Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 876 |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | London, United Kingdom |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Statement of Financial Position [Abstract] | ||||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Common stock, authorized (in shares) | 400,000,000 | 400,000,000 | ||
| Common stock, shares issued (in shares) | 65,250,444 | 69,397,648 | ||
| Common stock, shares outstanding (in shares) | 65,250,444 | 69,397,648 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 105,873 | $ 94,097 | $ 86,872 |
| Other Comprehensive Income: | |||
| Foreign currency translation gain/(loss) | 140 | (396) | 311 |
| Total Comprehensive Income | 106,013 | 93,701 | 87,183 |
| Total Comprehensive Income attributable to: | |||
| Stockholders of Navigator Holdings Ltd. | 100,262 | 85,175 | 82,566 |
| Non-controlling interests | 5,751 | 8,526 | 4,617 |
| Total Comprehensive Income | $ 106,013 | $ 93,701 | $ 87,183 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Statement of Stockholders' Equity [Abstract] | ||||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash Flows (Parenthetical) |
Dec. 31, 2025 |
|---|---|
| 8.00% Senior Unsecured Bonds | |
| Interest rate (as a percent) | 8.00% |
| 7.25% Senior Unsecured Bonds | |
| Interest rate (as a percent) | 7.25% |
Description of the Business |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Description of the Business | 1. Description of the Business Navigator Holdings Ltd. (the “Company”), the ultimate parent company of the Navigator Group of companies, is registered in the Republic of the Marshall Islands. The Company has a core business of owning and operating a fleet of liquefied gas carriers. As of December 31, 2025, the Company owned and operated 57 gas carriers (the “Vessels”) each having a cargo capacity of between 3,770 cbm and 38,000 cbm, of which 26 were ethylene and ethane-capable vessels. Our Ethylene Export Terminal, owned by the Export Terminal Joint Venture, includes an ethylene cryogenic storage tank with a capacity of 30,000 tons, and has the capacity to export approximately 1.55 million tons of ethylene per year and load ethylene-capable gas carriers at rates of 1,000 tons per hour.
|
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after these financial statements are issued. As part of the assessment, management has included consideration of the following; •our current financial condition and liquidity sources, including current funds available, financial covenants, and forecasted future cash flows; •the severity and duration of any world events and armed conflicts, and associated repercussions to supply and demand for oil and gas and the economy generally as well as possible effects of trade disruptions; •environmental regulations such as those affecting vessels' Energy Efficiency Existing Ship Index (“EEXI”); and •the total capital contributions required for our six newbuild vessels. As of December 31, 2025, our total current assets exceeded our total current liabilities by approximately $44.5 million. Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and Variable Interest Entities (“VIE”) for which the Company is a primary beneficiary and which are also consolidated (See Note 10. Variable Interest Entities to our consolidated financial statements). All intercompany accounts and transactions have been eliminated on consolidation. We operate the Ethylene Export Terminal through our 50/50 Export Terminal Joint Venture. Our joint venture partner is the sole managing member of the Export Terminal Joint Venture and it is also the operator of the Ethylene Export Terminal. The Export Terminal Joint Venture is organized as a limited liability company and maintains separate ownership accounts. Consequently, we account for our investment using the equity method as our ownership interest is 50% and we exercise joint control over the investee’s operating and financial policies. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly. The carrying amount is recognized initially at cost, which includes interest capitalized from the terminal loan facility utilized during the construction phase. The capitalized interest will be amortized over the useful life of the terminal. After initial recognition, the consolidated financial statements will include the Company’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which joint control ceases. We own a 50% share in Dan Unity CO2 A/S (“Dan Unity”). Dan-Unity is a 50/50 joint venture involving one of our subsidiaries, and the joint venture partners, who combine their financial capacities, expertise in, and experience with designing and potentially constructing specialized CO2 gas carriers and would handle all activities of seaborne CO2 transportation. Dan Unity is accounted for as an investment using the equity method in accordance with the guidance within ASC 810 – Consolidation, and ASC 323 – Equity Method and Joint Ventures. Unigas International B.V. (“Unigas”), based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. We own a 33.33% share in Unigas. Unigas independently operates the Unigas Pool which was founded in 1969, with three pool members, Schulte Group, Sloman Neptun and Navigator Gas Denmark ApS (the “Pool Members”, or, a “Pool Member”) and where each Pool Member contributes vessels to operate within the Unigas Pool. The Unigas Pool is not a legal entity, and operations are governed by an agreement between the Pool Members. Vessel earnings are pooled and then distributed to the Pool Members, using a pool-based formula according to the Unigas Pool Agreement.The Company’s investment in Unigas B.V is accounted for as an investment using the equity method in accordance with the guidance within ASC 810 – Consolidation, and ASC 323 – Equity Method and Joint Ventures, whereas revenues and expenses within the Unigas Pool are accounted for in accordance with ASC 842 – Leases. (b) Vessels Vessels are stated at cost, which includes the cost of construction, capitalized interest and other direct costs attributable to construction. The cost of the vessels (excluding the estimated initial drydocking cost) less their estimated residual value is depreciated on a straight-line basis over the vessel’s estimated useful life. The estimated useful life of the Company’s vessels is 25 years from the date of original construction. (c) Vessels Held for Sale Assets are classified as held for sale when the Company commits to a plan to sell the asset, completion of the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether the asset is being marketed for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the intention to sell will be made or that the intention to sell will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less costs to sell, and they are tested for impairment. A loss is recognized when the carrying value of the asset exceeds the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated. (d) Valuation of Vessels Our vessels and capitalized drydocking costs are reviewed for impairment when events or circumstances indicate the carrying amount of the vessel and capitalized drydocking costs may not be recoverable. When such indicators are present, a vessel and the capitalized drydocking costs are tested for recoverability by comparing the future cash flows (undiscounted and excluding interest charges that will be recognized as an expense when incurred) expected to be generated by the vessel together with the capitalized drydocking costs over their estimated remaining useful life to its carrying value. If we determine that a vessel’s undiscounted cash flows are less than its carrying value, we record an impairment loss equal to the amount by which its carrying value exceeds its fair value. Fair value is determined using a discounted cashflow model. Should an impairment be recordered, the new lower cost basis would result in lower annual depreciation than before the impairment. At December 31, 2025, the estimated useful lives of the vessels remained unchanged at 25 years, and none of the vessels exhibited indicators of impairment. We periodically review the useful economic lives of our vessels to ensure they remain appropriate. This review involves judgment and assumptions, including an evaluation of historical useful lives, an analysis of costs incurred during drydocking, and an assessment of gains or losses realized on vessels sold in recent years. When impairment indicators are present, the estimates and assumptions regarding expected cash flows require considerable judgment by management and are based upon historical experience, financial forecasts, and industry trends and conditions. Future cash flow assumptions also require estimates regarding the remaining useful lives of the vessels and capitalized drydocking costs. When discounted cash flows are required, assumptions are made regarding the discount rate applied to the estimated future cash flows. (e) Impairment of Equity Method Investments Equity method investments are reviewed for indicators of impairment when events or circumstances indicate the carrying amount of the investment may not be recoverable. When such indicators are present, we determine if the indicators are ‘other than temporary’ to determine if an impairment exists. If we determine that an impairment exists, a discounted cash flow analysis is carried out based on the future cash flows expected to be generated over the investment’s estimated remaining useful life. The resulting net present value is compared to the carrying value and we could recognize an impairment loss equal to the amount by which the carrying amount exceeds its fair value. (f) Drydocking Costs Depending on age, each vessel is required to be drydocked approximately every two and a half year or five years for classification society surveys and inspections of, among other things, the underwater parts of the vessel. These works include, but are not limited to hull coatings, seawater valves, steelworks and piping works, propeller servicing and anchor chain winch calibrations, all of which cannot be performed while the vessels are operating. The Company capitalizes costs associated with the drydocking in accordance with ASC 360 – Property, Plant and Equipment, and amortized these costs on a straight-line basis over the period to the next expected drydock. Amortization of drydocking costs is included in depreciation and amortization in the Consolidated Statements of Operations. Costs incurred during the drydocking which relate to routine repairs and maintenance are expensed. Where a vessel is newly acquired, or constructed, a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next drydock based on experience and past history of similar vessels. Drydocking costs are included within operating activities on the cashflow statement. (g) Intangible Assets Intangible assets consist of software acquisition and associated costs of software modification to meet the Company’s internal needs. Intangible assets are amortized on a straight-line basis over the expected life of the software license, product, or the expected duration that the software is estimated to contribute to the cash flows of the Company, which is typically five years. Amortization of intangible assets is included in depreciation and amortization in the Consolidated Statements of Operations. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and exceeds its fair value. No impairment has been recognized for the years ending December 31, 2025, 2024 and 2023. (h) Cash, Cash Equivalents and Restricted Cash The Company considers highly liquid investments, such as time deposits and certificates of deposit with an original maturity of three months or less when purchased, to be cash equivalents. As of December 31, 2025, and 2024 and for the years then ended, the Company had balances in U.S. financial institutions in excess of the amounts insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company also maintains cash balances in foreign financial institutions outside of the U.S. which are not covered by the FDIC. Amounts included in restricted cash represent cash held in blocked deposit accounts as required in accordance with the terms of certain of the Company's secured term loans with banking institutions, and cash held by PT Navigator Khatulistiwa, the Company’s Indonesian joint venture. As of December 31, 2025, $49.9 million was classified as restricted (December 31, 2024: $9.0 million). (i) Accounts Receivable, Net The Company carries its accounts receivable at cost less an allowance for expected credit losses. As of December 31, 2025 and December 31, 2024, the Company evaluated its accounts receivable and established an allowance for expected credit losses, based on a history of past write-offs, collections and current credit conditions. The Company also considers future and reasonable and supportable forecasts of future economic conditions in its allowance for expected credit losses. The Company does not generally charge interest on past-due accounts (unless the accounts are subject to legal action), and accounts are written off as uncollectible when all reasonable collection efforts have failed. Accounts are deemed past-due based on contractual terms. (j) Bunkers and Lubricant Oils Bunkers and lubricant oils include bunkers (fuel) for those vessels under voyage charters. Under a time charter, the cost of bunkers is borne by and remains the property of the charterer. Bunkers and lubricant oils are accounted for on a first-in, first-out (“FIFO”) basis and are valued at cost. (k) Deferred Finance Costs Costs incurred in connection with obtaining secured term loan facilities, revolving credit facilities, and bonds are recorded as deferred financing costs and are amortized to interest expense over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Under the Accounting Standards Update (ASU) 2015- 03, Interest—Imputation of Interest, the Company has adopted the accounting standard (Subtopic 835-30) simplifying the presentation of debt issuance cost to present the unamortized debt issuance costs, excluding commitment fees, as a direct reduction of the carrying value of the debt. Deferred financing costs related to undrawn debt are presented as assets on our consolidated balance sheet and amortized using the straight-line method. Following a loan refinancing assessed as a modification, any unamortized issuance costs related to the refinanced facility will continue to be amortized over the new term of the loan using the effective interest rate method. (l) Deferred Income Deferred income is the balance of cash received in excess of revenue earned under voyage charter arrangements as of the balance sheet date. Deferred income also includes the unearned portion of time charter revenue invoices for which consideration has not been received as at the balance sheet date, but for which there exists an unconditional right to receive such consideration at the balance sheet date before the performance obligation is satisfied. (m) Accruals and Other Liabilities Accrued expenses and other liabilities include all accrued liabilities relating to the operations of our vessels as well as any amounts accrued for general and administrative costs. (n) Revenue Recognition The Company receives its revenue streams from three different sources; voyage or ‘spot’ charters, contracts of affreightment (“COA”), and time charters. Voyage charter and COA arrangements In the case of vessels contracted under voyage charters, the vessel is contracted for a voyage, or a series of voyages, between two or more ports and the Company is paid for the cargo transported. Revenue from COAs is recognized on the same basis as revenue from voyage charters, as they are essentially a series of consecutive voyage charters. Payment from voyage charters and COAs is due upon discharge of the cargo at the discharge port. We recognize revenue on a load port to discharge port basis and determine percentage of completion for all voyage charters and COAs on a time elapsed basis. The Company believes that the performance obligation towards the customer starts to become satisfied once the cargo is loaded at the load port and the obligation becomes completely satisfied once the cargo has been discharged at the discharge port. Under this revenue recognition standard, the Company may incur certain costs following the commencement of a contract or charter party but before the loading of the cargo commences. These directly related costs are generally fuel or any canal or port costs incurred to get the vessel from its position at the inception of the contract to the load port to commence loading of the cargo. These costs are deferred and amortized over the duration of the performance obligation on a time basis. Voyage charters and COAs typically have an expected duration of one year or less. Time charter arrangements For vessels contracted under time charters, the arrangements are for a specified period of time. The Company receives a fixed charter rate per on-hire day which is payable monthly in advance and revenue is recognized ratably over the term of the charter. Key decisions concerning the use of the vessel during the time charter period reside with the charterer. We are responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs. As the charterer holds rights to determine how and when the vessel is used and is also responsible for voyage specific costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the use of the vessel is transferred to the charterer during the specified time charter period. Time charters are therefore considered operating leases and we apply the lease income recognition guidance in ASC 842 – Leases following the adoption of that standard. In addition, the Company has performed a qualitative analysis of each of its time charter contracts and concluded that the lease component is the predominant component as the charterer could attribute most value to the ability to direct the use of the vessel rather than to the technical and crewing services to operate the vessel which are add-on services. Accordingly, revenue from vessels under time charter arrangements is presented as a single lease component. (o) Other Comprehensive Income The Company follows the provisions of ASC 220 - Reporting Comprehensive Income, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. Comprehensive income is comprised of net income and foreign currency translation gains and losses. (p) Voyage Expenses and Vessel Operating Expenses Voyage expenses consist mainly of in-port expenses, canal fees and bunker (fuel) consumption and are recognized as incurred during the performance obligation (the period of time from load to discharge) of the vessel. Vessel operating expenses are expenses related to the operation of the vessels, such as crew costs, stores, insurance, and repairs and maintenance, and these are recognized as incurred. When the Company employs its vessels on time charter, it is responsible for the vessel operating expenses while the customer is responsible for substantially all of the voyage expenses. When the Company employs its vessels on spot or voyage charters, the vessel is contracted only for a voyage between two or more ports, and the Company pays for all voyage expenses in addition to vessel operating expenses. The Company also incurs certain voyage expenses to fulfill a contract with a charterer which are incurred following the commencement of a contract or charter party but before the loading of the cargo commences. These directly related expenses are generally fuel or any canal or port costs to get the vessel from its position at inception of the contract to the load port to commence loading of the cargo. These expenses are deferred and amortized over the duration of the performance obligation on a time basis. (q) Repairs and Maintenance All expenditures relating to routine maintenance and repairs are expensed when incurred. (r) Insurance The Company maintains hull and machinery insurance, war risk insurance, protection and indemnity insurance, increased value insurance, and demurrage and defense insurance in amounts considered prudent to cover normal risks in the ordinary course of its operations. Premiums paid in advance to insurance companies are recognized as prepaid expenses and recorded as a vessel operating expense over the period covered by the insurance contract. In addition, the Company maintains Directors and Officers insurance. When the Company has enforceable insurance in place, a receivable is recognized for an insured event if realization is probable. We apply judgment that an insurance recovery is probable when the insurer has confirmed that a claim is covered by insurance, and an amount will be paid to the Company. If the insurance receivable realization is probable, the receivable is measured as the lesser of (a) the recognized loss from the insurance event or (b) the probable recovery from the insurer. Subsequent receipt of the receivable is typically but not always within a twelve-month period, and insurance receivables are typically classified as current on our consolidated balance sheet. If the recoverability of the insurance claim is subject to dispute then there is a rebuttable presumption that realization is not probable. (s) Share-Based Compensation The Company records the fair value of all equity-settled stock-based compensation awards as an expense in its financial statements. The terms and vesting schedules for share-based awards vary by type of grant. Generally, the awards vest subject to time-based (typically to three years) service conditions. Compensation expense is recognized ratably over the service period. (t) Use of Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. (u) Foreign Currency Transactions Substantially all of the Company’s cash receipts are in U.S. Dollars. The Company’s disbursements, however, are in the currency invoiced by the supplier. The Company remits funds in the various currencies invoiced. The non-U.S. Dollar invoices received, and their subsequent payments, are converted into U.S. Dollars when the transactions occur. The movement in exchange rates between these two dates is transferred to an exchange difference account and is expensed each month. As the majority of the Company's disbursements are in U.S. Dollars the Company considers exchange risk resulting from these non-U.S. Dollar transactions not to be material. (v) Derivative Instruments Derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying balance sheet and subsequently remeasured to fair value at each reporting date, regardless of the purpose or intent for holding the derivative. The resulting derivative assets or liabilities are not netted off against one another on the face of the balance sheet. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract qualifies for hedge accounting and has been designated as a hedging instrument. For derivative instruments that are not designated or that do not qualify as hedging instruments under ASC 815 – Derivatives and Hedging, the asset or liability is recognized as ‘Derivative assets’ or ‘Derivative liabilities’ on the balance sheet and changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from movements in the fair value of the Company’s non-designated interest rate swap agreements are recorded in unrealized (losses)/gains on non-designated derivative instruments in the Company’s consolidated statement of operations and do not impact our cash flows. (w) Income Taxes Current taxation Navigator Holdings Ltd. and its Marshall Islands subsidiaries are not required to pay income taxes in the Marshall Islands on ordinary income or capital gains as they qualify as exempt companies. The Company has wholly owned subsidiaries incorporated in the United Kingdom where the base tax rate is 25%. These subsidiaries provide services to affiliated entities within the group. The Company has a subsidiary in Poland where the base tax rate is 19%. The subsidiary earns management fees from fellow subsidiary companies. The Company has a subsidiary incorporated in Singapore where the base tax rate is 17%. The subsidiary earns management and other fees and receives interest from a VIE, PT Navigator Khatulistiwa (“PTNK”). PTNK is subject to Indonesian freight tax on all of its gross shipping transportation revenue at a rate of 1.2% when vessels perform Indonesian cabotage, and 2.64% when vessels perform an international voyage. The Company has a subsidiary in the United States of America where the base tax rate is 21%. The subsidiary owns a 50% interest in the Export Terminal Joint Venture, a pass through entity for U.S. tax purposes, with the subsidiary liable for its share of the profits of the Ethylene Export Terminal. The Company considered the income tax disclosure requirements of ASC 740 – Income Taxes, with regard to disclosing material unrecognized tax benefits; none were identified. The Company’s policy is to recognize accrued interest and penalties for unrecognized tax benefits as a component of tax expense. As of December 31, 2025, and 2024, there were no accrued interest and penalties for unrecognized tax benefits. Deferred taxation Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheet reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. (x) Earnings Per Share Basic earnings per common share (“Basic EPS”) is computed by dividing the net income attributable to common stockholders by the weighted average number of shares outstanding in any period. Diluted earnings per common share (“Diluted EPS”) is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares and dilutive common share equivalents then outstanding in any period. Share options granted pursuant to the 2023 LTIP are the only dilutive shares in existence at December 31, 2025 and these shares have been considered as outstanding since their respective grant dates for the purposes of computing diluted earnings per share. (y) Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or significant influence. (z) Segment Reporting The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM principally evaluates the performance of each vessel and all our vessels as a whole and not on the basis of separate business units, geographical area, or the location of activities. As a result, the Company has determined that it operates as one reportable segment. The CODM uses individual and total consolidated assets and individual and total consolidated income and expense information to manage the operations of the segment. Such measures are compared against prior periods to identify, assess, and respond to trends. As disclosed in Note 5. Operating Revenues to our consolidated financial statements, there are two different revenue streams due to the nature of the contracts that we operate. The Company considers that its equity method investments do not meet the criteria in ASC 280 to be separate reportable segments. (aa) European Union Allowances (EUAs) The Company participates in the European Union Emissions Trading System (EU ETS) and holds European Union Allowances (EUAs) for compliance purposes. EUAs that are acquired are recorded as inventory in accordance with ASC 330 – Inventory and are initially recognized at cost upon acquisition. EUAs held for compliance purposes are classified as inventory until they are surrendered to regulatory authorities. EUAs are measured at the lower of cost or net realizable value (NRV) and are not revalued. (ab) Government Grant The Company may receive government grants that are specifically intended to fund the construction, acquisition, or improvement of vessels or other long-lived assets. The Company applies U.S. GAAP by analogy with IAS 20 to existing guidance for for-profit entities, including ASC 360, Property, Plant, and Equipment, and relevant concepts from ASC 958-605, Revenue Recognition by Not-for-Profit Entities. Government grants that are directly related to the construction or acquisition of a specific vessel or other long-lived asset are recorded as deferred income when the Company concludes (i) the grant proceeds have been received or are receivable, (ii) the Company is reasonably assured that it will comply with the conditions attached to the grant, and (iii) the grant is not repayable. The deferred income will be amortized over the asset’s estimated useful life in accordance with the Company’s depreciation policies. If the Company determines that the conditions of the grant are not reasonably assured, the grant is recorded as a liability until the conditions are met or uncertainty is resolved. If the Company becomes aware that a grant may be refundable, the Company recognizes a liability in accordance with ASC 450-20, Loss Contingencies. (ac) Recent Accounting Pronouncements The following accounting standards issued as of December 31, 2025 may affect the future financial reporting by Navigator Holdings Ltd., however none of these new accounting pronouncements are expected to have a material impact on the financial reporting by the Company. In September 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. Given the magnitude of changes to the tabular reconciliation as compared to the existing requirements, Public entities ("PBEs") will need to consider how they will adopt the standard. Whether it is applied prospectively or retrospectively, the adoption of the ASU will necessitate consideration of the reporting entity’s processes, systems, and controls around disclosures. The foreign tax effects category in particular expands significantly on existing disclosure for most reporting entities. For Public entities, ASU 2023-09 was effective for annual periods beginning after December 15, 2024 and the Company adopted ASU 2023-09 in the current year on a retrospectively basis. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This guidance requires additional quantitative and qualitative disclosure of certain amounts included in the expense captions presented on the face of the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on its disclosures, however, no material impact on our consolidated financial position is expected. In November 2024, the FASB issued ASU 2024-04, which provides additional guidance on the accounting for induced conversions of convertible debt instruments, including clarifying when induced conversion or debt extinguishment accounting should be applied. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. The guidance is to be applied prospectively, with retrospective application permitted. Early adoption is permitted for entities that have adopted ASU 2020-06. The Company is evaluating the impact of adoption on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03 to confirm that all public business entities are required to initially adopt the guidance in annual reporting periods beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027. The ASU does not change the underlying disclosure requirements of ASU 2024-03. Early adoption of ASU2024-03 remains permitted. The issuance of this ASU does not change the Company’s current adoption plans. In May 2025, the FASB issued ASU 2025-03, which clarifies the guidance for determining the accounting acquirer in certain business combinations involving the acquisition of a variable interest entity, particularly when the transaction is effected primarily through the exchange of equity interests. The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. The Company is evaluating the impact of adoption on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In May 2025, the FASB issued ASU 2025-04. The ASU clarifies existing guidance in ASC 606 and ASC 718 for share-based payment awards granted as consideration payable to a customer in conjunction with the sale of goods or services, with the objective of reducing diversity in practice and improving operability. The ASU is effective for fiscal years beginning after December 15, 2026, including interim reporting periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of the ASU on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In July 2025, the FASB issued ASU 2025-05 to provide a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted, and is to be applied on a prospective basis. The Company is evaluating the expected impact of adopting this ASU on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In September 2025, the FASB issued ASU 2025-06, which introduces targeted improvements to the accounting for internal-use software by eliminating the project-stage model and updating capitalization criteria and disclosures. The amendments are effective for fiscal years beginning after December 15, 2027, and are to be applied prospectively, with retrospective application permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In September 2025 FASB issued ASU 2025-07. The ASU refines the scope of the guidance on derivatives in ASC 815 to expand an existing scope exception for certain non-exchange-traded contracts. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In November 2025, the FASB issued ASU 2025-08, which introduces a new accounting model for the initial allowance for credit losses on certain purchased seasoned loans. Under the new guidance, the initial allowance for credit losses is recorded as an adjustment to the amortized cost basis rather than through earnings. The amendments are effective for reporting periods beginning after December 15, 2026, and are to be applied prospectively. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In 2025, the FASB issued ASU 2025-10, which establishes new guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. The amendments are effective for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In December 2025, the FASB issued ASU 2025-11, which improves the structure and navigability of interim reporting guidance and clarifies disclosure requirements without changing the fundamental nature of interim reporting. For public business entities, the amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In December 2025, the FASB issued ASU 2025-12, which includes technical corrections and clarifications intended to improve the consistency and clarity of the Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected.
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Derivative Instruments Accounted for at Fair Value |
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| Derivative Instruments Accounted for at Fair Value | 3. Derivative Instruments Accounted for at Fair Value Interest Rate risk The Company has a number of existing vessel loan facilities with associated amortizing fixed interest rate swaps. As of December 31, 2025, the interest rate swaps had a net negative fair value to the Company of $0.8 million (December 31, 2024, a positive fair value to the Company of $7.2 million).There were unrealized losses of $4.7 million on the fair value of the swaps for the year ended December 31, 2025 (year ended December 31, 2024, an unrealized loss of $7.5 million). The Company repaid existing vessel loan facilities during the year ended December 31, 2025, and as a result the Company cash settled interest rate swap agreements linked to these loans and realized a loss of $1.2 million (year ended December 31, 2024, $nil). These fixed interest rate swaps are typically entered into with the financial institutions that are also lenders under our loan facilities. The interest rates payable by the Company under these interest rate swap agreements is 3.93% and 5.75%. The interest rates receivable by the Company under these interest rate swap agreements is typically 3-month SOFR, calculated on a 360-day year basis and which resets every three months. All interest rate swaps are remeasured to fair value at each reporting date and have been categorized as Level Two on the fair value measurement hierarchy. The remeasurement to fair value has no impact on cash flows at the reporting date. There is no requirement for cash collateral to be placed with the swap providers under these swap agreements and there is no effect on restricted cash as of December 31, 2025. As of December 31, 2025, we held the following interest rate swaps that partially hedge our variable-rate loan facilities:
On June 24, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on approximately 79% of the outstanding Term Loan portion of our May 2025 Senior Secured Term Loan and RCF. On August 5, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on approximately 75% of the outstanding Term Loan portion of our March 2023 Secured Term Loan facility. On August 13, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on approximately 100% of the outstanding Term Loan portion of our August 2024 Secured Term Loan and RCF. The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024.
The Company uses derivative instruments in accordance with its overall risk management policy to mitigate the risk of unfavorable movements in interest rates. The Company held no derivatives designated as hedges as of December 31, 2025, or December 31, 2024. Fair value is a market-based measurement that is determined based on assumptions that market participants could use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. Foreign Currency Exchange Rate risk All foreign currency-denominated monetary assets and liabilities are revalued and reported in the Company’s functional currency based on the prevailing exchange rate at the end of the period. These foreign currency transactions fluctuate based on the strength of the U.S. Dollar. The remeasurement of all foreign currency-denominated monetary assets and liabilities at each reporting date results in unrealized foreign currency exchange differences which do not impact our cash flows. Credit risk The Company is exposed to credit losses in the event of non-performance by the counterparties to its interest rate swap agreements. As of December 31, 2025, the Company is exposed to credit risk where interest rate swaps are in an asset position from the perspective of the Company. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are reputable financial institutions, highly rated by a recognized rating agency. The fair value of our interest rate swap agreements is the estimated amount that we could pay/receive to sell or transfer the swap at the reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The estimated amount is the present value of future cash flows, adjusted for credit risk. The amount recorded as a derivative asset or liability could vary by a material amount in the near term if credit markets are volatile or if credit risk were to change significantly. The fair value of our interest rate swap agreements at the end of each period is most significantly affected by the U.S. Dollar interest rate forward curve, including its relative steepness. Interest rates and foreign exchange rates may experience significant volatility in both the short and long term. While the fair value of our swap agreements is typically more sensitive to changes in short-term rates, significant changes in long-term benchmark interest, foreign exchange rates and the credit risk of the counterparties of the Company may also materially impact the fair values of our swap agreements.
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Fair Value of Financial Instruments |
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| Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The principal financial assets of the Company as of December 31, 2025, and 2024 consist of cash, cash equivalents and restricted cash and accounts receivable. The principal financial liabilities of the Company as of December 31, 2025 and 2024 consist of accounts payable, accrued expenses and other liabilities, secured term loan facilities, revolving credit facilities and the 2024 Bonds. The carrying values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities are reasonable estimates of their fair value due to the short-term nature or liquidity of these financial instruments. Fair value is a market-based measurement that is determined based on assumptions that market participants could use in pricing an asset or a liability. The fair value accounting standard establishes a three tier fair value hierarchy the (Level 1, Level 2 and Level 3) fair value hierarchy described in Note 3. Derivative Instruments Accounted for at Fair Value, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. The 2024 Bonds are classified as a Level 2 liability and the fair values have been calculated based on the most recent over the counter ("OTC") trades of the bond prior to December 31, 2025. These trades are infrequent and therefore not considered to be an active market. The fair value of secured term loan facilities and revolving credit facilities is estimated to approximate the carrying value in the balance sheet since they bear a variable interest rate, which is reset every quarter. This has been categorized at Level 2 on the fair value measurement hierarchy as at December 31, 2025 and 2024. The following table includes the estimated fair value and carrying value of those assets and liabilities where the fair value may not approximate the carrying value. The table excludes cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, accrued expenses, and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less.
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Operating Revenues |
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| Operating Revenues | 5. Operating Revenues The following table compares our operating revenues for the years ended December 31, 2025 , 2024 and 2023:
Time Charter revenues As of December 31, 2025, 29 of the Company’s 49 operated vessels, (excluding the eight vessels operating within the independently managed Unigas Pool) were subject to time charters, 19 of which will expire within one year, seven of which will expire within three years, and three of which will expire within five years from the balance sheet date (as of December 31, 2024: 32 of the Company’s 47 operated vessels were subject to time charters, 23 of which were due to expire within one year, and nine within three years). As of December 31, 2025, the estimated undiscounted cash flows for committed time charter revenue expected to be received on an annual basis for ongoing time charters, as of each December 31, is as follows:
For time charter revenues accounted for under Topic 842, the amount of accrued income on the Company’s consolidated balance sheet as of December 31, 2025, was $1.5 million (December 31, 2024: $0.7 million). The amount of hire payments received in advance under time charter contracts, recognized as a liability and reflected within deferred income on the Company’s consolidated balance sheet at December 31, 2025, was $27.2 million (December 31, 2024: $24.5 million). Deferred income allocated to time charters will be recognized ratably over time, which is expected to be within one month from December 31, 2025. Voyage Charter revenues Voyage charter revenues, which include revenues from contracts of affreightment, are shown net of address commissions. As of December 31, 2025, for voyage charters and contracts of affreightment, services accounted for under Topic 606, the amount of contract assets reflected within accrued income on the Company’s consolidated balance sheet was $3.2 million (December 31, 2024: $5.1 million). Changes in the contract asset balance at the balance sheet dates reflect income accrued after loading of the cargo commences but before an invoice has been raised to the charterer, as well as changes in the number of the Company’s vessels contracted under voyage charters or contracts of affreightment The opening and closing balance of receivables from voyage charters and contracts of affreightment combined was $19.5 million and $14.1 million respectively as of December 31, 2025 (December 31, 2024: $18.3 million and $19.5 million respectively) and these amounts are reflected within accounts receivable on our consolidated balance sheet. The amount allocated to costs incurred to fulfill a contract with a charterer, which are costs incurred following the commencement of a contract or charter party but before the loading of the cargo commences was $0.9 million as of December 31, 2025 (December 31, 2024: $2.5 million) and is reflected within prepaid expenses and other current assets on the Company’s consolidated balance sheet. Voyage and Time charter revenues from Luna Pool collaborative arrangements: Revenues from the Luna Pool collaborative arrangements for year ended December 31, 2025, 2024, and 2023 which are accounted for under ASC 808 – Collaborative Arrangements, represent our share of pool net revenues generated by the other Pool Participant’s vessels in the Luna Pool. These include revenues from voyage charters and contracts of affreightment, which are accounted for under Topic 606 in addition to time charter revenues, which are accounted for under Topic 842.
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Vessels |
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| Vessels | 6. Vessels
The cost and net book value of the 29 vessels that were contracted under time charter agreements was $1,539 million and $974 million, respectively, as at December 31, 2025 (December 31, 2024: $1,676 million and $1,084 million, respectively, for 32 vessels contracted under time charters). The net book value of vessels that serve as collateral for the Company’s secured term loan and revolving credit facilities (see "Note 11. Secured Term Loan Facilities and Revolving Credit Facilities" to the consolidated financial statements) was $1,430 million as of December 31, 2025 (December 31, 2024: $1,382 million). On January 7, 2025, the Company entered into an agreement to acquire three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels"). On February 19, 2025, the Company acquired the first of the three Purchased Vessels, now renamed Navigator Hyperion for $27.4 million. On February 24, 2025, the Company acquired the second of the Purchased Vessels, now renamed Navigator Titan for $27.4 million. On March 17, 2025 the Company acquired the third of the Purchased Vessels, now renamed Navigator Vesta, for $29.2 million. On May 13, 2025, the Company sold and delivered Navigator Venus, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize vessel to a third party for net proceeds of $17.5 million and recognized a profit on sale of $12.6 million. On September 08, 2025, the Company sold and delivered Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated handysize vessel to a third party for net proceeds of $30.3 million and recognized a profit on sale of $12.6 million. The Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at December 31, 2025, and was subsequently sold and delivered on January 28, 2026. The Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was held for sale at December 31, 2025 and was subsequently sold and delivered on January 28, 2026.
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Vessels Under Construction |
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| Vessels Under Construction |
On August 20, 2024 the Company entered into contracts to build two new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China (the “Original Two Newbuild Vessels”). On November 21, 2024, the Company exercised an option and entered into contracts to build two additional newbuild vessels of the same specification and price (the “Additional Two Newbuild Vessels” and together with the Original Two Newbuild Vessels, the “Four Ethylene Newbuild Vessels”). The Four Ethylene Newbuild Vessels and the Additional Two Newbuild Vessels, (Navigator Polaris, Navigator Proxima, Navigator Parsec, and Navigator Pleione), are scheduled to be delivered to the Company in March 2027, July 2027, November 2027 and January 2028 respectively, at an average shipyard price of $102.9 million per vessel. On July 17, 2025, the Company announced that the Amon Joint Venture intends to acquire two newbuild 51,530 cubic meter capacity ammonia fueled liquefied ammonia carriers (the “Two Ammonia Newbuild Vessels" (Navigator Amundsen and Navigator Archer)), which will also be capable of carrying liquefied petroleum gas. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $87 million per vessel.
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Assets Held for Sale |
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| Assets Held for Sale | 8. Assets Held for Sale
The Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at December 31, 2025, and was subsequently sold and delivered on January 28, 2026. The Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was held for sale at December 31, 2025 and was subsequently sold and delivered on January 28, 2026.
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | 9. Equity Method Investments Interests in investments are accounted for using the equity method and are recognized initially at cost and subsequently include the Company’s share of the profit or loss and other comprehensive income of the equity-accounted investees. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly. Share of results from equity method investments, excluding amortized costs, recognized in the share of results of equity method investments for the year ended December 31, 2025, was a profit of $8.0 million (the years ended December 31, 2024 and 2023: a profit of $16.9 million and a profit of $20.6 million respectively).
