Navigator Gas Announces Preliminary First Quarter 2025 Results (Unaudited)

About this update from Navigator Holdings Ltd.

[{"type":"image","alt":"Navigator Holdings Ltd.","displaySize":"","headline":null,"caption":"Navigator Holdings Ltd.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":28,"url":"https://media.zenfs.com/en/globenewswire.com/58fef961feb626aeef8f648d09652435"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/yB6y_2uoBBJeYeRnO2tRHA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTM5O2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/58fef961feb626aeef8f648d09652435","width":300,"height":28}},"lazy":false},{"type":"text","content":"LONDON, May 14, 2025 (GLOBE NEWSWIRE) --","length":40,"tagName":"p"},{"type":"text","content":" First Quarter Financial Highlights ","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On May 14, 2025, the Board of Navigator Holdings Ltd., (NYSE: NVGS) (“Navigator Holdings,” "Navigator Gas," “our,” “we,” “us” or the “Company”) declared a cash dividend of $0.05 per share of the Company's common stock for the quarter ended March 31, 2025, under the Company's Return of Capital policy, payable on June 17, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on May 29, 2025 (the “Dividend”). ","length":470,"tagName":"p"}]},{"val":[{"type":"text","content":"Also as part of the Company's Return of Capital policy for the quarter ended March 31, 2025, the Company expects to repurchase approximately $3.3 million of its common stock between May 19, 2025, and June 30, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “share repurchases”), such that the Dividend and share repurchases together equal 25% of net income for the quarter ended March 31, 2025. ","length":474,"tagName":"p"}]},{"val":[{"type":"text","content":"On April 3, 2025 the Company paid a dividend of $0.05 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on March 24, 2025, totaling $3.5 million, and repurchased 136,295 shares of common stock in the open market between March 17, 2025, and March 31, 2025, at an average price of $14.17 per share, totaling approximately $1.9 million, all as part of the Company's Return of Capital policy for the quarter ended December 31, 2024. ","length":508,"tagName":"p"}]},{"val":[{"type":"text","content":"On May 13, 2025, the Board authorized a new share repurchase plan enabling the Company to repurchase up to an aggregate of $50 million of the Company’s common stock. ","length":165,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company reported total operating revenues of $151.4 million for the three months ended March 31, 2025, compared to $134.2 million for the three months ended March 31, 2024. ","length":186,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income attributable to stockholders of the Company was $27.0 million for the three months ended March 31, 2025, compared to $22.6 million for the three months ended March 31, 2024.","length":194,"tagName":"p"}]},{"val":[{"type":"text","content":"EBITDA 1 was $74.3 million for the three months ended March 31, 2025, compared to $72.8 million for the three months ended March 31, 2024. ","length":147,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA 1 was $72.8 million for the three months ended March 31, 2025, compared to $74.1 million for the three months ended March 31, 2024. ","length":156,"tagName":"p"}]},{"val":[{"type":"text","content":"Basic earnings per share attributable to stockholders of the Company was $0.39 for the three months ended March 31, 2025, compared to $0.31 per share for the three months ended March 31, 2024. ","length":202,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted basic earnings per share attributable to stockholders of the Company 1 was $0.37 per share for the three months ended March 31, 2025, compared to $0.33 per share for the three months ended March 31, 2024. ","length":222,"tagName":"p"}]},{"val":[{"type":"text","content":"During March 2025, the Company received $4.8 million in other income from a third party relating to a claim and damages caused to Navigator Aries in 2016. The amount received is the final settlement and no further amounts in relation to this matter are anticipated. ","length":265,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company increased its debt by $48.6 million to $902.1 million during the three months ended March 31, 2025 as the Company borrowed an aggregate of $76.8 million under its February 2025 Facility (as defined below), which borrowings were offset by quarterly repayments on loan facilities of $28.2 million. This increase is compares to an increase in debt of $51.9 million to $853.5 million during the three months ended December 31, 2024 as the Company borrowed an aggregate of $68.5 million under its revolving credit facilities and closed the refinancing of a $147.8 million facility, which borrowings were offset by the repayment with respect to OCY Aurora of $43 million and quarterly repayments on loan facilities of $35.4 million. ","length":748,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company's cash, cash equivalents, and restricted cash was $139.0 million as of March 31, 2025, compared to $139.8 million as at December 31, 2024. ","length":159,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":3896,"olType":false},{"type":"readMore"},{"type":"text","content":"____________________ 1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to stockholders of Navigator Holdings Ltd., and Adjusted Basic Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange and other income. Adjusted basic earnings per share represents basic earnings per share adjusted to exclude unrealized gains or losses on non-designated derivative instruments and unrealized foreign currency exchange (gain)/loss and other income. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. before unrealized (gain)/loss on non-designated derivative instruments, unrealized foreign currency exchange and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to stockholders of Navigator Holdings Ltd. and Adjusted Basic earnings per share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to stockholders of Navigator Holdings Ltd. and Adjusted Basic earnings per share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure. See “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation of EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to stockholders of Navigator Holdings Ltd. and Adjusted Basic earnings per share to, in each case, the closest comparable GAAP measure. ","length":1860,"tagName":"p"},{"type":"text","content":" Other Highlights and Developments ","length":33,"tagName":"p"},{"type":"text","content":" Fleet Operational Update ","length":24,"tagName":"p"},{"type":"text","content":"The average daily time charter equivalent (“TCE”) rate across the fleet was $30,476 for the three months ended March 31, 2025, compared to $28,339 for the three months ended March 31, 2024, and $28,341 for the three months ended December 31, 2024.","length":247,"tagName":"p"},{"type":"text","content":"Utilization across the fleet remained robust at 92.4% for the three months ended March 31, 2025 compared to 92.3% for three months ended December 31, 2024, and 89.3% for the three months ended March 31, 2024.","length":208,"tagName":"p"},{"type":"text","content":"U.S. domestic ethylene prices started the first quarter elevated compared to the fourth quarter of 2024, reaching a high of $700 per metric ton (“pmt”) in January, which pricing suppressed appetite for exports from the U.S.; it being above the annual average price in 2024 of $530 pmt. The price at the end of March 2025 was $450 pmt. Despite falling U.S. prices of ethylene over the course of the first quarter of 2025, the arbitrage between the U.S. and Asia remained too narrow to accommodate significant ethylene flows from the U.S. Approximately 11% of the ethylene tons loaded in the U.S. in the first quarter of 2025 had a destination in Asia and the balance of 89% of the ethylene tons loaded in the U.S. had a European destination.","length":740,"tagName":"p"},{"type":"text","content":"For the three months ended March 31, 2025, we had an average of 30 vessels engaged under time charters, 20 vessels on spot voyage charters and contracts of affreightment (“COAs"), and 9 vessels operating in the independently managed Unigas Pool. For the 12-month period commencing April 1, 2025, we have 39% of our available days covered by time charter contracts. For the same 12-month period our midsize vessels are exclusively on time charter contracts, about 50% of our fully and semi-refrigerated vessels are on time charter contracts, and most of our ethylene-capable vessels are expected to be employed in the spot voyage market.","length":641,"tagName":"p"},{"type":"text","content":"The average handysize 12-month forward-looking market assessment for semi-refrigerated vessels maintained its level from the fourth quarter of 2024 to the first quarter of 2025, at an average of $958,000 per calendar month "pcm". The fully refrigerated 12-month forward-looking market assessment for the first quarter of 2025 decreased by $17,000 pcm, to an average of $806,000 pcm compared to $823,000 pcm in the fourth quarter of 2024. The handysize ethylene 12-month forward-looking market assessment for the first quarter of 2025 maintained its level from the fourth quarter of 2024 at $1,166,000 pcm.","length":615,"tagName":"p"},{"type":"text","content":" Sale of vessel ","length":14,"tagName":"p"},{"type":"text","content":"On May 13, 2025, the Company sold and delivered, Navigator Venus, a 2000-built 22,085 cbm ethylene capable semi-refrigerated handysize vessel to a third party for net proceeds of $17.5 million.","length":193,"tagName":"p"},{"type":"text","content":" Ethylene Export Terminal Update ","length":31,"tagName":"p"},{"type":"text","content":"We own a 50% share in an ethylene export marine terminal at Morgan’s Point, Texas (the “Ethylene Export Terminal”) through a joint venture (the "Export Terminal Joint Venture"). The Ethylene Export Terminal throughput for the three months ended March 31, 2025, was 