Navigator Holdings Ltd. (NVGS) is a global leader in the seaborne transportation of liquefied gases, including petrochemical gases, liquefied petroleum gas (LPG), and ammonia. The company operates a fleet of 56 liquefied gas carriers and holds a 50% share in an Ethylene Export Terminal in Texas. NVGS provides transportation services for energy companies, industrial users, and commodity traders, facilitating the efficient movement of liquefied gases across international markets.
- Operating Revenues - Provides transportation services for liquefied gases, including petrochemical gases, LPG, and ammonia, using a fleet of specialized vessels.
- Unigas Pool - Operates vessels collaboratively within a pool arrangement to optimize fleet utilization and revenue generation.
- Luna Pool Collaborative Arrangements - Manages vessel operations collaboratively, focusing on ethylene-capable vessels.
- Ethylene Export Terminal - Operates a terminal with cryogenic storage and export capacity for ethylene, supporting global supply chains.
- Navigator Greater Bay Joint Venture - Owns and operates ethylene carriers through a joint venture, enhancing the company’s presence in the ethylene transportation market.
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Given that throughput at your ethylene export terminal was 159,183 tons in Q4 2024, below capacity due to U.S. cracker turnarounds reducing domestic supply and narrowing the arbitrage , what specific steps are you taking to mitigate these risks and improve terminal utilization going forward?
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With plans to sell your older vessels proceeding slowly in a less liquid market and potential buyers interested only on a vessel-by-vessel basis , what is your timeline for divesting these ships, and how might fluctuations in vessel values impact your fleet renewal and capital allocation strategies?
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Considering that you have significant capital commitments for newbuild vessels, having paid $42 million in initial deposits with expected deliveries in 2027 and 2028 , how do you plan to finance these vessels, and what strategies are in place to secure long-term charters to ensure a satisfactory return on investment?
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Given that you have approximately a dozen ships coming off contract over the next six months , and the ethylene arbitrage has widened by almost $200 over the last two months , how are you positioning to capitalize on potential rate increases, and what risks do you anticipate in re-chartering these vessels in the current market environment?
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With the ongoing narrow ethylene arbitrage impacting terminal volumes and contributions expected to be softer in Q1 2025 compared to Q4 2024 , what steps are being taken to improve the terminal's performance, and what is your outlook for recovery in the near term?
Research analysts who have asked questions during Navigator Holdings earnings calls.
Climent Molins
Value Investors
4 questions for NVGS
Omar Nokta
Jefferies
3 questions for NVGS
Charles Fratt
Alliance Global Partners
2 questions for NVGS
Benjamin Nolan
Stifel
1 question for NVGS
Dalton Willett
Charmos Capital Partners
1 question for NVGS
Frank Galanti
Stifel
1 question for NVGS
Spiro Dounis
Citigroup Inc.
1 question for NVGS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Navigator Vesta | 2025 | Acquired for $29.2 million with an expected delivery on March 17, 2025; the vessel features a 17,000 cubic meters capacity (built in 2009) and the deal was partially financed with a $74.6 million Senior Secured Term Loan from Nordea Bank Abp. |
Navigator Titan | 2025 | Purchased on February 24, 2025 for $27.4 million, this German-built liquefied ethylene gas carrier (capacity 17,000 cubic meters, built in 2010) was financed through the $74.6 million Senior Secured Term Loan Facility along with cash on hand. |
Navigator Hyperion | 2025 | Acquired on February 19, 2025 for $27.4 million, this German-built liquefied gas carrier (with a capacity of 17,000 cubic meters and ethylene capabilities) was financed via a $74.6 million Senior Secured Term Loan Facility (bearing Term SOFR plus 180 bps and maturing on June 7, 2026). |
Azane Fuel Solutions | 2023 | Navigator Holdings Ltd. and Yara Growth Ventures each acquired a 14.5% interest in this Norwegian startup for €2.7 million ($3 million) as part of a Series A round aimed at developing ammonia fuel handling technology and building the world’s first ammonia bunkering network. |
Navigator Greater Bay Joint Venture | 2023 | This joint venture, with Navigator Holdings at 60% and Greater Bay Gas Co. Ltd. at 40%, involved the acquisition of five ethylene-capable carriers (including vessels like Navigator Solar, Castor, Equator, and Vega) with total financing from a term loan, equity, and cash contributions helping to enhance fleet control and Luna Pool earnings. |
Othello Shipping Company S.A. | 2021 | Navigator Holdings acquired Othello Shipping Company S.A. and its 18 vessel-owning entities on August 4, 2021, adding a diverse fleet (including modern 22,000 cbm semi-refrigerated vessels, 12,000 cbm ethylene vessels, and various gas carriers) with a provisional book value of approximately $377 million through share issuance and assumption of $175.2 million of net debt. |
Ultragas ApS | 2021 | Completed on August 4, 2021, this acquisition added 18 vessels (with a provisional book value of $377 million) to Navigator’s fleet; the deal was structured via the issuance of 21.2 million new shares and the assumption of $175.2 million in net debt, positioning Navigator as a leader in the handysize liquefied gas carrier market. |
Recent press releases and 8-K filings for NVGS.
