Navigator Gas Announces Preliminary Fourth Quarter 2025 Results (Unaudited)
Rhea-AI Summary
Navigator Gas (NYSE: NVGS) reported preliminary Q4 2025 results: total operating revenues $152.8M, net income $18.5M, EBITDA $70.9M and Adjusted EBITDA $73.4M. The Board declared a $0.07 per share quarterly dividend payable March 31, 2026, and expects ~$1.0M of share repurchases to meet its 30% net-income capital return target.
Liquidity was $296.3M (cash $204.9M plus $91.4M undrawn). Net debt was reduced to $900.2M. The company closed a $133.8M senior secured term loan to fund two vessels and sold vessels for net proceeds of $19.9M.
Positive
- Total operating revenues of $152.8M in Q4 2025
- Declared quarterly dividend of $0.07 per share
- Liquidity of $296.3M as of December 31, 2025
- Closed $133.8M senior secured term loan for two vessels
- Vessel sale proceeds netting $19.9M and profit ~ $12.1M
Negative
- Net income down to $18.5M from $21.6M year‑over‑year
- Adjusted basic EPS fell to $0.32 from $0.39 year‑over‑year
- Net debt remains high at $900.2M as of December 31, 2025
News Market Reaction – NVGS
In the Mar 12 session, NVGS declined 11.55%, reflecting a significant negative market reaction. Argus tracked a trough of -9.0% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 prelim results | Neutral | +3.4% | Preliminary third quarter 2025 financial and operating performance update. |
| Aug 12 | Q2 2025 prelim results | Neutral | -1.4% | Mixed Q2 2025 results with lower revenues but major financing and JV steps. |
| May 14 | Q1 2025 prelim results | Positive | +2.1% | Strong Q1 2025 revenue and earnings, dividend, buyback, and terminal expansion. |
| Nov 06 | Q3 2024 earnings | Positive | -2.0% | Higher Q3 2024 revenue, dividend, buyback plans and debt reduction. |
| Aug 14 | Q2 2024 earnings | Positive | +2.5% | Q2 2024 revenue growth, capital returns, and improved adjusted EBITDA. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often seen modest positive moves, though occasionally the stock has declined despite generally constructive operating trends and capital returns.
Recent earnings releases for Navigator Gas show recurring preliminary quarterly updates with steady capital returns and fleet-focused growth. Prior reports highlighted rising or resilient operating revenues, regular dividends, and share repurchases, plus expanding ethylene export capacity and joint ventures. Price reactions around these earnings have usually been modestly positive, though some quarters with generally solid fundamentals still saw negative next-day moves, underscoring variable sentiment despite consistent operational themes.
Key Terms
ebitda financial
adjusted ebitda financial
time charter equivalent technical
contracts of affreightment technical
term sofr financial
senior secured pre- and post-delivery term loan financial
balloon repayment financial
non-designated derivative instruments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LONDON, March 11, 2026 (GLOBE NEWSWIRE) --
Fourth Quarter Financial Highlights
- On March 11, 2026, pursuant to the Company's Capital Return Policy, the Board of Directors of Navigator Holdings Limited., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) declared a cash dividend of
$0.07 per share of the Company's common stock for the quarter ended December 31, 2025, payable on March 31, 2026, to all shareholders of record as of the close of business U.S. Eastern Time on March 23, 2026 (the “Dividend”). - Also as part of the Company's Capital Return Policy for the quarter ended December 31, 2025, the Company expects to repurchase approximately
$1.0 million of its common stock between March 13, 2026, and March 31, 2026, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and Share Repurchases together equal30% of net income for the quarter ended December 31, 2025. - On December 16, 2025 the Company paid a dividend of
$0.07 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2025, totaling$4.6 million , and the Company repurchased 303,180 shares of common stock in the open market between November 7, 2025, and December 31, 2025, at an average price of$17.68 per share, totaling$5.4 million all as part of the Company's then Capital Return Policy for the quarter ended September 30, 2025. - The Company reported total operating revenues of
$152.8 million for the three months ended December 31, 2025, compared to$144.0 million for the three months ended December 31, 2024. - Net income attributable to stockholders of the Company was
$18.5 million for the three months ended December 31, 2025, compared to$21.6 million for the three months ended December 31, 2024. - EBITDA1 was
$70.9 million for the three months ended December 31, 2025, compared to$68.0 million for the three months ended December 31, 2024. - Adjusted EBITDA1 was
$73.4 million for the three months ended December 31, 2025, compared to$73.4 million for the three months ended December 31, 2024. - Basic earnings per share attributable to stockholders of the Company were
$0.28 for the three months ended December 31, 2025, compared to$0.31 per share for the three months ended December 31, 2024, with the decrease primarily due to a decrease in net income attributable to stockholders of Navigator Holdings Ltd., offset by a lower number of shares of common stock in issue in the three months ended December 31, 2025, compared to the three months ended December 31, 2024. - Adjusted basic earnings per share1 attributable to stockholders of the Company were
$0.32 per share for the three months ended December 31, 2025, compared to$0.39 per share for the three months ended December 31, 2024, driven primarily by a decrease in net income attributable to stockholders of Navigator Holdings Ltd., and adjusting for the profit on sale of vessel. - The Company reduced its debt by
$33.0 million to$900.2 million during the three months ended December 31, 2025, as the Company made net repayments on loan facilities and revolving credit facilities of$33.0 million . The Company reduced its debt by$93.3 million to$933.2 million during the three months ended September 30, 2025, as the Company made net repayments on loan facilities and revolving credit facilities of$93.3 million . - At December 31, 2025 the Company's cash, cash equivalents, and restricted cash was
$204.9 million , and together with available but undrawn credit facilities of$91.4 million the Company's total liquidity as of December 31, 2025 was$296.3 million , compared to$308.0 million as of September 30, 2025 and$139.8 million as at December 31, 2024.
_________________________
1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited. represents net income attributable to stockholders of Navigator Holdings Limited. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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 Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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.
Other Highlights and Developments
Fleet Operational Update
The average daily time charter equivalent (“TCE”) rate across the fleet was
Utilization across the fleet was a normalized
The Company is closely monitoring the evolving geopolitical situation in the Middle East. As of March 11, 2026, the Company does not have any vessels operating in, or transiting through the area and the Company to date has not experienced any significant operational or financial impact. The Company will continue to monitor the situation and will take appropriate measures to protect the safety of our crew and assets.
U.S. ethylene export markets reached 201,000 metric tons (“mts”) during the fourth quarter of 2025, down from 270,000 mts during the third quarter of 2025, however in line with the quarterly average through 2025 of 204,000 mts. During the fourth quarter of 2025 about
Total ethane exports from the U.S. finished 2025 strong, with the highest quarterly throughput during the fourth quarter of 2025 of around 3,080,000 mts. This against a quarterly average of around 2,633,000 mts per quarter through 2025, with the second quarter of 2025 being the lowest with 2,192,000 mts exported. The increase during the fourth quarter of 2025 was partly due to additional export capacity coming on stream in August 2025 from the terminal at Beaumont, operated by Enterprise Products Partners.
For the three months ended December 31, 2025, we had an average of 28 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. As at December 31, 2025, for the 12-month period commencing January 1, 2026, approximately
The handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased from the end of the third quarter of 2025 compared to the end of the fourth quarter of 2025 by
The handysize 12-month forward-looking market assessment for fully refrigerated vessels increased from the end of the third quarter of 2025 to the end of the fourth quarter of 2025 by
The handysize 12-month forward-looking market assessment for ethylene-capable vessels reduced from the end of the third quarter of 2025 to the end of the fourth quarter of 2025 by
Ethylene Export Terminal
We own a
The Ethylene Export Terminal throughput for the three months ended December 31, 2025, was 191,707 metric tons, compared to 159,183 metric tons for the three months ended December 31, 2024, and 270,594 metric tons for the three months ended September 30, 2025.
