The owner of the world’s largest fleet of handysize liquefied gas carriers has reported a net loss of US$7.7M for Q2 2019
London-headquartered Navigator Holdings reported operating revenue of US$73.6M for the three months ending 30 June 2019, an increase from US$73.2M for the three months ending 30 June 2018.
Net losses were US$7.7M, a loss per share of $0.14 for Q2 2019, compared to a net loss of US$3.2M for Q2 2018. Adjusted earnings before interest, tax, depreciation and amortisation was US$23.2M for Q2 2019, compared to US$27.2M for Q2 2018.
Navigator owns and operates 37 semi- or fully refrigerated liquefied gas carriers, 14 of which can carry ethylene and ethane. The company announced the results in an SEC filing on 9 August.
The second-quarter period also saw a third long-term throughput agreement signed for the Morgan’s Point ethylene export marine terminal in Texas. Navigator noted “strong indications of demand for the remaining capacity” at the company’s 50/50 joint-venture terminal. Commercial operations are scheduled to commence in Q4 2019, and a refrigerated storage tank is expected to be completed in late 2020.