Navigator Gas Welcomes New Ethylene Gas Carrier to Fleet
Navigator Gas Enhances Fleet with New Acquisition
Navigator Holdings Ltd., affectionately known as Navigator Gas, proudly announces its strategic milestone in expanding its fleet of handysize liquefied gas carriers. Today, the company completed the acquisition of its first of three vessels, marking a significant step towards enhancing its export capacity.
Details of the Acquisition
The newly acquired vessel, which boasts a robust capacity of 17,000 cubic meters, has been named Navigator Hyperion. This German-built liquefied ethylene gas carrier is part of a broader initiative to increase Navigator Gas' operational capabilities and meet the growing demand in the spot market. The remaining two vessels from this acquisition are expected to join the fleet within a few months, further strengthening the company's position in the industry.
Supporting Infrastructure Growth
This acquisition is not merely an addition to the fleet; it directly supports the expansion of Navigator Gas' capabilities at its Export Terminal Joint Venture. As the demand for ethylene continues to rise, the company recognizes the need for a robust infrastructure that can handle increased exports effectively.
Financing the Acquisition
To facilitate this acquisition, Navigator Gas has strategically secured financing through a facility agreement with Nordea Bank Abp. Leveraging cash reserves and the funds made available under this agreement, the company is well-positioned to minimize financial strain while bolstering its fleet. This strategic move allows them to maintain their commitment to operational efficiency while remaining competitive in the market.
Interviews with Leadership
Gary Chapman, CFO of Navigator Gas, shared insights on the company's acquisition strategy. He noted, “We have put in place competitively priced debt to finance the majority of the cost of acquiring the three vessels. As the vessels deliver now and in the coming weeks, we expect them to support our ethylene export terminal expansion and be accretive to our earnings both in 2025 and beyond.”
About Navigator Gas
Founded with a vision of excellence, Navigator Gas operates the world’s largest fleet of handysize liquefied gas carriers, cementing its place as a global leader in transporting petrochemical gases, including ethylene, ethane, and liquefied petroleum gas (LPG). The company also holds a vital 50% stake in an ethylene export marine terminal at Morgan’s Point, Texas. Post-acquisition, the Navigator Gas fleet will consist of 59 semi- or fully-refrigerated vessels, enhancing their ability to support energy companies and industrial consumers efficiently.
A Vital Link in the Supply Chain
With its diverse and advanced fleet, Navigator Gas stands as a crucial player in the liquefied gas supply chain. Their sophisticated vessels act as a 'floating pipeline,' connecting producers and consumers around the globe, ensuring that resources flow smoothly while promising a sustainable future.
Contact Information
Navigator Gas values communication and transparency with its stakeholders. For any inquiries, the investor relations team can be reached via email at investorrelations@navigatorgas.com or at randy.giveans@navigatorgas.com. Their office is located at 333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002, and they can be reached at +1 713 373 6197 or +44 (0)20 7340 4850.
Frequently Asked Questions
What is the significance of Navigator Gas acquiring new vessels?
The addition of new vessels is crucial for expanding their export capacity and meeting rising demand in the ethylene market.
How will the acquisition be financed?
The acquisition will be financed through a combination of cash on hand and a facility agreement with Nordea Bank Abp.
What is the capacity of the newly acquired vessel?
The Navigator Hyperion is a 17,000 cubic meter capacity liquefied ethylene gas carrier.
When will the other two vessels be delivered?
The remaining two vessels are expected to be delivered between February and May 2025.
Where is Navigator Gas located?
The headquarters is located at 333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002.
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