Middle East shipping chaos drives Navigator Holdings Q2 profit gain

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.