85,553 metric tons, compared 220,703 metric tons for the three months ended March 31, 2024. Our share of the results of our equity investment in the Ethylene Export Terminal was a loss of $0.9 million for the three months ended March 31, 2025, compared to a gain of $4.4 million for the three months ended March 31, 2024. The result in the first quarter of 2025 was primarily due to lower export volumes as a result of narrower price arbitrage between the U.S. and Asia which in turn was driven by high U.S. domestic ethylene prices which disincentivized U.S. exports.","length":853,"tagName":"p"},{"type":"text","content":"We expect throughput for the second quarter of 2025 to be materially higher than the first quarter of 2025 as U.S. ethylene crackers continue to complete turnarounds, further decreasing domestic ethylene prices in the U.S. and re-expanding the arbitrage between U.S. and international prices.","length":292,"tagName":"p"},{"type":"text","content":"Together with Enterprise Products Partners L.P., our joint venture partner, we have expanded the Ethylene Export Terminal (the “Terminal Expansion Project”). The Terminal Expansion Project was completed and put into service on December 19, 2024, increasing the export capacity of the Ethylene Export Terminal from approximately one million tons of ethylene per annum to at least 1.55 million tons per annum. Two new multi-year offtake contracts related to the expanded volume have been signed, and we continue to expect that additional capacity will be contracted throughout 2025. Until further offtake contracts are signed, volumes will be sold on a spot basis.","length":662,"tagName":"p"},{"type":"text","content":"The total capital contributions required from us for our share of the construction cost for the Terminal Expansion Project was $128 million which balance was fully contributed as of March 31, 2025 using existing cash resources. The final balance of approximately $4 million was contributed during the first quarter of 2025. It is anticipated that additional debt could be raised in 2025 to recoup some of the cash reserves expended on the Terminal Expansion Project and the Company continues to assess its options in this respect.","length":535,"tagName":"p"},{"type":"text","content":" May 2025 Term Loan and Revolving Credit Facility ","length":48,"tagName":"p"},{"type":"text","content":"On May 2, 2025, the Company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million (the "May 2025 Facility") with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V., London Branch, and Skandinaviska Enskilda Banken AB (publ). The May 2025 Facility will be used to repay the Company’s existing September 2020 secured loan facility in the current outstanding amount of $143.4 million that is due to mature in September 2025, and the Company’s existing October 2013 secured loan facility that is due to mature in May 2027 in the current outstanding amount of $14.7 million, and thereafter the remaining funds will be made available for general corporate and working capital purposes. The May 2025 Facility has a term of six years maturing in May 2031, is for a maximum principal amount of $300 million (split as $230 million Term Loan and $70 million Revolving Credit Facility), bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 170 basis points, and is to be repaid through 24 quarterly instalments on an age-adjusted 20 to 0 years profile, followed by a final balloon payment of $146.5 million, which balloon payment includes amounts relating to both the Term Loan and Revolving Credit components of the May 2025 Facility.","length":1344,"tagName":"p"},{"type":"text","content":" Resolution of Going Concern ","length":27,"tagName":"p"},{"type":"text","content":"Following the signing of the May 2025 Facility, the substantial doubt over the Company's ability to continue as a going concern that was disclosed in both the Company’s Preliminary Fourth Quarter and Financial Year 2024 Results (Unaudited) released on March 12, 2025 and in the Company’s Annual Report on Form 20-F for the Year Ended December 31, 2024 filed with the SEC on March 25, 2025, has been alleviated.","length":414,"tagName":"p"},{"type":"text","content":" 2024 Senior Unsecured Bonds and 2025 Bond Tap Issue ","length":51,"tagName":"p"},{"type":"text","content":"On October 17, 2024, the Company issued an aggregate principal amount of $100 million of new Senior Unsecured Bonds in the Nordic bond market (the "October 2024 Bonds"). The net proceeds of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.","length":387,"tagName":"p"},{"type":"text","content":"On March 28, 2025, pursuant to an addendum (the “March 2025 Bond Tap Issue Addendum”), the Company completed an additional aggregate principal amount of $40 million tap issue in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds (the “March 2025 Bond Tap Issue”). The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.","length":895,"tagName":"p"},{"type":"text","content":" Newly Acquired Vessels ","length":22,"tagName":"p"},{"type":"text","content":"On