Navigator Gas Announces Preliminary Second Quarter 2025 Results (Unaudited)
LONDON, Aug. 12, 2025 (GLOBE NEWSWIRE) --
Second Quarter Financial Highlights
On August 12, 2025, the Board of Navigator Holdings Ltd., (NYSE:NVGS) ("Navigator Holdings", "Navigator Gas", "our", "we", "us" or the "Company") declared a cash dividend of $0.05 per share of the Company's common stock for the quarter ended June 30, 2025, under the Company's Return of Capital policy, payable on September 17, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on August 28, 2025 (the "Dividend").
Also as part of the Company's Return of Capital policy for the quarter ended June 30, 2025, the Company expects to repurchase approximately $2.1 million of its common stock between August 14, 2025, and September 30, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the "share repurchases"), such that the Dividend and share repurchases together equal 25% of net income for the quarter ended June 30, 2025.
On June 17, 2025 the Company paid a dividend of $0.05 per share of the Company's common stock to all shareholders of record as of the close of business U.S. Eastern Time on May 29, 2025, totaling $3.5 million, and the Company repurchased 234,003 shares of common stock in the open market between March 19, 2025, and March 31, 2025, at an average price of $14.12 per share, totaling approximately $3.3 million, all as part of the Company's Return of Capital policy for the quarter ended March 31, 2025.
On May 13, 2025, the Board authorized a new share repurchase plan authorizing the Company to repurchase up to an aggregate of $50 million of the Company's common stock. The Company repurchased 2,056,588 shares of common stock in the open market between May 15, 2025, and June 30, 2025, at an average price of $14.41 per share, totaling $29.4 million. Subsequent to June 30, 2025 the Company repurchased 1,348,867 shares of common stock in the open market between July 1, 2025, and July 30, 2025, at an average price of $15.15 per share, totaling $20.4 million. The Company completed the new share repurchase plan on July 30, 2025. A total of 3,405,455 shares were repurchased in the open market at an average price of $14.68 per share between May 15, 2025 and July 30, 2025.
The Company reported total operating revenues of $129.6 million for the three months ended June 30, 2025, compared to $146.7 million for the three months ended June 30, 2024.
Net income attributable to stockholders of the Company was $21.5 million for the three months ended June 30, 2025, compared to $23.2 million for the three months ended June 30, 2024.
EBITDA1 was $71.9 million for the three months ended June 30, 2025, compared to $75.1 million for the three months ended June 30, 2024.
Adjusted EBITDA1 was $60.1 million for the three months ended June 30, 2025, compared to $77.6 million for the three months ended June 30, 2024.
Basic earnings per share attributable to stockholders of the Company were $0.31 for the three months ended June 30, 2025, compared to $0.32 per share for the three months ended June 30, 2024.
Adjusted basic earnings per share attributable to stockholders of the Company1 were $0.14 per share for the three months ended June 30, 2025, compared to $0.35 per share for the three months ended June 30, 2024 driven primarily by the decrease in net income attributable to stockholders of Navigator Holdings Ltd. and adjusting for the profit on sale of vessel.
The Company increased its debt by $124.4 million to $1,026.5 million during the three months ended June 30, 2025, as the Company borrowed $300 million under its May 2025 Facility (as defined below) and $40 million under the March 2025 Bond Tap Issue (as defined below) and repaid our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million and made quarterly repayments on loan facilities and revolving credit facilities of $54.9 million. This is compared to an increase of $48.6 million to $902.1 million during the three months ended March 31, 2025 when the Company borrowed an aggregate of $76.8 million under its February 2025 Facility (as defined below), which borrowings were offset by quarterly repayments on loan facilities of $28.2 million.
The Company's cash, cash equivalents, and restricted cash was $287.4 million as of June 30, 2025, compared to $139.0 million as of March 31, 2025 and $139.8 million as at December 31, 2024.
On June 24, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on approximately 79% of the outstanding Term Loan portion of our May 2025 Facility.
_____________________1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to stockholders of Navigator Holdings Ltd., and Adjusted Basic Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted basic earnings per share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. and Adjusted Basic earnings per share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. and Adjusted Basic earnings per share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure.
Other Highlights and Developments
Fleet Operational Update
The average daily time charter equivalent ("TCE") rate across the fleet was $28,216 for the three months ended June 30, 2025, compared to $29,550 for the three months ended June 30, 2024, and $30,476 for the three months ended March 31, 2025.
Utilization across the fleet was 84.2% for the three months ended June 30, 2025 compared to 92.4% for the three months ended March 31, 2025, and 93.4% for the three months ended June 30, 2024.
Utilization and the average TCE rate in the second quarter were impacted by market uncertainties arising from trade tariffs as many customers opted to wait for more clarity, delaying entry into export and import agreements during this period. In addition, trade was further disrupted following imposition by the U.S. Bureau of Industry and Security ("BIS") of an export license requirement for all ethane movements from the U.S. to China from May 23, 2025, until July 2, 2025, when the license requirement was rescinded. Following the requirement being rescinded and as applicable trade tariff tensions ease, we expect utilization to improve during the third quarter of 2025.
In the second quarter approximately 44% of our earnings days were derived from petrochemical cargoes, approximately 42% were derived from LPG cargoes, with approximately 14% derived from ammonia. LPG cargo earnings days in the second quarter of 2025 was the highest for the Company since the first quarter of 2023, highlighting our capability to flex across several segments in response to the market. During the quarter we employed several semi-refrigerated vessels to transport incremental Iraqi ambient propane exports.
U.S. domestic ethylene prices started the second quarter of 2025 at $530 per metric ton ("pmt"), compared to an average price during the first quarter of 2025 of about $650 pmt and prices decreased further before reaching a low of $440 pmt in May 2025. Trading opportunities to Europe remained open throughout the second quarter of 2025 however the arbitrage was too narrow to accommodate significant ethylene volumes to Asia.
