Navigator Holdings Ltd. (“Navigator Gas” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, is pleased to announce that on July 31, 2026, subsidiaries of Navigator Amon Shipping AS, our joint venture with Amon Maritime, (the “Borrowers”), entered into a senior secured post-delivery term loan (the “Facility Agreement”) with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited (together, the “Lenders”), to finance the delivery of two 51,350 cubic metre capacity ammonia fuelled liquefied ammonia carriers which will also be capable of carrying liquefied petroleum gas (the “Newbuild Vessels”), and which are currently under construction in China.
Pursuant to the Facility Agreement, the Lenders have agreed to make available to the Borrowers up to $121,800,000 to finance, at delivery, up to 70% of the cost of the two Newbuild Vessels under the shipbuilding contracts entered into in July 2025 with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Delivery of the two vessels are expected to occur in May 2028 and September 2028. All pre-delivery payments under the shipbuilding contracts and the remaining portion of the delivery instalments for the Newbuild Vessels will be funded from the cash resources of the Borrowers, which funding will be provided by the shareholders of Navigator Amon Shipping AS.
The Facility Agreement has a post-delivery tenor of six years, is secured by, among other things, mortgages over the Newbuild Vessels, and amounts outstanding will bear interest at SOFR plus 1.35%, payable quarterly. Obligations of the Borrowers under the Facility Agreement are guaranteed by the Company and Navigator Amon Shipping AS, and the Facility Agreement also contains certain conditions, covenants and events of default.
Gary Chapman, Chief Financial Officer, commented: "This financing is a further important step in converting our ammonia growth strategy into a fully financed, commercially contracted investment. Securing six-year post-delivery debt at an attractive margin, from a high-quality banking group, supports disciplined capital allocation and preserves balance sheet flexibility while we advance the construction of these next-generation vessels. Together with our partners at Amon Maritime, we are investing behind long-term customer demand for the safe and efficient transportation of ammonia, with vessels designed to participate in both today’s LPG and ammonia trades and the emerging market for ammonia as a marine fuel. We believe this combination of contracted employment, competitive financing and future-facing vessel capability positions Navigator and Navigator Amon to create durable value for our customers and shareholders."
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 54 semi- or fully-refrigerated liquefied gas carriers, 24 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.
About Amon Maritime
Amon Maritime is leading the green shift in shipping, by pioneering the use of ammonia as fuel across ship newbuildings, ship management, technology development and bunkering infrastructure. It is a maritime project development company, working with leading technology, commercial, and financial partners, to build, own and operate ammonia–powered ships – and thus realize its vision of creating the World’s first carbon free shipping company. The company is privately owned by its founders, leading employees and Mosvolds Rederi, the maritime investment arm of the Glastad Group. Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”.
Source: Navigator Holdings Ltd.