- NVGS reported record Total Operating Revenue of $153 million for Q3 2025, an 8% increase from Q3 2024, with Adjusted EBITDA reaching $76.5 million.
- Net income attributable to stockholders was $33.2 million, or $0.50 per share, for Q3 2025.
- The company achieved its highest average quarterly Time Charter Equivalent (TCE) of $30,966 per day and a fleet utilization of 89.3% in Q3 2025.
- NVGS completed its $50 million share repurchase program during Q2 and Q3 2025, buying back 3.4 million shares at an average price of $14.68 per share.
- For Q3 2025, a $0.07 per share cash dividend was declared, and the company expects $5.4 million in additional share buybacks, totaling 30% of net income returned to shareholders. The outlook for Q4 2025 anticipates utilization and average TCE to remain robust, similar to Q3 2025 levels.
- Navigator Gas reported strong Q3 2025 financial results, with revenues of $153 million, an EBITDA of $86 million (a record high), and basic earnings per share (EPS) of $0.50 (a 10-year high). Net income attributable to stockholders was GBP 33.2 million, also a record high.
- The company maintained a strong balance sheet with a cash position of $216 million and total liquidity of $308 million at quarter-end.
- Capital return to shareholders was increased, with the payout ratio rising to 30% of net income from 25%, and the fixed dividend increasing from $0.05 to $0.07 per share. The $50 million share repurchase plan was also completed, with 3.4 million shares repurchased at an average price of $14.68.
- Operational performance was robust, achieving average Time Charter Equivalent (TCE) rates of $30,966 per day (a 10-year high) and vessel utilization of 89.3%. The company also sold the Navigator Gemini for $30.4 million net proceeds, generating a $12.6 million book gain.
- The company expects utilization and average TCE rates to remain near Q3 2025 levels, with September and October 2025 utilization already above 90%, indicating a robust start to Q4 2025.
- Navigator Holdings Ltd. reported total operating revenues of $153.1 million for the three months ended September 30, 2025, an increase from $141.8 million in the prior year period, and net income attributable to stockholders of $33.2 million for Q3 2025, up from $18.2 million in Q3 2024. For the nine months ended September 30, 2025, net income attributable to stockholders was $81.6 million, compared to $64.0 million for the nine months ended September 30, 2024.
- The company's Board of Directors approved a Revised Capital Return Policy, increasing the quarterly cash dividend to $0.07 per share and committing to return additional capital such that the total capital return (dividends and/or share repurchases) equals 30% of net income for the applicable quarter, an increase from 25%. A cash dividend of $0.07 per share for Q3 2025 was declared, payable on December 16, 2025.
- As part of the Revised Capital Return Policy for Q3 2025, the company expects to repurchase approximately $5.4 million of its common stock between November 7, 2025, and December 31, 2025. Additionally, a new share repurchase plan authorizing up to $50 million was completed by July 30, 2025, resulting in the repurchase of 3,405,455 shares at an average price of $14.68 per share.
- The company entered into a joint venture with Amon Gas Holdings AS in July 2025 to acquire two newbuild ammonia-fueled liquefied ammonia carriers for $84 million per vessel, with deliveries scheduled for June and October 2028. On October 14, 2025, Navigator Holdings Ltd. also increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% for $16.8 million.
