are not exercisable until the third anniversary of the grant date and can be exercised up to tenth anniversary of the date of grant. The fair value of each option is calculated on the date of grant based on the Black-Scholes valuation model using the assumptions listed in the table below. Expected volatilities are based on the historic volatility of the Company’s stock price and other factors. The Company does not currently pay dividends and it is assumed this will not change. As these are the first options granted by the Company, the expected term of option granted is anticipated to be the mid-point of the exercisable period. The risk free rate is the rate adopted from the U.S. Government Zero Coupon Bond.

Expected volatility	25.0	%
Expected dividend yield	0.0	%
Expected term (in years)	6.5
Risk free rate	2.17	%

Options	Number of non-vested restricted options		Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2014		—		—		—		—
Granted		231,055	$	24.29		9.80		—
Vested		—		—		—		—
Balance as of June 30, 2014		231,055	$	24.29		9.80	$	1,176,070
Exercisable at June 30, 2014		—		—		—		—

During the six months ended June 30, 2014, the Company recognized $121,068 in share-based compensation costs relating to options granted under the 2013 Plan. At June 30, 2014, there was $1,599,368 of total unrecognized compensation costs related to non-vested options under the 2013 Plan. This cost is expected to be recognized over a weighted average period of 2.8 years.

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Common Stock

6 Months Ended

Jun. 30, 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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Assumptions Used to Estimate Fair Value of Stock Options (Detail)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	25.00%
Expected dividend yield	0.00%
Expected term (in years)	6 years 6 months
Risk free rate	2.17%

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Vessels Under Construction (Detail) (USD $)	6 Months Ended			12 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Vessels Under Construction	Dec. 31, 2013 Vessels Under Construction	Jun. 30, 2014 Vessels Under Construction Shipyard	Dec. 31, 2013 Vessels Under Construction Shipyard
Property, Plant and Equipment [Line Items]
Beginning balance			$ 60,197,486	$ 20,110,888
Payments to shipyard	88,308,704	10,556,464			84,926,000	38,124,000
Transfer to vessels in operation			(52,945,224)
Other payments including site team costs and initial stores			3,382,704	1,962,598
Ending balance			$ 95,560,966	$ 60,197,486

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Vessels in Operation (Tables)

6 Months Ended

Jun. 30, 2014

Vessels In Operation

Vessels

	Vessel		Drydocking			Total
Cost
December 31, 2013	$	1,147,878,454	$	14,085,517		$	1,161,963,971
Additions		350,475		2,277,898			2,628,373
Transfer from vessels under construction		52,295,224		650,000			52,945,224
Disposals		—		(833,333	)		(833,333	)
June 30, 2014	$	1,200,524,153	$	16,180,082		$	1,216,704,235
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307		$	135,737,420
Charge for the period		20,224,725		1,864,440			22,089,165
Disposals for the period		—		(833,333	)		(833,333	)
June 30, 2014	$	148,984,838	$	8,008,414		$	156,993,252
Net Book Value
June 30, 2014	$	1,051,539,315	$	8,171,668		$	1,059,710,983
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		84,926,000
Transfer to vessels in operation		—		(52,945,224	)
Other payments including site team costs and initial stores		1,962,598		3,382,704
Vessels under construction at December 31 / June 30	$	60,197,486	$	95,560,966

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Commitments and Contingencies

6 Months Ended

Jun. 30, 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 cubic meter, semi-refrigerated ethylene-capable liquefied gas carriers to be built at Jiangnan Shipyard in China for an aggregate price of approximately $200,000,000.

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.

On June 20, 2014, Navigator Atlas, the first of the 21,000 cubic meter semi-refrigerated ethylene-capable gas carriers was delivered from Jiangnan shipyard in China. Three further newbuild vessels of the same size and class are scheduled for delivery during the year to December 2014.

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Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events

8. Subsequent Events

The Company has evaluated subsequent events through August 6, 2014, which is the date the financial statements were available to be issued.

