Navigator Gas Announces Preliminary Third 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":1280,"height":720,"url":"https://media.zenfs.com/en/globenewswire.com/58fef961feb626aeef8f648d09652435"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/jLs97Rq1rXzXGh0QgOaXHg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/58fef961feb626aeef8f648d09652435","width":960,"height":540},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/HLPYp6myn3Oz6Ezq_Tc2pA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD0xMzUwO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/58fef961feb626aeef8f648d09652435","width":1200,"height":675}},"lazy":false},{"type":"text","content":"LONDON, Nov. 04, 2025 (GLOBE NEWSWIRE) --","length":41,"tagName":"p"},{"type":"text","content":" Third Quarter Financial Highlights ","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On November 4, 2025, the Board of Directors of Navigator Holdings Ltd., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) approved a revision to the Company's existing capital return policy first announced in May 2023 (the "Revised Capital Return Policy"). Under the Revised Capital Return Policy, commencing with the the dividend relating to the third quarter of 2025, the Company intends, subject to operating needs and other circumstances, to pay an increased quarterly cash dividend of $0.07 per share (the "Revised Fixed Element") and return additional capital in the form of further cash dividends and/or share repurchases, such that the Revised Fixed Element and, if any, the variable component, together equal 30% of net income for the applicable quarter, increased from 25% of net income in the existing policy. Declarations of any dividends in the future, and the amount of any such dividends under the Revised Capital Return Policy, are subject to approval by the Company’s Board. ","length":1054,"tagName":"p"}]},{"val":[{"type":"text","content":"On November 4, 2025, pursuant to the Company's Revised Capital Return Policy, the Board declared a cash dividend of $0.07 per share of the Company's common stock for the quarter ended September 30, 2025, payable on December 16, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2025 (the “Dividend”). ","length":356,"tagName":"p"}]},{"val":[{"type":"text","content":"Also as part of the Company's Revised Capital Return Policy for the quarter ended September 30, 2025, the Company expects to repurchase approximately $5.4 million of its common stock between November 7, 2025, and December 31, 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 30% of net income for the quarter ended September 30, 2025. ","length":485,"tagName":"p"}]},{"val":[{"type":"text","content":"On September 17, 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 August 28, 2025, totaling $3.3 million , and the Company repurchased 129,539 shares of common stock in the open market between August 18, 2025, and September 30, 2025, at an average price of $16.06 per share, totaling $2.1 million all as part of the Company's then existing capital return policy for the quarter ended June 30, 2025. ","length":514,"tagName":"p"}]},{"val":[{"type":"text","content":"On May 13, 2025, the Board authorized a new share repurchase plan authorizing the Company to repurchase up to an aggregate of $50 million of the Company’s common stock. The Company repurchased 1,348,867 shares of common stock in the open market between July 1, 2025, and July 30, 2025, at an average price of $15.13 per share, totaling $20.4 million. A total of 3,405,455 shares were repurchased in the open market between May 15, 2025, and July 30, 2025 at an average price of $14.68 per share, totaling $50 million which then completed the new share repurchase plan. ","length":568,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company reported total operating revenues of $153.1 million for the three months ended September 30, 2025, compared to $141.8 million for the three months ended September 30, 2024. ","length":184,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income attributable to stockholders of the Company was $33.2 million for the three months ended September 30, 2025, compared to $18.2 million for the three months ended September 30, 2024.","length":202,"tagName":"p"}]},{"val":[{"type":"text","content":"EBITDA 1 was $85.7 million for the three months ended September 30, 2025, compared to $65.8 million for the three months ended September 30, 2024. ","length":145,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA 1 was $76.5 million for the three months ended September 30, 2025, compared to $67.7 million for the three months ended September 30, 2024. ","length":154,"tagName":"p"}]},{"val":[{"type":"text","content":"Basic earnings per share attributable to stockholders of the Company were $0.50 for the three months ended September 30, 2025, compared to $0.26 per share for the three months ended September 30, 2024, with the increase primarily due to an increase in net income attributable to stockholders of Navigator Holdings Ltd., and a lower number of shares of common stock in issue in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. ","length":474,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted basic earnings per share attributable to stockholders of the Company 1 were $0.36 per share for the three months ended September 30, 2025, compared to $0.29 per share for the three months ended September 30, 2024, driven primarily by the increase in Net Income attributable to stockholders of Navigator Holdings Ltd., and adjusting