LONDON, April 23, 2014 /PRNewswire/ --
Navigator Holdings Ltd. (NYSE: NVGS) today announces that the
Company exercised its option to build an additional three 35,000
cubic meter ethylene/ethane capable semi-refrigerated liquefied gas
carriers, in addition to the one vessel of the same size already
under construction. The three additional vessels will be built at
Jiangnan Shipyard in China for
$78.4 million each.
The 35,000 cubic meter ethylene & ethane carriers are
specifically designed in anticipation of large scale exports of
ethane becoming available from surplus U.S. shale gas production
and the desire by international petrochemical companies to
diversify their feedstock supplies with low cost U.S. ethane.
However as the world's largest semi-refrigerated liquefied gas
carriers, they will have the versatility to transport the full
range of liquefied gases such as propane and butane, as well as
petrochemicals including ethylene & ethane, and ammonia. They
will be delivered with dual fuel engines, reducing running costs
through optimized propulsion systems, and together with larger
carrying capacities, will offer greater economies of scale,
increasing competitiveness for our customers.
Following its exercise of the option to build three additional
vessels, Navigator has thirteen vessels in its newbuilding program,
four of which are scheduled for delivery in late 2014, four in 2015
and five in 2016.
Forward Looking Statements
Statements included in this press release concerning plans and
objectives of Navigator's ("we,"or "our") management for future
operations or economic performance, or assumptions related thereto,
contain forward-looking statements. In addition, we and our
representatives may from time to time make other oral or written
statements that are also forward-looking statements. Such
statements include, in particular, statements about our plans,
strategies, business prospects, changes and trends in our business
and the markets in which we operate as described in this press
release. In some cases, you can identify the forward-looking
statements by the use of words such as "may," "could," "should,"
"would," "expect," "plan," "anticipate," "intend," "forecast,"
"believe," "estimate," "predict," "propose," "potential,"
"continue," or the negative of these terms or other comparable
terminology. These risks and uncertainties include, but are not
limited to:
- future operating or financial results;
- pending acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking requirements and insurance costs;
- general market conditions and shipping market trends, including
charter rates and factors affecting supply and demand;
- our financial condition and liquidity, including our ability to
obtain additional financing in the future to fund capital
expenditures, acquisitions and other corporate activities;
- estimated future capital expenditures needed to preserve our
capital base;
- our expectations about the receipt of our thirteen newbuildings
and the timing of the receipt thereof;
- our expectations about the availability of vessels to purchase,
the time that it may take to construct new vessels, or the useful
lives of our vessels;
- our continued ability to enter into long-term, fixed-rate time
charters with our customers;
- changes in governmental rules and regulations or actions taken
by regulatory authorities;
- potential liability from future litigation;
- our expectations relating to the payment of dividends; and
- other factors discussed in Navigator's filings with the U.S.
Securities and Exchange Commission.
We expressly disclaim any obligation to update or revise any of
these forward-looking statements, whether because of future events,
new information, a change in our views or expectations, or
otherwise. We make no prediction or statement about the performance
of our common stock.
About Us
Navigator Gas is the owner and operator of the world's
largest fleet of handysize liquefied gas carriers and provides
international and regional seaborne transportation services of
liquefied petroleum gas, petrochemical gases and ammonia for energy
companies, industrial users and commodity traders.
Navigator's fleet consists of 36 semi- or fully-refrigerated
liquefied gas carriers, including thirteen newbuildings scheduled
for delivery by the end of December
2016.
Navigator Gas
Attention: Investor Relations department
New York: 399 Park Avenue, 38th Floor,
New York, NY 10022 - Tel:
+1-212-355-5981
London: 21 Palmer Street,
London, SW1H 0AD - Tel:
+44(0)20-7340-4850
SOURCE Navigator Holdings Ltd