Navigator Holdings (known commercially as Navigator Gas) owns and operates the world's largest fleet of handysize liquefied gas carriers, transporting specialty gases globally for energy companies, chemical producers, and commodity traders. The fleet consists of 57 vessels, including 43 handysize carriers (15,000–24,999 cbm), five midsize carriers, and several smaller vessels. Twenty-six vessels are capable of carrying ethylene or ethane — a specialized, cryogenic cargo type that most competitors cannot handle — making Navigator a dominant player in that sub-market. The fleet transports three main cargo types: petrochemical gases (ethylene, ethane, propylene, and others), which made up roughly 46% of earning days in 2024; LPG, at about 36%; and ammonia, at roughly 18%. Navigator earns revenue through time charters (fixed daily hire rates, with the customer bearing voyage costs) and spot/voyage charters (where Navigator charges per ton and bears voyage costs). The company targets 30–50% time charter coverage to balance rate upside with revenue stability. Navigator also owns a 50% interest in an ethylene export terminal on the Houston Ship Channel, joint-ventured with Enterprise Products Partners, with throughput capacity of roughly 1.55 million tons per annum. Navigator is growing the fleet through selective secondhand acquisitions and newbuilds, including four midsize ethylene/ethane-capable vessels delivering in 2027–2028 and two ammonia carriers delivering in 2028 chartered to Yara Clean Ammonia, positioning the company in emerging clean ammonia supply chains.