Navigator Holdings Ltd. (NVGS) Q2 2026 Earnings Call

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WEBVTT 00:00:00.151 -- 00:00:04.774 Good morning and good afternoon and thank you very much for joining this Navigator Gas 00:00:04.774 -- 00:00:07.857 Earnings Call for Q2 2026. 00:00:07.857 -- 00:00:11.639 Before we get into the results, let me just say a few words about the Middle East. 00:00:11.639 -- 00:00:17.143 We continue to have no vessels operating in or transiting the Hormuz Strait 00:00:17.143 -- 00:00:20.755 and we don't see any material operational impacts. 00:00:20.755 -- 00:00:26.020 As I'll touch on shortly, and though it's on a sad background, the conflict continues 00:00:26.020 -- 00:00:28.942 to create real commercial tailwinds for us. 00:00:28.942 -- 00:00:31.963 Please turn to slide number four. 00:00:32.585 -- 00:00:37.590 Q2 2026 was an exceptional quarter, and I mean that in the most literal 00:00:37.590 -- 00:00:42.714 sense. We set all time records for net income, for EBITDA, for 00:00:42.714 -- 00:00:47.745 earnings per share, and average TCE rate, all at the same quarter. 00:00:47.745 -- 00:00:53.129 and for a company that's been operating for over 25 years, that is quite special. 00:00:53.129 -- 00:00:56.791 Let me walk you through a couple of the highlights. 00:00:56.791 -- 00:01:02.955 On the commercial side, TCE rates hit a record high of almost $34,000 per day. 00:01:02.955 -- 00:01:08.478 This is up significantly from Q1 and up 20% from the same period last year. 00:01:08.478 -- 00:01:12.141 Utilization came in above our 90% benchmark. 00:01:12.141 -- 00:01:15.517 These are strong numbers across the board. 00:01:15.517 -- 00:01:20.961 Our ethylene export terminal at Morgans Point delivered yet another record 00:01:20.961 -- 00:01:25.964 374 tons in the quarter. That follows from previous record that 00:01:25.964 -- 00:01:29.186 we s...