Navigator Gas Announces Preliminary Third Quarter 2025 Results (Unaudited)

Core Insights - Navigator Holdings Ltd. has revised its capital return policy to increase the quarterly cash dividend to $0.07 per share, representing 30% of net income, up from 25% [22][23] - The company reported total operating revenues of $153.1 million for Q3 2025, a 7.9% increase from $141.8 million in Q3 2024 [27] - Net income attributable to stockholders for Q3 2025 was $33.2 million, compared to $18.2 million in Q3 2024, marking an 82.4% increase [27][28] Financial Performance - EBITDA for Q3 2025 was $85.7 million, up from $65.8 million in Q3 2024 [27] - Adjusted EBITDA for Q3 2025 was $76.5 million, compared to $67.7 million in Q3 2024 [27] - Basic earnings per share increased to $0.50 in Q3 2025 from $0.26 in Q3 2024 [27] Capital Management - The company declared a cash dividend of $0.07 per share for Q3 2025, payable on December 16, 2025 [22] - Share repurchases of approximately $5.4 million are expected between November 7, 2025, and December 31, 2025 [22] - A total of $50 million was authorized for share repurchases, which was fully utilized by July 30, 2025 [13] Fleet and Operational Update - The average daily time charter equivalent (TCE) rate was $30,966 for Q3 2025, compared to $29,079 in Q3 2024 [3][29] - Fleet utilization was 89.3% in Q3 2025, down from 90.9% in Q3 2024 [4][29] - The company operated an average of 31 vessels under time charters during Q3 2025 [8] Market Developments - U.S. ethylene export markets reached a 16-month peak in August 2025, with 101,000 metric tons exported, primarily to Europe [6] - Ethane exports from the U.S. reached a record of 1,038,000 metric tons in September 2025 [7] - The handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased to $940,000 per calendar month [9] Joint Ventures and Acquisitions - The company increased its ownership in the Navigator Greater Bay Joint Venture from 60% to 75.1% for $16.8 million [12][47] - A joint venture with Amon Gas was established to construct two ammonia-fueled carriers, with deliveries expected in 2028 [14][15] Legal and Regulatory Updates - The company is monitoring ongoing investigations related to PT Pertamina's executives, which may impact operations [24][25] - The company believes these legal issues will not materially affect its operations [26]