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Navigator Holdings Q1 earnings up 30.5%

Navigator Holdings Q1 earnings up 30.5%
LPG carrier owner Navigator Holdings reported a 30.5% rise in first quarter profits.

The New York Stock Exchange listed owner booked a $22m profit in the first quarter of 2015, up 30.5% on the same period in the previous year. Operating revenues were up 6.3% year-on-year at $74.2m.

“This increase was due to an increase in the weighted average number of vessels in our fleet, improvements in the average monthly charter rates and an increase in vessel utilisation, offset by a decrease as a result of the fall in bunker prices,” Navigator said.

The company has a fleet of 28 vessels with 10 newbuildings on order. Fleet utilisation in the first quarter was 97% up slightly from 96.9% in the same period in 2014.

TAGS: Tankers