Navigator Holdings Ltd. (“Navigator” or “Company”) (NYSE: NVGS),
the owner and operator of the world’s largest fleet of handysize
liquefied gas carriers, is pleased to announce that following the
formation of its 60/40 joint venture with Greater Bay Gas Co. Ltd.
(“Greater Bay Gas”), (the “Joint Venture”), previously announced on
September 30, 2022, the Joint Venture has today acquired the first
of its scheduled five vessels.
The vessel, a 17,000 cbm 2018-built liquefied
ethylene gas carrier was renamed Navigator Luna, in recognition of
the Navigator and Greater Bay Gas Luna Pool collaboration
arrangement (the “Luna Pool”). The remaining vessels to be acquired
by the Joint Venture include another 17,000 cbm, 2018-built
ethylene carrier and three 22,000 cbm, 2019-built ethylene
carriers, which are expected to be purchased over the next 12
months (collectively with the Navigator Luna, the “Vessels”).
The Vessels will continue to be commercially
managed by the Luna Pool, and technical management will be provided
by the third-party technical manager, PG Shipmanagement Pte. Ltd.
of Singapore.
To assist with the financing of the Vessels, on
December 15, 2022, the JVCO’s subsidiaries (Pacific Jupiter L.L.C.,
Pacific Mars L.L.C., Pacific Mercury L.L.C., Pacific Saturn L.L.C.
and Pacific Venus L.L.C.) (the “Borrowers”), entered into a
six-year secured term loan (the “Facility Agreement”) with ING Bank
N.V., Skandinaviska Enskilda Banken AB (publ), CTBC Bank and
Shinsei Bank Limited, pursuant to which such lenders made available
to the Borrowers, a maximum amount of $151.3 million, subject to
certain terms and conditions set out in the Facility Agreement,
which represents 65% of the expected aggregate value of the
Vessels. The loan bears interest on a quarterly basis at SOFR plus
220 basis points. Obligations under the Facility Agreement are
guaranteed by Navigator Gas L.L.C. and the Company and will be
secured by the Vessels. The Facility Agreement contains certain
conditions, covenants and events of default.
Mads Peter Zacho, Chief Executive
Officer of Navigator, said:“We are very pleased to have
already purchased the first vessel under our joint venture with
Greater Bay, having signed our agreement in late September. I look
forward to continuing our relationship with Greater Bay and
welcoming the planned five vessels into the Navigator fleet.”
Mr. Steven Xiao, Director of Greater Bay
Gas, commented:“By agreeing this joint venture with
Navigator, we have widened our business opportunities and our
exposure to the liquefied gas transportation industry at a time
when demand for shipping is only increasing. We look forward to
2023 with great anticipation.”
About Greater Bay GasGreater
Bay Gas is a gaseous product logistic service provider based in the
heart of the Shenzhen Greater Bay Area, China. It currently
operates the fleet of five modern semi-pressurized and
semi-refrigerated ethylene and ethane gas carriers that are
expected to be acquired by the Joint Venture. It aims to develop
its core business through global strategic partnerships to serve
increasing demand for shipping and related logistics of gaseous
product worldwide.
Greater Bay Gas Co. Ltd. (HK) was founded
primarily by Equator Fund Limited, which is a maritime-focused
fund, having its headquarters in the Municipality of Shenzhen, with
offices in Hong Kong and Shanghai, China.
About Navigator GasNavigator
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 now consists of 53 semi- or
fully-refrigerated liquefied gas carriers, 22 of which are ethylene
and ethane capable. 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 Gas |
Attention: |
Investor
Relations investorrelations@navigatorgas.com and
randy.giveans@navigatorgas.com |
Address: |
1201 Fannin St. Suite 262, Houston, Texas, U.S.A. 77002 |
Tel: |
+1 713 373 6197 and +44 (0)20 7340 4850 |
|
|
Investor Relations / Media Advisors |
Nicolas Bornozis / Paul Lampoutis |
Capital Link - New York |
Tel: +1-212-661-7566 |
Email: navigatorgas@capitallink.com |
Forward Looking Statements
This 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, including statements concerning the acquisition of
vessels by the Joint Venture, the performance of the Joint Venture
and the benefits of the transaction to Navigator and its
shareholders. 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,” “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 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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