for the profit on sale of vessel. ","length":373,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company decreased its debt by $93.3 million to $933.2 million during the three months ended September 30, 2025, as the Company made quarterly repayments on loan facilities and revolving credit facilities of $93.3 million. This is compared to an increase of $124.4 million to $1,026.5 million during the three months ended June 30, 2025, when the Company borrowed $300 million under its May 2025 Facility (as defined below) and $40 million under the March 2025 Bond Tap Issue (as defined in Note 7. Senior Unsecured Bonds below), and repaid our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million, and made quarterly repayments on loan facilities and revolving credit facilities of $54.9 million. ","length":736,"tagName":"p"}]},{"val":[{"type":"text","content":"At September 30, 2025 the Company's cash, cash equivalents, and restricted cash was $216.6 million, and together with available but undrawn credit facilities of $91.4 million the Company's total liquidity as of September 30, 2025 was $308.0 million, compared to $287.4 million as of June 30, 2025 and $139.8 million as at December 31, 2024. ","length":358,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":5603,"olType":false},{"type":"readMore"},{"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 $30,966 for the three months ended September 30, 2025, compared to $29,079 for the three months ended September 30, 2024, and $28,216 for the three months ended June 30, 2025.","length":251,"tagName":"p"},{"type":"text","content":"Utilization across the fleet was a more normalized 89.3% for the three months ended September 30, 2025, compared to 90.9% for the three months ended September 30, 2024, and 84.2% for the three months ended June 30, 2025.","length":220,"tagName":"p"},{"type":"text","content":"Utilization increased by 5.1% between the second quarter of 2025 and the third quarter of 2025, mainly as the second quarter's utilization was impacted by market uncertainties arising out of trade tariffs, restrictions on the export of ethane from the U.S. to China and uncertainties surrounding the application of port fees in the U.S. for Chinese built vessels.","length":367,"tagName":"p"},{"type":"text","content":"U.S. ethylene export markets reached a 16-month peak during August 2025 totaling 101,000 metric tons ("mts") of which 100% were transported to Europe. In September 2025, 25% of all exports from the U.S. headed across the Pacific to Asia marking the largest quantity of ethylene heading in this direction in 2025. In parallel, U.S. ethane exports increased during the quarter reaching a record during September 2025 at 1,038,000 mts.","length":442,"tagName":"p"},{"type":"text","content":"Ethane exports from the U.S. on handysize vessels was strong in the third quarter of 2025 with a total 690,000 mts being moved on these vessels, with August 2025 reaching an all time high of 283,000 mts. Combined handysize ethylene and ethane exports totalled 923,000 mts for the three months ended September 30, 2025, which is the highest figure since the second quarter of 2024.","length":380,"tagName":"p"},{"type":"text","content":"For the three months ended September 30, 2025, we had an average of 31 vessels engaged under time charters, 17 vessels on spot voyage charters and contracts of affreightment (“COAs"), and 9 vessels operating in the independently managed Unigas Pool. As at September 30, 2025, for the 12-month period commencing October 1, 2025, we have 41% 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 75% 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":674,"tagName":"p"},{"type":"text","content":"The handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 by $5,000 per calendar month ("pcm") to $940,000 pcm.","length":252,"tagName":"p"},{"type":"text","content":"The handysize 12-month forward-looking market assessment for fully refrigerated vessels remained unchanged from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 at $775,000 pcm.","length":215,"tagName":"p"},{"type":"text","content":"The handysize 12-month forward-looking market assessment for ethylene-capable vessels remained flat from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 at $1,100,000 pcm.","length":210,"tagName":"p"},{"type":"text","content":" Sale of vessel ","length":14,"tagName":"p"},{"type":"text","content":"On September 8, 2025, the Company sold and delivered Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated handysize vessel to a third party for net proceeds of $30.3 million, recognizing a gain from the sale of the vessel of $12.6 million in the third quarter of 2025.","length":275,"tagName":"p"},{"type":"text","content":" Acquisition of Additional Interest in Navigator Greater Bay Joint Venture ","length":73,"tagName":"p"},{"type":"text","content":"On October 14, 2025, the Company increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1% interest for total cash consideration of $16.8 million.","length":229,"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 was authorized to 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 New Share Repurchase Plan was completed in full on July 30, 2025 with the Company having repurchased and canceled 3,405,455 shares of common stock at an average price of $14.68 per share, and with an aggregate total value of $50 million.","length":738,"tagName":"p"},{"type":"text","content":" Joint Venture with Amon Maritime For Construction of Two New Ammonia Gas Carriers ("Ammonia