For the three months ended June 30, 2025, we had an average of 31 vessels engaged under time charters, 18 vessels on spot voyage charters and contracts of affreightment ("COAs"), and 9 vessels operating in the independently managed Unigas Pool. For the 12-month period commencing July 1, 2025, we have 42% of our available days covered by time charter contracts. For the same 12-month period our midsize vessels are exclusively on time charter contracts, about 70% of our fully and semi-refrigerated vessels are on time charter contracts, and most of our ethylene-capable vessels are expected to be employed in the spot voyage market.
The handysize 12-month forward-looking market assessment for semi-refrigerated vessels decreased from the end of the first quarter of 2025 compared to the end of second quarter of 2025 by $15,000 per calendar month ("pcm") to $935,000 pcm.
The handysize 12-month forward-looking market assessment for fully refrigerated vessels decreased from the end of the first quarter of 2025 compared to the end of second quarter of 2025 by $15,000 pcm to $775,000 pcm.
The handysize 12-month forward-looking market assessment for ethylene-capable vessels remained flat from the end of the first quarter of 2025 compared to the end of second quarter of 2025 at $1,100,000 pcm.
Sale of vessel
On May 13, 2025, the Company sold and delivered Navigator Venus, a 2000-built 22,085 cbm ethylene capable semi-refrigerated handysize vessel to a third party for net proceeds of $17.5 million, recognizing a gain from the sale of the vessel of $12.6 million in the second quarter of 2025.
New Share Repurchase Plan
On May 13, 2025, the Board of Navigator Holdings Ltd. authorized a new share repurchase plan in relation to Navigator's common stock (the "New Share Repurchase Plan"). Pursuant to the New Share Repurchase Plan, Navigator was authorized to repurchase up to an aggregate of $50 million of the Company's common stock via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission. The New Share Repurchase Plan was completed in full on July 30, 2025 with the Company having repurchased and canceled 3,405,455 shares of common stock at an average price of $14.68 per share, and with an aggregate total value of $50 million.
Joint Venture with Amon Maritime For Construction of Two New Ammonia Gas Carriers ("Ammonia Newbuild Vessels")
On July 17, 2025, the Company announced that it had entered into a joint venture with Amon Maritime (the "Amon Joint Venture"), pursuant to which the joint venture intends to acquire two newbuild 51,530 cubic meter capacity ammonia fueled liquefied ammonia carriers (the "Ammonia Newbuild Vessels"), which will also be capable of carrying liquefied petroleum gas. Subject to the terms and conditions of the investment, Navigator will own 80% of the joint venture, and Amon Martime will own 20%.
The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel. Each of the Ammonia Newbuild Vessels have been awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova. It is expected that the Amon Joint Venture will finance the majority of the purchase price of the Ammonia Newbuild Vessels through commercial bank finance, with the remainder sourced from capital contributions from the Company and Amon Maritime. The Company expects to finance its share of the capital contributions from available cash resources, and these investments are expected to be accretive to the Company's earnings.
Once delivered, subject to customary conditions, each of the Ammonia Newbuild Vessels is expected to be operated by the Amon Joint Venture pursuant to time charters with an established industry leader, each for a period of five years from delivery.
May 2025 Term Loan and Revolving Credit Facility
On May 2, 2025, the Company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million (the "May 2025 Facility") with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V. London Branch, and Skandinaviska Enskilda Banken AB (publ). The May 2025 Facility was used to repay the Company's September 2020 secured loan facility in the amount of $143.4 million that was due to mature in September 2025, and the Company's October 2013 secured loan facility that was due to mature in May 2027 in the amount of $14.7 million. The May 2025 Facility has a term of six years maturing in May 2031, is for a maximum principal amount of $300 million (split as $230 million Term Loan and $70 million Revolving Credit Facility), bears interest at Term Secured Overnight Financing Rate ("SOFR") plus 170 basis points, and is to be repaid through 24 quarterly instalments on an age-adjusted 20 to 0 years profile, followed by a final balloon payment of $146.5 million, of which balloon payment includes amounts relating to both the Term Loan and Revolving Credit components.
Ethylene Export Terminal Update
We own a 50% share in an ethylene export marine terminal at Morgan's Point, Texas (the "Ethylene Export Terminal") through a joint venture (the "Export Terminal Joint Venture").
The Ethylene Export Terminal throughput for the three months ended June 30, 2025, was 268,117 metric tons, compared to 230,857 metric tons for the three months ended June 30, 2024, and 85,553 metric tons for the three months ended March 31, 2025.
Our share of the results of our equity investment in the Ethylene Export Terminal was a gain of $4.8 million for the three months ended June 30, 2025, compared to a gain of $4.7 million for the three months ended June 30, 2024, and a loss of $0.9 million for the three months ended March 31, 2025.
Despite a recent increase in domestic U.S. ethylene prices due to elevated feedstock costs, lower inventory levels, and higher domestic demand, we expect throughput for the third quarter of 2025 to be similar to the second quarter of 2025 supported by strong demand from Europe and as applicable trade tariff tensions ease.
The Ethylene Export Terminal, now expanded, has an increased ethylene export capacity of at least 1.55 million tons per annum. Two new multi-year offtake contracts related to the expanded volume have been signed and we continue to expect that additional capacity will be contracted during 2025. Until further offtake contracts are signed, available volume will be sold on a spot basis.
2024 Senior Unsecured Bonds and 2025 Bond Tap Issue
On October 17, 2024, the Company issued an aggregate principal amount of $100 million of new Senior Unsecured Bonds in the Nordic bond market (the "October 2024 Bonds"). The net proceeds of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.
