Navigator Holdings Ltd.

The average daily time charter equivalent (“TCE”) rate across the fleet was $30,314 for the three months ended September 30, 2026, compared to $30,966 for the three months ended September 30, 2025, and $33,946 for the three months ended June 30, 2026.

Utilization across the fleet was 87.9% for the three months ended September 30, 2026, compared to 89.3% for the three months ended September 30, 2025, and 90.8% for the three months ended June 30, 2026.

We continue to monitor the ongoing geopolitical situation in the Middle East. During the three months ended September 30, 2026, none of our vessels operated in, or transited through, the Arabian Gulf or the Strait of Hormuz, and we have not experienced any significant operational impact on our vessels as a result.

Customer buying patterns shifted during the third quarter of 2026. In the second quarter, customers had increased precautionary purchases to secure cargoes from North America and other regions amid disruption to Middle East supply. Early in the third quarter however, reports of potential diplomatic progress between the United States and Iran led many customers to defer cargo purchases and adopt a wait-and-see approach through July and August 2026. This temporary pause in buying impacted demand for handysize tonnage, and utilization eased to an average of around 85% during those two months.

As it became clear that conditions in the Strait of Hormuz had not materially improved, customers resumed purchasing, and demand for our vessels strengthened. Utilization recovered to 94% in September 2026, and remained firm into October 2026.

The same uncertainty continued to dampen customers’ willingness to commit to longer-term charter arrangements during the three months ended September 30, 2026. Charterers instead favored shorter, spot-oriented employment.

The ongoing disruption to transits through the Strait of Hormuz in the third quarter of 2026 constrained the availability of hydrocarbon products from the Middle East and supported demand for North American exports. Replacing Middle East volumes with North American supply increased ton-mile demand as longer voyages to end-markets require more vessels to transport the same quantities. El Niño-related low rainfall provided further support by prompting the Panama Canal Authority to cut daily booking slots twice during the third quarter; first to 34 and then to 32 transits. These reductions increased waiting times for canal transits and led many vessels traveling from North America to take the longer route to Asia via the Cape of Good Hope. Firmer demand for very large gas carriers ("VLGCs") and midsize vessels also provided support to handysize LPG.

As of September 30, 2026, we had 27 vessels engaged under time charters, 19 vessels on spot voyage charters and contracts of affreightment ("COAs"), and two vessels operating in the independently managed Unigas Pool. For the 12-month period commencing October 1, 2026, approximately 34% of our available days are covered by time charter contracts. For the same forward-looking 12-month period, our midsize vessels are exclusively on time charters, approximately 59% of our fully refrigerated vessels and 30% of our semi-refrigerated vessels are on time charters, whereas 93% of our ethylene-capable handysize vessels are expected to be employed in the spot voyage market.

The handysize 12‑month forward‑looking market assessment for semi‑refrigerated vessels increased by $20,000 per calendar month (“pcm”) from the end of the second quarter of 2026, to $995,000 pcm at the end of the third quarter of 2026.

The handysize 12‑month forward‑looking market assessment for fully refrigerated vessels was $850,000 pcm at the end of the second quarter of 2026 and remained unchanged at the end of the third quarter of 2026.

The handysize 12-month forward-looking market assessment for ethylene-capable vessels decreased by $100,000 pcm from the end of the second quarter of 2026, to $1,000,000 pcm at the end of the third quarter of 2026.