The table below shows the movement in the Company’s equity method investments, for the years ended December 31, 2025, 2024 and 2023:
Export Terminal Joint Venture As of December 31, 2025, the Company's life-to-date contributions to the Export Terminal Joint Venture total $274.5 million (December 31, 2024: $270.5 million), being our total share of the capital cost for the construction of the Ethylene Export Terminal and the Terminal Expansion Project. The Ethylene Export Terminal began commercial operations in December 2019 and the Terminal Expansion Project was completed in December 2024. As of December 31, 2025 the capitalized interest and associated costs are being amortized over the estimated useful life of the Ethylene Export Terminal, which began commercial operations with the export of commissioning cargoes in December 2019. As of December 31, 2025 the unamortized difference between the carrying amount of the investment in the Export Terminal Joint Venture and the amount of the Company’s underlying equity in net assets of the Export Terminal Joint Venture was $4.9 million (December 31, 2024: $5.2 million). The costs amortized was $0.3 million for the year ended December 31, 2025, ($0.3 million for the year ended December 31, 2024) and this is presented in the share of results of the equity method investments within our consolidated statements of operations. Unigas International B.V. Unigas International B.V. (“Unigas”), based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. We own a 33.3% share in Unigas. Unigas independently operates the Unigas Pool which was founded in 1969, with three pool members, Schulte Group, Sloman Neptun and Navigator Gas Denmark ApS (the “Pool Members”, or, a “Pool Member”) and where each Pool Member contributes vessels to operate within the Unigas Pool. The Unigas Pool is not a legal entity, and operations are governed by an agreement between the Pool Members. Vessel earnings are pooled and then distributed to the Pool Members, using a pool-based formula according to the Unigas Pool Agreement. Dan Unity CO2 A/S ("Dan Unity") In June 2021, one of the Company’s subsidiaries entered into a shareholder agreement creating the joint venture Dan Unity, a Danish entity, to undertake commercial and technical projects relating to seaborne transportation of CO2. We account for our investment using the equity method and we exercise joint control over the operating and financial policies of Dan Unity. As of December 31, 2025, we have recognized the Company’s initial investment at cost along with the Company’s share of the profit or loss and other comprehensive income of equity accounted investees. Luna Pool Agency Limited ("Luna Pool Agency") In March 2020, the Company collaborated with Pacific Gas Pte. Ltd. and Greater Bay Gas to form and manage the Luna Pool. As part of the formation, Luna Pool Agency Limited (the “Luna Pool Agency”) was incorporated in May 2020. The pool participants jointly own the Luna Pool Agency on an equal basis, and both have equal board representation. As of December 31, 2025, we have recognized the Company’s initial investment of one British pound in the Luna Pool Agency within equity method investments on our consolidated balance sheet. The Luna Pool Agency has no activities other than as a legal custodian of the Luna Pool bank account and there will be no variability in its financial results as it has no income and its minimal operating expenses are reimbursed by the Pool Participants. Azane Fuel Solutions AS ("Azane") Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling to facilitate the transition to green fuels for shipping. The Company acquired a 9.5% equity interest in Azane on October 25, 2023, and accounts for it using the equity method. It was recognized initially at cost. Azane intends to build the world’s first ammonia bunkering network and operate ammonia bunkering infrastructure. Azane intends to become the missing link between ammonia production, and trade and vessels wishing to use ammonia as fuel. Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel-handling technology. Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling to facilitate the transition to green fuels for shipping. The Company acquired a 9.5% equity interest in Azane on October 25, 2023 and accounts for it using the equity method. It was recognized initially at cost. Azane intends to build the world’s first ammonia bunkering network and operate ammonia bunkering infrastructure and aims to become the missing link between ammonia production, and trade and vessels wishing to use ammonia as fuel. Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology. Bluestreak CO2 Limited ("Bluestreak") Bluestreak is a 50.0% / 50.0% joint venture between the Company and Bumi Armada, one of the world’s largest floating infrastructure operators. The joint venture aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom’s Industrial Decarbonisation Strategy. It is anticipated that the Bluestreak joint venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage unit or a floating carbon storage and injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The Bluestreak joint venture is subject to the execution of definitive documentation, approvals by the respective boards of directors of the Company and Bumi Armada, applicable regulatory approvals and other customary closing conditions. Summarized financial information for these equity method investees is included below; among the equity method investees are the Export Terminal Joint Venture, the Luna Pool Agency, Unigas, Bluestreak, Dan Unity and Azane. No changes occurred to the ownership in each of the equity method investees during the year ended December 31, 2025. For investments acquired during the reported periods, amounts reflect 100% of the investees' results beginning on the date of our acquisition of the investment. The Export Terminal Joint Venture contributed $8.0 million for the year ended December 31, 2025, which represents the majority of our share of results of equity method investments (December 31, 2024 and 2023: equity method results of $16.9 million and $20.6 million, respectively). The summarized aggregate balance sheet data of the operating entity investments (including those amounts not owned by the Company) consists of the following:
The summarized operating data of the operating entity investments was as follows:
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Variable Interest Entities | 10. Variable Interest Entities As of December 31, 2025, and December 31, 2024, the Company has consolidated 100% of PT Navigator Khatulistiwa (‘PTNK”), a VIE for which the Company is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity with the power to direct the activities that most significantly impact the entity’s economic performance and has the right to residual gains or the obligation to absorb losses that could potentially be significant to the VIE. The Company owns 49% of the VIE’s common stock, all of its secured debt and has voting control. All economic interests in the residual net assets reside with the Company. By virtue of the accounting principle of consolidation, transactions between PTNK and the Company are eliminated on consolidation. In the Company's consolidated results PTNK was represented by total assets and liabilities, as of December 31, 2025, of $91.8 million and $29.1 million, respectively (December 31, 2024: $127.2 million and $25.8 million respectively). In August 2021, the Company acquired, as part of the Ultragas Transaction, a 25% and 40% share in the equity of Navigator Crewing Services Philippines Inc. (“NCSPI”) and Navigator Support Services Philippines Inc. (“NSSPI”), respectively. These companies are established primarily to provide marine services as principal or agent to ship owners, ship operators, managers engaged in international maritime business and business support services, respectively. The Company has determined that it has a variable interest in NCSPI and NSSPI and is considered to be the primary beneficiary as a result of having a controlling financial interest in the entities and has the power to direct the activities that most significantly impact NCSPI’s and NSSPI’s economic performance. As of December 31, 2025, our VIEs' were represented in our consolidated results by total assets and liabilities, of $92.5 million and $29.5 million respectively. These amounts have been included in the Company’s consolidated balance sheet as of December 31, 2025 (December 31, 2024: $128 million and $26.2 million respectively).
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Secured Term Loan Facilities and Revolving Credit Facilities |
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| Secured Term Loan Facilities and Revolving Credit Facilities | 11. Secured Term Loan Facilities and Revolving Credit Facilities The table below represents the annual principal payments to be made under our term loans and revolving credit facilities after December 31, 2025 and 2024:
March 2019 Terminal Facility. On March 29, 2019, Navigator Ethylene Terminals L.L.C., a wholly-owned subsidiary of the Company (the “Marine Terminal Borrower”), entered into a Credit Agreement with ING Capital L.L.C. and SG Americas Securities, L.L.C. for a maximum principal amount of $75.0 million for the payment of project costs relating to our Ethylene Export Terminal. The Terminal Facility had a final maturity of date of December 31, 2025 and was fully repaid on December 16, 2025. September 2020 Secured Revolving Credit Facility. On September 17, 2020, the Company entered into the September 2020 Secured Revolving Credit Facility with Nordea Bank ABP, Credit Agricole Corporate and Investment Bank, ING Bank N.V. London Branch, National Australia Bank, ABN AMRO Bank N.V. and BNP Paribas S.A. The September 2020 Secured Revolving Credit Facility had a term of five years maturing in September 2025 and was for a maximum principal amount of $210 million. The facility attracted interest at a rate of Comp SOFR plus 276 basis points. A final payment of $143.0 million was made on June 12, 2025 and as of December 31, 2025, the facility was fully repaid and all security granted by the Company over Navigator Eclipse, Navigator Luga, Navigator Nova, Navigator Prominence, and Navigator Yauza was released. October 2013 Santander Credit Facility A. On October 30, 2013, the Company entered into the October 2013 Santander Credit Facility A with Banco Santander, S.A. and Korea Finance Corporation to finance three newbuild LPG carriers: Adriatic Gas, Navigator Celtic (formerly Celtic Gas) and Happy Albatross. The August 2021 Amendment and Restatement Agreement has a term of twelve years maturing in June 2027 and was for a maximum principal amount of $81.0 million. The facility attracted interest at a rate of Comp SOFR plus 247 basis points. A final payment of $14.7 million was made on May 27, 2025 and as of December 31, 2025, the facility was fully repaid and all securities granted by the Company over Adriatic Gas, Navigator Celtic (formerly Celtic Gas) and Happy Albatross was released August 2021 Amendment and Restatement Agreement. On August 2, 2021, as part of the Ultragas Transaction, the Company entered into the August 2021 Amendment and Restatement Agreement with Danmarks Skibskredit A/S relating to a previously issued 2019 Senior Term Loan Facility. The August 2021 Amendment and Restatement Agreement has a term of six years maturing in June 2026 and is for a maximum principal amount of $67.0 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $29.1 million. The outstanding balance amortizes half-yearly through payments of $2.9 million, followed by a final balloon payment in June 2026 of $26.2 million and bears interest at a rate of 378 basis points. The loan facility is secured by first priority mortgages on each of Happy Osprey, Happy Peregrine, Happy Pelican and Happy Penguin well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. October 2013 DB Credit Facility A. On October 25, 2013, the Company entered into the October 2013 DB Credit Facility A with Deutsche Bank AG, Hong Kong Branch to finance two newbuild LPG carriers, Navigator Atlantic (formerly Atlantic Gas) and Navigator Balearic (formerly Balearic Gas). The October 2013 DB Credit Facility A has a term of twelve years, maturing in May 2027 and is for a maximum principal amount of $57.7 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $6.0 million. The outstanding balance amortizes half-yearly through payments of $1.2 million, and bears interest at a rate of Comp SOFR plus 247 basis points. The loan facility is secured by first priority mortgages on each of Navigator Atlantic (formerly Atlantic Gas) and Navigator Balearic (formerly Balearic Gas) as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. July 2015 DB Credit Facility B. On July 31, 2015, the Company entered into the July 2015 DB Credit Facility B with Deutsche Bank AG Hong Kong Branch to finance two newbuild LPG carriers: Bering Gas and Pacific Gas. The July 2015 DB Credit Facility B has a term of twelve years, maturing in December 2028 and is for a maximum principal amount of $60.9 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $16.5 million. The outstanding balance amortizes half-yearly through payments of $1.3 million, and bears interest at a rate of Comp SOFR plus 247 basis points. The loan facility is secured by first priority mortgages on each of Bering Gas and Pacific Gas as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. July 2015 Santander Credit Facility B. On July 31, 2015, the Company entered into the July 2015 Santander Credit Facility B with Banco Santander, S.A to finance two LPG carriers: Arctic Gas and Happy Avocet. The July 2015 Santander Credit Facility B has a term of twelve years, maturing in January 2029 and is for a maximum principal amount of $55.8 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $16.3 million. The outstanding balance amortizes half-yearly through payments of $1.3 million, and bears interest at a rate of Comp SOFR plus 247 basis points. The loan facility is secured by first priority mortgages on each of Arctic Gas and Happy Avocet as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. December 2022 Secured Term Loan and Revolving Credit Facility. On December 7, 2022, the Company entered into the December 2022 Secured Term Loan and Revolving Credit Facility with Credit Agricole Corporate and Investment Bank and Deutsche Bank AG. The December 2022 Secured Term Loan and Revolving Credit Facility has a term of seven years, maturing in September 2028 and is for a maximum principal amount of $111.8 million. As of December 31, 2025 the term loan was fully drawn, with an amount outstanding of $42.5 million. The outstanding balance amortizes quarterly through payments of $3.1 million followed by a final balloon payment in September 2028 of up to $39.7 million, and bears interest at a rate of Term SOFR plus 209 basis points. The loan facility is secured by first priority mortgages on each of Navigator Umbrio, Navigator Centauri, Navigator Ceres, Navigator Ceto and Navigator Copernico as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. December 2022 Greater Bay JV Term Loan Facility. On December 15, 2022, the Company entered into the December 2022 Greater Bay JV Term Loan Facility with ING Bank, London Branch, Skandinaviska Enskilda Banken AB (Publ), CTBC Bank and Shinsei Bank Limited for a maximum principal amount of $151.3 million to provide financing for the intended acquisition of five ethylene carriers from Pacific Gas. The December 2022 Greater Bay JV Term Loan Facility has a term of seven years, maturing in December 2029 and is for a maximum principal amount of $151.3 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $119.8 million The outstanding balance amortizes quarterly through payments of $2.7 million, followed by a final balloon payments starting on the anniversary of each vessel’s tranche of between $15.0 million and $18.2 million per tranche, and bears interest at a rate of Term SOFR plus 220 basis points. The loan facility is secured by first priority mortgages on each of Navigator Luna, Navigator Solar, Navigator Vega, Navigator Castor and Navigator Equator as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. March 2023 Senior Secured Term Loan. On March 20, 2023, the Company entered into the March 2023 Senior Secured Term Loan with Nordea Bank ABP, ABN AMRO Bank N.V., Skandinaviska Enskilda Banken AB (Publ), and BNP Paribas S.A. to refinance the June 2017 Secured Term Loan and Revolving Credit Facility and the October 2016 Secured Term Loan and Revolving Credit Facility that were due to mature in June and October 2023, respectively. The March 2023 Senior Secured Term Loan has a term of six years, maturing in March 2029 and is for a maximum principal amount of $200.0 million. As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $108.5 million. The outstanding balance amortizes quarterly through payments of $8.3 million followed by a final balloon payment in March 2029 of $20.6 million, and bears interest at a rate of Comp SOFR plus 205 basis points. The loan facility is secured by first priority mortgages on each of Navigator Leo, Navigator Libra, Navigator Jorf, Navigator Galaxy, Navigator Genesis, Navigator Grace, Navigator Gusto, Navigator Glory, Navigator Scorpio and Navigator Virgo as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. August 2024 Senior Secured Term Loan and Revolving Credit Facility. On August 9, 2024, the Company entered into the August 2024 Senior Secured Term Loan and Revolving Credit Facility with Crédit Agricole Corporate and Investment Bank, ING Bank N.V., and Skandinaviska Enskilda Banken AB (Publ), to refinance its March 2019 secured term loan that was due to mature in March 2025, to fund the repurchase of Navigator Aurora pursuant to the Company’s existing October 2019 sale and leaseback arrangement related to that vessel which, based on a termination notice we issued to the lessor in May 2024, terminated on October 29, 2024, and for general corporate and working capital purposes. The August 2024 Senior Secured Term Loan and Revolving Credit Facility has a term of six years maturing in August 2030 and is for a maximum principal amount of $147.6 million split as $84.6 million term loan and $63 million revolving credit facility. As of December 31, 2025 the term loan was fully drawn, with an amount outstanding of $68.0 million. The outstanding balance amortizes quarterly through payments of $3.5 million, followed by a final balloon payment in August 2030 of up to $67.5 million, and bears interest at a rate of Comp SOFR plus 190 basis points, which margin includes a 5-basis point sustainability-linked element The loan facility is secured by first priority mortgages on each of the Navigator Atlas, Navigator Aurora, Navigator Europa, Navigator Oberon and Navigator Triton, as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. February 2025 Senior Secured Term Loan. On February 7, 2025, the Company entered into the February 2025 Senior Secured Term Loan. with Nordea Bank Abp, to partially finance the purchase price of the three Purchased Vessels and used cash on hand to pay the remainder of the purchase price. As of December 31, 2025, the facility was fully drawn, with an amount outstanding of $74.6 million. The February 2025 facility matures on August 14, 2026, however the borrower has an option to extend the facility for a further 18 months. The facility is non-amortizing for the period to August 14, 2026, and has a balloon repayment of $25.0 million if the 18-month extension option is to be exercised, and bears interest at a rate of Term SOFR plus 180 basis points. The loan facility is secured by first priority mortgages on each of the Navigator Hyperion, Navigator Titan, and Navigator Vista, as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. May 2025 Senior Secured Term Loan and Revolving Credit Facility. On May 2, 2025, the Company entered into the May 2025 Senior Secured Term Loan and Revolving Credit Facility with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V., London Branch, and Skandinaviska Enskilda Banken AB (publ). The facility was used to repay the Company’s September 2020 secured loan, and the Company’s October 2013 secured loan facility that were due to mature in September 2025 and May 2027 respectively and for general corporate and working capital purposes. The May 2025 Facility has a term of six years maturing in May 2031, and is for a maximum principal amount of $300.0 million (split as $230 million Term Loan and $70 million Revolving Credit Facility). As of December 31, 2025 the facility was fully drawn, with an amount outstanding of $286.6 million. The outstanding balance amortizes quarterly through payments of $6.7 million, followed by a final balloon payment in May 2027 of up to $146.5 million, and bears interest at a rate of Term SOFR plus 170 basis points. The loan facility is secured by first priority mortgages on each of Navigator Luga, Navigator Prominence, Navigator Eclipse, Navigator Nova, Navigator Yauza, Adriatic Gas, Happy Albatross and Navigator Celtic as well as assignments of earnings and insurances on the secured vessels as typical for a facility of this type. The Company must comply with various financial (and other) covenants under the facility (see below) and as of December 31, 2025, the Company considers that it was in full compliance with all such covenants. Loan Facility Covenants. There are certain financial covenants within each of the Company’s secured loan facilities that are typical for transactions of these types. These covenants include: •maintenance at all times of a minimum balance of cash and cash equivalents of up to the greater of $50 million and 5% of the total indebtedness; •maintenance of the ratio of value adjusted total stockholders’ equity to value adjusted total assets of not less than 30%; •that the aggregate fair market value of the collateral vessels be no less than 110% of the aggregate amount outstanding under the relevant facility. As of December 31, 2025, the Company considers that it was in full compliance with all such covenants under all of its facilities. Other Loan Facility Covenants. Amongst other things, the secured facilities provide that the borrowers may not declare or pay dividends to shareholders out of operating revenues generated by the vessels securing the indebtedness if an event of default has occurred and is continuing. The secured facilities also limit the borrowers from, among other things, incurring indebtedness or entering into mergers and divestitures and require the borrowers to maintain adequate insurance coverage and maintain their vessels. In addition, the secured term loan facilities include customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness, and non-compliance with security documents. Borrowers under our secured loan facilities are also required to deliver semi-annual compliance certificates, which include valuations of the vessels securing the applicable facility, from independent ship brokers. Upon delivery of the valuations, if the market value of the collateral vessels is less than 110% to 135% of the outstanding indebtedness under the facilities, as applicable, the borrowers must either provide additional collateral or repay any amount in excess of 110% to 135% of the market value of the collateral vessels, as applicable. This covenant is measured semi-annually on June 30 and December 31, and as of December 31, 2025, we had an aggregate excess valuation $862.0 million above the levels required. Compliance with Loan Facility Covenants. Other than as stated, compliance with our financial covenants is measured as of the end of each fiscal quarter or each half year. As of December 31, 2025 and December 31, 2024, the Company considers that it was in full compliance with all such, covenants, including with respect to the aggregate fair market value of our collateral vessels. The following table shows the breakdown of secured term loan facilities and total deferred financing costs split between current and non-current liabilities as of December 31, 2025, and 2024:
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior Unsecured Bonds | 12. Senior Unsecured Bonds On October 17, 2024, we issued an aggregate principal amount of $100 million of our October 2024 Bonds. The net proceeds of the issuance of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.On March 28, 2025, pursuant to the March 2025 Bond Tap Issue Addendum, the Company completed the March 2025 Bond Tap Issue issuing an additional aggregate principal amount of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds. The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25%per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds. On September 3, 2025 the October 2024 Bonds (and the March 2025 Bond Tap Issue under the same bond terms) were listed on the Nordic ABM, which is operated and organized by Oslo Børs ASA and governed by Norwegian law The following table shows the breakdown of our senior unsecured bonds and total deferred financing costs as of December 31, 2025, and 2024:
Optional Redemption. We may redeem the October 2024 Bonds (and the March 2025 Bond Tap Issue), in whole or in part at any time. Any bonds redeemed: up until October 29, 2027 will be priced at the aggregate of the present value (discounted at 412 basis points) on the Repayment Date of the Nominal Amount and the remaining interest payments up to October 30, 2027; from October 30, 2027 to April 29, 2028, are redeemable at 102.9% of par; from April 30, 2028 to October 29, 2028, are redeemable at 102.175% of par; from October 30, 2028 to April 29, 2029, are redeemable at 101.45% of par; and from April 30, 2029 to October 29, 2029, are redeemable at 100% of par; in each case, in cash plus accrued interest. Additionally, upon the occurrence of a “Change of Control Event” (as defined in the bond terms covering the October 2024 Bonds and the March 2025 Bond Tap Issue), the holders of October 2024 Bonds (and holders of the March 2025 Bond Tap Issue) have the option to require us to repay such holders’ outstanding principal amount at 101% of par, plus accrued interest. Unsecured Bond Financial Covenants. The bond terms for the October 2024 Bonds (and the March 2025 Bond Tap Issue) contain financial covenants requiring the Company, among other things, to: •maintain a minimum liquidity of no less than $35 million; and •maintain an Equity Ratio (as defined) of at least 30%. Our compliance with the covenants listed above is measured as of the end of each fiscal quarter. As of December 31, 2025, we were in compliance with all covenants under the October 2024 Bonds (and the March 2025 Bond Tap Issue). Other Unsecured Bond Covenants. The October 2024 Bonds (and the March 2025 Bond Tap Issue) provide that we may declare or pay dividends to shareholders provided the Company maintains a minimum liquidity of $45 million unless an event of default has occurred and is continuing. The Bond Agreement (and the March 2025 Bond Tap Issue Addendum thereto) related to the 2024 Bonds (the “2024 Bond Agreement”) also limits us and our subsidiaries from, among other things, entering into mergers and de-mergers, engaging in transactions with affiliates, or incurring any additional liens that could have a material adverse effect. In addition, the 2024 Bond Agreement includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, false representation or warranty, a cross-default to other indebtedness, the occurrence of a material adverse effect, or our insolvency or dissolution.
