### Navy-Inspired Color Palette

1. **Navy Blue**  
   - **Hex Code:** 
                            
                            #001F3F
                          
   - **Description:** A deep, rich blue that serves as the foundation of the palette, evoking a sense of calm and stability.

2. **Sky Blue**  
   - **Hex Code:** 
                            
                            #87CEEB
                          
   - **Description:** A lighter, airy blue that contrasts beautifully with navy, reminiscent of clear skies and open horizons.

3. **Steel Blue**  
   - **Hex Code:** 
                            
                            #4682B4
                          
   - **Description:** A medium blue with a hint of gray, adding depth and sophistication to the palette while still maintaining a nautical feel.

4. **Coral**  
   - **Hex Code:** 
                            
                            #FF6F61
                          
   - **Description:** A vibrant coral that adds a warm pop of color, providing a lively contrast against the cooler blues.

5. **Light Gray**  
   - **Hex Code:** 
                            
                            #D3D3D3
                          
   - **Description:** A soft, neutral gray that balances the boldness of navy and coral, bringing a touch of elegance and modernity.

6. **White Smoke**  
   - **Hex Code:** 
                            
                            #F5F5F5
                          
   - **Description:** An off-white shade that lightens the palette and enhances the overall brightness, perfect for creating space and clarity.

### Palette Description:
This navy-inspired color palette blends the deep, tranquil tones of navy blue with lighter hues and a vibrant coral accent. It creates a sophisticated yet approachable aesthetic, ideal for designs that aim for a nautical theme or wish to evoke feelings of calmness and stability. The inclusion of light gray and white smoke ensures that the palette remains versatile and modern, suitable for a variety of applications from branding to interior design.