Newbuild Vessels") ","length":120,"tagName":"p"},{"type":"text","content":"On July 27, 2025 the Company announced that it had entered into a joint venture agreement with Amon Gas Holdings AS ("Amon Gas"). The joint venture, Navigator Amon Shipping AS (the "Amon Joint Venture"), intends to acquire two newbuild 51,530 cubic meter capacity ammonia-fueled liquefied ammonia carriers (the “Ammonia Newbuild Vessels”), which will also be capable of carrying liquefied petroleum gas. On September 30, 2025 the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% when the vessels are delivered in 2028.","length":706,"tagName":"p"},{"type":"text","content":"The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel. Each of the Ammonia Newbuild Vessels has been awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova to be drawn down in accordance with the agreed terms of the grant over the course of the vessels' construction period. In addition to the investment grants, it is expected that the Amon Joint Venture will finance the majority of the purchase price of the Ammonia Newbuild Vessels through commercial bank finance, with the remainder sourced from capital contributions from the Company and Amon Gas. The Company expects to finance its share of the capital contributions from available cash resources.","length":941,"tagName":"p"},{"type":"text","content":"Once delivered, subject to customary conditions, each of the Ammonia Newbuild Vessels is expected to be operated by the Amon Joint Venture pursuant to a five-year time charter with Yara International ASA ("Yara").","length":223,"tagName":"p"},{"type":"text","content":" Ethylene Export Terminal ","length":24,"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").","length":187,"tagName":"p"},{"type":"text","content":"The Ethylene Export Terminal throughput for the three months ended September 30, 2025, was 270,502 metric tons, compared to 121,634 metric tons for the three months ended September 30, 2024, and 268,117 metric tons for the three months ended June 30, 2025.","length":256,"tagName":"p"},{"type":"text","content":"Our share of the results of our equity investment in the Ethylene Export Terminal was a gain of $3.3 million for the three months ended September 30, 2025, compared to a gain of $2.2 million for the three months ended September 30, 2024, and a gain of $4.8 million for the three months ended June 30, 2025.","length":306,"tagName":"p"},{"type":"text","content":"Despite a recent increase in domestic U.S. ethylene prices due to elevated feedstock costs, lower inventory levels, and higher domestic demand, we expect throughput for the fourth quarter of 2025 to be similar to the third quarter of 2025 supported by strong demand from Europe and as applicable trade tariff tensions ease.","length":323,"tagName":"p"},{"type":"text","content":"The Ethylene Export Terminal, now expanded, has an increased ethylene export capacity of 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 during 2025 and 2026. Until further offtake contracts are signed, available volume will be sold on a spot basis.","length":394,"tagName":"p"},{"type":"text","content":" Revised Capital Return Policy ","length":29,"tagName":"p"},{"type":"text","content":"The Company’s existing capital return policy was revised by the Board of the Company on November 4, 2025. Under the Revised Capital Return Policy and subject to operating needs and other circumstances, the Company intends, commencing with the dividend relating to the third quarter of 2025, to pay an increased quarterly cash dividend of $0.07 per share of common stock (the "Revised Fixed Element") and return additional capital in the form of further cash dividends and/or share repurchases, such that the Revised Fixed Element and, if any, the variable element, together equal at least 30% of net income for the applicable quarter.","length":649,"tagName":"p"},{"type":"text","content":"Any acquisition of the Company’s common stock under the Revised Capital Return Policy may 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. The timing and amount of any dividends and share repurchases under the Revised Capital Return Policy will be determined by Navigator’s Board of Directors and management and will depend on market conditions, legal requirements, stock price and alternative uses of capital, financial results and earnings, restrictions in our debt agreements, required capital expenditures and the provisions of Marshall Islands law affecting the payment of dividends to shareholders, as well as other factors. The Revised Capital Return Policy does not oblige Navigator to pay any dividends or repurchase any of its shares and the Revised Capital Return Policy, including dividends and repurchases of shares of common stock, may be suspended, discontinued or modified by the Company at any time, for any reason.","length":1074,"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, with several suspects’ cases being submitted to the local public prosecutor on October 2, 2025, with preliminary hearings of some accused individuals taking place on October 13, 2025.","length":695,"tagName":"p"},{"type":"text","content":"On September 9, 2025, Mr. Adrianto was replaced as a director of PT Navigator Khatulistiwa (“PTNK”), the Company’s Indonesian joint venture. On September 30, 2025, three unencumbered vessels in our fleet and approximately $39.5 million of cash, which is currently recorded as restricted cash, were 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 expired by its terms in February 