January 7, 2025, the Company entered into an agreement to acquire three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels").","length":192,"tagName":"p"},{"type":"text","content":"On February 7, 2025, the Company entered into a $74.6 million Senior Secured Term Loan (the “February 2025 Facility”) with Nordea Bank Abp, to partially finance the purchase price of the three Purchased Vessels and used cash on hand to pay the remainder of the total purchase price. The February 2025 Facility is initially non-amortizing, bears interest at a rate of Term SOFR plus 180 basis points and matures after 18 months. At that time the borrower has an option to extend the February 2025 Facility for a further 18 months on payment of a $25 million balloon. Should the borrower take the extension option the February 2025 Facility would become amortizing with repayments made on the basis of an age-adjusted 20 to 0 years repayment profile and would continue to bear interest at Term SOFR plus 180 basis points.","length":819,"tagName":"p"},{"type":"text","content":"On February 19, 2025, the Company acquired the first of the three Purchased Vessels, now renamed Navigator Hyperion for $27.4 million. On February 24, 2025, the Company acquired the second of the Purchased Vessels, now renamed Navigator Titan for $27.4 million. On March 17, 2025 the Company acquired the third of the Purchased Vessels, now renamed Navigator Vesta, for $29.2 million. The Purchased Vessels are operating in the spot market.","length":440,"tagName":"p"},{"type":"text","content":" New Share Repurchase Plan ","length":25,"tagName":"p"},{"type":"text","content":"On May 13, 2025, the Board of Navigator Holdings Ltd. authorized a new share repurchase plan in relation to Navigator’s common stock (the “New Share Repurchase Plan”). Pursuant to the New Share Repurchase Plan, Navigator may repurchase up to an aggregate of $50 million of the Company’s common stock via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission. The timing of any purchases and the number of shares to be purchased under the New Share Repurchase Plan will be determined by Navigator’s management and will depend on market conditions, legal requirements, stock price and alternative uses of capital, as well as other factors. The New Share Repurchase Plan does not oblige Navigator to repurchase any of its shares, and it may be suspended, discontinued, or modified by the Company at any time, for any reason.","length":945,"tagName":"p"},{"type":"text","content":" Return of Capital Policy ","length":24,"tagName":"p"},{"type":"text","content":"The Company’s current Return of Capital policy, which is subject to operating needs, market conditions, legal requirements, stock price and other circumstances, is based on paying out quarterly cash dividends of $0.05 per share of common stock and returning additional capital in the form of additional cash dividends and/or share repurchases, such that the two elements combined equal at least 25% of net income for the applicable quarter.","length":440,"tagName":"p"},{"type":"text","content":"As part of the Return of Capital policy, we expect to repurchase the Company’s common stock and any such share repurchases will be made via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission.","length":318,"tagName":"p"},{"type":"text","content":"Declarations of any dividends in the future, and the amount of any such dividends, are subject to the discretion of the Company’s Board. The Return of Capital policy does not oblige the Company to pay any dividends or repurchase any of its shares in the future and it may be suspended, discontinued or modified by the Company at any time, for any reason. Further, the timing of any share repurchases under the Return of Capital policy will be determined by the Company’s management and will depend on operating needs, market conditions, legal requirements, stock price, and other circumstances.","length":594,"tagName":"p"},{"type":"text","content":" Legal Updates ","length":13,"tagName":"p"},{"type":"text","content":"The Company continues to monitor reports concerning Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia’s state-owned energy company (“Pertamina”), following their arrest by Indonesian authorities on February 25, 2025 as part of an investigation into allegations of corruption. The allegations relate to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The investigation by Indonesian authorities is ongoing.","length":511,"tagName":"p"},{"type":"text","content":"Mr. Adrianto serves as a director of PT Navigator Khatulistiwa ("PTNK"), our Indonesian joint venture. The Company is in the process of removing Mr. Adrianto from his position as a director at PTNK. Three unencumbered vessels in our fleet and approximately $39.0 million of cash, which we have currently recorded as restricted cash, are owned by PTNK. The vessels were previously on time charter to Pertamina for the transportation of liquefied petroleum gas within Indonesia, the last and most recent of which time charters expired by its terms on February 