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Earnings per share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share | 13. Earnings per share Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the years ended December 31, 2023, 2024 and 2025:
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Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | 14. Share-Based Compensation In 2013, the Company’s Board adopted the 2013 Restricted Stock Plan (the “2013 Plan”), which entitled officers, employees, consultants and directors of the Company to receive grants of restricted stock of the Company’s common stock or share options in the Company’s common stock. The Company’s Board adopted the 2023 Restricted Stock Plan (the “2023 Plan”) to replace the 2013 Plan which ended in 2023. The 2013 and 2023 Plans are administered by the Governance, People and Compensation Committee with certain decisions subject to the approval of our Board. The maximum aggregate number of common shares that may be delivered pursuant to options or restricted stock awards granted under the 2013 and 2023 Plans are 3,000,000 shares of common stock per plan. A holder of restricted stock, awarded under either the 2013 or the 2023 Plan, shall have the same voting and dividend rights as the Company’s other common stockholders. Share Awards On March 17, 2025, 11,932 shares which were granted in March 2022 with a grant price of $10.65 per share to officers and employees of the Company vested with a fair value of $167,167; on April 4, 2025,10,000 shares which were granted in April 2022 with a grant price of $12.17 per share to an officer and employee of the Company vested with a fair value of $109,200; and on April 11, 2025, 31,291 shares which were granted in April 2024 with a grant price of $15.03 per share to non-employee directors of the Company, vested with a fair value of $389,886; on July 9, 2025 2,146 shares which were granted on March 3, 2023, March 4, 2024 and March 11, 2025 vested with a fair value of $32,147. In total the 55,369 shares had a weighted average grant price of $13.52 per share and a total fair value of $666,253. On March 11, 2025, under the Navigator Holdings Ltd. 2023 Long-Term Incentive Plan (the “2023 Plan”) the Company granted a total of 44,443 restricted shares, 30,523 of which were granted to non-employee directors and 13,920 of which were granted to the officers and employees of the Company. The weighted average value of the 44,443 shares granted was $13.74 per share. The restricted shares granted to the non-employee directors vest on the first anniversary of the grant date and the restricted shares granted to the officers and employees of the Company vest on the third anniversary of the grant date. On April 15, 2024, under the Navigator Holdings Ltd. 2023 Long-Term Incentive Plan (the “2023 Plan”) the Company granted a total of 54,851 restricted shares, 41,291 of which were granted to non-employee directors and 13,560 of which were granted to the officers and employees of the Company. The weighted average value of the 54,851 shares granted was $15.05 per share. The restricted shares granted to the non-employee directors vest on the first anniversary of the grant date and the restricted shares granted to the officers and employees of the Company vest on the third anniversary of the grant date. On March 17, 2024 under the Navigator Holdings Ltd. 2013 Long-Term Incentive Plan (the “2013 Plan”), 31,833 shares which were previously granted to non-employee directors under the 2013 Plan with a weighted average grant price of $12.45 per share, vested at a fair value of $487,045. On April 11, 2024 an additional 10,000 shares which were previously granted to non-employee directors under the 2013 Plan with a weighted average grant price of $15.13 per share, vested at a fair value of $161,700. On March 17, 2024, 10,111 shares which were granted in 2021 to officers and employees of the Company under the 2013 Plan, all of which had a weighted average grant price of $10.26, vested at a fair value of $154,698. On October 26, 2024 and June 20, 2024 an additional 10,000 shares which were previously granted to a non-employee director under the 2023 Plan with a weighted average grant value of $15.13 per share, vested at a fair value of $161,700. On October 31, 2024 an additional 10,000 shares which were previously granted to a officers and employees of the Company under the 2013 Plan with a weighted average grant value of $8.46 per share, vested at a fair value of $153,600. Restricted share grant activity for the year ended December 31, 2025, and 2024 was as follows:
We account for forfeitures as they occur. Using the graded straight-line method of expensing the restricted stock grants, the weighted average estimated value of the shares calculated at the date of grant is recognized as compensation cost in the statements of operations over the period to the vesting date. During the year ended December 31, 2025, the Company recognized $663,262 in share-based compensation costs relating to share grants (December 31, 2024: $640,249 and December 31, 2023: $819,919). As of December 31, 2025, there was a total of $316,170 unrecognized compensation costs relating to the expected future vesting of share-based awards (December 31, 2024: $359,191) which are expected to be recognized over a weighted average period of 1.06 years (December 31, 2024: 0.75 years). Share options Share options issued under the 2013 Plan and 2023 Plans are not exercisable until the third anniversary of the grant date and can be exercised up to the tenth anniversary of the grant date. The fair value of each option is calculated on the date of the grant based on the Black-Scholes valuation model. Expected volatility is based on the historic volatility of the Company’s stock price. The expected term of the options granted is anticipated to occur in the range between 4 and 6.5 years. The movements in the existing share options during the years ended December 31, 2025, and December 31, 2024 were as follows:
There were 612,004 options exercisable as of December 31, 2025. (733,447 as of December 31, 2024). The weighted average exercise price of the share options exercisable as of December 31, 2025 was $16.67 (December 31, 2024; $16.86). The weighted average remaining contractual term of options outstanding as of December 31, 2025 was 3.05 years (December 31, 2024: 4.05 years) During the year ended December 31, 2025, the Company recognized $680,413 in share-based compensation costs relating to options granted under the 2013 Plan and the 2023 Plan (December 31, 2024: a charge of $405,727 relating to options granted under the 2013 and 2023 Plan). As of December 31, 2025 there was $523,043 of total unrecognized compensation costs relating to non-vested options under the 2013 and the 2023 Plan (December 31, 2024: $1,203,456). As of December 31, 2025, there were no share options that had vested but had not been exercised. (December 31, 2024: 121,443 share options that had vested but had not been exercised with a weighted average exercise price of $17.80). No options were issued during the year ending December 31, 2025. The significant assumptions used to estimate the fair value of share-based compensation awards relating to share options granted during the year ended December 31, 2024 were: Expected term of share options; The expected life has been calculated as 4.5 years which is taken as the average of the vesting term length (3 years) and the original contractual length (6 years). Expected volatility; a historical volatility figure of nil for the year ended December 31, 2025 compared to 27.0% for the year ended December 31, 2024 which figure is based on the historical share price data for the one year to the Grant Date. Expected dividends; A dividend yield of nil for the year ended December 31, 2025 compared to 1.31%% for the year ended December 31, 2024 based on the annual dividend paid under the Company's Capital Return Policy. Risk-free rate; a risk-free rate of nil for the year ended December 31, 2025 compared to 4.61% for the year ended December 31, 2024 which is the three-year U.S. Treasury Yield as at the grant dates. Restricted Stock Units On March 11, 2025, under the 2023 Plan the Company granted a total of 82,066 Restricted Stock Units ("RSUs") to the officers and employees of the Company. The RSUs granted to officers and employees of the Company vest on the third anniversary of the grant date based on an average of the Company's Return on Capital Employed over a given period or periods. During the year ended December 31, 2025, the Company recognized $302,453 in share-based compensation costs relating to RSUs granted under the 2023 Plan (December 31, 2024: $nil). As of December 31, 2025 there was $822,672 of total unrecognized compensation costs relating to non-vested RSUs under the 2023 Plan (December 31, 2024: $nil). Save as you Earn Share Scheme The Company has employee stock purchase plans in place which are savings-related share schemes where certain employees have the option to buy common stock at a 15% discount to the share price at the grant dates of July 17, 2023, August 30, 2024, and June 25, 2025. During the year ended December 31, 2025 the Company issued 16,825 of the Company's shares related to the employee stock purchase plans (December 31, 2024; 14,568). Using the Black-Scholes valuation model, the Company recognized compensation costs of $37,273 relating to employee stock purchase plans for the year ended December 31, 2025 (December 31, 2024: $44,811).
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 15. Commitments and Contingencies The contractual obligations schedule set forth below summarizes our contractual obligations as of December 31, 2025:
1.The Company has entered into four contracts to build Four NewBuild Vessels with Jiangnan Shipyard (Group) Co., Limited. and China Shipbuilding Trading Co., Limited., in China. The Four NewBuild Vessels are under construction and are scheduled to be delivered to the Company in March 2027, July 2027 November 2027, and January 2028 respectively, at an average shipyard price of $102.9 million per vessel. The Company announced that the Amon Joint Venture intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Limited. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $87 million per vessel. 2.The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a break option in February 2027 (the "Break Option"), which is the fifth anniversary of the lease commencement date. It is a requirement under lease that the Break Option be declared 12 months in advance, and in January 2026 the Company agreed not to declare the Break Option in return for the removal of an upward-only rent review clause in the lease in relation to the second five-year period of the lease. The gross rent (excluding services charges and business rates) per year for our office lease is approximately $1.2 million. The Company occupies office space in Copenhagen with a lease that expired in December 2025. The Company will continue to occupy the office space on a 6-month rolling basis until a new lease is entered into. The monthly lease payments are dependent on foreign exchange rates and the gross rent per month payable in Danish Kroner is approximately $15,000. The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is approximately $0.1 million. The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the lease payable in U.S. Dollars is approximately $41,000. The lease term for our office in Manila, Philippines commenced in July 2025 and expires in June 2028. The gross rent per year for our office lease is approximately $0.1 million.
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Operating Lease Liabilities |
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| Operating Lease Liabilities | 16. Operating Lease Liabilities Under ASU 2016-02 we have recognized Right of Use (“ROU”) assets and liabilities on our balance sheet for our operating leases relating to long-term commitments for our offices in London, Gdynia, Manila and Houston. Lease liabilities and ROU assets for operating leases are initially measured at the present value of the lease payments not yet paid, discounted using the discount rate for the lease determined at the later of the date of initial application or the lease commencement date. As a lessee, the Company has elected not to separate lease and non-lease components pertaining to operating lease payments. The discount rate used is the Company’s incremental borrowing rate, defined as the rate of interest that the Company as lessee could have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Consequently, operating lease liabilities of $2.8 million, based on the present value of the remaining minimum rental payments; and ROU assets of $1.3 million have been recognized on the Company’s consolidated balance sheet as of December 31, 2025 (December 31, 2024: operating lease liabilities of $3.8 million and ROU assets of $2.1 million) with accretion of the liabilities and amortization of the ROU assets over the remaining length of the lease terms. The lease for our office in Poland is subject to annual indexation each January according to the Eurozone All Items Monetary Union Index of Consumer Prices (“MUICP”) index as quoted for the previous year. The lease payments relating to the Poland office lease are not remeasured at the beginning of each year, however the effect of future increases in MUICP are recognized as part of lease-related costs in each year and classified as variable lease costs. For the year ended December 31, 2025, total operating lease costs were $1.2 million (December 31, 2024: $1.2 million), which include immaterial variable lease costs, and are presented in general and administrative costs within the consolidated statements of operations and in cash flows from operating activities within the consolidated statements of cash flows. The liabilities described below are for the Company’s offices in London, Gdynia, Houston, Manila and Copenhagen which are denominated in various currencies. At December 31, 2025, the weighted average discount rate across the five leases was 3.54% (December 31, 2024: 3.32%). At December 31, 2025, based on the remaining lease liabilities, the weighted average remaining operating lease term was 1.37 years (December 31, 2024: 3.12 years). Please read "Note 15. Commitments and Contingencies" to our consolidated financial statements. A maturity analysis of the undiscounted cash flows of the Company’s operating lease liabilities as at December 31, 2024 and 2025 is presented in the following table:
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Concentration of Credit Risks |
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| Risks and Uncertainties [Abstract] | |
| Concentration of Credit Risks | 17. Concentration of Credit Risks Customers The Company’s vessels are chartered under either a time charter contract, a voyage charter contract, or a contract of affreightment. Under a time charter contract, no security is provided for the payment of charter hire however, payment is typically required monthly in advance. Under a voyage charter contract or a contract of affreightment, it may be possible to place a lien on the vessel's cargo to secure the payment of the accounts receivable, subject to the prevailing charter party contract. The Company derives a significant portion of its revenues from a limited number of customers. During 2025, one of our charterers contributed approximately 9% or $46.4 million of our operating revenues. Whereas our top three charterers contributed between 6.7% and 8.6% each, and in aggregate 23% or approximately $125.1 million of our operating revenues for the year ended December 31, 2025. During 2024, one of our charterers contributed approximately 12.1% or $63.3 million of our total operating revenues. Whereas our top three charterers contributed between 7.8% and 12.1% each, and in aggregate 29.9% or approximately $153.0 million of our operating revenues for the year ended December 31, 2024. During 2023, one of our charterers contributed approximately 10.1% or $49.7 million. Whereas our top three charterers contributed between 7.0% and 10.0% each, and in aggregate 25.0% or approximately $122.6 million for the year ended December 31, 2023. Geographic The Company derives a significant portion of its revenues from activities in a limited number of countries. During 2025, revenue generated from activities in the United States, our primary contributor, was approximately 49.7% or $267.2 million of our operating revenues, and revenue generated from activities in Canada, our second largest contributor, was approximately 9.7% or $52.4 million of our operating revenues. During 2024, revenue generated from activities in the United States, our primary contributor, was approximately 51.0% or $261.0 million of our operating revenues, and revenue generated from activities in Canada, our second largest contributor, was approximately 8.3% or $42.5 million of our operating revenues. During 2023 revenue generated from activities in the United States, our primary contributor, was approximately 55.3% or $272.8 million of our total operating revenues, and revenue generated from activities in Canada, our second largest contributor, was approximately 9.3% or $45.9 million of our total operating revenues. Other As of December 31, 2025, and December 31, 2024, all of the Company’s cash, cash equivalents, restricted cash, and short-term investments were held by large financial institutions that were rated stable or above by internationally recognized rating agencies.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 18. Income Taxes Navigator Holdings Ltd. and its vessel owning subsidiaries are incorporated in the Marshall Islands and are not subject to tax on income or capital gains in the Marshall Islands and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its non-citizen and non-resident shareholders. However, a number of the Company’s subsidiaries in the U.S., U.K., Poland, Denmark and Singapore are subject to local taxes.
