# Navigator Gas reports higher earnings as vessel sales lift quarterly results

- **Source:** https://pelavox.com/navigator-gas-q3-2026-earnings-vessel-sales/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-07T21:00:00+00:00
- **Updated:** 2026-11-06T12:29:25+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Fleet Renewal, Gas Carriers, Navigator Gas, Share Repurchases, Shipping Earnings, Vessel Sales

Navigator Gas reported a substantial increase in net income for the third quarter of 2026, supported primarily by gains from vessel disposals, while its underlying operating performance showed a more mixed picture. The liquefied gas shipping company also reduced its outstanding debt, strengthened available liquidity and announced further shareholder distributions.

Net income attributable to shareholders reached US$78.3 million for the three months ended September 30, 2026, compared with US$33.2 million in the corresponding period of 2025. Total operating revenues increased slightly to US$155 million from US$153.1 million, while basic earnings per share rose to US$1.28 from US$0.50.

The increase in reported profitability was largely attributable to gains from vessel sales, which reached US$48 million during the quarter, compared with US$12.6 million a year earlier. Adjusted net income, which excludes vessel disposal gains and certain other items, increased more modestly to US$25.4 million from US$23.9 million.

Adjusted EBITDA declined to US$67.8 million from US$76.5 million, reflecting lower time charter revenues, partially offset by reduced vessel operating expenses. Total EBITDA, including vessel disposal gains, increased to US$120.8 million from US$85.7 million.

## Changes in charter revenues and fleet operations

Navigator Gas recorded time charter revenues of US$74.9 million during the quarter, compared with US$90.3 million a year earlier. Voyage charter revenues increased to US$68.8 million from US$51.5 million, while revenues from the Unigas Pool remained broadly stable at US$11.3 million.

The change in revenue composition reflected a greater contribution from voyage charter activity, although associated voyage expenses increased to US$35 million from US$20.1 million. Vessel operating expenses declined to US$42.8 million from US$49.3 million, partly offsetting the impact of lower time charter earnings.

As of September 30, 27 of the company’s 46 operated vessels, excluding two vessels in the independently managed Unigas Pool, were employed under time charters. Three additional newbuildings under construction had also secured time charter employment scheduled to commence upon delivery.

Navigator Gas continued to reshape its fleet through vessel disposals and investments in new gas carriers. Following the end of the quarter, the company completed the sales of the *Happy Pelican* and *Happy Avocet* in October, generating combined net proceeds of US$51.2 million. These transactions occurred after September 30 and therefore did not contribute to the reported third-quarter vessel disposal gains.

The company’s investment programme includes new ethylene carriers and ammonia-capable vessels. During the quarter, Navigator arranged financing to support construction and delivery obligations, including a US$121.8 million post-delivery facility for two ammonia-fuelled, ice-class gas carriers and committed Japanese lease financing for two ethylene newbuildings.

## Debt reduction and shareholder returns

Navigator Gas reduced its outstanding debt to US$762.6 million at September 30, compared with US$920.4 million at the end of June. The reduction reflected scheduled repayments and the repayment of revolving credit borrowings, partially offset by new financing drawdowns.

Unrestricted cash and cash equivalents stood at US$221.1 million, while restricted cash amounted to US$48 million. Together with US$156.7 million in undrawn credit facilities, the company reported total available liquidity of approximately US$425.8 million at the end of the quarter.

The board declared a quarterly dividend of US$0.08 per common share, payable on December 3, 2026, to shareholders of record on November 17. The distribution is expected to total approximately US$4.9 million.

Navigator also expects to repurchase approximately US$22.6 million of its shares between November 6 and December 31, subject to market conditions and other requirements. Together, the planned repurchases and dividend would represent 35% of third-quarter net income attributable to shareholders, in line with the company’s capital return policy.

For the first nine months of 2026, Navigator Gas reported total operating revenues of US$463.6 million, an increase of 6.8% year on year. Net income attributable to shareholders more than doubled to US$166.8 million from US$81.6 million, while adjusted net income increased to US$84.3 million from US$59 million.

The results highlight the contribution of fleet disposals to Navigator’s reported earnings, alongside the continuing importance of charter employment, financing flexibility and fleet renewal. Although reported net income increased significantly, the decline in quarterly adjusted EBITDA indicates that the improvement was not uniform across the company’s operating activities.

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Cite as: "Navigator Gas reports higher earnings as vessel sales lift quarterly results", pelavox., 7 November 2026, https://pelavox.com/navigator-gas-q3-2026-earnings-vessel-sales/