Navigator Gas Announces Order for Two New 48,500 Cubic Meter Capacity Liquefied Ethylene Gas Carriers
August 23 2024 - 1:00AM
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the
“Company”) (NYSE: NVGS), the owner and operator of the world’s
largest fleet of handysize liquefied gas carriers, announces that
today, it entered into contracts (the “Contracts”) to build two new
48,500 cubic meter capacity liquefied ethylene gas carriers (the
“Newbuild Vessels”) with Jiangnan Shipyard (Group) Co., Ltd. and
China Shipbuilding Trading Co., Ltd., (together, the “Sellers”) in
China.
The Newbuild Vessels are scheduled to be
delivered to the Company in March 2027 and July 2027 respectively,
at an average price of $102.9 million per vessel. The Newbuild
Vessels will be able to carry a wide variety of gas products,
ranging from the most complex petrochemical gases, such as ethylene
and ethane, to LPG and clean ammonia. The Newbuild Vessels will be
fitted with dual-fuel engines for ethane, a low-carbon intensity
transitional fuel, and made retrofit-ready for using ammonia as a
fuel in the near future. Additionally, the Newbuild Vessels will be
capable of transiting through both the former and the new Panama
Canal locks, providing enhanced flexibility.
The Company has also agreed an option with the
Sellers for an additional two newbuilding vessels of the same
specification and price as the Newbuild Vessels, with expected
delivery to the Company in November 2027 and January 2028,
respectively, if the option is exercised.
Mads Peter Zacho, CEO,
commented:
“Building these vessels strengthens the link
between our ethylene export terminal at Morgan’s Point and our
global customers. They enable us to maintain a safe, efficient, and
reliable ethylene transportation capability that is both
competitive and future-ready, using assets adapted to the low
carbon fuel landscape”.
The Company does not intend to issue any new
capital but plans to finance the Newbuild Vessels with a
combination of cash on hand and new debt. These investments
are expected to be accretive to the Company’s earnings. Neither of
the Newbuild Vessels is currently chartered, but the Company
intends to fix charters prior to their delivery, although there is
no assurance that they will be so chartered.
About Navigator Gas
Navigator Holdings Ltd. (described herein as
“Navigator Gas” or the “Company”) 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 Gas’ fleet
consists of 56 semi- or fully-refrigerated liquefied gas carriers,
25 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 Gas’ 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: |
|
333 Clay Street, Suite 2480,
Houston, Texas, U.S.A. 77002 |
Tel: |
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+1 713 373 6197 and +44 (0)20
7340 4850 |
|
|
|
Investor Relations / Media Advisors
Nicolas Bornozis / Paul LampoutisCapital Link – New YorkTel:
+1-212-661-7566Email: 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. 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.
Category: General
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