*All taxes paid during the periods were made in foreign jurisdictions and no individual jurisdiction had a material payments. The total of all deferred tax liabilities on our balance sheet as of December 31, 2025 is $19.6 million (December 31, 2024: $9.5 million). The deferred tax net asset of $19.3 million includes $19.2 million related to tax losses in the U.S. losses associated with our Export Terminal Joint Venture which can be utilized against 80% of our future profits in any one year from our terminal operations. The U.S. tax losses can be carried forward indefinitely. Following the natural cessation of the PTNK business in Indonesia on expiry of the last remaining time charter contract on February 15, 2025, at December 31, 2025, the Company concluded that the remaining assets and undistributed earnings of PTNK will not be indefinitely reinvested. On October 1, 2025, and on January 6, 2026, Navigator Aries and Navigator Pluto respectively were sold to entities under common control of the Company in order to continue operating within the group's ordinary fleet, and the Company similarly intends to sell Navigator Global to an entity under common control of the Company at a suitable future time. Additionally the Company no longer asserts indefinite reinvestment of earnings in PTNK and recovery of the investment in PTNK is expected to occur through taxable transactions which required the Company to recognize an associated deferred tax liability at December 31, 2025. In respect of the above, the Company has recorded a deferred tax provision of $9.5 million as at December 31, 2025 (December 31, 2024: $nil). The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows:
The net deferred tax liability relates to deferred tax assets and liabilities in different jurisdictions. Certain subsidiaries operates in various foreign jurisdictions and are subject to examination by local tax authorities. The Company’s income tax returns for 2025 remain subject to examination by tax authorities. As of December 31, 2025, the Company is not aware of any material assessments that would require significant adjustment to the financial statements.
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Government Grant |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Government Assistance [Abstract] | |
| Government Grant | 19. Government Grant On July 17, 2025, the Company announced that it had entered into a joint venture agreement with Amon Gas. The Amon Joint Venture intends to acquire two newbuild 51,530 cubic-meter capacity ammonia-fueled, ice-class, liquefied ammonia carriers, which will also be capable of carrying liquefied petroleum gas. On December 31, 2025, the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% when the vessels are delivered in 2028. Each of the Two Ammonia Newbuild Vessels has been awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova (the "Enova Grant"), a Norwegian state enterprise owned by the Ministry of Climate and Environment and funded through Norway’s Climate and Energy Fund. Enova’s mandate is to support projects that contribute to Norway’s climate commitments and the transition to a low-emission society. The Enova Grant is to be drawn down in accordance with the agreed terms over the course of the vessels' construction period and provides funding of up to 69% of approved project costs, subject to the maximum award of NOK 90 million per vessel. Grant proceeds are disbursed following submission and approval of payment requests, with 20% of the total grant amount retained until submission and approval of the final project report by Enova. The Enova Grant is conditional upon the Two Ammonia Newbuild Vessels meeting specified technical and environmental performance requirements, including full zero-emission operability and documentation that at least 25% of supplied energy is derived from non-CO₂-emitting fuels. Failure to meet these requirements may result in partial or full repayment of grant funding. In addition, the Company is required to report operational and performance data related to the vessels for a period of up to ten years following approval of the final project report. The Company accounts for the Enova Grant as government grants related to assets with analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. Grant proceeds received are recognized as deferred income within the consolidated balance sheet and will be recognized in profit or loss on a systematic basis over the useful lives of the related vessels once the vessels are delivered in 2028. Related cash inflows are classified within investing activities in the consolidated statements of cash flows. As of December 31, 2025, the Company had received Enova Grant payments totaling $9.7 million, representing approximately 55% of the amount awarded and recorded the amount outstanding of $8.3 million as a non current receivable.
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Cash, Cash Equivalents and Restricted Cash |
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| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, Cash Equivalents and Restricted Cash | 20. Cash, Cash Equivalents and Restricted Cash The following table shows the breakdown of cash, cash equivalents and restricted cash as of December 31, 2025 and 2024:
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | 21. Related Party Transactions The following table summarizes our transactions with related parties for the years ended December 31, 2023, 2024 and 2025:
The following table sets out the balances due from related parties as at December 31, 2024 and 2025:
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Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Equity [Abstract] | |
| Stockholders' Equity | 22. Stockholders’ Equity As of December 31, 2025, the Company’s authorized share capital consisted of 400,000,000 shares of common stock and 40,000,000 shares of preferred stock, each at par value of $0.01 per share. There were 65,250,444 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding at December 31, 2025 (December 31, 2024: 69,397,648 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding). Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Agreements governing our indebtedness may impose restrictions on us, including, among other things, limiting our ability to pay dividends out of operating revenues generated by the vessels securing such indebtedness, redeem any shares or make any other payment to our equity holders. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any preferred stock which we may issue in the future.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 23. Subsequent Events Conflict in the Middle East The Company is closely monitoring the evolving geopolitical situation in the Middle East. As of March 12, 2026, the Company does not have any vessels operating in, or transiting through the area and the Company to date has not experienced any significant operational or financial impact. The Company will continue to monitor the situation and will take appropriate measures to protect the safety of our crew and assets. Capital Return Policy On March 11, 2026, the Company's Board of Directors declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended December 31, 2025, under the Company's Capital Return Policy, payable on March 31, 2026, to all shareholders of record as of the close of business U.S Eastern time on March 23, 2026 (the "Dividend"). The aggregate amount of the Dividend is expected to be approximately $4.6 million, which the Company anticipates will be funded from cash on hand. Also as part of the Company's Capital Return Policy for the quarter ended December 31, 2025, the Company expects to repurchase approximately $1.0 million of common stock between March 13, 2026, and March 31, 2026, subject to operating needs, market conditions, legal requirements, stock price and other circumstances, such that the Dividend and share repurchases together equal 30% of net income for the quarter ended December 31, 2025. Financing On March 2, 2026, the Company entered into a $133.8 million senior secured pre- and post-delivery term loan (the “March 2026 Senior Secured Term Loan”) with ABN AMRO Bank N.V., Credit Agricole Corporate & Investment Bank and, Nordea Bank Abp, filial i Norge to partially finance the construction of Navigator Parsec and Navigator Pleione, and has and will use cash on hand to pay the remainder of the construction costs. The March 2026 Senior Secured Term Loan matures five years after delivery of the second vessel, however the borrower has the option to extend the facility for a further 12 months. The facility is non-amortizing for the pre-delivery tranche and then amortizes for the post-delivery tranche, with a balloon repayment of $100.3 million on the five-year maturity date (if the 12-month extension is not taken). The facility bears interest at a rate of Term SOFR plus 150 basis points. Vessel Sales On December 28, 2025, Happy Falcon, a 2002-built 3,770 cbm semi-refrigerated small gas carrier was redelivered from the Unigas Pool which decreased the number of our vessels operating in the Unigas Pool from nine to eight. The Happy Falcon was held for sale atDecember 31, 2025, and was subsequently sold to an independent third party on January 28, 2026, for net proceeds of $4.0 million generating a profit on sale of approximately $1.8 million. The Navigator Saturn, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize gas carrier was held for sale at December 31, 2025, and was subsequently sold to an independent third party on January 28, 2026 for net proceeds of $15.9 million generating a profit on sale of approximately $10.3 million. On January 6, 2026, following the natural cessation of the Company's PT Navigator Khatulistiwa (“PTNK”) business in Indonesia in February 2025, Navigator Pluto was sold back to an entity under common control of the Company in order to continue operating within the group's ordinary fleet. Legal Update In February 2025, as part of an investigation into allegations of corruption, Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia's state-owned energy company (“Pertamina”), were arrested by Indonesian authorities. The allegations relate to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The legal proceedings linked with the investigation by local authorities relating to nine individuals concluded in February 2026, with all nine defendants being found guilty. Mr. Adrianto was given a custodial sentence of 15 years, a fine of around $60,000 and an order to pay compensation of approximately $173 million. On March 5, 2026, Mr. Adrianto lodged an appeal to his sentence with the High Court in Indonesia and we continue to monitor developments. Mr Adrianto served as a director of PTNK, our Indonesian joint venture, until September 2025 when he was replaced as a director of PTNK. We continue to believe that the events surrounding Mr. Adrianto will not have a material impact on the Company or our operations.
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Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Our dependence on digital business processes and IT systems requires secure, cost-effective, and resilient IT services from both internal and external providers. Over the past year, the cyber threat landscape has evolved significantly due to ongoing geopolitical tensions and advancements in technology such as artificial intelligence ("AI"). Financially motivated attacks, including vendor/identity fraud and ransomware, as well as state-sponsored attacks targeting U.S. and European entities, have surged. The growing complexity and interconnection of the supply chain introduce unpredictable vulnerabilities. These threats could disrupt critical IT services, jeopardize our operations, staff safety, and reputation, and result in regulatory fines, adversely impacting our finances. The Company engages qualified third‑party providers to support its cybersecurity program. These include cybersecurity service providers, independent assessors, consultants, auditors, and other specialists. The use of independent third parties for annual penetration testing and other assessments is intended to ensure objective evaluation of the Company’s cybersecurity posture. The Company also relies on a number of external vendors for IT and operational services, which introduces additional cybersecurity risk that the Company assesses as part of its broader risk‑management activities.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our dependence on digital business processes and IT systems requires secure, cost-effective, and resilient IT services from both internal and external providers. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board of Directors ensures effective governance of risks related to cybersecurity threats. The Audit and Risk Committee oversees these threats and their risk management. The Company's management keeps the Board of Directors and the Audit and Risk Committee periodically informed about emerging threats. The Board and the Audit and Risk Committee are comprised of members from diverse backgrounds with a wealth of experience, enabling them to effectively manage risk strategies and governance, including cybersecurity.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit and Risk Committee oversees these threats and their risk management. The Company's management keeps the Board of Directors and the Audit and Risk Committee periodically informed about emerging threats. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit and Risk Committee oversees these threats and their risk management. The Company's management keeps the Board of Directors and the Audit and Risk Committee periodically informed about emerging threats. |
| Cybersecurity Risk Role of Management [Text Block] | The Company’s management, which includes our information and technology management teams, assumes responsibility for assessing, identifying, and managing cybersecurity threats, incidents, and risks. The information and technology management team is comprised of senior IT professionals with extensive expertise and experience on information and technology matters, including cybersecurity. The Company has built a layered defense system based on the principles of Detect, Protect, Respond and Recover, which relies on tools, such as antivirus, anti-malware, firewall, endpoint detection and response, identity and access management, web content and spam filtering, multi factor authentication and virtual private networks, and also on experienced personnel. The Company conducts regular cybersecurity tests to proactively identify and patch weaknesses, and has a backup process with recovery testing, to ensure availability of data. Cybersecurity awareness training is provided to employees to improve cybersecurity knowledge, which is reinforced through simulated phishing attacks to test its effectiveness. Key members of the Company’s management are appraised of the Company’s latest cybersecurity posture and developments including, but not limited to, new threats, incidents, risks, risk management solutions, tools, training, strategy pivots, and governance changes.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Company’s management, which includes our information and technology management teams, assumes responsibility for assessing, identifying, and managing cybersecurity threats, incidents, and risks. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The information and technology management team is comprised of senior IT professionals with extensive expertise and experience on information and technology matters, including cybersecurity. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Company conducts regular cybersecurity tests to proactively identify and patch weaknesses, and has a backup process with recovery testing, to ensure availability of data. Cybersecurity awareness training is provided to employees to improve cybersecurity knowledge, which is reinforced through simulated phishing attacks to test its effectiveness.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after these financial statements are issued. As part of the assessment, management has included consideration of the following; •our current financial condition and liquidity sources, including current funds available, financial covenants, and forecasted future cash flows; •the severity and duration of any world events and armed conflicts, and associated repercussions to supply and demand for oil and gas and the economy generally as well as possible effects of trade disruptions; •environmental regulations such as those affecting vessels' Energy Efficiency Existing Ship Index (“EEXI”); and •the total capital contributions required for our six newbuild vessels. As of December 31, 2025, our total current assets exceeded our total current liabilities by approximately $44.5 million. Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and Variable Interest Entities (“VIE”) for which the Company is a primary beneficiary and which are also consolidated (See Note 10. Variable Interest Entities to our consolidated financial statements). All intercompany accounts and transactions have been eliminated on consolidation. We operate the Ethylene Export Terminal through our 50/50 Export Terminal Joint Venture. Our joint venture partner is the sole managing member of the Export Terminal Joint Venture and it is also the operator of the Ethylene Export Terminal. The Export Terminal Joint Venture is organized as a limited liability company and maintains separate ownership accounts. Consequently, we account for our investment using the equity method as our ownership interest is 50% and we exercise joint control over the investee’s operating and financial policies. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly. The carrying amount is recognized initially at cost, which includes interest capitalized from the terminal loan facility utilized during the construction phase. The capitalized interest will be amortized over the useful life of the terminal. After initial recognition, the consolidated financial statements will include the Company’s share of the profit or loss and other comprehensive income (“OCI”) of equity-accounted investees, until the date on which joint control ceases. We own a 50% share in Dan Unity CO2 A/S (“Dan Unity”). Dan-Unity is a 50/50 joint venture involving one of our subsidiaries, and the joint venture partners, who combine their financial capacities, expertise in, and experience with designing and potentially constructing specialized CO2 gas carriers and would handle all activities of seaborne CO2 transportation. Dan Unity is accounted for as an investment using the equity method in accordance with the guidance within ASC 810 – Consolidation, and ASC 323 – Equity Method and Joint Ventures. Unigas International B.V. (“Unigas”), based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. We own a 33.33% share in Unigas. Unigas independently operates the Unigas Pool which was founded in 1969, with three pool members, Schulte Group, Sloman Neptun and Navigator Gas Denmark ApS (the “Pool Members”, or, a “Pool Member”) and where each Pool Member contributes vessels to operate within the Unigas Pool. The Unigas Pool is not a legal entity, and operations are governed by an agreement between the Pool Members. Vessel earnings are pooled and then distributed to the Pool Members, using a pool-based formula according to the Unigas Pool Agreement.The Company’s investment in Unigas B.V is accounted for as an investment using the equity method in accordance with the guidance within ASC 810 – Consolidation, and ASC 323 – Equity Method and Joint Ventures, whereas revenues and expenses within the Unigas Pool are accounted for in accordance with ASC 842 – Leases.
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| Vessels and Vessels Held for Sale | Vessels Vessels are stated at cost, which includes the cost of construction, capitalized interest and other direct costs attributable to construction. The cost of the vessels (excluding the estimated initial drydocking cost) less their estimated residual value is depreciated on a straight-line basis over the vessel’s estimated useful life. The estimated useful life of the Company’s vessels is 25 years from the date of original construction. Vessels Held for Sale Assets are classified as held for sale when the Company commits to a plan to sell the asset, completion of the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether the asset is being marketed for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the intention to sell will be made or that the intention to sell will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less costs to sell, and they are tested for impairment. A loss is recognized when the carrying value of the asset exceeds the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.
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| Valuation of Vessels | Valuation of Vessels Our vessels and capitalized drydocking costs are reviewed for impairment when events or circumstances indicate the carrying amount of the vessel and capitalized drydocking costs may not be recoverable. When such indicators are present, a vessel and the capitalized drydocking costs are tested for recoverability by comparing the future cash flows (undiscounted and excluding interest charges that will be recognized as an expense when incurred) expected to be generated by the vessel together with the capitalized drydocking costs over their estimated remaining useful life to its carrying value. If we determine that a vessel’s undiscounted cash flows are less than its carrying value, we record an impairment loss equal to the amount by which its carrying value exceeds its fair value. Fair value is determined using a discounted cashflow model. Should an impairment be recordered, the new lower cost basis would result in lower annual depreciation than before the impairment. At December 31, 2025, the estimated useful lives of the vessels remained unchanged at 25 years, and none of the vessels exhibited indicators of impairment. We periodically review the useful economic lives of our vessels to ensure they remain appropriate. This review involves judgment and assumptions, including an evaluation of historical useful lives, an analysis of costs incurred during drydocking, and an assessment of gains or losses realized on vessels sold in recent years. When impairment indicators are present, the estimates and assumptions regarding expected cash flows require considerable judgment by management and are based upon historical experience, financial forecasts, and industry trends and conditions. Future cash flow assumptions also require estimates regarding the remaining useful lives of the vessels and capitalized drydocking costs. When discounted cash flows are required, assumptions are made regarding the discount rate applied to the estimated future cash flows.
