Navigator Holdings Ltd. Announces Participation In Expansion Project Under Existing Ethylene Export Terminal Joint Venture
Navigator Holdings Ltd. (“Navigator” or the “Company”) (NYSE:
NVGS), the owner and operator of the world’s largest fleet of
handysize liquefied gas carriers, announced today that it intends
to participate in a capital project, under its existing joint
venture with Enterprise Products Partners L.P. (“Enterprise”), that
consists of expanding its existing ethylene export terminal joint
venture at Morgan’s Point (the “Expansion Project”). The
developments making up the Expansion Project will be owned by
Navigator Ethylene Terminal LLC, a joint venture that is 50/50
owned by Navigator and Enterprise (the “Export Terminal Joint
It is expected that the Expansion Project will
provide significant additional ethylene refrigeration capacity for
the Export Terminal Joint Venture, which will create an opportunity
for the Export Terminal Joint Venture to generate additional
revenue through increased volumes. Navigator expects to make cash
contributions to the Export Terminal Joint Venture for construction
commencing in the first quarter of 2023 and ending in 2024, at
which time the Expansion Project is expected to begin commercial
About UsNavigator Holdings Ltd.
is the owner and operator of the world’s largest fleet of handysize
liquefied gas carriers and a global leader in the seaborne
transportation services of petrochemical gases, such as ethylene
and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a
50% share, through a joint venture, in an ethylene export marine
terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA.
Navigator’s fleet consists of 53 semi- or fully-refrigerated
liquefied gas carriers, 21 of which are ethylene and ethane
capable. On September 30, 2022, Navigator announced a new joint
venture with Greater Bay Gas Co. Ltd. (“Greater Bay”), owned 60% by
Navigator and 40% by Greater Bay, with the intention to acquire
five ethylene vessels over the next fifteen months. The Company
plays a vital role in the liquefied gas supply chain for energy
companies, industrial consumers and commodity traders, with its
sophisticated vessels providing an efficient and reliable ‘floating
pipeline’ between the parties, connecting the world today, creating
a sustainable tomorrow.
Navigator’s common stock trades on the New York
Stock Exchange under the symbol “NVGS”.
Navigator GasAttention: Investor
Relations firstname.lastname@example.org and email@example.comAddress:
1201 Fannin St. Suite 262, Houston, Texas, U.S.A. 77002Tel: +1 713
373 6197 and +44 (0)20 7340 4850
Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link – New YorkTel: +1-212-661-7566Email:
Forward Looking StatementsThis
press release contains certain “forward-looking” statements (as
defined by the Securities and Exchange Commission) concerning plans
and objectives of management for future operations or economic
performance, or assumptions related thereto and concerning the
Expansion Project and the Export Terminal Joint Venture. In
addition, we and our representatives may from time to time make
other oral or written statements that are also forward-looking
statements. In some cases, you can identify the forward-looking
statements by the use of words such as “may,” “could,” “should,”
“will,” “would,” “expect,” “plan,” “anticipate,” “intend,”
“forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” “scheduled,” or the negative of these
terms or other comparable terminology.
These forward-looking statements involve many
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include but are not limited to those
set forth in the periodic reports Navigator files with the U.S.
Securities and Exchange Commission.
All forward-looking statements included in this
press release are made only as of the date of this press release.
New factors emerge from time to time, and it is not possible for us
to predict all of these factors. Further, we cannot assess the
impact of each such factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to
be materially different from those contained in any forward-looking
statement. We expressly disclaim any obligation to update or revise
any 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.
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