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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Restricted Share Grant Activity

Restricted share grant activity for the year ended December 31, 2013 and six months ended June 30, 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		12,348			24.29
Vested		(61,350	)		6.39
Balance as of June 30, 2014		164,763		$	10.33		1.35 years	$	4,840,737

Weighted-Average Assumptions Used to Calculate Fair Value of Options Granted

The fair value of each option is calculated on the date of grant based on the Black-Scholes valuation model using the assumptions listed in the table below. Expected volatilities are based on the historic volatility of the Company’s stock price and other factors. The Company does not currently pay dividends and it is assumed this will not change. As these are the first options granted by the Company, the expected term of option granted is anticipated to be the mid-point of the exercisable period. The risk free rate is the rate adopted from the U.S. Government Zero Coupon Bond.

Expected volatility	25.0	%
Expected dividend yield	0.0	%
Expected term (in years)	6.5
Risk free rate	2.17	%

Summary of Stock Option Activity

Options	Number of non-vested restricted options		Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Balance as of January 1, 2014		—		—		—		—
Granted		231,055	$	24.29		9.80		—
Vested		—		—		—		—
Balance as of June 30, 2014		231,055	$	24.29		9.80	$	1,176,070
Exercisable at June 30, 2014		—		—		—		—

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Share-Based Compensation - Additional Information (Detail) (USD $)	6 Months Ended		12 Months Ended	6 Months Ended	12 Months Ended	6 Months Ended		0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014 Restricted Stock	Dec. 31, 2013 Restricted Stock	Jun. 30, 2014 Employee Stock Option	Jun. 30, 2014 2013 Long Term Incentive Plan	Mar. 31, 2013 Chief Executive Officer	Apr. 11, 2013 Officers And Management	Apr. 14, 2014 Officers and Employees	Apr. 14, 2014 Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock unit, granted	12,348		102,117					60,000	42,117
Weighted average value, granted	$ 24.29		$ 10.00					$ 10.00	$ 10.04
Vesting term	Vest on the third anniversary of the grant date.
Restricted stock unit, vesting in period	61,350		258,000
Share vested, total fair value	$ 1,802,463		$ 6,950,520
Maximum number of shares authorized for grant							3,000,000
Granted, Number of shares	231,055									231,055	12,348
Weighted average value, per share										$ 7.45	$ 24.29
Share-based compensation costs	330,104	390,111
Total compensation cost not yet recognized				918,207	948,311
Total compensation cost not yet recognized period for recognition				1 year 4 months 6 days	1 year 6 months 11 days	2 years 9 months 18 days
Vesting period										3 years
Share-based Compensation, expiration period										10 years
Share-based compensation costs relating to options granted	121,068
Total unrecognized compensation costs related to non-vested options	$ 1,599,368

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Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income	$ 19,663,429	$ 11,461,618	$ 36,545,871	$ 19,079,934
Other Comprehensive Income / (Loss):
Foreign currency translation (loss) / gain	114,006	(8,329)	117,260	(96,323)
Total Comprehensive Income	$ 19,777,435	$ 11,453,289	$ 36,663,131	$ 18,983,611

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Vessels in Operation

6 Months Ended

Jun. 30, 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		350,475		2,277,898			2,628,373
Transfer from vessels under construction		52,295,224		650,000			52,945,224
Disposals		—		(833,333	)		(833,333	)
June 30, 2014	$	1,200,524,153	$	16,180,082		$	1,216,704,235
Accumulated Depreciation
December 31, 2013	$	128,760,113	$	6,977,307		$	135,737,420
Charge for the period		20,224,725		1,864,440			22,089,165
Disposals for the period		—		(833,333	)		(833,333	)
June 30, 2014	$	148,984,838	$	8,008,414		$	156,993,252
Net Book Value
June 30, 2014	$	1,051,539,315	$	8,171,668		$	1,059,710,983
December 31, 2013	$	1,019,118,341	$	7,108,210		$	1,026,226,551

On June 20, 2014, Navigator Atlas, the first of the 21,000 cubic meter semi-refrigerated ethylene-capable gas carriers being built at Jiangnan shipyard in China was delivered.

The net book value of vessels that serve as collateral for the Company’s bank loans was $922,807,901 at June 30, 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		84,926,000
Transfer to vessels in operation		—		(52,945,224	)
Other payments including site team costs and initial stores		1,962,598		3,382,704
Vessels under construction at December 31 / June 30	$	60,197,486	$	95,560,966

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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