Navigator Holdings Ltd 2025年年度报告和过渡报告

FORM 20-F Date of event requiring this shell company reportCommission file number: 001-36202 If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934. Yes₂No₂ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes₂No₂ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes₂No₂ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.See the definitions of “large accelerated filer”, “accelerated filer” and emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer₂Accelerated filer₂Non-accelerated filer₂Emerging growth company₂ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant haselected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section13(a) of the Exchange Act.₂ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its AccountingStandards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.₂ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.₂ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).₂ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP₂International Financial Reporting Standards as Issuedby the International Accounting Standards Board₂Other₂ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to Item 17₂Item 18₂ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes₂No₂ NAVIGATOR HOLDINGS LTD.INDEX TO REPORT ON FORM 20-F PART I1Item 1.Identity of Directors, Senior Management and Advisers1Item 2.Offer Statistics and Expected Timetable1Item 3.Key Information1A.Selected Financial Data1B.Capitalization and Indebtedness1C.Reasons for the Offer and Use of Proceeds1D.Risk Factors1Item 4.Information on the Company28A.History and Development of the Company28B.Business Overview29C.Organizational Structure52D.Property, Plant and Equipment53Item 4A.Unresolved Staff Comments53Item 5.Operating and Financial Review and Prospects53A.Operating Results53B.Liquidity and Capital Resources63C.Research and Development Patents and Licenses etc.71D.Trend Information71E.Critical Accounting Estimates72Item 6.Directors, Senior Management and Employees73A.Directors and Senior Management73B.Compensation75C.Board Practices79 D.Employees80E.Share Ownership80F.Disclosure of a Registrant’s Action to Recover Erroneously AwardedCompensation80Item 7.Major Shareholders and Related Party Transactions80A.Major Shareholders80B.Related Party Transactions81C.Interests of Experts and Counsel82Item 8.Financial Information82A.Consolidated Statements and Other Financial Information82B.Significant Changes82Item 9.The Offer and Listing82A.Offer and Listing Details82B.Plan of distribution83C.Markets83D.Selling Shareholders83E.Dilution83F.Expense of the Issue83Item 10.Additional Information83A.Share Capital83B.Memorandum and Articles of Association83C.Material Contracts83D.Exchange Controls85E.Taxation85F.Dividends and Paying Agents89i G.Statements by Experts89H.Documents on Display89I.Subsidiary Information90J.Annual Report to Security Holders90Item 11.Quantitative and Qualitative Disclosures About Market Risk90Item 12.Description of