Navigator Holdings Additional Vessel Acquisitions With Greater Bay
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 third and fourth vessel acquisitions 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 the first and second of five vessels on December 20, 2022, and January 17, 2023, respectively.
The vessels, renamed Navigator Castor and Navigator Equator, were delivered on March 23 and March 27, 2023, respectively. Both vessels are 22,000 cbm liquefied ethylene gas carriers built in 2019. The final 22,000 cbm vessel is expected to be purchased by the Joint Venture in the coming weeks. As previously announced, all five vessels will continue to be commercially managed under the Luna Pool collaboration arrangement. The third-party technical manager, PG Shipmanagement Pte. Ltd. of Singapore, will provide technical management.
About Greater Bay Gas
Greater 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 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, a maritime-focused fund with its headquarters in the Municipality of Shenzhen, with offices in Hong Kong and Shanghai, China.
About Navigator Gas
Navigator 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 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’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.