15, 2025.","length":577,"tagName":"p"},{"type":"text","content":"We continue to believe that these events will not have a material impact on the Company or our operations.","length":106,"tagName":"p"},{"type":"text","content":" Unaudited Results of Operations for the Three Months Ended March 31, 2025 compared to the Three Months Ended March 31, 2024 ","length":123,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:center;vertical-align:middle;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ` ","length":1,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended March 31, 2024 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This increase was primarily due to:","length":283,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"an increase of approximately $8.1 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately $30,476 per vessel per day ($926,990 per vessel per calendar month) for the three months ended March 31, 2025, compared to an average of approximately $28,339 per vessel per day ($861,990 per vessel per calendar month) for the three months ended March 31, 2024; ","length":413,"tagName":"p"}]},{"val":[{"type":"text","content":"an increase of approximately $4.0 million attributable to an increase in fleet utilization, which increased to 92.4% for the three months ended March 31, 2025, compared to 89.3% for the three months ended March 31, 2024; ","length":225,"tagName":"p"}]},{"val":[{"type":"text","content":"an increase of approximately $0.4 million or 0.3%, attributable to a net 14-day increase in vessel available days for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This increase was primarily a result of the acquisition of the Purchased Vessels during the three months ended March 31, 2025, compared to the three months ended March 31, 2024; and ","length":394,"tagName":"p"}]},{"val":[{"type":"text","content":"an increase of approximately $6.4 million primarily attributable to an increase in invoiced pass-through voyage expense for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.","length":218,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1250,"olType":false},{"type":"text","content":" Operating Revenues – Unigas Pool.   Operating revenues – Unigas Pool was $11.5 million a decrease of 12.4% for the three months ended March 31, 2025, compared to $13.1 million for the three months ended March 31, 2024, and represents our share of the operating revenues earned from our nine vessels operating within the independently managed Unigas Pool, based on agreed pool points.","length":386,"tagName":"p"},{"type":"text","content":" Brokerage Commissions.  Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, was $1.9 million for the three months ended March 31, 2025, compared to $1.6 million the three months ended March 31, 2024.","length":246,"tagName":"p"},{"type":"text","content":" Voyage Expenses.  Voyage expenses increased by $6.5 million or 45.7% to $20.7 million for the three months ended March 31, 2025, from $14.2 million for the three months ended March 31, 2024. These voyage expenses are pass through costs, corresponding to an increase in operating revenues of the same amount.","length":311,"tagName":"p"},{"type":"text","content":" Vessel Operating Expenses.  Vessel operating expenses increased by $4.9 million or 11.6% to $47.0 million for the three months ended March 31, 2025, from $42.1 million for the three months ended March 31, 2024. Average daily vessel operating expenses increased by $790 per vessel per day, or 9.7%, to $8,965 per vessel per day for the three months ended March 31, 2025, compared to $8,176 per vessel per day for the three months ended March 31, 2024, with the increase primarily driven by the timing of maintenance costs incurred during the three months ended March 31, 2025 compared to three months ended March 31, 2024","length":639,"tagName":"p"},{"type":"text","content":" Depreciation and Amortization . Depreciation and amortization increased by $0.7 million to $34.2 million for the three months ended March 31, 2025 compared to $33.4 million for the three months ended March 31, 2024. Depreciation and amortization included amortization of capitalized drydocking costs of $5.7 million and $5.6 million for the three months ended March 31, 2025 and 2024, respectively.","length":407,"tagName":"p"},{"type":"text","content":" General and Administrative Costs .  General and administrative costs increased by $1.6 million or 25.4% to $8.1 million for the three months ended March 31, 2025, from $6.5 million for the three months ended March 31, 2024.","length":231,"tagName":"p"},{"type":"text","content":" Unrealized Loss on Non-Designated Derivative Instruments.  The unrealized loss of $2.3 million on non-designated derivative instruments for the three months ended March 31, 2025, relates to non-cash fair value losses on interest rate swaps associated with a number of our secured term loan and revolving credit facilities, as a result of a decrease in forward SOFR interest rates, compared to an unrealized loss of $0.4 million for the three months ended March 31, 2024.","length":479,"tagName":"p"},{"type":"text","content":" Interest Expense.  