On March 28, 2025, pursuant to an addendum (the "March 2025 Bond Tap Issue Addendum"), the Company completed an additional aggregate principal tap issue of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds (the "March 2025 Bond Tap Issue"). The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.
Return of Capital Policy
The Company's current Return of Capital policy, which is subject to operating needs, market conditions, legal requirements, stock price and other circumstances, is based on paying out quarterly cash dividends of $0.05 per share of common stock and returning additional capital in the form of additional cash dividends and/or share repurchases, such that the two elements combined equal at least 25% of net income for the applicable quarter.
As part of the Return of Capital policy, we expect to repurchase the Company's common stock and any such share repurchases will be made via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission.
Declarations of any dividends in the future, and the amount of any such dividends, are subject to the discretion of the Company's Board. The Return of Capital policy does not oblige the Company to pay any dividends or repurchase any of its shares in the future and it may be suspended, discontinued or modified by the Company at any time, for any reason. Further, the timing of any share repurchases under the Return of Capital policy will be determined by the Company's management and will depend on operating needs, market conditions, legal requirements, stock price, and other circumstances.
Legal Updates
The Company continues to monitor reports concerning Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company ("Pertamina"), following their arrest by Indonesian authorities on February 25, 2025 as part of an investigation into allegations of corruption. The allegations relate to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The investigation by Indonesian authorities is ongoing.
Mr. Adrianto serves as a director of PT Navigator Khatulistiwa ("PTNK"), our Indonesian joint venture. The Company is in the process of removing Mr. Adrianto from his position as a director at PTNK. Three unencumbered vessels in our fleet and approximately $40.2 million of cash, which we have currently recorded as restricted cash, are owned by PTNK. The vessels were previously on time charter to Pertamina for the transportation of liquefied petroleum gas within Indonesia, the last and most recent of which time charters expired by its terms on February 15, 2025.
We continue to believe that these events will not have a material impact on the Company or our operations.
Unaudited Results of Operations for the Three Months Ended June 30, 2025 compared to the Three Months Ended June 30, 2024
`
Three months ended June 30, 2024
Three months ended June 30, 2025
Percentagechange
(in thousands, except percentage change)
Operating revenues
$
131,601
$
117,205
(10.9)%
Operating revenues, Unigas Pool
15,075
12,430
(17.5)%
Total operating revenues
146,676
129,635
(11.6)%
Brokerage commission
1,869
1,536
(17.8)%
Voyage expenses
17,123
15,213
(11.2)%
Vessel operating expenses
43,494
47,373
8.9
%
Depreciation and amortization
33,349
34,827
4.4
%
General and administrative costs
11,320
10,264
(9.3)%
Total operating expenses
107,155
109,213
1.9
%
Operating Income
39,521
20,422
(48.3)%
Realized loss on non-designated derivative instruments
—
(2
)
—
Unrealized loss on non-designated derivative instruments
(1,581
)
(1,349
)
(14.7)%
Interest expense
(15,294
)
(15,063
)
(1.5)%
Write off of deferred financing costs
—
(257
)
—
Interest income
1,550
1,717
10.8
%
Unrealized foreign exchange (loss)/gain
(880
)
845
(196.0)%
Profit from sale of vessel
—
12,617
—
Income before taxes and share of result of equity method investments
23,316
18,930
(18.8)%
Income taxes
(1,161
)
(1,495
)
28.8
%
Share of result of equity method investments
4,687
4,805
2.5
%
Net Income
26,842
22,240
(17.1)%
Net income attributable to non-controlling interest
(3,602
)
(787
)
(78.2)%
Net Income attributable to stockholders of Navigator Holdings Ltd.
$
23,240
$
21,453
(7.7)%
The following table presents selected operating data for the three months ended June 30, 2025 and 2024, which we believe is useful in understanding the basis of movements in our operating revenues.
Three months endedJune 30, 2024
Three months endedJune 30, 2025
* Fleet Data:
Weighted average number of vessels
47.0
49.5
Ownership days
4,277
4,501
Available days
4,146
4,294
Earning days
3,874
3,615
Fleet utilization
93.4%
84.2%
** Average daily Time Charter Equivalent
$
29,550
$
28,216
* Fleet Data - Our nine owned smaller vessels in the independently managed Unigas Pool are excluded.
** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding revenue from the Unigas Pool), less any voyage expenses, by the number of earning days for the relevant period. Under a time charter, the charterer pays substantially all of the vessel's voyage related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which the vessels may be employed. We include average daily TCE, as we believe it provides additional meaningful information. Our calculation of TCE may not be comparable to that reported by other companies.
The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented.
Three months ended June 30, 2024
Three months ended June 30, 2025
*** Average daily time charter equivalent:
(in thousands, except earning days and average daily time charter equivalent rate)
Operating revenues
$
131,601
$
117,205
Voyage expenses
17,123
15,213
Operating revenues less voyage expenses
$
114,478
$
101,992
Earning days
3,874
3,615
Average daily time charter equivalent
$
29,550
$
28,216
*** Operating revenues and voyage expenses of our nine owned vessels in the independently managed Unigas Pool are excluded.
