This is an increase of USD 11.1 million, or 16.5%, when compared to the USD 67.3 million of operating revenue for the three months ended December 31, 2013.
The company attributed the rise to increases in the weighted average number of vessels, improvements in charter rates, an increase in vessel utilization; along with an increase in the number of voyage charters undertaken relative to time charters.
The ship owner’s operating revenue amounted to USD 304.9 million and net income of USD 84.5 million for the full year ended December 31, 2014.
During the fourth quarter of 2014, the average time charter equivalent rate across the entire fleet, including the fully-refrigerated vessels was approximately USD 932,170 per calendar month (USD 30,646 per day), compared to USD 830,500 per calendar month (USD 27,300 per day) for the comparable period in 2013.
Navigator’s fleet utilization across the 26 vessels operating at the year end increased to 94.8% for the fourth quarter of 2014, from 90.7% for the fourth quarter of 2013.
“This was primarily because in the fourth quarter of 2013, we had to reposition a number of the 11 vessels entering our fleet from AP Møller and we incurred 45 days off-hire due to the engine room fire on Navigator Capricorn,” Navigator said.
The company took delivery of three newbuilding vessels, making its total fleet of 26 vessels on the water at December 31, 2014.
Navigator has 11 remaining semi-refrigerated gas carrier newbuildings on order, for delivery between April 2015 and March 2017.