Navigator Holdings Ltd
NYSE:NVGS

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Navigator Holdings Ltd
NYSE:NVGS
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Price: 17.58 USD -0.79% Market Closed
Market Cap: 1.2B USD

Navigator Holdings Ltd
Investor Relations

Navigator Holdings Ltd., a dominant player in the seaborne petrochemical transportation sector, sails the high seas of the global economy, commanding a fleet of sophisticated gas carriers. These vessels aren't just ordinary ships; they're specialized chemical tankers designed to transport liquefied gases such as propane, butane, and ammonia. Operating at the intersection of energy and industry, Navigator Holdings connects producers of liquefied gases with an ever-expanding international market. Their ships traverse vast maritime routes, delivering these vital industrial ingredients from production-rich regions to eager manufacturers and utility companies worldwide. By handling both long-term charters and spot contracts, the company ensures a steady revenue stream while remaining flexible to market fluctuations.

The business model of Navigator Holdings is anchored in the art of strategic partnerships and logistics expertise. The company collaborates closely with major petrochemical producers, ensuring their transportation needs are met with precision and reliability. Furthermore, Navigator's adeptness in maintaining long-term contracts with key industry players provides a shield against volatile freight rates. This approach not only guarantees business stability but also anchors the company in lucrative segments of the energy supply chain. The constant demand for clean energy sources and industrial chemicals propels Navigator's growth, as it positions its fleet to cater to emerging and established markets alike. Through a blend of technological innovation and operational excellence, Navigator Holdings Ltd. has crafted a sturdy vessel for navigating the intricate tides of the global petrochemical trade.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 5, 2025
AI Summary
Q3 2025

Record Results: Navigator Gas reported Q3 2025 revenues of $153 million, up 18% from Q2 and 8% year-over-year, with record-high EBITDA and net income.

Charter Rates & Utilization: Achieved a 10-year high for average time charter equivalent (TCE) rates at $30,966 per day and fleet utilization of 89.3%.

Capital Return Boost: Increased return of capital policy to 30% of net income (from 25%) and raised the fixed quarterly dividend by 40% to $0.07 per share.

Strong Balance Sheet: Ended Q3 with $216 million in cash and over $300 million in available liquidity, even after significant share buybacks and newbuild payments.

Fleet Renewal & Expansion: Continued fleet renewal, including vessel sales and investment in newbuild ammonia-fueled carriers, and further share buybacks completed.

Positive Outlook: Management expects Q4 utilization and TCE rates to remain near Q3's strong levels, with optimism for continued demand growth and limited new vessel supply.

Key Financials
Revenue
$153 million
EBITDA
$85.7 million
Adjusted EBITDA
$76.5 million
Net Income Attributable to Stockholders
$33.2 million
Earnings Per Share
$0.50
Average Time Charter Equivalent Rate
$30,966 per day
Utilization
89.3%
Cash and Cash Equivalents
$216.6 million
Total Available Liquidity
$308 million
Book Gain from Navigator Gemini Sale
$12.6 million
Share Buybacks (Q3)
$2.1 million (130,000 shares at ~$16 per share)
Dividend Per Share
$0.07
Return of Capital Policy
30% of net income
Repurchased Shares (since 2022)
Over 12 million shares, $174 million total (average price $14.20 per share)
Total Capital Returned to Shareholders (past 3 years)
$210 million ($36 million in dividends plus share buybacks)
Ethylene Terminal Throughput
270,594 tons (Q3 2025)
Profit from Ethylene Terminal
$3.3 million
Vessel Operating Expenses
$49.3 million
Net Debt to EBITDA (LTM)
2.6x
Loan-to-Value (LTV) On-water Fleet
33% (below 30% including Morgan's Point terminal value)
Scheduled Debt Repayments (2026)
$54 million
All-in Cash Breakeven Rate (2025)
$20,510 per day per vessel
Earnings Call Recording
Other Earnings Calls

Management

Mr. Mads Peter Zacho
Chief Executive Officer
No Bio Available
Mr. Gary Chapman
Chief Financial Officer
No Bio Available
Mr. Michael Schroder
Chief Operating Officer
No Bio Available
Mr. John Reay
Head of Legal & Communications, General Counsel and Company Secretary
No Bio Available
Mr. Oeyvind Lindeman
Chief Commercial Officer
No Bio Available
Mr. Randall Giveans
Executive Vice President of Business Development & Investor Relations - North America
No Bio Available

Contacts

Address
London
10 Bressenden Place
Contacts
+442073404852.0
www.navigatorgas.com