Navigator Holdings Ltd. Announces Second Vessel Acquisition Under 60/40 Joint Venture With Greater Bay Gas
January 17 2023 - 8:30AM
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 the second vessel
acquisition under its 60/40 joint venture with Greater Bay Gas Co.
Ltd. (Liberia) (“Greater Bay Gas”), (the “Joint Venture”),
previously announced on September 30, 2022. The Joint Venture
announced the purchase of its first of five vessels on December 20,
2022.
The vessel, renamed Navigator Solar, is a 17,000
cbm liquefied ethylene gas carrier, built in 2018 and was delivered
on January 16, 2023. The remaining vessels expected to be purchased
over the next 12 months by the Joint Venture are three 22,000 cbm,
2019-built ethylene carriers.
As previously announced, all five vessels will
continue to be commercially managed under the Luna Pool
collaboration arrangement, and technical management will be
provided by the third-party technical manager, PG Shipmanagement
Pte. Ltd. of Singapore.
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 54 semi- or
fully-refrigerated liquefied gas carriers, 23 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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