Our share of the results of our equity investment in the Ethylene Export Terminal was a gain of
Steady U.S. ethylene prices were supporting exports to Europe, which reached their highest level in 2025. U.S.–China tariff tensions affected trade in the fourth quarter of 2025, with volumes reverting to Europe whilst Asia-bound shipments slow down. We expect throughput for the first quarter of 2026 to be at or above the levels seen during the fourth quarter of 2025 supported by strong demand from Europe.
Our Ethylene Export Terminal, owned by the Export Terminal Joint Venture, includes an ethylene cryogenic storage tank with a capacity of 30,000 tons, and has the capacity to export approximately 1.55 million tons of ethylene per year and load ethylene-capable gas carriers at rates of 1,000 tons per hour. Since January 2026, two new offtake contracts related to the Ethylene Export Terminal’s available ethylene volumes have been signed by new customers, and we continue to expect that additional capacity will be contracted during 2026. Until further offtake contracts are signed, volumes will be sold and made available on a spot contract basis.
Capital Return Policy
Under the Capital Return Policy and subject to operating needs and other circumstances, the Company intends to pay a quarterly cash dividend of
The timing and amount of any dividends and share repurchases under the 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 Capital Return Policy does not oblige Navigator to pay any dividends or repurchase any of its shares and the 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.
Financing
On March 2, 2026, the Company entered into a
Vessel Sales
On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight. The Happy Falcon was held for sale at December 31, 2025, and was subsequently sold to an independent third party on January 28, 2026, for net proceeds of
The Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at December 31, 2025, and was subsequently sold to an independent third party on January 28, 2026, for net proceeds of
On January 6, 2026, following the natural cessation of the Company's PT Navigator Khatulistiwa (“PTNK”) business in Indonesia in February 2025, Navigator Pluto was sold back to an entity under common control of the Company in order to continue operating within the group's ordinary fleet.
Legal Updates
In February 2025, as part of an investigation into allegations of corruption, Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company (“Pertamina”), were arrested by Indonesian authorities. The allegations relate to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The legal proceedings linked with the investigation by local authorities relating to nine individuals concluded in February 2026, with all nine defendants being found guilty. Mr. Adrianto was given a custodial sentence of 15 years, a fine of around
Mr Adrianto served as a director of PTNK, our Indonesian joint venture, until September 2025 when he was replaced as a director of PTNK.
We continue to believe that the events surrounding Mr. Adrianto will not have a material impact on the Company or our operations.
Unaudited Results of Operations for the Three Months Ended December 31, 2025 compared to the Three Months Ended December 31, 2024
| ` | Three months ended December 31, 2024 | Three months ended December 31, 2025 | Percentage change | |||||
| (in thousands, except percentage change) | ||||||||
| Operating revenues | $ | 130,269 | $ | 139,479 | 7.1 | % | ||
| Operating revenues – Unigas Pool | 13,762 | 13,355 | (3.0 | )% | ||||
| Total operating revenues | 144,031 | 152,834 | 6.1 | % | ||||
| Brokerage commission | 1,672 | 1,977 | 18.2 | % | ||||
| Voyage expenses | 19,187 | 21,281 | 10.9 | % | ||||
| Vessel operating expenses | 45,957 | 47,615 | 3.6 | % | ||||
| Depreciation and amortization | 32,645 | 32,547 | (0.3 | )% | ||||
| General and administrative costs | 9,401 | 9,390 | (0.1 | )% | ||||
| Total net operating expenses | 108,862 | 112,810 | 3.6 | % | ||||
| Operating Income | 35,169 | 40,024 | 13.8 | % | ||||
| Unrealized (loss)/gain on non-designated derivative instruments | (278 | ) | 75 | (127.0 | )% | |||
| Interest expense | (12,381 | ) | (13,110 | ) | 5.9 | % | ||
| Interest income | 1,184 | 1,256 | 6.1 | % | ||||
| Net Other income/(loss) | — | (2,500 | ) | — | ||||
| Unrealized foreign exchange loss | (2,847 | ) | (154 | ) | (94.6 | )% | ||
| Loss on repayment of senior bonds | (1,456 | ) | — | — | ||||
| Write off of deferred financing costs | (829 | ) | — | — | ||||
| Income before taxes and share of result of equity method investments | 18,562 | 25,591 | 37.9 | % | ||||
| Income taxes | (1,324 | ) | (7,346 | ) | 455.0 | % | ||
| Share of result of equity method investments | 5,620 | 862 | (84.7 | )% | ||||
| Net income | 22,858 | 19,107 | (16.4 | )% | ||||
| Net income attributable to non-controlling interest | (1,272 | ) | (629 | ) | (50.5 | )% | ||
| Net income attributable to stockholders of Navigator Holdings Ltd. | $ | 21,586 | $ | 18,478 | (14.4 | )% | ||
The following table presents selected operating data for the three months ended December 31, 2025 and 2024, which we believe are useful in understanding the basis of movements in our operating revenues.
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | |||||
| Fleet Data*: | ||||||
| Weighted average number of vessels | 47.0 | 48.0 | ||||
| Ownership days | 4,324 | 4,416 | ||||
| Available days | 4,250 | 4,284 | ||||
| Earning days | 3,920 | 3,857 | ||||
| Fleet utilization | 92.2 | % | 90.0 | % | ||
| Average daily Time Charter Equivalent** | $ | 28,341 | $ | 30,647 | ||
* Fleet Data - Our eight owned smaller vessels in the independently managed Unigas Pool at December 31, 2025 are excluded.
** 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.
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.
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | |||
| Average daily time charter equivalent***: | (in thousands, except earning days and average daily time charter equivalent rate) | |||
| Operating revenues | $ | 130,269 | $ | 139,479 |
| Voyage expenses | 19,187 | 21,281 | ||
| Operating revenues less voyage expenses | $ | 111,082 | $ | 118,198 |
| Earning days | 3,920 | 3,857 | ||
| Average daily time charter equivalent | $ | 28,341 | $ | 30,647 |
*** Operating revenues and voyage expenses of our eight owned vessels in the independently managed Unigas Pool are excluded. On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight.
Operating Revenues. Operating revenues, net of address commissions, were
- an increase of approximately
$9.1 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately$30,647 per vessel per day ($932,171 per vessel per calendar month) for the three months ended December 31, 2025, compared to an average of approximately$28,341 per vessel per day ($862,035 per vessel per calendar month) for the three months ended December 31, 2024; - a decrease of approximately
$2.9 million attributable to a decrease in fleet utilization, which decreased to90.0% for the three months ended December 31, 2025, compared to92.2% for the three months ended December 31, 2024; - an increase of approximately
$0.9 million or0.8% , attributable to a net 34-day increase in vessel available days for the three months ended December 31, 2025, compared to the three months ended December 31, 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 December 31, 2025, compared to the three months ended December 31, 2024; and - an increase of approximately
$2.1 million , primarily attributable to an increase in invoiced pass-through voyage expense for the three months ended December 31, 2025, compared to the three months ended December 31, 2024.
Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was
Brokerage Commissions. Brokerage commissions, which typically vary between
Voyage Expenses. Voyage expenses increased by
Vessel Operating Expenses. Vessel operating expenses increased by
Depreciation and Amortization. Depreciation and amortization decreased by
General and Administrative Costs. General and administrative costs remained unchanged at
Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of
Interest Expense. Interest expense increased by
Net Other Income/loss. During the three months ended December 31, 2025, the Company recorded an impairment of preferred securities of
Unrealized Foreign Exchange Loss. The unrealized foreign exchange loss of
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
Share of Result of Equity Method Investments. The share of the result of the Company’s
Non-Controlling Interests. On September 30, 2022, the Company entered into the Navigator Greater Bay Joint Venture. The joint venture was owned
Unaudited Results of Operations for the Twelve Months Ended December 31, 2025 compared to the Twelve Months Ended December 31, 2024
| Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | Percentage change | ||||||
| (in thousands, except percentage change) | ||||||||
| Operating revenues | $ | 511,667 | $ | 538,457 | 5.2 | % | ||
| Operating revenues – Unigas Pool | 55,012 | 48,504 | (11.8 | )% | ||||
| Total operating revenues | 566,679 | 586,961 | 3.6 | % | ||||
| Brokerage commission | 7,012 | 7,333 | 4.6 | % | ||||
| Voyage expenses | 72,144 | 77,269 | 7.1 | % | ||||
| Vessel operating expenses | 175,034 | 191,290 | 9.3 | % | ||||
| Depreciation and amortization | 132,725 | 134,497 | 1.3 | % | ||||
| General and administrative costs | 36,580 | 36,353 | (0.6 | )% | ||||
| Profit from sale of vessels | — | (25,206 | ) | — | ||||
| Total net operating expenses | 423,495 | 421,536 | (0.5 | )% | ||||
| Operating Income | 143,184 | 165,425 | 15.5 | % | ||||
| Realized loss on non-designated derivative instruments | — | (1,228 | ) | — | ||||
| Unrealized loss on non-designated derivative instruments | (7,483 | ) | (4,678 | ) | (37.5 | )% | ||
| Interest expense | (56,141 | ) | (55,778 | ) | (0.6 | )% | ||
| Interest income | 6,244 | 5,822 | (6.8 | )% | ||||
| Unrealized foreign exchange loss | (1,968 | ) | (1,274 | ) | (35.3 | )% | ||
| Write off of deferred financing costs | (829 | ) | (266 | ) | — | |||
| Other income | — | 2,301 | — | |||||
| Loss on repayment of senior bonds | (1,456 | ) | — | |||||
| Income before taxes and share of result of equity method investments | 81,551 | 110,324 | 35.3 | % | ||||
| Income taxes | (4,365 | ) | (12,487 | ) | 186.1 | % | ||
| Share of result of equity method investments | 16,911 | 8,036 | (52.5 | )% | ||||
| Net income | 94,097 | 105,873 | 12.5 | % | ||||
| Net income attributable to non-controlling interest | (8,526 | ) | (5,751 | ) | (32.5 | )% | ||
| Net income attributable to stockholders of Navigator Holdings Ltd. | $ | 85,571 | $ | 100,122 | 17.0 | % | ||
The following table presents selected operating data for the twelve months ended December 31, 2025, and 2024, which we believe are useful in understanding the basis for movement in our operating revenues.
| Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||
| Fleet Data* : | ||||||
| Weighted average number of vessels | 47.0 | 48.6 | ||||
| Ownership days | 17,202 | 17,723 | ||||
| Available days | 16,670 | 17,215 | ||||
| Earning days | 15,248 | 15,317 | ||||
| Fleet utilization | 91.5 | % | 89.0 | % | ||
| Average daily Time Charter Equivalent** | $ | 28,826 | $ | 30,110 | ||
* Fleet Data - Our eight owned smaller vessels in the independently managed Unigas Pool at December 31, 2025 are excluded. On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight.
** 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 collaborative arrangements and revenues from the Unigas Pool), less any voyage expenses (excluding collaborative arrangements), by the number of earning days for the relevant period. TCE rates exclude the effects of the collaborative arrangements, as earning days and fleet utilization, on which TCE rates are based, are calculated for our owned vessels, and not an average of all pool vessels. Under a time charter, the charterer pays substantially all of the vessel voyage related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses. 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., spot charters, time charters and contracts of affreightment) under which the vessels may be employed between the periods. Our calculation of TCE may not be comparable to that reported by other companies.
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.
| Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||
| Average daily time charter equivalent***: | (in thousands, except earning days and average daily time charter equivalent rate) | |||||
| Fleet Data: | ||||||
| Operating revenues | $ | 511,667 | $ | 538,457 | ||
| Voyage expenses | (72,144 | ) | (77,269 | ) | ||
| Operating revenues less voyage expenses | 439,523 | $ | 461,188 | |||
| Earning days | 15,248 | 15,317 | ||||
| Average daily time charter equivalent | $ | 28,826 | $ | 30,110 | ||
*** Operating revenues and voyage expenses of our eight owned vessels in the independently managed Unigas Pool are excluded.
Operating Revenues. Operating revenues, net of address commissions, were
- an increase of approximately
$20.2 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately$30,110 per vessel per day ($915,832 per vessel per calendar month) for the twelve months ended December 31, 2025, compared to an average of approximately$28,826 per vessel per day ($876,776 per vessel per calendar month) for the twelve months ended December 31, 2024; - a decrease in operating revenues of approximately
$12.9 million attributable to a decrease in fleet utilization, which declined to89.0% for the twelve months ended December 31, 2025, compared to91.5% for the twelve months ended December 31, 2024; - an increase in operating revenues of approximately
$14.4 million or3.0% driven by a 545-day increase in vessel available days for the twelve months ended December 31, 2025, due to the acquisition of the Purchased Vessels, compared to the twelve months ended December 31, 2024; and - an increase in operating revenues of approximately
$5.1 million , primarily attributable to an increase in pass-through voyage costs for the twelve months ended December 31, 2025, compared to the twelve months ended December 31, 2024.
Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was
Brokerage Commissions. Brokerage commissions, which typically vary between
Voyage Expenses. Voyage expenses increased by
Vessel Operating Expenses. Vessel operating expenses increased by
Depreciation and Amortization. Depreciation and amortization increased by
General and Administrative Costs. General and administrative costs decreased by
Profit from Sale of Vessels. Profit from sale of vessels for the twelve months ended December 31, 2025, was
Realized Loss on Non-Designated Derivative Instruments. The realized loss of
Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of
Interest Expense. Interest expense decreased by
Unrealized Foreign Exchange loss. The unrealized foreign exchange loss of
Write off of Deferred Financing Costs. The write off of deferred financing costs of
Net Other Income. In March 2025, the Company received
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
Share of Result of Equity Method Investments. The share of the result of the Company’s
Non-Controlling Interest. On September 30, 2022, the Company entered into the Navigator Greater Bay Joint Venture. The joint venture was owned
Reconciliation of Non-GAAP Financial Measures
The following table shows a reconciliation of Net Income to EBITDA and Adjusted EBITDA for the three and twelve months ended December 31, 2025 and 2024:
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||||
| (in thousands) | ||||||||||
| Net Income | $ | 22,858 | $ | 19,107 | $ | 94,097 | $ | 105,873 | ||
| Net interest expense | 11,197 | 11,853 | 49,897 | 49,956 | ||||||
| Income taxes | 1,324 | 7,346 | 4,365 | 12,487 | ||||||
| Depreciation and amortization | 32,645 | 32,547 | 132,725 | 134,497 | ||||||
| EBITDA2 | 68,024 | 70,853 | 281,084 | 302,813 | ||||||
| Realized loss on non-designated derivative instruments | — | — | — | 1,228 | ||||||
| Unrealized loss/(gain) on non-designated derivative instruments | 278 | (75 | ) | 7,483 | 4,678 | |||||
| Unrealized foreign exchange loss | 2,847 | 154 | 1,968 | 1,274 | ||||||
| Write off of deferred financing costs | 829 | — | 829 | 266 | ||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||
| Net Other loss/(income) | — | 2,500 | — | (2,301 | ) | |||||
| Loss on repayment of senior bonds | 1,456 | — | 1,456 | — | ||||||
| Adjusted EBITDA2 | $ | 73,434 | $ | 73,432 | $ | 292,820 | $ | 282,752 | ||
______________________
2 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited. represents net income attributable to stockholders of Navigator Holdings Limited. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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 Limited., Adjusted Basic Earnings per Share and Adjusted Diluted 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.
