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Jun 30, 2025
Navigator Q2 2025 Earnings Report
Navigator reported lower earnings and reduced utilization for Q2 2025 due to market disruptions and weaker petrochemical trade.
Key Takeaways
Navigator Gas saw a decline in revenue, net income, and fleet utilization in Q2 2025, primarily impacted by temporary trade restrictions and lower TCE rates. The company responded with strategic fleet adjustments and expects improved utilization in Q3.
Total operating revenue for Q2 2025 was $129.6 million, down from $146.7 million in Q2 2024.
Net income attributable to stockholders decreased to $21.5 million from $23.2 million in the prior year quarter.
Fleet utilization dropped to 84.2%, affected by trade disruptions and regulatory changes.
Adjusted EPS fell significantly to $0.14 from $0.35 in Q2 2024.
Revenue by Segment
Forward Guidance
Navigator expects improved utilization and stable ethylene terminal throughput in Q3 2025, supported by easing trade tensions and renewed charter contracts.
Positive Outlook
- Rescission of U.S. ethane export license requirement to China in early July.
- Expectations of improved utilization as trade tariff tensions ease.
- Strong LPG cargo performance in Q2, highest since Q1 2023.
- Ethylene Export Terminal throughput reached 268,117 metric tons in Q2.
- New time charter contracts cover 42% of available days starting Q3.
Challenges Ahead
- Handysize market assessments for semi- and fully-refrigerated vessels declined $15,000 pcm.
- Fleet utilization dropped significantly from 93.4% to 84.2%.
- Adjusted EBITDA declined to $60.1 million from $77.6 million YoY.
- Adjusted EPS dropped by 60% YoY to $0.14.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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