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| Impairment of Equity Method Investments | Impairment of Equity Method Investments Equity method investments are reviewed for indicators of impairment when events or circumstances indicate the carrying amount of the investment may not be recoverable. When such indicators are present, we determine if the indicators are ‘other than temporary’ to determine if an impairment exists. If we determine that an impairment exists, a discounted cash flow analysis is carried out based on the future cash flows expected to be generated over the investment’s estimated remaining useful life. The resulting net present value is compared to the carrying value and we could recognize an impairment loss equal to the amount by which the carrying amount exceeds its fair value. |
| Drydocking Costs | Drydocking Costs Depending on age, each vessel is required to be drydocked approximately every two and a half year or five years for classification society surveys and inspections of, among other things, the underwater parts of the vessel. These works include, but are not limited to hull coatings, seawater valves, steelworks and piping works, propeller servicing and anchor chain winch calibrations, all of which cannot be performed while the vessels are operating. The Company capitalizes costs associated with the drydocking in accordance with ASC 360 – Property, Plant and Equipment, and amortized these costs on a straight-line basis over the period to the next expected drydock. Amortization of drydocking costs is included in depreciation and amortization in the Consolidated Statements of Operations. Costs incurred during the drydocking which relate to routine repairs and maintenance are expensed. Where a vessel is newly acquired, or constructed, a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next drydock based on experience and past history of similar vessels. Drydocking costs are included within operating activities on the cashflow statement.
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| Intangible Assets | Intangible Assets Intangible assets consist of software acquisition and associated costs of software modification to meet the Company’s internal needs. Intangible assets are amortized on a straight-line basis over the expected life of the software license, product, or the expected duration that the software is estimated to contribute to the cash flows of the Company, which is typically five years. Amortization of intangible assets is included in depreciation and amortization in the Consolidated Statements of Operations. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and exceeds its fair value. |
| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers highly liquid investments, such as time deposits and certificates of deposit with an original maturity of three months or less when purchased, to be cash equivalents. As of December 31, 2025, and 2024 and for the years then ended, the Company had balances in U.S. financial institutions in excess of the amounts insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company also maintains cash balances in foreign financial institutions outside of the U.S. which are not covered by the FDIC. Amounts included in restricted cash represent cash held in blocked deposit accounts as required in accordance with the terms of certain of the Company's secured term loans with banking institutions, and cash held by PT Navigator Khatulistiwa, the Company’s Indonesian joint venture.
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| Accounts Receivable, Net | Accounts Receivable, Net The Company carries its accounts receivable at cost less an allowance for expected credit losses. As of December 31, 2025 and December 31, 2024, the Company evaluated its accounts receivable and established an allowance for expected credit losses, based on a history of past write-offs, collections and current credit conditions. The Company also considers future and reasonable and supportable forecasts of future economic conditions in its allowance for expected credit losses. The Company does not generally charge interest on past-due accounts (unless the accounts are subject to legal action), and accounts are written off as uncollectible when all reasonable collection efforts have failed. Accounts are deemed past-due based on contractual terms. |
| Bunkers and Lubricant Oils | Bunkers and Lubricant Oils Bunkers and lubricant oils include bunkers (fuel) for those vessels under voyage charters. Under a time charter, the cost of bunkers is borne by and remains the property of the charterer. Bunkers and lubricant oils are accounted for on a first-in, first-out (“FIFO”) basis and are valued at cost. |
| Deferred Finance Costs | Deferred Finance Costs Costs incurred in connection with obtaining secured term loan facilities, revolving credit facilities, and bonds are recorded as deferred financing costs and are amortized to interest expense over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Under the Accounting Standards Update (ASU) 2015- 03, Interest—Imputation of Interest, the Company has adopted the accounting standard (Subtopic 835-30) simplifying the presentation of debt issuance cost to present the unamortized debt issuance costs, excluding commitment fees, as a direct reduction of the carrying value of the debt. Deferred financing costs related to undrawn debt are presented as assets on our consolidated balance sheet and amortized using the straight-line method. Following a loan refinancing assessed as a modification, any unamortized issuance costs related to the refinanced facility will continue to be amortized over the new term of the loan using the effective interest rate method. |
| Deferred Income | Deferred Income |
| Accruals and Other Liabilities | Accruals and Other Liabilities Accrued expenses and other liabilities include all accrued liabilities relating to the operations of our vessels as well as any amounts accrued for general and administrative costs. |
| Revenue Recognition | Revenue Recognition The Company receives its revenue streams from three different sources; voyage or ‘spot’ charters, contracts of affreightment (“COA”), and time charters. Voyage charter and COA arrangements In the case of vessels contracted under voyage charters, the vessel is contracted for a voyage, or a series of voyages, between two or more ports and the Company is paid for the cargo transported. Revenue from COAs is recognized on the same basis as revenue from voyage charters, as they are essentially a series of consecutive voyage charters. Payment from voyage charters and COAs is due upon discharge of the cargo at the discharge port. We recognize revenue on a load port to discharge port basis and determine percentage of completion for all voyage charters and COAs on a time elapsed basis. The Company believes that the performance obligation towards the customer starts to become satisfied once the cargo is loaded at the load port and the obligation becomes completely satisfied once the cargo has been discharged at the discharge port. Under this revenue recognition standard, the Company may incur certain costs following the commencement of a contract or charter party but before the loading of the cargo commences. These directly related costs are generally fuel or any canal or port costs incurred to get the vessel from its position at the inception of the contract to the load port to commence loading of the cargo. These costs are deferred and amortized over the duration of the performance obligation on a time basis. Voyage charters and COAs typically have an expected duration of one year or less. Time charter arrangements For vessels contracted under time charters, the arrangements are for a specified period of time. The Company receives a fixed charter rate per on-hire day which is payable monthly in advance and revenue is recognized ratably over the term of the charter. Key decisions concerning the use of the vessel during the time charter period reside with the charterer. We are responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs. As the charterer holds rights to determine how and when the vessel is used and is also responsible for voyage specific costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the use of the vessel is transferred to the charterer during the specified time charter period. Time charters are therefore considered operating leases and we apply the lease income recognition guidance in ASC 842 – Leases following the adoption of that standard. In addition, the Company has performed a qualitative analysis of each of its time charter contracts and concluded that the lease component is the predominant component as the charterer could attribute most value to the ability to direct the use of the vessel rather than to the technical and crewing services to operate the vessel which are add-on services. Accordingly, revenue from vessels under time charter arrangements is presented as a single lease component.
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| Other Comprehensive Income | Other Comprehensive IncomeThe Company follows the provisions of ASC 220 - Reporting Comprehensive Income, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. Comprehensive income is comprised of net income and foreign currency translation gains and losses. |
| Voyage Expenses and Vessel Operating Expenses | Voyage Expenses and Vessel Operating Expenses Voyage expenses consist mainly of in-port expenses, canal fees and bunker (fuel) consumption and are recognized as incurred during the performance obligation (the period of time from load to discharge) of the vessel. Vessel operating expenses are expenses related to the operation of the vessels, such as crew costs, stores, insurance, and repairs and maintenance, and these are recognized as incurred. When the Company employs its vessels on time charter, it is responsible for the vessel operating expenses while the customer is responsible for substantially all of the voyage expenses. When the Company employs its vessels on spot or voyage charters, the vessel is contracted only for a voyage between two or more ports, and the Company pays for all voyage expenses in addition to vessel operating expenses. The Company also incurs certain voyage expenses to fulfill a contract with a charterer which are incurred following the commencement of a contract or charter party but before the loading of the cargo commences. These directly related expenses are generally fuel or any canal or port costs to get the vessel from its position at inception of the contract to the load port to commence loading of the cargo. These expenses are deferred and amortized over the duration of the performance obligation on a time basis.
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| Repairs and Maintenance | Repairs and Maintenance All expenditures relating to routine maintenance and repairs are expensed when incurred. |
| Insurance | Insurance The Company maintains hull and machinery insurance, war risk insurance, protection and indemnity insurance, increased value insurance, and demurrage and defense insurance in amounts considered prudent to cover normal risks in the ordinary course of its operations. Premiums paid in advance to insurance companies are recognized as prepaid expenses and recorded as a vessel operating expense over the period covered by the insurance contract. In addition, the Company maintains Directors and Officers insurance. |
| Share-Based Compensation | Share-Based Compensation The Company records the fair value of all equity-settled stock-based compensation awards as an expense in its financial statements. The terms and vesting schedules for share-based awards vary by type of grant. Generally, the awards vest subject to time-based (typically to three years) service conditions. Compensation expense is recognized ratably over the service period. |
| Use of Accounting Estimates | Use of Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. |
| Foreign Currency Transactions | Foreign Currency Transactions Substantially all of the Company’s cash receipts are in U.S. Dollars. The Company’s disbursements, however, are in the currency invoiced by the supplier. The Company remits funds in the various currencies invoiced. The non-U.S. Dollar invoices received, and their subsequent payments, are converted into U.S. Dollars when the transactions occur. The movement in exchange rates between these two dates is transferred to an exchange difference account and is expensed each month. As the majority of the Company's disbursements are in U.S. Dollars the Company considers exchange risk resulting from these non-U.S. Dollar transactions not to be material. |
| Derivative Instruments | Derivative Instruments Derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying balance sheet and subsequently remeasured to fair value at each reporting date, regardless of the purpose or intent for holding the derivative. The resulting derivative assets or liabilities are not netted off against one another on the face of the balance sheet. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract qualifies for hedge accounting and has been designated as a hedging instrument. For derivative instruments that are not designated or that do not qualify as hedging instruments under ASC 815 – Derivatives and Hedging, the asset or liability is recognized as ‘Derivative assets’ or ‘Derivative liabilities’ on the balance sheet and changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from movements in the fair value of the Company’s non-designated interest rate swap agreements are recorded in unrealized (losses)/gains on non-designated derivative instruments in the Company’s consolidated statement of operations and do not impact our cash flows. |
| Income Taxes | Income Taxes Current taxation Navigator Holdings Ltd. and its Marshall Islands subsidiaries are not required to pay income taxes in the Marshall Islands on ordinary income or capital gains as they qualify as exempt companies. The Company has wholly owned subsidiaries incorporated in the United Kingdom where the base tax rate is 25%. These subsidiaries provide services to affiliated entities within the group. The Company has a subsidiary in Poland where the base tax rate is 19%. The subsidiary earns management fees from fellow subsidiary companies. The Company has a subsidiary incorporated in Singapore where the base tax rate is 17%. The subsidiary earns management and other fees and receives interest from a VIE, PT Navigator Khatulistiwa (“PTNK”). PTNK is subject to Indonesian freight tax on all of its gross shipping transportation revenue at a rate of 1.2% when vessels perform Indonesian cabotage, and 2.64% when vessels perform an international voyage. The Company has a subsidiary in the United States of America where the base tax rate is 21%. The subsidiary owns a 50% interest in the Export Terminal Joint Venture, a pass through entity for U.S. tax purposes, with the subsidiary liable for its share of the profits of the Ethylene Export Terminal. The Company considered the income tax disclosure requirements of ASC 740 – Income Taxes, with regard to disclosing material unrecognized tax benefits; none were identified. The Company’s policy is to recognize accrued interest and penalties for unrecognized tax benefits as a component of tax expense. As of December 31, 2025, and 2024, there were no accrued interest and penalties for unrecognized tax benefits. Deferred taxation Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheet reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance.
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| Earnings Per Share | Earnings Per Share Basic earnings per common share (“Basic EPS”) is computed by dividing the net income attributable to common stockholders by the weighted average number of shares outstanding in any period. Diluted earnings per common share (“Diluted EPS”) is computed by dividing the net income attributable to common stockholders by the weighted average number of common shares and dilutive common share equivalents then outstanding in any period. Share options granted pursuant to the 2023 LTIP are the only dilutive shares in existence at December 31, 2025 and these shares have been considered as outstanding since their respective grant dates for the purposes of computing diluted earnings per share.
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| Related parties | Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or significant influence. |
| Segment Reporting | Segment Reporting The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM principally evaluates the performance of each vessel and all our vessels as a whole and not on the basis of separate business units, geographical area, or the location of activities. As a result, the Company has determined that it operates as one reportable segment. The CODM uses individual and total consolidated assets and individual and total consolidated income and expense information to manage the operations of the segment. Such measures are compared against prior periods to identify, assess, and respond to trends. As disclosed in Note 5. Operating Revenues to our consolidated financial statements, there are two different revenue streams due to the nature of the contracts that we operate. The Company considers that its equity method investments do not meet the criteria in ASC 280 to be separate reportable segments. (aa) European Union Allowances (EUAs) The Company participates in the European Union Emissions Trading System (EU ETS) and holds European Union Allowances (EUAs) for compliance purposes. EUAs that are acquired are recorded as inventory in accordance with ASC 330 – Inventory and are initially recognized at cost upon acquisition. EUAs held for compliance purposes are classified as inventory until they are surrendered to regulatory authorities. EUAs are measured at the lower of cost or net realizable value (NRV) and are not revalued.
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| Government Grant | Government Grant The Company may receive government grants that are specifically intended to fund the construction, acquisition, or improvement of vessels or other long-lived assets. The Company applies U.S. GAAP by analogy with IAS 20 to existing guidance for for-profit entities, including ASC 360, Property, Plant, and Equipment, and relevant concepts from ASC 958-605, Revenue Recognition by Not-for-Profit Entities. Government grants that are directly related to the construction or acquisition of a specific vessel or other long-lived asset are recorded as deferred income when the Company concludes (i) the grant proceeds have been received or are receivable, (ii) the Company is reasonably assured that it will comply with the conditions attached to the grant, and (iii) the grant is not repayable. The deferred income will be amortized over the asset’s estimated useful life in accordance with the Company’s depreciation policies. If the Company determines that the conditions of the grant are not reasonably assured, the grant is recorded as a liability until the conditions are met or uncertainty is resolved. If the Company becomes aware that a grant may be refundable, the Company recognizes a liability in accordance with ASC 450-20, Loss Contingencies.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements The following accounting standards issued as of December 31, 2025 may affect the future financial reporting by Navigator Holdings Ltd., however none of these new accounting pronouncements are expected to have a material impact on the financial reporting by the Company. In September 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. Given the magnitude of changes to the tabular reconciliation as compared to the existing requirements, Public entities ("PBEs") will need to consider how they will adopt the standard. Whether it is applied prospectively or retrospectively, the adoption of the ASU will necessitate consideration of the reporting entity’s processes, systems, and controls around disclosures. The foreign tax effects category in particular expands significantly on existing disclosure for most reporting entities. For Public entities, ASU 2023-09 was effective for annual periods beginning after December 15, 2024 and the Company adopted ASU 2023-09 in the current year on a retrospectively basis. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This guidance requires additional quantitative and qualitative disclosure of certain amounts included in the expense captions presented on the face of the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on its disclosures, however, no material impact on our consolidated financial position is expected. In November 2024, the FASB issued ASU 2024-04, which provides additional guidance on the accounting for induced conversions of convertible debt instruments, including clarifying when induced conversion or debt extinguishment accounting should be applied. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. The guidance is to be applied prospectively, with retrospective application permitted. Early adoption is permitted for entities that have adopted ASU 2020-06. The Company is evaluating the impact of adoption on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03 to confirm that all public business entities are required to initially adopt the guidance in annual reporting periods beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027. The ASU does not change the underlying disclosure requirements of ASU 2024-03. Early adoption of ASU2024-03 remains permitted. The issuance of this ASU does not change the Company’s current adoption plans. In May 2025, the FASB issued ASU 2025-03, which clarifies the guidance for determining the accounting acquirer in certain business combinations involving the acquisition of a variable interest entity, particularly when the transaction is effected primarily through the exchange of equity interests. The amendments are effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. The Company is evaluating the impact of adoption on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In May 2025, the FASB issued ASU 2025-04. The ASU clarifies existing guidance in ASC 606 and ASC 718 for share-based payment awards granted as consideration payable to a customer in conjunction with the sale of goods or services, with the objective of reducing diversity in practice and improving operability. The ASU is effective for fiscal years beginning after December 15, 2026, including interim reporting periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of the ASU on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In July 2025, the FASB issued ASU 2025-05 to provide a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted, and is to be applied on a prospective basis. The Company is evaluating the expected impact of adopting this ASU on its consolidated financial statements, however, no material impact on our consolidated financial position is expected. In September 2025, the FASB issued ASU 2025-06, which introduces targeted improvements to the accounting for internal-use software by eliminating the project-stage model and updating capitalization criteria and disclosures. The amendments are effective for fiscal years beginning after December 15, 2027, and are to be applied prospectively, with retrospective application permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In September 2025 FASB issued ASU 2025-07. The ASU refines the scope of the guidance on derivatives in ASC 815 to expand an existing scope exception for certain non-exchange-traded contracts. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In November 2025, the FASB issued ASU 2025-08, which introduces a new accounting model for the initial allowance for credit losses on certain purchased seasoned loans. Under the new guidance, the initial allowance for credit losses is recorded as an adjustment to the amortized cost basis rather than through earnings. The amendments are effective for reporting periods beginning after December 15, 2026, and are to be applied prospectively. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In 2025, the FASB issued ASU 2025-10, which establishes new guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. The amendments are effective for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In December 2025, the FASB issued ASU 2025-11, which improves the structure and navigability of interim reporting guidance and clarifies disclosure requirements without changing the fundamental nature of interim reporting. For public business entities, the amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected. In December 2025, the FASB issued ASU 2025-12, which includes technical corrections and clarifications intended to improve the consistency and clarity of the Accounting Standards Codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impact of adoption, however, no material impact on our consolidated financial position is expected.
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Derivative Instruments Accounted for at Fair Value (Tables) |
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| Schedule of Interest Rate Derivatives | As of December 31, 2025, we held the following interest rate swaps that partially hedge our variable-rate loan facilities:
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024.
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Fair Value of Financial Instruments (Tables) |
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| Schedule of Assets and Liabilities Not Accounted for at Fair Value | The following table includes the estimated fair value and carrying value of those assets and liabilities where the fair value may not approximate the carrying value. The table excludes cash, cash equivalents, and restricted cash, accounts receivable, accounts payable, accrued expenses, and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less.