The following table shows a reconciliation of Net Income attributed to stockholders of Navigator Holdings Ltd. to Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd., for the three and twelve months ended December 31, 2025 and 2024:
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||||
| (in thousands except earnings per share and number of shares) | ||||||||||
| Net income attributable to stockholders of Navigator Holdings Ltd. | $ | 21,586 | $ | 18,478 | $ | 85,571 | $ | 100,122 | ||
| Realized loss on non-designated derivatives instruments | — | — | — | 1,228 | ||||||
| Unrealized loss /(gain) on non-designated derivative instruments | 278 | (75 | ) | 7,483 | 4,678 | |||||
| Unrealized foreign exchange loss | 2,847 | 154 | 1,968 | 1,274 | ||||||
| Write off of deferred financing costs | 829 | — | 829 | 266 | ||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||
| Net Other loss/(income) | — | 2,500 | — | (2,301 | ) | |||||
| Loss on repayment of senior bonds | 1,456 | — | 1,456 | — | ||||||
| Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd. | $ | 26,996 | $ | 21,057 | $ | 97,307 | $ | 80,061 | ||
| Earnings per share attributable to stockholders of Navigator Holdings Ltd. | ||||||||||
| Basic | $ | 0.31 | $ | 0.28 | $ | 1.20 | $ | 1.49 | ||
| Diluted | $ | 0.31 | $ | 0.28 | $ | 1.19 | $ | 1.47 | ||
| Adjusted Basic2 | $ | 0.39 | $ | 0.32 | $ | 1.37 | $ | 1.19 | ||
| Adjusted Diluted2 | $ | 0.38 | $ | 0.32 | $ | 1.35 | $ | 1.18 | ||
| Basic weighted average number of shares | 69,426,888 | 65,399,652 | 71,149,671 | 67,333,263 | ||||||
| Diluted weighted average number of shares | 70,170,335 | 66,093,849 | 71,838,034 | 68,036,773 | ||||||
Liquidity and Capital Resources
Liquidity and Cash Needs
Our primary sources of funds are cash and cash equivalents, cash from operations, undrawn bank borrowings, proceeds from vessel sales, and proceeds from bond issuances.
Our primary uses of funds are drydocking and other vessel maintenance expenditures, voyage expenses, vessel operating expenses, general and administrative costs, insurance costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, financing expenses and quarterly repayment of bank loans. We also expect to use funds in connection with our Capital Return Policy. In addition, our medium-term and long-term liquidity needs relate to debt repayments, repayment of bonds, payments for the Four Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements), the Ammonia Newbuild Vessels and other potential future joint ventures, future vessel newbuilds, related investments, and other potential future vessel acquisitions, and or related port or terminal projects.
The Company repaid
As of December 31, 2025, we had unrestricted cash and cash equivalents of
Our secured term loan facilities and revolving credit facilities contain covenants that require the Company to maintain liquidity of no less than (i) up to
May 2025 Senior Secured Term Loan and Revolving Credit Facility. On May 2, 2025, the Company entered into the May 2025 senior secured term loan and revolving credit 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"). The May 2025 Facility was used to repay the Company’s September 2020 secured loan facility, and the Company’s October 2013 secured loan facility that were due to mature in September 2025 and May 2027 respectively, and for general corporate and working capital purposes. The May 2025 Facility has a term of six years maturing in May 2031, and is for a maximum principal amount of
.
March 2025 Bond Tap Issue Addendum On March 28, 2025, pursuant to the March 2025 Bond Tap Issue Addendum, the Company completed the March 2025 Bond Tap Issue, issuing an additional aggregate principal amount of
February 2025 Senior Secured Term Loan. On February 7, 2025, the Company entered into the February 2025 Senior Secured Term Loan 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 purchase price. As of December 31, 2025, the facility was fully drawn, with an amount outstanding of
The Company has a responsibility to evaluate whether conditions and/or events raise substantial doubt over its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are expected to be issued. We believe, given our current cash balances, that our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs for at least the next twelve months, taking into account our existing capital commitments and debt service requirements.
As of December 31, 2025, we had
Capital Expenditures
Liquefied gas transportation by sea is a capital-intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance. The total capital contributions required from us for our share of the construction cost for the Terminal Expansion Project was
On August 23, 2024, the Company entered into contracts to build the Original Two Newbuild Vessels. As part of the agreements then made, the Company held an option to build two additional vessels of the same specification and price. On November 21, 2024, the Company exercised the option and entered into contracts to build the Additional Two Newbuild Vessels. The total Four Ethylene Newbuild Vessels are scheduled to be delivered to the Company in March 2027, July 2027, November 2027 and January 2028 respectively, at an average shipyard price of
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").
On July 17, 2025, the Company announced that it had entered into a joint venture agreement with Amon Gas. The Amon Joint Venture intends to acquire two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers, which will also be capable of carrying liquefied petroleum gas. On December 31, 2025, the Company owned
Cash Flows
The following table summarizes our cash, cash equivalents and restricted cash provided by/(used in) operating, investing and financing activities for the twelve months ended December 31, 2025 and 2024:
| Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||
| (in thousands) | ||||||
| Net cash provided by operating activities | $ | 210,523 | $ | 201,662 | ||
| Net cash used in investing activities | (100,987 | ) | (81,101 | ) | ||
| Net cash used in financing activities | (126,013 | ) | (54,213 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,968 | ) | (1,274 | ) | ||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | $ | (18,445 | ) | $ | 65,074 | |
Net Cash Provided by Operating Activities. Net cash provided by operating activities for the twelve months ended December 31, 2025, decreased to
Net cash flow from operating activities principally depends upon charter rates attainable, fleet utilization, fluctuations in working capital balances, repairs and maintenance activity, amount and duration of drydocks, and changes in foreign currency rates.
We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we drydock vessels approximately every two and a half years. Drydocking each vessel, including travelling to and from the drydock, takes approximately 20-30 days in total. Drydocking days generally include approximately 5-10 days of voyage time to and from the drydocking shipyard and approximately 15-20 days of actual drydocking time. 13 of our vessels completed their respective drydockings during the twelve months ended December 31, 2025.
We estimate the current cost of a five-year drydocking for one of our vessels to be approximately
Cash Used in Investing Activities. Net cash used in investing activities was
Net cash used in investing activities was
Cash used in Financing Activities. Net cash used in financing activities was
Net cash used in financing activities was
Secured Term Loan Facilities, Revolving Credit Facilities and Terminal Facility
General. Navigator Gas LLC., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries have entered into various secured term loan facilities and revolving credit facilities as summarized in the table below. For additional information regarding our secured term loan facilities and revolving credit facilities, please read “Item 5—Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Secured Term Loan Facilities and Revolving Credit Facilities” in the Company's 2024 Annual Report.
