Navigator Gas Advances with Acquisition of Ethylene Carriers
Navigating New Frontiers: Navigator Gas Expands Fleet
Navigator Holdings Ltd., popularly known as Navigator Gas, has successfully marked a significant milestone in its operational capabilities with the recent acquisition of the first of three handysize liquefied ethylene gas carriers. This strategic move reinforces Navigator Gas's position as a primary player in the global liquefied gas sector.
Details of the Acquisition
The newly acquired vessel, which boasts a capacity of 17,000 cubic meters, has been officially named Navigator Hyperion. This German-built carrier is part of Navigator Gas's broader strategy to enhance its fleet and deliver increased export capacity from its ethylene export terminal. The company has plans in place for the delivery of the remaining two vessels between the early months and the middle of the year.
Financial Strength and Support
To facilitate this strategic acquisition, Navigator Gas has employed a mix of cash reserves and funds raised through a recent facility agreement with Nordea Bank Abp. This arrangement will support Navigator Gas in securing the financial backing necessary to integrate these new vessels into its fleet. Each vessel under this agreement will be secured as part of the collateral. The careful planning and financial strategy are crucial for maintaining operational stability during the transaction process.
Comments from Leadership
Gary Chapman, the Chief Financial Officer of Navigator Gas, has highlighted the advantages of this acquisition strategy. He mentioned that the company is leveraging competitively priced debt to cover a substantial portion of the acquisition costs. As the vessels are delivered in the upcoming weeks, Navigator Gas anticipates that their integration will not only support expansion efforts at its ethylene export terminal but also enhance earnings for the company in the current year and beyond.
About Navigator Gas and its Operations
Navigator Holdings Ltd. stands as the owner and operator of the world's largest fleet of handysize liquefied gas carriers, setting standards in the transportation of petrochemical gases like ethylene, ethane, liquefied petroleum gas (LPG), and ammonia. With a 50% stake in an ethylene export marine terminal at Morgan's Point, Texas, Navigator Gas is pivotal in the global liquefied gas supply chain. The company currently operates a fleet consisting of 59 semi- or fully-refrigerated carriers, including 28 capable of transporting ethylene and ethane. Their innovative floating pipeline system is designed to connect buyers and sellers efficiently, thus facilitating a sustainable energy future.
Contact and Additional Information
For any further inquiries, Navigator Gas encourages reaching out to their investor relations team via email. You can contact Investor Relations at investorrelations@navigatorgas.com. The company's physical address is 333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002, and they can be reached via telephone at +1 713 373 6197 or +44 (0)20 7340 4850.
Frequently Asked Questions
What recent acquisition did Navigator Gas complete?
Navigator Gas completed the purchase of its first liquefied ethylene gas carrier.
What is the name of the newly acquired vessel?
The newly acquired vessel is named Navigator Hyperion.
How many carriers is Navigator Gas planning to acquire?
Navigator Gas plans to acquire a total of three handysize ethylene carriers.
Who financed the acquisition?
The acquisition was financed through a mix of cash reserves and a facility agreement with Nordea Bank Abp.
What role does Navigator Gas play in the liquefied gas supply chain?
Navigator Gas is a key provider of transportation services for various petrochemical gases, connecting energy companies, industrial consumers, and commodity traders worldwide.
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