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Operating Revenues (Tables) |
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| Schedule of Disaggregation of Revenue | The following table compares our operating revenues for the years ended December 31, 2025 , 2024 and 2023:
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| Schedules of Cash Flows for Committed Time Charter Revenues | As of December 31, 2025, the estimated undiscounted cash flows for committed time charter revenue expected to be received on an annual basis for ongoing time charters, as of each December 31, is as follows:
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Vessels (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Vessels |
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Vessels Under Construction (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Vessels Under Construction |
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Assets Held for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets held for sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets Held for Sale |
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Equity Method Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Participation in Investments that are Accounted for Using the Equity Method | Share of results from equity method investments, excluding amortized costs, recognized in the share of results of equity method investments for the year ended December 31, 2025, was a profit of $8.0 million (the years ended December 31, 2024 and 2023: a profit of $16.9 million and a profit of $20.6 million respectively).
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| Schedule of Movement in Equity Method Investments | The table below shows the movement in the Company’s equity method investments, for the years ended December 31, 2025, 2024 and 2023:
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| Schedule of Summarized Balance Sheet for Equity Method Investments | The summarized aggregate balance sheet data of the operating entity investments (including those amounts not owned by the Company) consists of the following:
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| Schedule of Summarized Income Statement for Equity Method Investments | The summarized operating data of the operating entity investments was as follows:
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Secured Term Loan Facilities and Revolving Credit Facilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Annual Principal Payments Under Term Loans and Revolving Credit Facilities | The table below represents the annual principal payments to be made under our term loans and revolving credit facilities after December 31, 2025 and 2024:
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| Schedule of Secured Term Loan Facilities | The following table shows the breakdown of secured term loan facilities and total deferred financing costs split between current and non-current liabilities as of December 31, 2025, and 2024:
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Senior Unsecured Bonds (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Senior Unsecured Bonds | The following table shows the breakdown of our senior unsecured bonds and total deferred financing costs as of December 31, 2025, and 2024:
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Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calculation of Basic and Diluted Number of Weighted Average Outstanding Shares | The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the years ended December 31, 2023, 2024 and 2025:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Share Grant Activity | Restricted share grant activity for the year ended December 31, 2025, and 2024 was as follows:
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| Schedule of Stock Option Activity | The movements in the existing share options during the years ended December 31, 2025, and December 31, 2024 were as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Contractual Obligations | The contractual obligations schedule set forth below summarizes our contractual obligations as of December 31, 2025:
1.The Company has entered into four contracts to build Four NewBuild Vessels with Jiangnan Shipyard (Group) Co., Limited. and China Shipbuilding Trading Co., Limited., in China. The Four NewBuild Vessels are under construction and are scheduled to be delivered to the Company in March 2027, July 2027 November 2027, and January 2028 respectively, at an average shipyard price of $102.9 million per vessel. The Company announced that the Amon Joint Venture intends to acquire the Two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Limited. to build the Two Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $87 million per vessel. 2.The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a break option in February 2027 (the "Break Option"), which is the fifth anniversary of the lease commencement date. It is a requirement under lease that the Break Option be declared 12 months in advance, and in January 2026 the Company agreed not to declare the Break Option in return for the removal of an upward-only rent review clause in the lease in relation to the second five-year period of the lease. The gross rent (excluding services charges and business rates) per year for our office lease is approximately $1.2 million. The Company occupies office space in Copenhagen with a lease that expired in December 2025. The Company will continue to occupy the office space on a 6-month rolling basis until a new lease is entered into. The monthly lease payments are dependent on foreign exchange rates and the gross rent per month payable in Danish Kroner is approximately $15,000. The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is approximately $0.1 million. The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the lease payable in U.S. Dollars is approximately $41,000. The lease term for our office in Manila, Philippines commenced in July 2025 and expires in June 2028. The gross rent per year for our office lease is approximately $0.1 million.
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Operating Lease Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Maturity Analysis of the Undiscounted Cash Flows of Operating Lease Liabilities | A maturity analysis of the undiscounted cash flows of the Company’s operating lease liabilities as at December 31, 2024 and 2025 is presented in the following table:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Income Tax Reconciliation |
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| Schedule of Components of Income Tax |
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| Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows:
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Cash, Cash Equivalents and Restricted Cash (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash, Cash Equivalents and Restricted Cash | The following table shows the breakdown of cash, cash equivalents and restricted cash as of December 31, 2025 and 2024:
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income (Expenses) With Related Parties | The following table summarizes our transactions with related parties for the years ended December 31, 2023, 2024 and 2025:
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| Schedule of Due From Related Parties | The following table sets out the balances due from related parties as at December 31, 2024 and 2025:
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Description of the Business (Details) |
Dec. 31, 2025
vessel
|
|---|---|
| Schedule Of Description Of Business [Line Items] | |
| Number of vessels owned and operated | 57 |
| Ethylene | |
| Schedule Of Description Of Business [Line Items] | |
| Number of vessels owned and operated | 26 |
Derivative Instruments Accounted for at Fair Value - Interest Rate Swaps (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Derivative [Line Items] | |
| Hedged notional amount | $ 359,198 |
| October 2013 DB Credit Facility A | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 5,987 |
| Fixed rate | 4.05% |
| July 2015 DB Credit Facility B | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 16,494 |
| Fixed rate | 3.99% |
| July 2015 Santander Credit Facility B | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 16,282 |
| Fixed rate | 3.93% |
| March 2023 Secured Term Loan | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 81,353 |
| Fixed rate | 5.75% |
| August 2024 Secured Term Loan and RCF | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 67,990 |
| Fixed rate | 5.46% |
| May 2025 Senior Secured Term Loan and RCF | |
| Derivative [Line Items] | |
| Hedged notional amount | $ 171,092 |
| Fixed rate | 5.31% |
Derivative Instruments Accounted for at Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value Asset/(Liability) | $ (847) | $ 7,191 |
| Interest Rate Swap | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value Asset/(Liability) | (800) | 7,200 |
| Interest Rate Swap | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Assets | 1,372 | 7,191 |
| Liability | $ (2,219) | $ 0 |
Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying Value | Unsecured Bonds | 2024 Bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value (Liability) | $ (140,000) | $ (100,000) |
| Carrying Value | Secured Term Loan Facilities and Revolving Credit Facilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value (Liability) | (767,885) | (760,559) |
| Fair Value | Unsecured Bonds | 2024 Bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value (Liability) | (141,400) | (100,625) |
| Fair Value | Secured Term Loan Facilities and Revolving Credit Facilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value (Liability) | $ (767,885) | $ (760,559) |
Operating Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Operating revenues | $ 538,457 | $ 511,667 | $ 493,339 |
| Operating revenues from Luna Pool collaborative arrangements | 0 | 0 | 7,355 |
| Operating revenues from Unigas Pool | 48,504 | 55,012 | 50,043 |
| Total operating revenues | 586,961 | 566,679 | 550,737 |
| Time charters | |||
| Disaggregation of Revenue [Line Items] | |||
| Operating revenues | 360,316 | 336,754 | 317,010 |
| Voyage charters | |||
| Disaggregation of Revenue [Line Items] | |||
| Operating revenues | 178,141 | 174,913 | 176,329 |
| Operating revenues from Luna Pool collaborative arrangements | $ 0 | $ 0 | $ 7,355 |
Operating Revenues - Cash Flows for Committed Time Charter Revenues (Details) - Time Charter $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Concentration Risk [Line Items] | |
| 2026 | $ 210,417 |
| 2027 | 82,044 |
| 2028 | 46,448 |
| 2029 | $ 14,199 |
Vessels Under Construction - Movement (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Movement In Vessels Under Construction [Roll Forward] | ||
| Vessels under construction at January 1 | $ 41,589 | $ 0 |
| Capitalized interest | 5,206 | 381 |
| Additions to vessels under construction | 68,526 | 41,208 |
| Vessels under construction at December 31 | $ 115,321 | $ 41,589 |
Vessels Under Construction - Additional Information (Details) $ / vessels in Millions |
Dec. 31, 2025
$ / vessels
|
Jul. 17, 2025
vessel
$ / vessels
|
Nov. 21, 2024
vessel
|
Aug. 20, 2024
vessel
|
|---|---|---|---|---|
| Property, Plant and Equipment [Abstract] | ||||
| Number of vessels to build | vessel | 2 | 2 | ||
| Number of vessels to acquire | vessel | 2 | |||
| Property, Plant and Equipment [Line Items] | ||||
| Average shipyard price per vessel to be delivered (in usd per vessel) | $ / vessels | 102.9 | |||
| Ammonia Newbuild Vessels | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Average shipyard price per vessel to be delivered (in usd per vessel) | $ / vessels | 87.0 | 87.0 |
Assets Held for Sale (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Movement of Assets Held For Sale [Roll Forward] | ||
| As of January 1 | $ 0 | $ 0 |
| Reclassification from Vessels | 7,761 | 0 |
| Total assets held for sale December 31 | $ 7,761 | $ 0 |
Equity Method Investments - Movement in Equity Method Investments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Equity Method Investments [Roll Forward] | |||
| Equity method investments at January 1 | $ 253,729 | $ 174,910 | $ 148,534 |
| Equity contributions to joint venture entity | 4,000 | 89,000 | 35,000 |
| Equity method investments – additions | 0 | 0 | 1,559 |
| Share of results | 8,036 | 16,911 | 20,607 |
| Distributions received from equity method investments | (17,830) | (27,092) | (30,790) |
| Total equity method investments at December 31 | $ 247,935 | $ 253,729 | $ 174,910 |
Equity Method Investments - Summarized Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||||
| Current assets | $ 295,451 | $ 220,384 | ||
| Non-current assets | 1,983,663 | 1,960,245 | ||
| Total Assets | 2,279,114 | 2,180,629 | ||
| Current liabilities | 250,946 | 318,773 | ||
| Non-current liabilities | 771,427 | 615,492 | ||
| Total liabilities | 1,022,373 | 934,265 | ||
| Total Equity | 1,256,741 | 1,246,364 | $ 1,233,074 | $ 1,173,412 |
| Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Current assets | 39,123 | 48,722 | 55,731 | |
| Non-current assets | 460,076 | 482,965 | 304,646 | |
| Total Assets | 499,200 | 531,687 | 360,377 | |
| Current liabilities | 12,943 | 34,251 | 25,793 | |
| Non-current liabilities | 817 | 696 | 296 | |
| Total liabilities | 13,761 | 34,947 | 26,089 | |
| Total Equity | $ 485,439 | $ 496,740 | $ 334,288 |
Equity Method Investments - Summarized Income Statement (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Total revenues | $ 586,961 | $ 566,679 | $ 550,737 |
| Operating Income | 165,425 | 143,184 | 137,174 |
| Net income | 105,873 | 94,097 | 86,872 |
| Net income attributable to the investees | 100,122 | 85,571 | 82,255 |
| Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Total revenues | 97,859 | 95,152 | 107,792 |
| Operating Income | 15,144 | 35,418 | 41,454 |
| Net income | 15,782 | 34,843 | 41,607 |
| Net income attributable to the investees | $ 8,155 | $ 17,110 | $ 20,671 |
Variable Interest Entities (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Aug. 31, 2021 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Variable Interest Entity [Line Items] | |||
| VIE total assets | $ 2,279,114 | $ 2,180,629 | |
| VIE total liabilities | 1,022,373 | 934,265 | |
| VIE | |||
| Variable Interest Entity [Line Items] | |||
| VIE total assets | 92,500 | 128,000 | |
| VIE total liabilities | $ 29,500 | 26,200 | |
| Variable Interest Entity, Primary Beneficiary, PT Navigator Khatulistiwa | |||
| Variable Interest Entity [Line Items] | |||
| Variable interest entity, ownership percentage | 49.00% | ||
| VIE total assets | $ 91,800 | 127,200 | |
| VIE total liabilities | $ 29,100 | $ 25,800 | |
| Variable Interest Entity, Primary Beneficiary, Navigator Crewing Philippines Inc. | |||
| Variable Interest Entity [Line Items] | |||
| Variable interest entity, ownership percentage | 25.00% | ||
| Variable Interest Entity, Primary Beneficiary, Navigator Support Services Philippines Inc. | |||
| Variable Interest Entity [Line Items] | |||
| Variable interest entity, ownership percentage | 40.00% |
Secured Term Loan Facilities and Revolving Credit Facilities - Annual Principal Payments to Term Loans and Revolving Credit Facilities (Details) - Secured Term Loan Facilities and Revolving Credit Facilities - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Due within one year | $ 170,164 | $ 252,333 |
| Due between one year and two years | 120,538 | 121,321 |
| Due between two years and three years | 160,131 | 81,644 |
| Due between three years and four years | 125,634 | 131,822 |
| Due between four years and five years | 38,274 | 98,933 |
| Due in more than five years | 153,144 | 74,506 |
| Total | 767,885 | 760,559 |
| Less: current portion | 170,164 | 252,333 |
| Secured term loan facilities and revolving credit facilities, non-current portion | $ 597,721 | $ 508,226 |
Secured Term Loan Facilities and Revolving Credit Facilities - March 2019 Terminal Facility (Details) $ in Millions |
Mar. 29, 2019
USD ($)
|
|---|---|
| Subsidiaries | Line of Credit | Terminal Facility | |
| Debt Instrument [Line Items] | |
| Line of credit facility, maximum borrowing capacity | $ 75.0 |
Secured Term Loan Facilities and Revolving Credit Facilities - September 2020 Secured Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Millions |
Jun. 12, 2025 |
Sep. 17, 2020 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Line of credit facility, maximum borrowing capacity | $ 210.0 | |
| Debt instrument term | 5 years | |
| Debt margin percentage | 2.76% | |
| Credit facility final payment | $ 143.0 |
Secured Term Loan Facilities and Revolving Credit Facilities - October 2013 Santander Credit Facility (Details) - Line of Credit - Santander Credit Facility A $ in Millions |
May 27, 2025
USD ($)
|
Oct. 30, 2013
USD ($)
vessel
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt instrument term | 12 years | |
| Line of credit facility, maximum borrowing capacity | $ 81.0 | |
| Debt margin percentage | 2.47% | |
| Credit facility final payment | $ 14.7 | |
| Newbuild LPG Carriers | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 3 |
Secured Term Loan Facilities and Revolving Credit Facilities - August 2021 Amendment and Restatement Agreement (Details) - Line of Credit - USD ($) $ in Thousands |
Aug. 02, 2021 |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Outstanding amount | $ 767,885 | ||
| Senior Term Loan Facility | |||
| Debt Instrument [Line Items] | |||
| Debt instrument term | 6 years | ||
| Line of credit facility, maximum borrowing capacity | $ 67,000 | ||
| Outstanding amount | $ 29,100 | ||
| Periodic payment | $ 2,900 | ||
| Interest rate (as a percent) | 3.78% | ||
| Senior Term Loan Facility | Forecast | |||
| Debt Instrument [Line Items] | |||
| Final payment amount | $ 26,200 |
Secured Term Loan Facilities and Revolving Credit Facilities - October 2013 DB Credit Facility A (Details) - Line of Credit $ in Thousands |
Oct. 25, 2013
USD ($)
vessel
|
Dec. 31, 2025
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 767,885 | |
| DB Credit Facility A | ||
| Debt Instrument [Line Items] | ||
| Debt instrument term | 12 years | |
| Line of credit facility, maximum borrowing capacity | $ 57,700 | |
| Outstanding amount | $ 6,000 | |
| Periodic payment | $ 1,200 | |
| Debt margin percentage | 2.47% | |
| DB Credit Facility A | Newbuild LPG Carriers | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 2 |
Secured Term Loan Facilities and Revolving Credit Facilities - July 2015 DB Credit Facility B (Details) - Line of Credit $ in Thousands |
Jul. 31, 2015
USD ($)
vessel
|
Dec. 31, 2025
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 767,885 | |
| DB Credit Facility B | ||