The table below summarizes our facilities as of December 31, 2025:
| Facility agreement | Original facility amount | Principal amount outstanding | Undrawn RCF component | Interest rate | Facility maturity date | |||
| (in millions) | ||||||||
| August 2021 Loan Agreement | 67.0 | 29.1 | — | Fixed 378 BPS | June 2026 | |||
| February 2025 Secured Term Loan | 74.6 | 74.6 | — | Term SOFR + 180 BPS | August 2026/ February 20283 | |||
| October 2013 DB Credit Facility A | 57.7 | 6.0 | — | Comp SOFR + 247 BPS | April 2027 | |||
| December 2022 Secured Term loan and RCF | 111.8 | 42.5 | 28.5 | Term SOFR + 209 BPS | September 2028 | |||
| July 2015 DB Credit Facility B | 60.9 | 16.5 | — | Comp SOFR + 247 BPS | December 2028 | |||
| July 2015 Santander Credit Facility B | 55.8 | 16.3 | — | Comp SOFR + 247 BPS | January 2029 | |||
| March 2023 Secured Term Loan | 200.0 | 108.5 | — | Comp SOFR + 205 BPS | March 2029 | |||
| December 2022 Secured Term Loan | 151.3 | 119.8 | — | Term SOFR + 220 BPS | December 2029 | |||
| August 2024 Secured Term Loan and RCF | 147.6 | 68.0 | 62.9 | Term SOFR + 190 BPS | August 2030 | |||
| May 2025 Secured Term Loan and RCF | 300.0 | 286.6 | — | Term SOFR + 170 BPS | May 2031 | |||
| Total | $ | 1,226.7 | $ | 767.9 | $ | 91.4 | ||
Loan Facility Covenants. There are certain financial covenants within each of the Company’s secured loan facilities that are typical for transactions of these types. These covenants include:
- maintenance at all times of a minimum balance of cash and cash equivalents of up to the greater of
$50 million and5% of the total indebtedness; - maintenance of the ratio of value adjusted total stockholders’ equity to value adjusted total assets of not less than
30% ; - that the aggregate fair market value of the collateral vessels be no less than
110% of the aggregate amount outstanding under the relevant facility.
_________________________________
3 The February 2025 facility matures in August, 2026, however the borrower has an option to extend the facility for a further 18 months, extending the maturity date from August 2026 to February 2028.
Restrictive Covenants. The secured loan facilities provide that the borrowers may not declare or pay dividends to shareholders out of operating revenue generated by the vessels securing the indebtedness if an event of default has occurred and is continuing. The secured term loan facilities and revolving credit facilities also typically limit the borrowers from, among other things, incurring further indebtedness or entering into mergers and divestitures. The secured facilities also contain general covenants that require the borrowers to maintain adequate insurance coverage and to maintain the vessels, and include customary events of default including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness, or non-compliance with security documents.
Borrowers are required to deliver quarterly compliance certificates, which are provided on a semi-annual basis on June 30 and December 31, including providing average valuations of the vessels securing the applicable facility from two independent ship brokers. Upon delivery of the valuations, if the market value of the collateral vessels is less than
Critical Accounting Estimates
We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of our material accounting policies, please read Note "2—Summary of Significant Accounting Policies" to the Company's 2024 Annual Report.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk from changes in interest rates and foreign currency fluctuations, as well as inflation. We use interest rate swaps to manage some of our interest rate risks. We do not use interest rate swaps or any other financial instruments for trading or speculative purposes.
Interest Rate Risk. We are exposed to the impact of interest rate changes through borrowings that require us to make interest payments based on SOFR. We are party to a fixed-rate unsecured bond and our wholly-owned subsidiaries and certain of our vessel-owning subsidiaries are party to secured term loans and revolving credit facilities that bear interest at rates of SOFR plus margins of between 170 and 326 basis points. At December 31, 2025,
We use interest rate swaps to reduce our exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with our floating-rate debt. The Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements.
Foreign Currency Exchange Rate Risk. Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, most of our revenue is generated in U.S. Dollars. Our expenses are in the currency invoiced by each supplier, and we remit funds in various currencies. We incur some vessel operating expenses and general and administrative costs in foreign currencies, primarily Euros, Pound Sterling, Danish Kroner, and Polish Zloty, and therefore there is a transactional risk that currency fluctuations could have a negative effect on our cash flows and financial condition. We have not entered into any derivative contracts to mitigate our exposure to foreign currency exchange rate risk as of December 31, 2025.
Inflation. We are exposed to increases in operating costs arising from vessel operations, including crewing, vessel repair costs, drydocking costs, insurance and fuel prices as well as from general inflation, and we are subject to fluctuations as a result of general market forces. Increases in bunker costs could have a material effect on our future operations if the number and duration of our voyage charters or contracts of affreightment ("COAs") increase. In the case of the 49 vessels owned and commercially managed by us as of December 31, 2025, 29 were employed on time charter and as such it is the charterers who pay for the fuel on those vessels. If our vessels are employed under voyage charters or COAs, freight rates are generally sensitive to the price of fuel however a sharp rise in bunker prices may have a temporary negative effect on our results as, typically, freight rates do not adjust immediately.
Credit Risk. We may be exposed to credit risks in relation to vessel employment, and at times we may have multiple vessels employed by the same charterer. We consider and evaluate the concentration of credit risk continuously and perform ongoing evaluations of these charterers for credit risk. At December 31, 2025, no more than four of our vessels were employed by the same charterer. We invest our surplus funds with reputable financial institutions, and as of December 31, 2025, all such deposits had maturities of no more than three months.
| UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||||||
| (in thousands except share and per share data) | ||||||||||||
| Revenue | ||||||||||||
| Operating revenues | $ | 130,269 | $ | 139,479 | $ | 511,667 | $ | 538,457 | ||||
| Operating revenues – Unigas Pool | 13,762 | 13,355 | 55,012 | 48,504 | ||||||||
| Total operating revenues | 144,031 | 152,834 | 566,679 | 586,961 | ||||||||
| Expenses | ||||||||||||
| Brokerage commission | 1,672 | 1,977 | 7,012 | 7,333 | ||||||||
