Navigator Gas Announces Completion of Acquisition of Three Handysize Liquefied Ethylene Gas Carriers

Rhea-AI Summary

Navigator Gas (NYSE: NVGS) has completed the acquisition of three 17,000 cubic meter handysize ethylene carriers, strengthening its position as the world's largest handysize liquefied gas carrier fleet operator. The acquisition was initially announced on January 7, 2025, to support increased export capacity from the company's Export Terminal Joint Venture.

The three vessels have been renamed as follows:

• Navigator Hyperion - delivered February 19, 2025 (currently on charter)
• Navigator Titan - delivered February 24, 2025 (expected to operate in spot market)
• Navigator Vesta - delivered March 17, 2025 (expected to operate in spot market)

Positive

• Fleet expansion strengthens company's position as world's largest handysize liquefied gas carrier operator
• Strategic acquisition supports increased export capacity from Export Terminal Joint Venture
• Immediate revenue generation potential with one vessel already on charter

Negative

• Two vessels operating in volatile spot market rather than secured long-term charters

LONDON, March 17, 2025 (GLOBE NEWSWIRE) -- 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 today, it completed the final acquisition in a series of three handysize ethylene carriers that Navigator Gas committed to acquiring to complement the increased export capacity from its Export Terminal Joint Venture, as announced on January 7, 2025 (the “Transaction”).

Following the delivery of the first vessel, renamed Navigator Hyperion, as announced on February 19, 2025, the remaining two vessels, renamed Navigator Titan and Navigator Vesta, were delivered on February 24, 2025, and March 17, 2025, respectively. All three vessels are 17,000 cubic meter capacity liquefied ethylene gas carriers. Navigator Hyperion is currently on charter, while Navigator Titan and Navigator Vesta are expected to soon be operating in the spot market as well.

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. Following completion of the Transaction, Navigator Gas’ fleet now consists of 59 semi- or fully-refrigerated liquefied gas carriers, 28 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”.

For media inquiries or further information, please contact:

Alexander Walster
Head of ESG & Communications
Email: communications@navigatorgas.com 
Verde, 10 Bressenden Place, London, SW1E 5DH, UK 
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114

Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com, randy.giveans@navigatorgas.com
333 Clay Street, Suite 2400, Houston, Texas, U.S.A. 77002
Tel: +1 713 373 6197, +44 (0)20 7340 4850

Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: 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

FAQ

What is the total capacity of the three new ethylene carriers acquired by Navigator Gas (NVGS)?

Each vessel has a capacity of 17,000 cubic meters, totaling 51,000 cubic meters for all three ethylene carriers.

When did Navigator Gas (NVGS) complete its acquisition of all three ethylene carriers?

The final acquisition was completed on March 17, 2025, with the delivery of Navigator Vesta.

What are the names and delivery dates of the three vessels acquired by Navigator Gas (NVGS)?

Navigator Hyperion (Feb 19), Navigator Titan (Feb 24), and Navigator Vesta (Mar 17, 2025).

How will Navigator Gas (NVGS) utilize the newly acquired ethylene carriers?

Navigator Hyperion is currently on charter, while Navigator Titan and Navigator Vesta are expected to operate in the spot market.