Navigator Holdings Ltd. reported better earnings for the July-September quarter of 2020. The company’s net income stood at $1.5 million, equal to earnings per share of $0.03 in the quarter, compared to a net loss of $2.9 million or a loss per share of $0.05 in the corresponding period a year earlier. Operating revenue also improved from $75.6 million to $81.4 million over the same period. Adjusted EBITDA stood at $31.9 million for the third quarter, increasing from $29.5 million a year earlier. This is despite a fall in fleet utilization which stood at 78.8% in the quarter, compared to 84.6% a year earlier.
Navigator said its joint venture ethylene export terminal with Enterprise Products Partners at Houston continued to be operational although Hurricane Laura affected its output in August. The availability of ethylene to export was reduced as the hurricane created power supply to nearby ethylene crackers. The companies are commissioning a 30,000-ton storage tank that will expand the facility’s throughput capacity.
Navigator also said that the economic climate began to stabilize in the third quarter after turbulences in the previous quarters due to the COVID-19 pandemic. The company expects Asian economies to continue to recover quicker than their western peers. However, Navigator warned that the pandemic continued to affect global economic conditions.