| Voyage expenses | 19,187 | 21,281 | 72,144 | 77,269 | ||||||||
| Vessel operating expenses | 45,957 | 47,615 | 175,034 | 191,290 | ||||||||
| Depreciation and amortization | 32,645 | 32,547 | 132,725 | 134,497 | ||||||||
| General and administrative costs | 9,401 | 9,390 | 36,580 | 36,353 | ||||||||
| Profit from sale of vessels | — | — | — | (25,206 | ) | |||||||
| Total net operating expenses | 108,862 | 112,810 | 423,495 | 421,536 | ||||||||
| Operating Income | 35,169 | 40,024 | 143,184 | 165,425 | ||||||||
| Other Income/(Expenses) | ||||||||||||
| Realized loss on non-designated derivative instruments | — | — | — | (1,228 | ) | |||||||
| Unrealized (loss)/gain on non-designated derivative instruments | (278 | ) | 75 | (7,483 | ) | (4,678 | ) | |||||
| Interest expense | (12,381 | ) | (13,110 | ) | (56,141 | ) | (55,778 | ) | ||||
| Interest income | 1,184 | 1,256 | 6,244 | 5,822 | ||||||||
| Write off of deferred financing costs | (829 | ) | — | (829 | ) | (266 | ) | |||||
| Unrealized foreign exchange loss | (2,847 | ) | (154 | ) | (1,968 | ) | (1,274 | ) | ||||
| Loss on repayment of senior and unsecured bonds | (1,456 | ) | (1,456 | ) | — | |||||||
| Other (loss)/ income | — | (2,500 | ) | — | 2,301 | |||||||
| Income before taxes and share of result of equity method investments | 18,562 | 25,591 | 81,551 | 110,324 | ||||||||
| Income taxes | (1,324 | ) | (7,346 | ) | (4,365 | ) | (12,487 | ) | ||||
| Share of result of equity method investments | 5,620 | 862 | 16,911 | 8,036 | ||||||||
| Net income | 22,858 | 19,107 | 94,097 | 105,873 | ||||||||
| Net income attributable to non-controlling interest | (1,272 | ) | (629 | ) | (8,526 | ) | (5,751 | ) | ||||
| Net Income attributable to stockholders of Navigator Holdings Ltd. | $ | 21,586 | $ | 18,478 | $ | 85,571 | $ | 100,122 | ||||
| Earnings per share attributable to stockholders of Navigator Holdings Ltd.: | ||||||||||||
| Basic: | $ | 0.31 | $ | 0.28 | $ | 1.20 | $ | 1.49 | ||||
| Diluted: | $ | 0.31 | $ | 0.28 | $ | 1.19 | $ | 1.47 | ||||
| Weighted average number of shares outstanding in the period: | ||||||||||||
| Basic: | 69,426,888 | 65,399,652 | 71,149,671 | 67,333,263 | ||||||||
| Diluted: | 70,170,335 | 66,093,849 | 71,838,034 | 68,036,773 | ||||||||
| Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||||
| Three months ended December 31, 2024 | Three months ended December 31, 2025 | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||||
| (in thousands) | ||||||||||
| Net Income | $ | 22,858 | $ | 19,107 | $ | 94,097 | $ | 105,873 | ||
| Other comprehensive income: | ||||||||||
| Foreign currency translation gain/(loss) | 96 | (128 | ) | (396 | ) | 140 | ||||
| Total comprehensive income | $ | 22,954 | $ | 18,979 | $ | 93,701 | $ | 106,013 | ||
| Total comprehensive income attributable to: | ||||||||||
| Stockholders of Navigator Holdings Ltd. | $ | 21,682 | $ | 18,350 | $ | 85,175 | $ | 100,262 | ||
| Non-controlling interest | 1,272 | 629 | 8,526 | 5,751 | ||||||
| Total comprehensive income | $ | 22,954 | $ | 18,979 | $ | 93,701 | $ | 106,013 | ||
| Condensed Consolidated Balance Sheet (Unaudited) | ||||||
| As at December 31, 2024 | As at December 31, 2025 | |||||
| (in thousands, except share data) | ||||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 130,821 | $ | 154,950 | ||
| Restricted cash | 8,976 | 49,921 | ||||
| Accounts receivable, net of allowance for credit losses | 29,037 | 34,808 | ||||
| Accrued income | 5,809 | 7,832 | ||||
| Prepaid expenses and other current assets | 14,824 | 19,466 | ||||
| Bunkers and other inventory | 13,752 | 15,412 | ||||
| Insurance receivable | 3,368 | 6,520 | ||||
| Amounts due from related parties | 13,797 | 6,542 | ||||
| Total current assets | 220,384 | 295,451 | ||||
| Non-current assets | ||||||
| Vessels, net | 1,653,607 | 1,601,045 | ||||
| Vessels under construction | 41,589 | 115,321 | ||||
| Asset held for sale | — | 7,761 | ||||
| Property, plant and equipment, net | 385 | 302 | ||||
| Intangible assets, net of accumulated amortization | 406 | 360 | ||||
| Equity method investments | 253,729 | 247,935 | ||||
| Derivative assets | 7,191 | 1,372 | ||||
| Right-of-use asset | 2,088 | 1,282 | ||||
| Other non-current assets | 1,250 | 8,285 | ||||
| Total non-current assets | 1,960,245 | 1,983,663 | ||||
| Total Assets | $ | 2,180,629 | $ | 2,279,114 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Current portion of secured term loan facilities, net of deferred financing costs | $ | 250,087 | $ | 168,066 | ||
| Current portion of operating lease liabilities | 1,180 | 1,203 | ||||
| Accounts payable | 13,823 | 12,641 | ||||
| Accrued expenses and other liabilities | 24,334 | 35,450 | ||||
| Accrued interest | 4,835 | 4,084 | ||||
| Deferred income | 24,514 | 27,283 | ||||
| Derivative liability | — | 2,219 | ||||
| Total current liabilities | 318,773 | 250,946 | ||||
| Non-current liabilities | ||||||
| Secured term loan facilities and revolving credit facilities, net of current portion and deferred financing costs | 504,995 | 593,960 | ||||
| Senior unsecured bond, net of deferred financing costs | 98,446 | 138,183 | ||||
| Operating lease liabilities, net of current portion | 2,574 | 1,636 | ||||
| Deferred income | — | 18,000 | ||||
| Deferred tax liabilities | 9,477 | 19,648 | ||||
| Total non-current liabilities | 615,492 | 771,427 | ||||
| Total liabilities | 934,265 | 1,022,373 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ Equity | ||||||
| Common stock— | 695 | 653 | ||||
| Additional paid-in capital | 800,800 | 799,433 | ||||
| Accumulated other comprehensive loss | (548 | ) | (408 | ) | ||
| Retained earnings | 404,522 | 427,162 | ||||
| Total Navigator Holdings Ltd. Stockholders’ Equity | 1,205,469 | 1,226,840 | ||||
| Non-controlling interest | 40,895 | 29,901 | ||||
| Total equity | 1,246,364 | 1,256,741 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 2,180,629 | $ | 2,279,114 | ||
| Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) | ||||||||||||||||||||
| For the Three Months Ended December 31, 2025: | ||||||||||||||||||||
| (in thousands, except Common stock data) | ||||||||||||||||||||
| Common stock | ||||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | ||||||||||||||
| October 1, 2025 | 65,537,859 | $ | 656 | $ | 802,062 | $ | (280 | ) | $ | 418,622 | $ | 44,337 | $ | 1,265,397 | ||||||
| Restricted shares issued | — | — | — | — | — | — | — | |||||||||||||
| Unrestricted shares issued | 15,765 | — | — | — | — | — | — | |||||||||||||
| Net income | — | — | — | — | 18,478 | 629 | 19,107 | |||||||||||||
| Foreign currency translation | — | — | — | (128 | ) | — | — | (128 | ) | |||||||||||
| Dividend paid | — | — | — | — | (4,566 | ) | (1,442 | ) | (6,008 | ) | ||||||||||
| Repurchase of common stock | (303,180 | ) | (3 | ) | — | — | (5,372 | ) | — | (5,375 | ) | |||||||||
| Share-based compensation plan | — | — | 571 | — | — | — | 571 | |||||||||||||
| Purchase of non-controlling interest | — | — | (3,200 | ) | — | — | (13,623 | ) | (16,823 | ) | ||||||||||
