Navigator Holdings reported a net income of $35.5 million for the quarter ended March 31, 2026. This figure represents an increase from the $27 million recorded during the same period in 2024.
Total operating revenues reached $140.6 million for the three months, compared to $151.4 million in the previous year. The company noted that the decrease was primarily due to lower fleet utilisation and a reduction in average daily rates.
A non-binding letter of intent was signed on April 14, 2026, for the sale of eight gas carriers to Bernhard Schulte and Sloman Neptun. The group disclosed that the aggregate purchase price for the Unigas vessels is approximately $183 million.
These ships, which include Happy Pelican and Happy Penguin, have an average age of 13 years and are considered non-core tonnage. Navigator Holdings indicated the transaction allows it to focus on growing its fleet of handysize and midsize ethylene-capable vessels.
Throughput at the Morgan’s Point ethylene export terminal reached 300,537 tonnes during the first quarter. This volume significantly exceeded the 85,553 tonnes reported during the same period in 2025.
The terminal includes a cryogenic storage tank with a capacity of 27,215 tonnes and can load vessels at rates of 907 tonnes per hour. Navigator Holdings stated it expects to contract additional capacity during 2026.
Construction continues on several new vessels, including Navigator Parsec and Navigator Pleione, which are partially financed by a $133.8 million loan.
The company expects to finance the cost of its other four newbuilds, including Navigator Proxima and Navigator Polaris, using debt and cash on hand.
Sales of the vessels Navigator Saturn and Happy Falcon in January generated a combined profit of $12.1 million. Following this, the Navigator Pegasus was sold on April 17, for net proceeds of $30.5 million.
