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Operating profit at Wilbur Ross' Navigator soars

Gas carrier Navigator Holdings, which in 2013 acquired 11 ships from Maersk Tankers, increased its profits, though a ship fire weighed down the carrier's fleet utilization rate.

Navigator Holdings, which owns and operates the world's largest fleet of Handysize gas vessels after acquiring 11 ships from Maersk Tankers last year, finished 2013 with an operating profit (EBITDA) of USD 106 million, compared to USD 63.9 million in 2012.

The New York-listed carrier, controlled by equity fund investor Wilbur Ross, operates 24 Handysize vessels and has another 10 newbuildings in the pipeline, set for delivery from April 2014 to April 2016.

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