Navigator Holdings Ltd. (NVGS) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.918 Good morning and good afternoon, and thank you all for joining this Navigator Gas Earnings 00:00:04.918 -- 00:00:07.923 Call for Q3 2025. As 00:00:07.923 -- 00:00:12.850 a start, I'll just review the key data from our Q3 2025 performance, and then I'll go 00:00:12.850 -- 00:00:16.115 over the outlook for the coming quarter. 00:00:16.115 -- 00:00:21.943 After that, as usual, Gary and Oivin and Randy will discuss the results in more detail. 00:00:21.943 -- 00:00:27.391 The quarter was in many ways a return to more calm waters after the unusual and difficult 00:00:27.391 -- 00:00:32.411 Q2. In Q3, we saw geopolitical tensions recede somewhat. 00:00:32.411 -- 00:00:37.719 Port fees from the US and later China now seem to be gone, and tariffs appear 00:00:37.719 -- 00:00:42.866 to have found their level. However, for Navigator, we still saw an impact 00:00:42.866 -- 00:00:46.672 from the trade turmoil in our Q3 trading, 00:00:46.672 -- 00:00:50.978 particularly from the significantly lower ethylene exports from US to China. 00:00:50.978 -- 00:00:55.665 Øivind is going to bring a little bit more color to this topic shortly. 00:00:55.665 -- 00:00:58.626 Please turn to slide number four. 00:01:00.528 -- 00:01:06.595 With that background and moving to our results, in Q3, we generated revenues of $153 00:01:06.595 -- 00:01:11.900 million, up 18% compared to the previous quarter and 8% compared 00:01:11.900 -- 00:01:17.026 to same period last year. The main drive of revenue was both higher time 00:01:17.026 -- 00:01:21.549 chart equivalent rates, but also robust utilization. 00:01:21.731 -- 00:01:26.436 We're pleased to disclose that we achieved the highest EBITDA on record at $86 million 00:01:26.436 -- 00:01:31.483 and an adjusted EBITDA of...