- As of September 30, 2025, the company reported total liquidity of $308.0 million, comprising $165.0 million in unrestricted cash and cash equivalents, $51.6 million in restricted cash, and $91.4 million in undrawn credit facilities.
- Navigator Holdings Ltd. reported Total Operating Revenue of $130m for Q2 2025, representing an 11.6% decrease from Q2 2024, with Adjusted EBITDA of $60.1m and Net income attributable to stockholders of $21.5m, or $0.31 per share.
- The company completed a $50m share repurchase program between May and July 2025, buying back 3.4 million shares at an average price of $14.68 per share, and declared a $0.05 per share cash dividend for Q2 2025. Additionally, NVGS secured a new $300m financing facility, generating $142m in additional liquidity.
- Operational metrics for Q2 2025 included an average TCE of $28,216 per day and fleet utilization of 84.2%, with both metrics expected to improve in Q3 2025 as July utilization rebounded to 90%. Ethylene Export Terminal throughput significantly increased to 268,117 tons in Q2 2025.
- Navigator Holdings Ltd. reported total operating revenues of $129.6 million for the three months ended June 30, 2025, with net income attributable to stockholders of $21.5 million and basic earnings per share of $0.31.
- The company declared a cash dividend of $0.05 per share for Q2 2025 and completed a $50 million share repurchase plan on July 30, 2025, repurchasing 3,405,455 shares at an average price of $14.68 per share.
- Operational metrics for Q2 2025 showed an average daily time charter equivalent (TCE) rate of $28,216 and fleet utilization of 84.2%, both impacted by market uncertainties and trade tariffs, with utilization expected to improve in Q3 2025.
- Strategic developments include a joint venture with Amon Maritime for two new ammonia gas carriers, scheduled for delivery in June and October 2028 at an average yard price of $84 million per vessel, and securing a new $300 million Senior Secured Term Loan and Revolving Credit Facility in May 2025.
- Record performance: Q1 2025 delivered a record quarterly revenue with adjusted EBITDA around $73 million and the highest quarterly net income in 3 years, supported by utilization above 92%.
- Enhanced liquidity: The company strengthened its balance sheet through refinancing activities, including a $300 million term loan facility, a $40 million bond tap, and the sale of Navigator Venus, contributing to improved liquidity and reduced debt maturities.
- Capital returns focus: Navigator maintained its commitment to returning capital by declaring a $0.05 per share dividend and initiating share repurchase activities, complemented by a new $50 million share buyback program.
- Navigator Holdings Ltd.’s subsidiaries entered into a secured term loan and revolving credit facility for up to $300 million to refinance existing debt and fund working capital needs.
- The facility will be used to repay the $143.4 million loan due in September 2025 and the $14.7 million loan maturing in May 2027, thereby extending debt maturities.
- It carries a tenor of six years (maturing in 2031) and features an interest rate of SOFR plus 170 basis points, with the credit available by June 30, 2025.
- The arrangement is secured by eight company vessels and involves leading international banks.
- The company completed a US$40 million tap issue under its outstanding 7.25% senior unsecured bonds maturing in October 2029, as detailed in the report (Q1 2025).
- Navigator Holdings Ltd. entered into a Tap Issue Addendum with Nordic Trustee AS on April 2, 2025, documenting additional bonds issuance under ISIN NO0013379446 (Q1 2025).
- On March 28, 2025, Navigator Holdings Ltd. completed a US$40 million tap issue in the Nordic bond market.
- The tap issue pertained to its 7.25% senior unsecured bonds maturing in October 2029, leaving an available borrowing capacity of US$60 million following the issuance.
- The transaction was executed at par value, with net proceeds designated for general corporate purposes in line with the bond terms.
- Navigator Holdings Ltd. finalized the acquisition of three handysize liquefied ethylene gas carriers to support expanded export capacity.
- The newly acquired vessels, each with a 17,000 cubic meter capacity, are named Navigator Hyperion, Navigator Titan, and Navigator Vesta.
- Navigator Hyperion is currently on charter, while Navigator Titan and Navigator Vesta are expected to begin spot market operations soon.