Liquefied gas carrier operator Navigator Holdings reported net income of $53 million for the second quarter ended June 30, 2026, up from $21.5 million in the corresponding period of 2025.
Total operating revenue increased 29.5 per cent to $167.9 million from $129.6 million a year earlier.
The company said disruptions to shipping through the Strait of Hormuz constrained hydrocarbon exports from the Middle East, prompting Asian buyers to source additional liquefied petroleum gas (LPG), ethane, and ethylene from North America.
The resulting widening price arbitrage between North America and Asia, together with record ethylene export volumes from the Morgan's Point terminal in Texas, supported stronger freight rates during the quarter.
Average daily time charter equivalent earnings across the fleet increased to $33,946, up from $28,216 in the second quarter of 2025. Fleet utilisation also improved to 90.8 per cent from 84.2 per cent over the same period.
To support fleet expansion, Navigator Holdings secured a $164.6 million pre-delivery term loan in June for its two newbuilding gas carriers, Navigator Polaris and Navigator Proxima.
The company also arranged $205.8 million in long-term post-delivery financing for the vessels through a committed Japanese operating lease with call option (JOLCO) structure.
As part of its fleet optimisation strategy, Navigator Holdings signed definitive agreements on July 13 to sell eight gas carriers and its shareholding in Unigas International for approximately $183 million.
The transaction with Bernhard Schulte Singapore Holdings and Sloman Neptun is expected to be completed in the fourth quarter of 2026, after which the company will operate a fleet of 46 vessels.