| December 31, 2025 | 65,250,444 | $ | 653 | $ | 799,433 | $ | (408 | ) | $ | 427,162 | $ | 29,901 | $ | 1,256,741 | ||||||
For the Twelve Months Ended December 31, 2025:
| (in thousands, except Common stock data) | ||||||||||||||||||||
| Common stock | ||||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | ||||||||||||||
| January 1, 2025 | 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | ||||||
| Restricted shares issued | 44,443 | — | — | — | — | — | — | |||||||||||||
| Unrestricted shares issued | 16,825 | — | — | — | — | — | — | |||||||||||||
| Net income | — | — | — | — | 100,122 | 5,751 | 105,873 | |||||||||||||
| Foreign currency translation | — | — | — | 140 | — | — | 140 | |||||||||||||
| Dividend paid | — | — | — | — | (14,763 | ) | (7,122 | ) | (21,885 | ) | ||||||||||
| Repurchase of common stock | (4,208,472 | ) | (42 | ) | — | — | (62,719 | ) | — | (62,761 | ) | |||||||||
| Share-based compensation plan | — | — | 1,833 | — | — | — | 1,833 | |||||||||||||
| Investment by Non-Controlling Interest | — | — | — | — | — | 4,000 | 4,000 | |||||||||||||
| Purchase of non-controlling interest | — | — | (3,200 | ) | — | — | (13,623 | ) | (16,823 | ) | ||||||||||
| December 31, 2025 | 65,250,444 | $ | 653 | $ | 799,433 | $ | (408 | ) | $ | 427,162 | $ | 29,901 | $ | 1,256,741 | ||||||
For the Three Months Ended December 31, 2024:
| (in thousands, except share data) | |||||||||||||||||||
| Common stock | |||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | |||||||||||||
| September 30, 2024 | 69,453,431 | $ | 696 | $ | 800,328 | $ | (644 | ) | $ | 387,504 | $ | 50,054 | $ | 1,237,938 | |||||
| Restricted shares issued | 0 | — | — | — | — | — | — | ||||||||||||
| Unrestricted shares issued | 13,383 | — | 123 | — | — | — | 123 | ||||||||||||
| Net income | 0 | — | — | — | 21,586 | 1,272 | 22,858 | ||||||||||||
| Foreign currency translation | 0 | — | — | 96 | — | — | 96 | ||||||||||||
| Dividend Paid | 0 | — | — | — | (3,469 | ) | (1,600 | ) | (5,069 | ) | |||||||||
| Repurchase of common stock | (69,166 | ) | (1 | ) | — | — | (1,099 | ) | — | (1,100 | ) | ||||||||
| Share-based compensation plan | 0 | — | 349 | — | — | — | 349 | ||||||||||||
| De-consolidation of Variable Interest Entity | — | — | — | — | — | (8,831 | ) | (8,831 | ) | ||||||||||
| December 31, 2024 | 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | |||||
For the Twelve Months Ended December 31, 2024:
| (in thousands, except share data) | |||||||||||||||||||
| Common stock | |||||||||||||||||||
| Number of shares | Amount par value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interest | Total | |||||||||||||
| January 1, 2024 | 73,208,586 | $ | 733 | $ | 799,472 | $ | (152 | ) | $ | 390,221 | $ | 42,800 | $ | 1,233,074 | |||||
| Restricted shares issued | 54,851 | 1 | — | — | — | — | 1 | ||||||||||||
| Unrestricted shares issued | 14,568 | — | 137 | — | — | — | 137 | ||||||||||||
| Net income | — | — | — | — | 85,571 | 8,526 | 94,097 | ||||||||||||
| Foreign currency translation | — | — | — | (396 | ) | — | — | (396 | ) | ||||||||||
| Dividend Paid | — | — | — | — | (14,254 | ) | (1,600 | ) | (15,854 | ) | |||||||||
| Repurchase of common stock | (3,880,357 | ) | (39 | ) | — | — | (57,016 | ) | — | (57,055 | ) | ||||||||
| Share-based compensation plan | — | — | 1,191 | — | — | — | 1,191 | ||||||||||||
| De-consolidation of Variable Interest Entity | — | — | — | — | — | (8,831 | ) | (8,831 | ) | ||||||||||
| December 31, 2024 | 69,397,648 | $ | 695 | $ | 800,800 | $ | (548 | ) | $ | 404,522 | $ | 40,895 | $ | 1,246,364 | |||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||
| Twelve months ended December 31, 2024 | Twelve months ended December 31, 2025 | |||||
| (in thousands) | ||||||
| Cash flows from operating activities | ||||||
| Net Income | $ | 94,097 | $ | 105,873 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||
| Unrealized loss on non-designated derivative instruments | 7,483 | 4,678 | ||||
| Realized loss on non-designated derivative instruments | — | 1,228 | ||||
| Proceeds from derivative settlements | — | 2,608 | ||||
| Depreciation and amortization | 132,725 | 134,497 | ||||
| Payment of drydocking costs | (32,057 | ) | (25,752 | ) | ||
| Profit from sale of vessels | — | (25,206 | ) | |||
| Share-based compensation expense | 1,328 | 1,833 | ||||
| Amortization of deferred financing costs | 4,085 | 3,477 | ||||
| Share of results of equity method investments | (16,911 | ) | (8,036 | ) | ||
| Deferred taxes | 3,266 | 10,171 | ||||
| Repayments under operating lease obligations | (1,013 | ) | (1,447 | ) | ||
| Gain on the consolidation of VIE | (504 | ) | — | |||
| Net Other Income | — | (2,301 | ) | |||
| Other unrealized foreign exchange loss/(gain) | 965 | (359 | ) | |||
| Changes in operating assets and liabilities | ||||||
| Accounts receivable | 5,616 | (5,771 | ) | |||
| Insurance claims receivables | (6,416 | ) | (5,519 | ) | ||
| Bunkers and lubricant oils | (4,709 | ) | (1,660 | ) | ||
| Accrued income, prepaid expenses and other current assets | (342 | ) | (5,859 | ) | ||
| Accounts payable, accrued interest, accrued expenses and other liabilities | 3,305 | 11,952 | ||||
| Amounts from related parties | 19,605 | 7,255 | ||||
| Net cash provided by operating activities | 210,523 | 201,662 | ||||
| Cash flows from investing activities | ||||||
| Additions to vessels and equipment | — | (85,019 | ) | |||
| Additions to vessels under construction | (41,208 | ) | (68,526 | ) | ||
| Contributions to equity method investments | (89,000 | ) | (4,000 | ) | ||
| Distributions from equity method investments | 27,092 | 17,830 | ||||
| Investment in preferred securities | (1,250 | ) | (1,250 | ) | ||
| Purchase of other property, plant and equipment and intangibles | (194 | ) | (52 | ) | ||
| Net proceeds from sale of vessels | — | 47,834 | ||||
| Proceeds from government grant | — | 9,715 | ||||
| Insurance recoveries | 3,573 | 2,367 | ||||
| Net cash used in investing activities | (100,987 | ) | (81,101 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from secured term loan facilities and revolving credit facilities | 216,092 | 374,600 | ||||
| Direct financing cost of secured term loan and revolving credit facilities and unsecured bonds | (1,476 | ) | (4,112 | ) | ||
| Repurchase of share capital | (57,055 | ) | (62,719 | ) | ||
| Proceeds of unsecured bonds | 5,916 | 40,000 | ||||
| Repayment of secured term loan facilities and revolving credit facilities | (224,690 | ) | (367,274 | ) | ||
| Repayment of refinancing of vessel to related parties | (48,946 | ) | — | |||
| Cash received from non-controlling interest | — | 4,000 | ||||
| Purchase of non-controlling interest | — | (16,823 | ) | |||
| Dividend paid to non-controlling interest | (1,600 | ) | (7,122 | ) | ||
| Dividends paid | (14,254 | ) | (14,763 | ) | ||
| Net cash (used in)/provided by financing activities | (126,013 | ) | (54,213 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,968 | ) | (1,274 | ) | ||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (18,445 | ) | 65,074 | |||
