Navigator Gas Announces Preliminary Second Quarter 2025 Results (Unaudited)

Financial Performance - Navigator Holdings declared a cash dividend of $0.05 per share for the quarter ended June 30, 2025, totaling $3.5 million, and expects to repurchase approximately $2.1 million of its common stock [1][23] - Total operating revenues for the quarter were $129.6 million, a decrease of 11.6% from $146.7 million in the same quarter of 2024 [1][30] - Net income attributable to stockholders was $21.5 million, down from $23.2 million year-over-year, representing a 7.7% decline [1][31] - EBITDA for the quarter was $71.9 million, compared to $75.1 million in the prior year, while adjusted EBITDA decreased to $60.1 million from $77.6 million [1][30] Share Repurchase and Capital Return - The company completed a new share repurchase plan, repurchasing 3,405,455 shares at an average price of $14.68 per share, totaling $50 million [1][11] - The Return of Capital policy aims to return at least 25% of net income through dividends and share repurchases [1][23] Fleet and Operational Update - The average daily time charter equivalent (TCE) rate was $28,216, down from $29,550 in the same quarter of 2024 [3][32] - Fleet utilization dropped to 84.2% from 93.4% year-over-year, reflecting market uncertainties and trade disruptions [3][4] - Approximately 44% of earnings days were from petrochemical cargoes, 42% from LPG cargoes, and 14% from ammonia [5] Debt and Financing - The company increased its debt by $124.4 million to $1,026.5 million during the quarter, primarily due to new borrowings under the May 2025 Facility [1][30] - The May 2025 Facility has a maximum principal amount of $300 million and is set to mature in May 2031 [15][16] Joint Ventures and New Projects - Navigator entered a joint venture with Amon Maritime to construct two new ammonia gas carriers, with Navigator holding an 80% stake [12][13] - The new vessels are expected to be delivered in 2028 and will be financed through commercial bank loans and capital contributions [13][14] Ethylene Export Terminal Performance - The ethylene export terminal throughput increased to 268,117 metric tons for the quarter, up from 230,857 metric tons in the same quarter of 2024 [17][48] - The company's share of the results from the terminal was a gain of $4.8 million, slightly up from $4.7 million year-over-year [18][48]