2025, and following the natural cessation of the PTNK business, Navigator Aries was sold to an entity under common control of the Company on October 1, 2025.","length":667,"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 September 30, 2025 compared to the Three Months Ended September 30, 2024 ","length":131,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" ` 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revenues.","length":202,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended September 30, 2024 ","length":38,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended September 30, 2025 ","length":38,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" Fleet Data*: 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* Fleet Data - Our nine owned smaller vessels in the independently managed Unigas Pool are excluded.","length":100,"tagName":"p"},{"type":"text","content":" ** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding revenue from the Unigas Pool), less any voyage expenses, by the number of earning days for the relevant period. Under a time charter, the charterer pays substantially all of the vessel's voyage-related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which the vessels may be employed. We include average daily TCE, as we believe it provides additional meaningful information. Our calculation of TCE may not be comparable to that reported by other companies.","length":1094,"tagName":"p"},{"type":"text","content":"The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented.","length":214,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:middle;text-align:left;padding-left:10.0px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended September 30, 2024 ","length":37,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three months ended September 30, 2025 ","length":37,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:top;","val":[{"type":"text","content":" Average daily time charter equivalent***: 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address commissions, were $141.9 million for the three months ended September 30, 2025, an increase of $13.1 million or 10.2% compared to $128.8 million for the three months ended September 30, 2024. This increase was primarily due to:","length":292,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"an increase of approximately $7.5 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately $30,966 per vessel per day ($941,895 per vessel per calendar month) for the three months ended September 30, 2025, compared to an average of approximately $29,079 per vessel per day ($884,478 per vessel per calendar month) for the three months ended September 30, 2024;","length":416,"tagName":"p"}]},{"val":[{"type":"text","content":"a decrease of approximately $2.1 million attributable to a decrease in fleet utilization, which decreased to 89.3% for the three months ended September 30, 2025, compared to 90.9% for the three months ended September 30, 2024;","length":226,"tagName":"p"}]},{"val":[{"type":"text","content":"an increase of approximately $9.2 million or 8.5%, attributable to a net 347-day increase in vessel available days for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily a result of the operations of the additional three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels") during the three months ended September 30, 2025, compared to the three months ended September 30, 2024; and","length":521,"tagName":"p"}]},{"val":[{"type":"text","content":"a decrease of approximately $1.5 million, primarily attributable to a decrease in invoiced pass-through voyage expense for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.  ","length":220,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1383,"olType":false},{"type":"text","content":" Operating Revenues – Unigas Pool.   Operating revenues – Unigas Pool was $11.2 million a decrease of 14.0% for the three months ended September 30, 2025, compared to $13.0 million for the three months ended September 30, 2024, in part due to decreased utilization across the pool fleet, 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":454,"tagName":"p"},{"type":"text","content":" Brokerage Commissions.  Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, were $1.9 million for the three months ended September 30, 2025, compared to $1.8 million for the three months ended September 30, 2024.","length":259,"tagName":"p"},{"type":"text","content":" Voyage Expenses.  Voyage expenses decreased by $1.5 million or 7.1% to $20.1 million for the three months ended September 30, 2025, from $21.7 million for the three months ended September 30, 2024. These voyage expenses are pass-through costs, corresponding to a decrease in operating revenues of the same amount.","length":317,"tagName":"p"},{"type":"text","content":" Vessel Operating Expenses.  