| Cash, cash equivalents and restricted cash at beginning of period | 158,242 | 139,797 | ||||
| Cash, cash equivalents and restricted cash at end of period | $ | 139,797 | $ | 204,871 | ||
| Supplemental Information | ||||||
| Total interest paid during the year, net of amounts capitalized | $ | 53,794 | $ | 56,122 | ||
| Total tax paid during the year | 1,935 | 2,094 | ||||
| (Purchase)/proceeds of | 9,000 | — | ||||
| Repayment of | (100,000 | ) | — | |||
| Redemption costs of the | (1,456 | ) | — | |||
| Issuance of | 100,000 | 40,000 | ||||
| Issuance cost of | (1,628 | ) | — | |||
| Proceeds of unsecured bonds | 5,916 | 40,000 | ||||
| Cash, cash equivalents | 130,821 | 154,950 | ||||
| Restricted cash | 8,976 | 49,921 | ||||
| Cash, cash equivalents and restricted cash | $ | 139,797 | $ | 204,871 | ||
Our Fleet
The following table provides details of our vessels as of March 11, 2026:
| Operating Vessel | Year Built | Vessel Size (cbm) | Employment Status | Current Cargo | Time Charter Expiration Date |
| Ethylene/ethane capable semi-refrigerated midsize | |||||
| Navigator Aurora | 2016 | 37,300 | Time Charter | Ethane | November 2031 |
| Navigator Eclipse | 2016 | 37,300 | Time Charter | Ethane | March 2029 |
| Navigator Nova | 2017 | 37,300 | Time Charter | Ethane | September 2029 |
| Navigator Prominence | 2017 | 37,300 | Time Charter | Ethane | March 2029 |
| Ethylene/ethane capable semi-refrigerated handysize | |||||
| Navigator Pluto | 2000 | 22,085 | Spot Market | Ethane | — |
| Navigator Atlas | 2014 | 21,000 | Time Charter | Ethylene | April 2026 |
| Navigator Europa | 2014 | 21,000 | Spot Market | Ethane | — |
| Navigator Oberon | 2014 | 21,000 | Time Charter | Ethane | October 2026 |
| Navigator Triton | 2015 | 21,000 | Spot Market | Ethane | — |
| Navigator Umbrio | 2015 | 21,000 | Spot Market | Ethane | — |
| Navigator Luna | 2018 | 17,000 | Spot Market | Ethylene | — |
| Navigator Solar | 2018 | 17,000 | Time Charter | Ethylene | March 2027 |
| Navigator Castor | 2019 | 22,000 | Spot Market | Ethylene | — |
| Navigator Equator | 2019 | 22,000 | Spot Market | Ethylene | — |
| Navigator Vega | 2019 | 22,000 | Time Charter | Ethane | April 2026 |
| Navigator Hyperion | 2010 | 17,300 | Spot Market | Ethylene | — |
| Navigator Titan | 2010 | 17,300 | Spot Market | Ethylene | — |
| Navigator Vesta | 2010 | 17,300 | Spot Market | Ethylene | — |
| Semi-refrigerated handysize | |||||
| Navigator Aries | 2008 | 20,750 | Time Charter | LPG | June 2026 |
| Navigator Capricorn | 2008 | 20,750 | Time Charter | LPG | December 2026 |
| Navigator Pegasus | 2009 | 22,200 | Time Charter | LPG | September 2026 |
| Navigator Phoenix | 2009 | 22,200 | Time Charter | Ammonia | April 2026 |
| Navigator Scorpio | 2009 | 20,750 | Spot Market | LPG | — |
| Navigator Taurus | 2009 | 20,750 | Time Charter | LPG | November 2026 |
| Navigator Virgo | 2009 | 20,750 | Spot Market | LPG | — |
| Navigator Leo | 2011 | 20,600 | Time Charter | LPG | July 2026 |
| Navigator Libra | 2012 | 20,600 | Time Charter | LPG | April 2026 |
| Navigator Atlantic (Previously Atlantic Gas) | 2014 | 22,000 | Time Charter | LPG | July 2026 |
| Adriatic Gas | 2015 | 22,000 | Spot Market | LPG | — |
| Navigator Balearic (Previously Balearic Gas) | 2015 | 22,000 | Time Charter | LPG | June 2026 |
| Navigator Celtic (Previously Celtic Gas) | 2015 | 22,000 | Time Charter | LPG | May 2026 |
| Navigator Centauri | 2015 | 21,000 | Time Charter | LPG | May 2027 |
| Navigator Ceres | 2015 | 21,000 | Time Charter | LPG | June 2027 |
| Navigator Ceto | 2016 | 21,000 | Time Charter | LPG | May 2027 |
| Navigator Copernico | 2016 | 21,000 | Time Charter | LPG | May 2027 |
| Bering Gas | 2016 | 22,000 | Time Charter | LPG | May 2026 |
| Navigator Luga | 2017 | 22,000 | Spot Market | LPG | — |
| Navigator Yauza | 2017 | 22,000 | Time Charter | Ammonia | July 2026 |
| Arctic Gas | 2017 | 22,000 | Spot Market | LPG | — |
| Pacific Gas | 2017 | 22,000 | Spot Market | LPG | — |
| Fully-refrigerated handy/midsize | |||||
| Navigator Glory | 2010 | 22,500 | Time Charter | Ammonia | June 2027 |
| Navigator Grace | 2010 | 22,500 | Spot Market | LPG | — |
| Navigator Galaxy | 2011 | 22,500 | Time Charter | Ammonia | May 2026 |
| Navigator Genesis | 2011 | 22,500 | Time Charter | LPG | April 2026 |
| Navigator Global | 2011 | 22,500 | Time Charter | Ammonia | April 2026 |
| Navigator Gusto | 2011 | 22,500 | Time Charter | Ammonia | April 2026 |
| Navigator Jorf | 2017 | 38,000 | Time Charter | Ammonia | August 2027 |
| Ethylene/ethane capable semi-refrigerated smaller size | |||||
| Happy Condor* | 2008 | 9,000 | Unigas Pool | — | — |
| Happy Pelican* | 2012 | 6,800 | Unigas Pool | — | — |
| Happy Penguin* | 2013 | 6,800 | Unigas Pool | — | — |
| Happy Kestrel* | 2013 | 12,000 | Unigas Pool | — | — |
| Happy Osprey* | 2013 | 12,000 | Unigas Pool | — | — |
| Happy Peregrine* | 2014 | 12,000 | Unigas Pool | — | — |
| Happy Albatross* | 2015 | 12,000 | Unigas Pool | — | — |
| Happy Avocet* | 2017 | 12,000 | Unigas Pool | — | — |
* denotes our owned vessels that are commercially managed within the independently managed Unigas Pool.
PART II. Fourth Quarter 2025 Conference Call Details
Navigator Holdings Ltd. Fourth Quarter 2025 Earnings Webcast and Presentation
On Thursday, March 12, 2026, at 9:00 A.M. U.S. Eastern Time., the Company’s management team will host an online webcast to present and discuss the financial results for the fourth quarter of 2025.
Those wishing to participate should register for the webcast using the following details:
https://us06web.zoom.us/webinar/register/WN_uTK04-N2ToC9SC4wpCNlrA#/registration
Webinar ID: 896 0815 3788
Passcode: 710272
Participants can also join by phone by dialing:
United States: +1 929 436 2866
United Kingdom:+44 330 088 5830
A full list of U.S. and international numbers is available via the following link:
International Dial-in numbers
The webcast and slide presentation will be available for replay on the Company's website (www.navigatorgas.com) shortly after the end of the webcast. Participants wishing to join the live webcast are encouraged to do so approximately 5 minutes prior to the start.
About Navigator Gas
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a
Navigator’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.
For media inquiries or further information, please contact:
Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com
Randy Giveans
EVP - Investor Relations & Business Development
Email: randy.giveans@navigatorgas.com
1200 Smith Street, Suite 1000, Houston, Texas, U.S.A. 77002
Tel: +1-713-373-6197
Alexander Walster
Media Contact
Email: communications@navigatorgas.com
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114
Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com
Forward looking statements
This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology.
These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission.
All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.
Category: Financial