| Debt Instrument [Line Items] | ||
| Debt instrument term | 12 years | |
| Line of credit facility, maximum borrowing capacity | $ 60,900 | |
| Outstanding amount | $ 16,500 | |
| Periodic payment | $ 1,300 | |
| Debt margin percentage | 2.47% | |
| DB Credit Facility B | Newbuild LPG Carriers | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 2 |
Secured Term Loan Facilities and Revolving Credit Facilities - July 2015 Santander Credit Facility B (Details) - Line of Credit $ in Thousands |
Jul. 31, 2015
USD ($)
vessel
|
Dec. 31, 2025
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 767,885 | |
| Santander Credit Facility B | ||
| Debt Instrument [Line Items] | ||
| Debt instrument term | 12 years | |
| Line of credit facility, maximum borrowing capacity | $ 55,800 | |
| Outstanding amount | $ 16,300 | |
| Periodic payment | $ 1,300 | |
| Debt margin percentage | 2.47% | |
| Santander Credit Facility B | Newbuild LPG Carriers | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 2 |
Secured Term Loan Facilities and Revolving Credit Facilities - December 2022 Secured Term Loan and Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Thousands |
Dec. 07, 2022 |
Sep. 30, 2028 |
Dec. 31, 2025 |
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Outstanding amount | $ 767,885 | ||
| December 2022 Secured Term Loan and Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Debt instrument term | 7 years | ||
| Line of credit facility, maximum borrowing capacity | $ 111,800 | ||
| Term Loan | December 2022 Secured Term Loan and Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Outstanding amount | $ 42,500 | ||
| Periodic payment | $ 3,100 | ||
| Debt margin percentage | 2.09% | ||
| Term Loan | December 2022 Secured Term Loan and Revolving Credit Facility | Forecast | |||
| Debt Instrument [Line Items] | |||
| Final payment amount | $ 39,700 |
Secured Term Loan Facilities and Revolving Credit Facilities - December 2022 Greater Bay JV Term Loan Facility (Details) - Line of Credit $ in Thousands |
Dec. 15, 2022
USD ($)
vessel
|
Dec. 31, 2025
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 767,885 | |
| Greater Bay JV Term Loan Facility | ||
| Debt Instrument [Line Items] | ||
| Line of credit facility, maximum borrowing capacity | $ 151,300 | |
| Debt instrument term | 7 years | |
| Outstanding amount | $ 119,800 | |
| Periodic payment | $ 2,700 | |
| Debt margin percentage | 2.20% | |
| Greater Bay JV Term Loan Facility | Minimum | ||
| Debt Instrument [Line Items] | ||
| Final payment amount | $ 15,000 | |
| Greater Bay JV Term Loan Facility | Maximum | ||
| Debt Instrument [Line Items] | ||
| Final payment amount | $ 18,200 | |
| Greater Bay JV Term Loan Facility | Ethylene Carriers | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 5 |
Secured Term Loan Facilities and Revolving Credit Facilities - March 2023 Senior Secured Term Loan (Details) - Line of Credit - USD ($) $ in Thousands |
Mar. 20, 2023 |
Mar. 31, 2029 |
Dec. 31, 2025 |
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Outstanding amount | $ 767,885 | ||
| Senior Secured Term Loan | March 2023 Senior Secured Term Loan | |||
| Debt Instrument [Line Items] | |||
| Debt instrument term | 6 years | ||
| Line of credit facility, maximum borrowing capacity | $ 200,000 | ||
| Outstanding amount | $ 108,500 | ||
| Periodic payment | $ 8,300 | ||
| Debt margin percentage | 2.05% | ||
| Senior Secured Term Loan | March 2023 Senior Secured Term Loan | Forecast | |||
| Debt Instrument [Line Items] | |||
| Final payment amount | $ 20,600 |
Secured Term Loan Facilities and Revolving Credit Facilities - February 2025 Senior Secured Term Loan (Details) - Line of Credit $ in Thousands |
Feb. 07, 2025
USD ($)
vessel
|
Dec. 31, 2025
USD ($)
|
|---|---|---|
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 767,885 | |
| Senior Secured Term Loan | February 2025 Senior Secured Term Loan | ||
| Debt Instrument [Line Items] | ||
| Outstanding amount | $ 74,600 | |
| Extension period | 18 months | |
| Balloon repayment amount | $ 25,000 | |
| Debt margin percentage | 1.80% | |
| Senior Secured Term Loan | February 2025 Senior Secured Term Loan | Purchased Vessels | ||
| Debt Instrument [Line Items] | ||
| Number of vessels to be financed | vessel | 3 |
Secured Term Loan Facilities and Revolving Credit Facilities - Loan Facility Covenants (Details) - Line of Credit $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Minimum cash and cash equivalents balance | $ 50 |
| Cash and cash equivalents balance to total indebtedness (as a percent) | 5.00% |
| Adjusted total stockholders' equity to adjusted total assets, minimum ratio (as a percent) | 30.00% |
| Minimum | |
| Debt Instrument [Line Items] | |
| Aggregate fair market value of collateral to aggregate outstanding amount (as a percent) | 110.00% |
Secured Term Loan Facilities and Revolving Credit Facilities - Other Loan Facility Covenants (Details) - Line of Credit $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Aggregate fair market value of collateral in excess of aggregate debt outstanding | $ 862.0 |
| Minimum | |
| Debt Instrument [Line Items] | |
| Aggregate fair market value of collateral to aggregate outstanding amount (as a percent) | 110.00% |
| Maximum | |
| Debt Instrument [Line Items] | |
| Aggregate fair market value of collateral to aggregate outstanding amount (as a percent) | 135.00% |
Senior Unsecured Bonds - Additional Information (Details) - Unsecured Bonds - USD ($) $ in Millions |
Dec. 31, 2025 |
Mar. 28, 2025 |
Oct. 17, 2024 |
|---|---|---|---|
| October 2024 Bonds | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal amount | $ 100 | ||
| Borrowing limit | $ 200 | ||
| Remaining available amount to be issued | $ 60 | ||
| March 2025 Bond | |||
| Debt Instrument [Line Items] | |||
| Aggregate principal amount | $ 40 | ||
| Interest rate (as a percent) | 7.25% |
Senior Unsecured Bonds - Breakdown (Details) - Unsecured Bonds - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Less deferred financing costs | $ (1,817) | $ (1,554) |
| Total | 138,183 | 98,446 |
| October 2024 Bonds | ||
| Debt Instrument [Line Items] | ||
| Bond cost | 100,000 | 100,000 |
| Total | 140,000 | |
| March 2025 Bond | ||
| Debt Instrument [Line Items] | ||
| Bond cost | $ 40,000 | $ 0 |
Senior Unsecured Bonds - Optional Redemption, Additional Information (Details) - Unsecured Bonds |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Debt Instrument [Line Items] | |
| Redemption price, basis spread (as a percent) | 4.12% |
| Debt covenant, minimum liquidity | $ 35,000,000 |
| Equity ratio (as a percent) | 30.00% |
| Restrictive covenant, minimum liquidity | $ 45,000,000 |
| From October 30, 2027 to April 29, 2028 | |
| Debt Instrument [Line Items] | |
| Debt instrument redeemable percentage | 102.90% |
| From April 30, 2028 to October 29, 2028 | |
| Debt Instrument [Line Items] | |
| Debt instrument redeemable percentage | 102.175% |
| From October 30, 2028 to April 29, 2029 | |
| Debt Instrument [Line Items] | |
| Debt instrument redeemable percentage | 101.45% |
| From April 30, 2029 to October 29, 2029 | |
| Debt Instrument [Line Items] | |
| Debt instrument redeemable percentage | 100.00% |
| Occurrence of Change of Control Event | |
| Debt Instrument [Line Items] | |
| Debt instrument redeemable percentage | 101.00% |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings Per Share [Abstract] | |||
| Basic income attributable to common stockholders of Navigator Holdings Ltd. | $ 100,122 | $ 85,571 | $ 82,255 |
| Diluted income attributable to common stockholders of Navigator Holdings Ltd. | $ 100,122 | $ 85,571 | $ 82,255 |
| Basic weighted average number of shares (in shares) | 67,333,263 | 71,149,671 | 74,096,284 |
| Effect of dilutive potential share options (in shares) | 703,510 | 688,363 | 511,165 |
| Diluted weighted average number of shares (in shares) | 68,036,773 | 71,838,034 | 74,607,449 |
| Basic earnings per share (in dollars per share) | $ 1.49 | $ 1.20 | $ 1.11 |
| Diluted earnings per share (in dollars per share) | $ 1.47 | $ 1.19 | $ 1.10 |
Share-Based Compensation - Additional Information (Details) |
Dec. 31, 2025
shares
|
|---|---|
| 2013 Plan | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Maximum number of shares authorized for grant (in shares) | 3,000,000 |
| 2023 Plan | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Maximum number of shares authorized for grant (in shares) | 3,000,000 |
Share-Based Compensation - Restricted Share Grant Activity (Details) - Restricted shares - $ / shares |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 09, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of non-vested restricted shares | ||||
| Unvested, beginning balance (in shares) | 78,285 | 85,378 | ||
| Granted (in shares) | 44,443 | 54,851 | ||
| Vested (in shares) | (2,146) | (55,369) | (61,944) | |
| Unvested, ending balance (in shares) | 67,359 | 78,285 | 85,378 | |
| Weighted average grant date fair value | ||||
| Unvested, beginning balance (in dollars per share) | $ 13.62 | $ 11.44 | ||
| Granted (in dollars per share) | 13.74 | 15.05 | ||
| Vested (in dollars per share) | 13.52 | 11.88 | ||
| Unvested, ending balance (in dollars per share) | $ 13.78 | $ 13.62 | $ 11.44 | |
| Weighted average remaining contractual term (years) | ||||
| Weighted-average remaining contractual terms | 9 months 18 days | 9 months | 9 months 21 days | |
Share-Based Compensation - Share Option Activity (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of options outstanding | ||
| Beginning balance (in shares) | 733,447 | 547,393 |
| Issuance during the year (in shares) | 0 | 339,592 |
| Expired during the year (in shares) | (121,443) | (153,538) |
| Ending balance (in shares) | 612,004 | 733,447 |
| Weighted average exercise price per share | ||
| Beginning balance (in dollars per share) | $ 16.86 | $ 18.25 |
| Issuance during the year (in dollars per share) | 17.94 | |
| Expired during the year (in dollars per share) | 17.80 | 24.22 |
| Ending balance (in dollars per share) | $ 16.67 | $ 16.86 |
| Aggregate intrinsic value | ||
| Beginning balance | $ 0 | $ 0 |
| Issuance during the year | 0 | |
| Expired during the year | 0 | 0 |
| Ending balance | $ 571,510 | $ 0 |
Share-Based Compensation - Restricted Stock Units, Additional Information (Details) - Restricted Stock Units (RSUs) - 2023 Plan - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 11, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Granted (in shares) | 82,066 | ||
| Share-based compensation costs | $ 302,453 | $ 0 | |
| Total compensation cost not yet recognized | $ 822,672 | $ 0 | |
Share-Based Compensation - Save as you Earn Share Scheme, Additional Information (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares issued under employee stock purchase plans (in shares) | 16,825 | 14,568 |
| ESPP | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Discount percentage to share price | 15.00% | |
| Share-based compensation costs | $ 37,273 | $ 44,811 |
Commitments and Contingencies - Contractual Obligations (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Office operating leases | ||
| 2026 | $ 1,273 | |
| 2027 | 1,495 | |
| 2028 | 139 | |
| 2029 | 25 | |
| Thereafter | 0 | |
| Total | 2,932 | $ 3,909 |
| Total contractual obligations | ||
| 2026 | 233,777 | |
| 2027 | 371,333 | |
| 2028 | 324,820 | |
| 2029 | 265,659 | |
| Thereafter | 191,418 | |
| Total | 1,387,007 | |
| Vessels under construction | ||
| Other commitments | ||
| 2026 | 62,340 | |
| 2027 | 249,300 | |
| 2028 | 164,550 | |
| 2029 | 0 | |
| Thereafter | 0 | |
| Total | 476,190 | |
| Secured term loan facilities and revolving credit facilities | ||
| Long-term debt | ||
| 2026 | 170,164 | 252,333 |
| 2027 | 120,538 | 121,321 |
| 2028 | 160,131 | 81,644 |
| 2029 | 125,634 | 131,822 |
| Thereafter | 191,418 | |
| Total | 767,885 | |
| Unsecured bonds | ||
| Long-term debt | ||
| Total | 138,183 | $ 98,446 |
| Unsecured bonds | 2024 Bonds | ||
| Long-term debt | ||
| 2026 | 0 | |
| 2027 | 0 | |
| 2028 | 0 | |
| 2029 | 140,000 | |
| Thereafter | 0 | |
| Total | $ 140,000 |
Operating Lease Liabilities - Additional Information (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
contract
|
Dec. 31, 2024
USD ($)
|
|
| Leases [Abstract] | ||
| Operating lease, liabilities | $ 2,839 | $ 3,754 |
| Operating lease, right-of-use assets | 1,282 | 2,088 |
| Operating lease, cost | $ 1,200 | $ 1,200 |
| Number of operating leases contracts | contract | 5 | |
| Operating lease weighted average discount rate | 3.54% | 3.32% |
| Weighted average remaining contractual lease term | 1 year 4 months 13 days | 3 years 1 month 13 days |
Operating Lease Liabilities - Maturity Analysis of the Undiscounted Cash Flows of The Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| One year | $ 1,273 | $ 1,314 |
| Between one and two years | 1,495 | 1,138 |
| Between two and three years | 139 | 1,342 |
| Between three and four years | 25 | 92 |
| Between four and five years | 0 | 23 |
| Total | 2,932 | 3,909 |
| Less: Discount adjustment | (93) | (155) |
| Total operating lease liabilities | 2,839 | 3,754 |
| Less: current portion | (1,203) | (1,180) |
| Total operating lease liabilities, non-current portion | $ 1,636 | $ 2,574 |
Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Income before taxes and share of result of equity method investments | $ 110,324 | $ 81,551 | $ 70,590 |
| Amount: | |||
| Statutory tax effect | 0 | 0 | 0 |
| Total tax charge | $ 12,487 | $ 4,365 | $ 4,325 |
| Percent: | |||
| Statutory tax effect | 0.00% | 0.00% | 0.00% |
| Total tax charge | 11.30% | 5.40% | 6.10% |
| Indonesia | |||
| Amount: | |||
| Effect of not indefinitely reinvesting profits | $ 9,490 | $ 0 | $ 0 |
| Percent: | |||
| Effect of not indefinitely reinvesting profits | 8.60% | 0.00% | 0.00% |
| Other foreign jurisdictions | |||
| Amount: | |||
| Other foreign jurisdictions | $ 2,997 | $ 4,365 | $ 4,325 |
| Percent: | |||
| Other foreign jurisdictions | 2.70% | 5.40% | 6.10% |
Income Taxes - Income Tax Components (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income before taxes from continuing operations, domestic and foreign: | |||
| Domestic | $ 0 | $ 0 | $ 0 |
| Foreign Subsidiaries | 110,324 | 81,551 | 70,590 |
| Income before taxes and share of result of equity method investments | 110,324 | 81,551 | 70,590 |
| Provision for Income Taxes: | |||
| Current foreign tax expense, including withholding taxes | 2,316 | 1,904 | 1,951 |
| Deferred domestic tax expense | 0 | 0 | 0 |
| Deferred foreign tax expense, including withholding taxes | 10,171 | 2,461 | 2,374 |
| Total tax charge | 12,487 | 4,365 | 4,325 |
| Income tax paid, net: | |||
| Total tax paid during the year | $ 2,094 | $ 1,935 | $ 1,802 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Income Tax [Line Items] | ||
| Deferred tax liabilities | $ 19,648 | $ 9,477 |
| Deferred tax asset | 19,275 | 22,288 |
| Deferred tax asset, carryforward losses | 19,239 | 22,234 |
| Indonesia | ||
| Income Tax [Line Items] | ||
| Deferred tax charge on undistributed foreign earnings that will not be indefinitely reinvested | 9,500 | $ 0 |
| Export Terminal Joint Venture | ||
| Income Tax [Line Items] | ||
| Deferred tax asset, carryforward losses | $ 19,200 | |
| Percentage of carry forwards utilized against future profits | 80.00% |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax asset | ||
| Net operating losses carry forwards | $ 19,239 | $ 22,234 |
| Other temporary differences | 36 | 54 |
| Total deferred tax assets | 19,275 | 22,288 |
| Less valuation allowance | 0 | 0 |
| Deferred tax asset, net of valuation allowance | 19,275 | 22,288 |
| Deferred tax liabilities | ||
| Investment in joint venture | 29,323 | 31,709 |
| Other temporary differences | 9,600 | 56 |
| Total deferred tax liabilities | 38,923 | 31,765 |
| Net deferred tax liability | $ (19,648) | $ (9,477) |
Cash, Cash Equivalents and Restricted Cash - Breakdown of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Cash and Cash Equivalents [Line Items] | ||||
| Cash and cash equivalents | $ 154,950 | $ 130,821 | $ 149,604 | |
| Restricted cash | 49,921 | 8,976 | 8,638 | |
| Total cash, cash equivalents and restricted cash | 204,871 | 139,797 | $ 158,242 | $ 153,194 |
| Consolidated Entity, Excluding Consolidated VIE | ||||
| Cash and Cash Equivalents [Line Items] | ||||
| Cash and cash equivalents | 154,674 | 130,455 | ||
| VIE | ||||
| Cash and Cash Equivalents [Line Items] | ||||
| Cash and cash equivalents | $ 276 | $ 366 |
Cash, Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Cash and Cash Equivalents [Abstract] | |||
| Restricted cash | $ 49,921 | $ 8,976 | $ 8,638 |
Related Party Transactions - Income (Expenses) With Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | $ (685) | $ (1,847) | $ (3,376) |
| Unigas Pool | |||
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | (634) | 0 | 0 |
| Luna Pool Agency Limited | |||
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | 39 | (56) | (42) |
| Ocean Yield Malta Limited | |||
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | 0 | (1,719) | (3,221) |
| Ultranav Business Support ApS* | |||
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | (90) | (72) | (100) |
| Naviera Ultranav Limitada | |||
| Related Party Transaction [Line Items] | |||
| Net income / (expenses) | $ 0 | $ 0 | $ (13) |
Related Party Transactions - Due From Related Parties (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Due from Related Parties | $ 6,542 | $ 13,797 |
| Related Party | ||
| Related Party Transaction [Line Items] | ||
| Due from Related Parties | 6,542 | 13,797 |
| Related Party | Luna Pool Agency Limited | ||
| Related Party Transaction [Line Items] | ||
| Due from Related Parties | 1,532 | 8,055 |
| Related Party | Unigas Pool | ||
| Related Party Transaction [Line Items] | ||
| Due from Related Parties | $ 5,010 | $ 5,742 |
Related Party Transactions - Additional Information (Details) |
Aug. 04, 2021 |
|---|---|
| Related Party | Ultranav Business Support ApS* | |
| Related Party Transaction [Line Items] | |
| Contract termination, term | 6 months |
Stockholders' Equity (Details) |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
vote
$ / shares
shares
|
Dec. 31, 2024
$ / shares
shares
|
Dec. 31, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
|
|
| Equity [Abstract] | ||||
| Common stock, authorized (in shares) | 400,000,000 | 400,000,000 | ||
| Preferred stock, authorized (in shares) | 40,000,000 | |||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
| Common stock, shares issued (in shares) | 65,250,444 | 69,397,648 | ||
| Common stock, shares outstanding (in shares) | 65,250,444 | 69,397,648 | ||
| Preferred stock, shares issued (in shares) | 0 | 0 | ||
| Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
| Common stock, voting rights, number of votes per share | vote | 1 |