Navigator Holdings reported a drop in third-quarter earnings, but the result was better than Wall Street predictions.
The New York-listed LPG and ethylene carrier owner said in a preliminary earnings report that it logged a profit of $6.5m during the period, which was well below the $22.7m in net income a year earlier.
Earnings per share of $0.12 was within a wide range of analyst estimates but above the consensus prediction of $0.08.
The company told the US Securities & Exchange Commission that narrow arbitrage for LPG stifled any chances for improvement in freight rates.
Navigator,
