Wilbur Ross' gas carrier improved results

Navigator Gas Holdings improved its result in the first quarter of the year. The LPG carrier specializes in Handysize and has a fleet of 36 vessels.

Major investor Wilbur Ross' LPG carrier Navigator Gas Holdings had a solid first quarter. The carrier, which owns the world's largest fleet of Handysize vessels for transporting gas, and which has 13 newbuildings on the way, saw significant improvements in revenue as well as profit.

Revenue grew from USD 42.3 million in the 1st quarter 2013 to USD 69.8 million in the first quarter this year, a 65 percent increase, and that may sound like a lot, but the company attributes this growth to the fact the carrier received a large number of new ships. Navigator's fleet grew by 11 ships in 2013, vessels that the company acquired from Maersk Tankers. And 2013 was also the year in which the carrier was listed on the New York Stock Exchange.

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