Operating Revenues. Operating revenues, net of address commissions, were $117.2 million for the three months ended June 30, 2025, a decrease of $14.4 million or 10.9% compared to $131.6 million for the three months ended June 30, 2024. This decrease was primarily due to:
a decrease of approximately $5.4 million attributable to a decrease in average monthly TCE rates, which decreased to an average of approximately $28,216 per vessel per day ($858,234 per vessel per calendar month) for the three months ended June 30, 2025, compared to an average of approximately $29,550 per vessel per day ($898,823 per vessel per calendar month) for the three months ended June 30, 2024;
a decrease of approximately $11.2 million attributable to a decrease in fleet utilization, which decreased to 84.2% for the three months ended June 30, 2025, compared to 93.4% for the three months ended June 30, 2024;
an increase of approximately $4.1 million or 3.6%, attributable to a net 148-day increase in vessel available days for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily a result of the effect of the acquisition of the three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels"), during the three months ended June 30, 2025, compared to the three months ended June 30, 2024; and
a decrease of approximately $1.9 million primarily attributable to a decrease in invoiced pass-through voyage expense for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Operating Revenues, Unigas Pool. Operating revenues, Unigas Pool was $12.4 million a decrease of 17.5% for the three months ended June 30, 2025, compared to $15.1 million for the three months ended June 30, 2024, in part due to decreased utilization across the pool fleet, and represents our share of the operating revenues earned from our nine vessels operating within the independently managed Unigas Pool, based on agreed pool points.
Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, was $1.5 million for the three months ended June 30, 2025, compared to $1.9 million for the three months ended June 30, 2024.
Voyage Expenses. Voyage expenses decreased by $1.9 million or 11.2% to $15.2 million for the three months ended June 30, 2025, from $17.1 million for the three months ended June 30, 2024. These voyage expenses are pass through costs, corresponding to a decrease in operating revenues of the same amount.
Vessel Operating Expenses. Vessel operating expenses increased by $3.9 million or 8.9% to $47.4 million for the three months ended June 30, 2025, from $43.5 million for the three months ended June 30, 2024. Average daily vessel operating expenses increased by $370 per vessel per day, or 4.33%, to $8,905 per vessel per day for the three months ended June 30, 2025, compared to $8,535 per vessel per day for the three months ended June 30, 2024, with the an increase driven by an increase in the number of vessels owned as a result of the acquisition of the Purchased Vessels and the timing of maintenance costs incurred during the three months ended June 30, 2025 compared to three months ended June 30, 2024.
Depreciation and Amortization. Depreciation and amortization increased by $1.5 million to $34.8 million for the three months ended June 30, 2025 compared to $33.3 million for the three months ended June 30, 2024, primarily related to the acquisition of the Purchased Vessels. Depreciation and amortization included amortization of capitalized drydocking costs of $11.4 million and $5.7 million for the three months ended June 30, 2025 and 2024, respectively.
General and Administrative Costs. General and administrative costs decreased by $1.1 million or 9.3% to $10.3 million for the three months ended June 30, 2025, from $11.3 million for the three months ended June 30, 2024. The decrease is in part due to non-recurring costs related to the public offering of a total of 7.0 million common shares by BW Group incurred in the three months ended June 30, 2024.
Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of $1.3 million on non-designated derivative instruments for the three months ended June 30, 2025, relates to non-cash fair value losses on interest rate swaps associated with a number of our secured term loan and revolving credit facilities, as a result of a decrease in forward SOFR interest rates, compared to an unrealized loss of $1.6 million for the three months ended June 30, 2024.
Interest Expense. Interest expense decreased by $0.2 million, or 1.5%, to $15.1 million for the three months ended June 30, 2025, from $15.3 million for the three months ended June 30, 2024. This is primarily a result of lower U.S. dollar SOFR rates and lower margins paid by the Company, offset by an increase in the average debt outstanding in the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Unrealized Foreign Exchange Gains and Loss. The unrealized foreign exchange gain of $0.8 million for the three months ended June 30, 2025, relates to gains on foreign currency cash balances held, driven primarily by the Indonesian Rupiah strengthening against the U.S. dollar during the three months ended June 30, 2025, compared to an unrealized loss of $0.9 million for the three months ended June 30, 2024. Unrealized foreign exchange loss is separately disclosed and disaggregated from interest expense. Prior period balances have been reclassified to conform to the current period presentation.
Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world, including those incorporated in the United States of America. Income taxes were an expense of $1.5 million for the three months ended June 30, 2025, compared to an expense of $1.2 million for the three months ended June 30, 2024, primarily related to movements in current tax and deferred tax in relation to our equity investment in the Ethylene Export Terminal.
Share of Result of Equity Method Investments. The share of the result of the Company's 50% ownership in the Export Terminal Joint Venture was a gain of $4.8 million for the three months ended June 30, 2025, compared to a gain of $4.7 million for the three months ended June 30, 2024. Volumes exported through the Ethylene Export Terminal were 268,117 tons for the three months ended June 30, 2025, compared to 230,857 tons for the three months ended June 30, 2024.
Non-Controlling Interests. The Company entered into a sale and leaseback arrangement for Navigator Aurora in November 2019 with a wholly-owned special purpose vehicle of a financial institution ("Lessor SPV"). The sale and leaseback arrangement for Navigator Aurora terminated in October 2024 and up to the date of termination, as we were the primary beneficiary of this entity, we were required to consolidate this variable interest entity ("VIE") into our financial results. The net income attributable to the Lessor SPV included in our financial results was nil for the three months ended June 30, 2025, and $0.7 million for the three months ended June 30, 2024.
In September 2022, the Company entered into a joint venture with Greater Bay Gas Co Ltd., ("Greater Bay Gas") to acquire five ethylene vessels, Navigator Luna, Navigator Solar, Navigator Castor, Navigator Equator, and Navigator Vega (the "Navigator Greater Bay Joint Venture"). The joint venture is owned 60% by the Company and 40% by Greater Bay Gas. The Navigator Greater Bay Joint Venture is accounted for as a consolidated subsidiary in our consolidated financial statements, with the 40% owned by Greater Bay Gas accounted for as a non-controlling interest. A gain attributable to Greater Bay Gas of $0.7 million is presented as part of the non-controlling interest in our financial results for the three months ended June 30, 2025, compared to a gain of $2.9 million for the three months ended June 30, 2024.