Interest expense decreased by $2.2 million, or 14.6%, to $12.7 million for the three months ended March 31, 2025, from $14.9 million for the three months ended March 31, 2024. This is primarily a result of lower U.S. dollar SOFR rates in the three months ended March 31, 2025 compared to three months ended March 31, 2024.","length":360,"tagName":"p"},{"type":"text","content":" Unrealized Foreign Exchange Loss. The unrealized foreign exchange loss of $1.0 million for the three months ended March 31, 2025, relates to losses on foreign currency cash balances held, driven primarily by the Indonesian Rupiah weakening against the U.S. dollar during the three months ended March 31, 2025, compared to an unrealized loss of $0.9 million for the three months ended March 31, 2024. Unrealized foreign exchange loss is separately disclosed and disaggregated from interest expense. Prior period balances have been reclassified to conform to the current period presentation.","length":589,"tagName":"p"},{"type":"text","content":" Other Income . During March 2025, the Company received $4.8 million in other income from a third party relating to a claim and damages caused to Navigator Aries in 2016. The amount received is the final settlement and no further amounts in relation to this matter are anticipated.","length":279,"tagName":"p"},{"type":"text","content":" Income Taxes.  Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in the United States of America. Income taxes were a credit of $0.1 million for the three months ended March 31, 2025, compared to an expense of $1.2 million for the three months ended March 31, 2024, primarily related to movements in current tax plus deferred tax in relation to our equity investment in the Ethylene Export Terminal.","length":476,"tagName":"p"},{"type":"text","content":" Share of Result of Equity Method Investments.  The share of the result of the Company’s 50% ownership in the Export Terminal Joint Venture was a loss of $0.9 million for the three months ended March 31, 2025, compared to income of $4.4 million for the three months ended March 31, 2024. Volumes exported through the Ethylene Export Terminal were 85,553 tons for the three months ended March 31, 2025, compared to 220,703 tons for the three months ended March 31, 2024. This reduction was primarily due to lower export volumes as a result of narrower price arbitrage between the U.S. and Asia.","length":601,"tagName":"p"},{"type":"text","content":" Non-Controlling Interests. The Company entered into a sale and leaseback arrangement for Navigator Aurora in November 2019 with a wholly-owned special purpose vehicle of a financial institution (“Lessor SPV”). The sale and leaseback arrangement for Navigator Aurora terminated in October 2024 and up to the date of termination, as we were the primary beneficiary of this entity, we were required to consolidate this variable interest entity ("VIE") into our financial results. The net income attributable to the Lessor SPV included in our financial results was nil for the three months ended March 31, 2025, and $0.5 million for the three months ended March 31, 2024.","length":677,"tagName":"p"},{"type":"text","content":"In September 2022, the Company entered into the Navigator Greater Bay Joint Venture to acquire five ethylene vessels, Navigator Luna, Navigator Solar, Navigator Castor, Navigator Equator, and Navigator Vega . The joint venture is owned 60% by the Company and 40% by Greater Bay Gas Co Ltd., ("Greater Bay"). The Navigator Greater Bay Joint Venture is accounted for as a consolidated subsidiary in our consolidated financial statements, with the 40% owned by Greater Bay accounted for as a non-controlling interest. A gain attributable to Greater Bay Gas of $1.6 million is presented as part of the non-controlling interest in our financial results for the three months ended March 31, 2025, compared to a gain of $1.8 million for the three months ended March 31, 2024.","length":777,"tagName":"p"},{"type":"text","content":" Reconciliation of Non-GAAP Financial Measures ","length":45,"tagName":"p"},{"type":"text","content":"The following table shows a reconciliation of Net Income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2025 and 2024:","length":143,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:top;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:right;vertical-align:middle;vertical-align:top;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended March 31, 2024 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2024:","length":247,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:top;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:right;vertical-align:middle;vertical-align:top;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended March 31, 2024 ","length":33,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:top;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended March 31, 2025 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