Vessel operating expenses increased by $5.8 million or 13.4% to $49.3 million for the three months ended September 30, 2025, from $43.5 million for the three months ended September 30, 2024. Average daily vessel operating expenses increased by $839 per vessel per day, or 9.94%, to $9,275 per vessel per day for the three months ended September 30, 2025, compared to $8,437 per vessel per day for the three months ended September 30, 2024, with the increase driven by higher maintenance costs incurred during the three months ended September 30, 2025 compared to three months ended September 30, 2024.","length":638,"tagName":"p"},{"type":"text","content":" Depreciation and Amortization . Depreciation and amortization decreased by $0.4 million to $32.9 million for the three months ended September 30, 2025, compared to $33.3 million for the three months ended September 30, 2024, The decrease is driven by Navigator Pluto and Navigator Satu r n being fully depreciated for three months ended September 30, 2025, with $0.8 million depreciation attributed to those vessels during the three months ended September 30, 2025, compared to $2.6 million during to the three months ended September 30, 2024, and the sale of Navigator Venus in May 2025, offset by the increased depreciation on the Purchased Vessels of $2.2 million for the three months ended September 30, 2025, compared to $1.2 million for the three months ended September 30, 2024,. Depreciation and amortization included amortization of capitalized drydocking costs of $5.6 million for the three months ended September 30, 2025 and the three months ended September 30, 2024.","length":976,"tagName":"p"},{"type":"text","content":" General and Administrative Costs .  General and administrative costs decreased by $0.8 million or 8.6% to $8.6 million for the three months ended September 30, 2025, from $9.4 million for the three months ended September 30, 2024.","length":238,"tagName":"p"},{"type":"text","content":" Profit from Sale of Vessel. Profit from sale of vessel for the three months ended September 30, 2025, was $12.6 million and related to the sale of Navigator Gemini on September 8, 2025. No vessels were sold for the three months ended September 30, 2024.","length":253,"tagName":"p"},{"type":"text","content":" Unrealized Loss on Non-Designated Derivative Instruments.  The unrealized loss of $2.4 million on non-designated derivative instruments for the three months ended September 30, 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 relative to the fixed rates applicable on these secured term loan and revolving credit facilities, compared to an unrealized loss of $5.2 million for the three months ended September 30, 2024.","length":585,"tagName":"p"},{"type":"text","content":" Interest Expense.  Interest expense increased by $0.7 million, or 4.6%, to $14.9 million for the three months ended September 30, 2025, from $14.3 million for the three months ended September 30, 2024. This is primarily a result of an increase in the average amount of debt outstanding offset by lower U.S. dollar SOFR rates and lower margins paid by the Company for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.","length":482,"tagName":"p"},{"type":"text","content":" Unrealized Foreign Exchange Loss and Gains. The unrealized foreign exchange loss of $1.0 million for the three months ended September 30, 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 September 30, 2025, compared to an unrealized gain of $3.3 million for the three months ended September 30, 2024.","length":421,"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 an expense of $3.8 million for the three months ended September 30, 2025, compared to an expense of $0.7 million for the three months ended September 30, 2024, primarily related to movements in current tax and deferred tax in relation to our equity investment in the Ethylene Export Terminal and the sale of Navigator Aries which was sold on October 1, 2025, to an entity under common control of the Company, which sale required the Company to recognize an associated deferred tax liability at September 30, 2025.","length":707,"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 an income of $3.3 million for the three months ended September 30, 2025, compared to an income of $2.2 million for the three months ended September 30, 2024. Volumes exported through the Ethylene Export Terminal were 270,502 tons for the three months ended September 30, 2025, compared to 121,634 tons for the three months ended September 30, 2024.","length":500,"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 September 30, 2025, and $0.4 million for the three months ended September 30, 2024.","length":685,"tagName":"p"},{"type":"text","content":"In September 2022, the Company entered into a joint venture with Greater Bay Gas Co Ltd., ("Greater Bay Gas") to acquire five ethylene vessels, N avigator Luna, Navigator Solar, Navigator Castor, Navigator Equator, and Navigator Vega (the “Navigator Greater Bay Joint Venture”). The Navigator Greater Bay Joint Venture was owned 60% by the Company and 40% by Greater Bay Gas during the three months ended September 30, 2025. On October 14, 2025, the Company purchased an additional 15.1% of the Navigator Greater Bay Joint Venture from Greater Bay Gas, such that from that date the Company owned 75.1% and Greater Bay Gas owned 24.9%. The Company paid $16.8 million from cash on hand for the additional 15.1%. The Navigator Greater Bay Joint Venture continues to be accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. A gain attributable to Greater Bay Gas of $2.1 million is presented as part of the non-controlling interest in our financial results for the three months ended September 30, 2025, compared to a gain of $0.9 million for the three months ended September 30, 2024.","length":1211,"tagName":"p"},{"type":"text","content":" Unaudited Results of Operations for the Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024 ","length":129,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Nine months ended September 30, 2024 ","length":37,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" Nine months ended September 30, 2025 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