Unaudited Results of Operations for the Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024
The following table compares our operating results for the Six Months Ended June 30, 2024 and 2025:
Six months endedJune 30, 2024
Six months endedJune 30, 2025
Percentagechange
(in thousands, except percentage change)
Operating revenues
$
252,621
$
257,107
1.8
%
Operating revenues, Unigas Pool
28,210
23,934
(15.2)%
Total operating revenues
280,831
281,041
0.1
%
Brokerage commission
3,495
3,451
(1.3)%
Voyage expenses
31,306
35,874
14.6
%
Vessel operating expenses
85,612
94,386
10.2
%
Depreciation and amortization
66,790
69,013
3.3
%
General and administrative costs
17,800
18,388
3.3
%
Total operating expenses
205,003
221,112
7.9
%
Operating Income
75,828
59,929
(21.0)%
Realized loss on non-designated derivative instruments
—
(1,228
)
—
Unrealized loss on non-designated derivative instruments
(2,028
)
(2,385
)
17.6
%
Interest expense
(29,508
)
(27,755
)
(5.9)%
Interest income
3,162
2,838
(10.2)%
Unrealized foreign exchange loss
(2,403
)
(146
)
—
Write off of deferred financing costs
—
(257
)
—
Other income
—
4,801
-
Profit from sale of vessel
—
12,617
—
Income before taxes and share of result of equity method investments
45,051
48,414
7.5
%
Income taxes
(2,367
)
(1,351
)
(42.9)%
Share of result of equity method investments
9,077
3,901
(57.0)%
Net Income
51,761
50,964
(1.5)%
Net income attributable to non-controlling interest
(5,948
)
(2,474
)
(58.4)%
Net Income attributable to stockholders of Navigator Holdings Ltd.
$
45,813
$
48,490
5.8
%
The following table presents selected operating data for the six months ended June 30, 2025, and 2024, which we believe are useful in understanding the basis for movement in our operating revenues.
Six months endedJune 30, 2024
Six months endedJune 30, 2025
* Fleet Data:
Weighted average number of vessels
47.0
48.7
Ownership days
8,554
8,822
Available days
8,365
8,528
Earning days
7,644
7,527
Fleet utilization
91.4
%
88.3
%
** Average daily Time Charter Equivalent
$
28,953
$
29,391
* Fleet Data - Our nine owned smaller vessels in the independently managed Unigas Pool and the vessels owned by Pacific Gas in our Luna Pool prior to their acquisition by the Navigator Greater Bay Joint Venture are not included in this data.
** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding collaborative arrangements and revenues from the Unigas Pool), less any voyage expenses (excluding collaborative arrangements), by the number of earning days for the relevant period. TCE excludes the effects of the collaborative arrangements as earnings days and fleet utilization, on which TCE is based, is calculated only in relation to our owned vessels. Under a time charter, the charterer pays substantially all of the vessel's voyage related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company's performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which the vessels may be employed. We include average daily TCE, as we believe it provides additional meaningful information in conjunction with net operating revenues. Our calculation of TCE may not be comparable to that reported by other companies.
The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented.
Six months endedJune 30, 2024
Six months endedJune 30, 2025
*** Average daily time charter equivalent:
(in thousands, except earning daysand average daily time charter equivalent rate)
Fleet Data:
Operating revenues
$
252,621
$
257,107
Voyage expenses
(31,306
)
(35,874
)
Operating revenues less voyage expenses
221,315
$
221,233
Earning days
7,644
7,527
Average daily time charter equivalent
$
28,953
$
29,391
*** Operating revenue and voyage expenses our nine owned vessels in the independently managed Unigas Pool.
Operating Revenues. Operating revenues, net of address commissions, were $257.1 million for the six months ended June 30, 2025, an increase of $4.5 million or 1.8% compared to $252.6 million for the six months ended June 30, 2024. This increase was primarily due to:
an increase of approximately $3.4 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately $29,391 per vessel per day ($893,969 per vessel per calendar month) for the six months ended June 30, 2025, compared to an average of approximately $28,953 per vessel per day ($880,647 per vessel per calendar month) for the six months ended June 30, 2024;
a decrease in operating revenues of approximately $7.8 million attributable to a decrease in fleet utilization, which declined to 88.3% for the six months ended June 30, 2025, compared to 91.4% for the six months ended June 30, 2024;
an increase in operating revenues of approximately $4.3 million or 3.1% driven by a 268-day increase in vessel available days for the six months ended June 30, 2025 due to the acquisition of the Purchased Vessels, compared to the six months ended June 30, 2024; and
an increase in operating revenues of approximately $4.6 million primarily attributable to an increase in pass-through voyage costs for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Operating Revenues, Unigas Pool. Operating revenues, Unigas Pool was $23.9 million for the six months ended June 30, 2025, a decrease of 15.2% compared to $28.2 million for the six months ended June 30, 2024 and represents our share of the revenue earned from our nine vessels operating within the Unigas Pool, based on agreed pool points.
Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenue, was $3.5 million for the six months ended June 30, 2025 compared to $3.5 million for the six months ended June 30, 2024.
Voyage Expenses. Voyage expenses increased by $4.6 million or 14.6% to $35.9 million for the six months ended June 30, 2025, from $31.3 million for the six months ended June 30, 2024. These voyage expenses are pass through costs, corresponding to an increase in operating revenue of the same amount.
Vessel Operating Expenses. Vessel operating expenses increased by $8.8 million or 10.2% to $94.4 million for the six months ended June 30, 2025, from $85.6 million for the six months ended June 30, 2024. Average daily vessel operating expenses increased by $642 per vessel per day, or 7.6%, to $9,042 per vessel per day for the six months ended June 30, 2025, compared to $8,400 per vessel per day for the six months ended June 30, 2024. The increase is driven by an increase in vessel numbers as a result of the acquisition of the Purchased Vessels of $3.5 million and the timing of maintenance costs incurred during the six months ended June 30, 2025 compared to six months ended June 30, 2024.
