Navigator Holdings (NVGS) Company Report

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.

Nov 5, 2025, 2:00 PM

Presentation

Navigator Gas Reports Record Q3 2025 Financial Results and Increases Shareholder Returns

NVGS

Earnings

Dividends

Share Buyback

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.

Nov 5, 2025, 2:00 PM

Transcript

Navigator Holdings Ltd. Reports Strong Q3 2025 Results and Revised Capital Return Policy

NVGS

Earnings

Dividends

New Projects/Investments

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.

Nov 4, 2025, 9:20 PM

6-K

Navigator Holdings Ltd. Announces Q2 2025 Earnings and Strategic Updates

NVGS

Earnings

Share Buyback

Dividends

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.

Aug 13, 2025, 2:00 PM

Presentation

Navigator Holdings Ltd. Announces Q2 2025 Financial and Operational Results

NVGS

Earnings

Share Buyback

New Projects/Investments

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.

Aug 12, 2025, 12:00 AM

6-K

Navigator Holdings Q1 2025 Robust Performance and Capital Returns Announced

NVGS

Earnings

Dividends

Share Buyback

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.

May 15, 2025, 2:01 PM

Transcript

Navigator Holdings Ltd. Signs $300 Million Senior Secured Facility

NVGS

Debt Issuance

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.

May 5, 2025, 12:00 AM

6-K

Navigator Holdings Ltd. Completes US$40 Million Tap Issue

NVGS

Debt Issuance

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).

Apr 2, 2025, 12:00 AM

6-K

Navigator Holdings Completes US$40 Million Tap Issue

NVGS

Debt Issuance

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.

Mar 31, 2025, 12:00 AM

6-K

Navigator Gas Completes Acquisition of Ethylene Gas Carriers

NVGS

M&A

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.