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Visual21 Nov 2025
Data center suppliers
Navigator Holdings (NVGS) investor relations material
Navigator Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $153 million, up 8% year-over-year, with net income of $33.2 million ($0.50 per share) and adjusted EBITDA of $76.5 million, driven by high TCE rates and utilization.
Completed $50 million share repurchase program, returning $210 million to shareholders over three years through buybacks and dividends.
Announced new capital return policy: $0.07/share fixed quarterly dividend and payout of 30% of net income via dividends and buybacks.
Sold Navigator Gemini for $30.3 million, realizing a $12.6 million gain, and increased JV ownership in five vessels to 75.1%.
Ordered two ammonia-fueled newbuilds for 2028 delivery, each with a NOK 90 million grant and five-year charters.
Financial highlights
Average daily TCE for Q3 2025 reached $30,966, a 10-year high, with fleet utilization at 89.3%.
Adjusted EBITDA was $76.5 million, up from $67.7 million in Q3 2024; net income attributable to stockholders was $33.2 million ($0.50/share).
Cash and equivalents at $216 million as of September 30, 2025; total liquidity at $308 million.
Ethylene export terminal throughput was 271,000 tons, near record high and up 122% year-over-year.
Vessel operating expenses increased to $49.3 million due to fleet expansion and maintenance timing.
Outlook and guidance
Expect utilization and TCE rates to remain near Q3 levels, with Q4 starting robustly and 2026 outlook positive.
All-in cash breakeven for 2025 estimated at $20,510 per day per vessel, with expense guidance unchanged.
Anticipate lower ethylene export volumes in Q4 2025 due to tighter price spreads and tariff uncertainties, but expect offset from ethane cargoes.
U.S. NGL production and export infrastructure growth expected to support long-term demand.
Market normalization anticipated barring further geopolitical surprises.
Sustainability of 30% net income return policy?
Ammonia newbuilds: Market impact and strategy?
Ethylene/ethane market outlook and spot strategy?
Newbuild financing vs. capital return balance
What delays Morgan's Point expansion contracts?
What is the long-term vision for fleet technology?
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Next Navigator Holdings earnings date
Q4 202512 Mar, 2026
Next Navigator Holdings earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Navigator Holdings Ltd is a shipping company that owns and operates a fleet of liquefied gas carriers. The company specializes in the transportation of liquefied petroleum gas (LPG), petrochemical gases, and ammonia for industrial customers worldwide. Navigator’s fleet consists of mid-size and handysize vessels, designed to carry pressurized, semi-refrigerated, and fully refrigerated gases. The company serves a variety of industries, including energy, chemicals, and agriculture, providing reliable maritime logistics solutions for transporting gases across global trade routes. The company is headquartered in London, England, and its shares are listed on the NYSE.
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