Depreciation and Amortization. Depreciation and amortization increased by $2.2 million to $69.0 million for the six months ended June 30, 2025, from $66.8 million for the six months ended June 30, 2024, primarily related to the acquisition of the Purchased Vessels. Depreciation and amortization included amortization of capitalized drydocking costs of $11.4 million and $11.2 million for the six months ended June 30, 2025 and 2024, respectively.
General and Administrative Costs. General and administrative costs increased by $0.6 million or 3.3% to $18.4 million for the six months ended June 30, 2025, from $17.8 million for the six months ended June 30, 2024.
Unrealized Loss on Non-designated Derivative Instruments. The unrealized loss of $2.4 million on non-designated derivative instruments for the six months ended June 30, 2025 relates to a non-cash fair value loss on interest rate swaps across a number of our secured term loan and revolving credit facilities, as a result of a decrease in forward SOFR interest rates relative to the fixed rates applicable on these secured term loan and revolving credit facilities. This is compared to an unrealized loss of $2.0 million for the six months ended June 30, 2024.
Realized Loss on Non-designated Derivative Instruments. The realized loss of $1.2 million on non-designated derivative instruments for the six months ended June 30, 2025 relates to the termination and settlement of interest rate swaps that hedged the $210 million secured term loan and revolving credit facilities which was repaid during the six months ended June 30, 2025.
Interest Expense. Interest expense decreased by $1.8 million, or 5.9%, to $27.8 million for the six months ended June 30, 2025, from $29.5 million for the six months ended June 30, 2024. This is primarily a result of a decrease in U.S. dollar SOFR rates and lower average margins paid by the Company, and reflects lower outstanding interest-bearing debt across the majority of the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Unrealized Foreign Exchange (Loss)/Gains. The unrealized foreign exchange loss of $0.1 million for the six months ended June 30, 2025, relates to losses on foreign currency cash balances held, primarily driven by the Indonesian Rupiah weakening against the U.S. dollar during the period, compared to an unrealized loss of $2.4 million for the six months ended June 30, 2024. In previous periods, unrealized foreign exchange gains and losses were reported as part of interest expense. However such movements for the year ended December 31, 2024 and future years will be presented separately.
Other Income. In March 2025, the Company received $4.8 million in other income from a third party relating to a claim for damages caused to Navigator Aries in 2016. The amount received is the final settlement and no further amounts in relation to this matter are anticipated.
Write off of Deferred Financing Costs. The write off of deferred financing costs of $0.3 million for the six months ended June 30, 2025 relates to the write off of the unamortized portion of the deferred financing costs of our $210 million secured term loan and revolving credit facility which was repaid during the six months ended June 30, 2025.
Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in the United States of America. Income taxes were $1.4 million for the six months ended June 30, 2025, compared to $2.4 million for the six months ended June 30, 2024, primarily related to movements in current and deferred taxes on our portion of the profits from the Ethylene Export Terminal.
Share of Result of Equity Method Investments. The share of the result of the Company's 50% ownership in the Export Terminal Joint Venture was income of $3.9 million for the six months ended June 30, 2025, compared to income of $9.1 million for the six months ended June 30, 2024. This decrease is a result of reduced throughput rates of 353,669 tons across the six months ended June 30, 2025, compared to 464,072 tons across the six months ended June 30, 2024. This reduction was primarily due to lower export volumes as a result of narrower price arbitrage between the U.S. and Asia.
Non-Controlling Interest. The Company entered into a sale and leaseback arrangement for Navigator Aurora in November 2019 with a wholly-owned special purpose vehicle of a financial institution ("Lessor SPV"). The sale and leaseback arrangement for Navigator Aurora terminated in October 2024 and up to the date of the termination we were the primary beneficiary of this entity, and we were required to consolidate this variable interest entity ("VIE") into our financial results. The net income attributable to the Lessor SPV included in our financial results was nil for the six months ended June 30, 2025 and was $1.2 million for the six months ended June 30, 2024.
In September 2022, the Company entered into the Navigator Greater Bay Joint Venture to acquire five ethylene vessels, Navigator Luna, Navigator Solar, Navigator Castor, Navigator Equator and Navigator Vega. The joint venture is owned 60% by the Company and 40% by Greater Bay Gas. The Navigator Greater Bay Joint Venture is accounted for as a consolidated subsidiary in our consolidated financial statements, with the 40% owned by Greater Bay Gas accounted for as a non-controlling interest. A gain attributable to Greater Bay Gas of $2.9 million is presented as part of the non-controlling interest in our financial results for the six months ended June 30, 2025, compared to a gain of $4.7 million for the six months ended June 30, 2024.
Reconciliation of Non-GAAP Financial Measures
The following table shows a reconciliation of Net Income to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30, 2024
Three months ended June 30, 2025
Six months ended June 30, 2024
Six months ended June 30, 2025
(in thousands)
Net Income
$
26,842
$
22,240
$
51,761
$
50,964
Net interest expense3
13,744
13,346
26,346
24,917
Income taxes
1,161
1,495
2,367
1,351
Depreciation and amortization
33,349
34,827
66,790
69,013
EBITDA2
75,096
71,908
147,264
146,245
Realized loss on non-designated derivatives instruments
—
2
—
1,228
Unrealized loss on non-designated derivative instruments
1,581
1,349
2,028
2,385
Unrealized foreign exchange loss/(gain)3
880
(845
)
2,403
146
Write off of deferred financing costs
—
257
—
257
Profit from sale of vessel
—
(12,617
)
—
(12,617
)
Other income
—
—
—
(4,801
)
Adjusted EBITDA2
$
77,557
$
60,054
$
151,695
$
132,843
_____________________2 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., and Adjusted Basic Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. and Adjusted Basic Earnings per Share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. and Adjusted Basic Earnings per Share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure.
The following table shows a reconciliation of Net Income attributed to stockholders of Navigator Holdings Ltd. to Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd., for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30, 2024
Three months ended June 30, 2025
Six months ended June 30, 2024
Six months ended June 30, 2025
(in thousands except earnings per share and number of shares)
Net Income attributable to stockholders of Navigator Holdings Ltd.
$
23,240
$
21,453
$
45,813
$
48,490
Realized loss on non-designated derivatives instruments
—
2
—
1,228
Unrealized loss on non-designated derivative instruments
1,581
1,349
2,028
2,385
Unrealized foreign exchange loss3
880
(845
)
2,403
146
Write off of deferred financing costs
—
257
—
257
Profit from sale of vessel
—
(12,617
)
—
(12,617
)
Other income
—
—
—
(4,801
)
Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd.
$
25,701
$
9,599
$
50,244
$
35,088
Earnings per share attributable to stockholders of Navigator Holdings Ltd.
Basic earnings per share
$
0.32
$
0.31
$
0.63
$
0.70
Diluted earnings per share
$
0.32
$
0.31
$
0.62
$
0.69
Adjusted Basic earnings per share2
$
0.35
$
0.14
$
0.69
$
0.51
Adjusted Diluted earnings per share2
$
0.35
$
0.14
$
0.69
$
0.50
Basic weighted average number of shares
72,458,773
68,808,277
72,834,272
69,097,844
Diluted weighted average number of shares
72,883,133
69,502,347
73,320,149
69,810,951
_____________________3 In preparing these unaudited condensed consolidated financial statements, the Company has disaggregated certain income statement line items. This disaggregation was performed to enhance clarity and to provide users with greater insight into the Company's financial position. Unrealized foreign exchange gains and losses is separately disclosed and disaggregated from interest expense. Prior period balances have been reclassified to conform to the current period presentation.
Liquidity and Capital Resources
Liquidity and Cash Needs
Our primary sources of funds are cash and cash equivalents, cash from operations, undrawn bank borrowings, proceeds from vessel sales, and proceeds from bond issuances. The Company repaid $28.5 million of its $111.8 million Term Loan and Revolving Credit Facility in June 2025. As of June 30, 2025, we had unrestricted cash and cash equivalents of $238.1 million, restricted cash of $49.3 million, and available but undrawn credit facilities of $28.5 million providing the Company with total liquidity of $316.0 million.
Our secured term loan facilities and revolving credit facilities contain covenants that require that the borrowers maintain liquidity of no less than (i) $50.0 million, as applicable to the relevant loan facility, or (ii) 5% of total debt (representing $44.8 million as of June 30, 2025), whichever is greater.
On May 2, 2025, the Company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million (the "May 2025 Facility") with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V. London Branch, and Skandinaviska Enskilda Banken AB (publ). The May 2025 Facility was used to repay the Company's September 2020 secured loan facility in the amount of $143.4 million that was due to mature in September 2025, and the Company's October 2013 secured loan facility that was due to mature in May 2027 in the amount of $14.7 million. The May 2025 Facility has a term of six years maturing in May 2031, is for a maximum principal amount of $300 million (split as $230 million term loan and $70 million revolving credit facility), bears interest at Term SOFR plus 170 basis points, and is to be repaid through 24 quarterly instalments followed by a final balloon payment of $146.5 million, which balloon payment includes amounts relating to both the Term Loan and Revolving Credit components.
On March 28, 2025, pursuant to the March 2025 Bond Tap Issue Addendum, the Company completed the March 2025 Bond Tap Issue issuing an additional aggregate principal amount of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds. The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.
On February 7, 2025, the Company entered into a $74.6 million Senior Secured Term Loan (the "February 2025 Facility") with Nordea Bank Abp, to partially finance the purchase price of the three Purchased Vessels and used cash on hand to pay the remainder of the total purchase price. The February 2025 Facility is initially non-amortising, bears interest at a rate of Term SOFR plus 180 basis points and matures after 18 months. At that time the borrower has an option to extend the February 2025 Facility for a further 18 months on payment of a $25 million balloon. Should the borrower take the extension option the February 2025 Facility would become amortizing with repayments made on the basis of an age-adjusted 20 to 0 years repayment profile and bear interest at Term SOFR plus 180 basis points.
The Company has a responsibility to evaluate whether conditions and/or events raise substantial doubt over its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are expected to be issued. We believe, given our current cash balances, that our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs for at least the next twelve months taking into account our existing capital commitments and debt service requirements.
Our primary uses of funds are drydocking and other vessel maintenance expenditures, voyage expenses, vessel operating expenses, general and administrative costs, insurance costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, financing expenses and quarterly repayment of bank loans. We also expect to use funds in connection with our Return of Capital policy. In addition, our medium-term and long-term liquidity needs relate to debt repayments, repayment of bonds, payments for the Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements), the Amon Joint Venture, the Ammonia Newbuild Vessels and other potential future joint ventures, vessel newbuilds, related investments, and other potential future vessel acquisitions, and or related port or terminal projects.
As of June 30, 2025, we had $1,389.4 million in outstanding future obligations, which includes principal repayments on long-term debt, including our Bonds, vessels under construction and office lease commitments. Of the total outstanding obligation, $238.9 million falls due within the twelve months ending June 30, 2026, and the balance of $1,150.5 million falls due after June 30, 2026.
Capital Expenditures
The total capital contributions required from us for our share of the construction cost for the Terminal Expansion Project was $128 million which balance was fully contributed as of June 30, 2025. The Company financed these capital contributions using existing cash resources. Additional debt could be raised to recoup some of the cash reserves expended on the Terminal Expansion Project and the Company continues to assess its options in this respect. The Company may also invest further in new terminal infrastructure.
Liquefied gas transportation by sea is a capital-intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.
Cash Flows
The following table summarizes our cash, cash equivalents and restricted cash provided by/(used in) operating, investing and financing activities for the six months ended June 30, 2025 and 2024:
Six months endedJune 30, 2024
Six months endedJune 30, 2025
(in thousands)
Net cash provided by operating activities
$
116,509
$
103,744
Net cash used in investing activities
(8,342
)
(86,722
)
Net cash (used in)/provided by financing activities
(130,357
)
130,754
Effect of exchange rate changes on cash, cash equivalents and restricted cash
2,404
(144
)
Net (decrease)/increase in cash, cash equivalents and restricted cash
$
(19,786
)
$
147,632
Operating Cash Flows. Net cash provided by operating activities for the six months ended June 30, 2025, decreased to $103.7 million, from $116.5 million for the six months ended June 30, 2024, a decrease of $12.8 million. This decrease was primarily due to profit on sale of vessel of $12.6 million, and to changes in working capital of $2.4 million during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Net cash flow from operating activities principally depends upon charter rates attainable, fleet utilization, fluctuations in working capital balances, repairs and maintenance activity, amount and duration of drydocks, and changes in foreign currency rates.
We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we drydock vessels approximately every two and a half years. Drydocking each vessel, including travelling to and from the drydock, can take between 20 and 30 days in total, being approximately 5-10 days of voyage time to and from the shipyard and approximately 15-20 days of actual drydocking time. 3 of our vessels completed their respective drydockings during the six months ended June 30, 2025.
We estimate the current cost of a five-year drydocking for one of our vessels to be approximately $1.5 million, a ten-year drydocking cost to be approximately $1.7 million, and the 15-year and 17-year drydocking costs to be approximately $1.9 million each (including the cost of classification society surveys). As our vessels age and our fleet expands, our drydocking expenses will increase. Ongoing costs for compliance with environmental regulations are primarily included as part of drydocking, such as the requirement to install ballast water treatment plants, and classification society survey costs, with a balance included as a component of our operating expenses.
Investing Cash Flows. Net cash used in investing activities was $86.7 million for the six months ended June 30, 2025, primarily related to contributions, to our investment in an expansion of the Ethylene Export Terminal (the "Terminal Expansion Project") of $4.0 million, $20.6 million as payments for our four Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements) under construction, and $83.7 million for the purchase of the Purchased Vessels, offset by $3.1 million of distributions received from our investment in the Export Terminal Joint Venture and $17.5 million from proceeds from sale during the period.
Net cash used in investing activities was $8.3 million for the six months ended June 30, 2024, primarily related to contributions to our investment in the Export Terminal Joint Venture via the Terminal Expansion Project of $24.0 million, offset by distributions received from our investment in the Export Terminal Joint Venture of $14.7 million.
Financing Cash Flows. Net cash provided by financing activities was $130.8 million for the six months ended June 30, 2025, primarily as a result of the drawdown of our February 2025 Facility of $74.6 million and our May 2025 Facility of $300 million and proceeds from our March 2025 Bond Tap Issue of $40.0 million, offset by our repayment of our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million and regular quarterly debt repayments totaling $81.2 million, and $41.8 million paid under our Return of Capital policy and share repurchases.
Net cash used in financing activities was $130.4 million for the six months ended June 30, 2024, primarily as a result of our regular quarterly debt repayments totaling $66.2 million, our quarterly dividend payments of $7.3 million and $53.6 million paid under our Return of Capital policy and other share repurchases.
Secured Term Loan Facilities, Revolving Credit Facilities and Terminal Facility
General. Navigator Gas LLC., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries have entered into various secured term loan facilities and revolving credit facilities as summarized in the table below. For additional information regarding our secured term loan facilities and revolving credit facilities, please read "Item 5—Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Secured Term Loan Facilities and Revolving Credit Facilities" in the Company's 2024 Annual Report.
The table below summarizes our facilities as of June 30, 2025:
Facility agreement
Original facility amount
Principal amount outstanding
Undrawn RCF component
Interest rate
Facilitymaturity date
(in millions)
March 2019 Terminal Facility
$
75.0
$
6.0
—
Comp SOFR + 326 BPS
December 2025
August 2021 Loan Agreement
67.0
32.0
—
Fixed 378 BPS
June 2026
February 2025 Secured Term Loan
74.6
74.6
—
Term SOFR + 180 BPS
August 2026
October 2013 DB Credit Facility A
57.7
8.4
—
Comp SOFR + 247 BPS
April 2027
December 2022 Secured Term loan and RCF
111.8
48.8
28.5
Term SOFR + 209 BPS
September 2028
July 2015 DB Credit Facility B
60.9
19.0
—
Comp SOFR + 247 BPS
December 2028
July 2015 Santander Credit Facility B
55.8
18.6
—
Comp SOFR + 247 BPS
January 2029
March 2023 Secured Term Loan
200.0
125.1
—
Comp SOFR + 210 BPS
March 2029
December 2022 Secured Term Loan
151.3
125.3
—
Term SOFR + 220 BPS
December 2029
August 2024 Secured Term Loan and RCF
147.6
138.0
—
Term SOFR + 190 BPS
August 2030
May 2025 Secured Term Loan and RCF
300.0
300.0
—
Term SOFR + 170 BPS
May 2031
Total
$
1,301.7
$
895.8
$
28.5
