Navigator Gas Announces Employment Contracts for Three Ethane Vessels

Rhea-AI Summary

Navigator Holdings Ltd. (NYSE: NVGS) has secured fixed-rate charters for three of its midsize ethane carriers. This includes a 4-year extension for the Navigator Eclipse starting March 2022, a 3-year extension for the Navigator Nova starting September 2023, and a new 4-year charter for the Navigator Prominence, commencing January 2022. These contracts enhance Navigator's role in transporting competitively priced U.S.-produced ethane, further integrating its operations within the global liquefied gas supply chain.

Positive

• Three fixed-rate charters secured for midsize ethane carriers.
• 4-year extension for Navigator Eclipse enhances contract stability.
• 3-year extension for Navigator Nova secures ongoing revenue.
• New 4-year charter for Navigator Prominence increases fleet utilization.

Negative

• None.

NEW YORK and LONDON, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (“Navigator”) (NYSE: NVGS), a leading provider of seaborne transportation and distribution of liquified gases, announced today that it has secured fixed-rate charters for three of its midsize ethane carriers, as follows:

For the Navigator Eclipse, a 4-year extension to its existing contract, to commence in direct continuation from March 2022.

For the Navigator Nova, a 3-year extension to its existing contract, to begin in direct continuation from September 2023.

A new, 4-year charter has been secured for the Navigator Prominence, expected to commence in January 2022, following completion of existing employment.

Oeyvind Lindeman, Navigator’s Chief Commercial Officer, commented:

“We are pleased to announce these important multi-year contract extensions for the Navigator Eclipse and Navigator Nova, as well as the new, 4-year charter for the Navigator Prominence. We are proud to partner with our customer in enabling them to take advantage of competitively priced U.S.-produced ethane. The vessels will form a safe, reliable and efficient ‘floating pipeline’ connecting America with our partner’s petrochemical complex overseas.”

About Us
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. On August 4, 2021, Navigator announced that it merged the fleet and business activities of Ultragas ApS with its own, adding an additional 18 vessels to the fleet. The transaction unites two leading gas shipping companies. Navigator’s combined fleet now consists of 55 semi- or fully-refrigerated liquefied gas carriers, 22 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.

Our latest CSR Report can be found in Annual Reports under the Company website at www. navigatorgas.com.

Navigator Gas
Attention:	Investor Relations, investorrelations@navigatorgas.com
London:	10 Bressenden Place, London, SW1E 5DH
Tel:	+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

FAQ

What are the recent contracts secured by Navigator Holdings Ltd. (NVGS)?

Navigator Holdings Ltd. has secured fixed-rate charters for three of its ethane carriers, including extensions for the Navigator Eclipse and Navigator Nova, and a new charter for the Navigator Prominence.

When will the charters for the Navigator vessels commence?

The Navigator Eclipse's 4-year extension starts in March 2022, the Navigator Nova's 3-year extension begins in September 2023, and the new charter for the Navigator Prominence is set to commence in January 2022.

How do the new contracts impact Navigator Holdings Ltd. (NVGS)?

The fixed-rate charters provide revenue stability and enhance Navigator's operational capacity in transporting U.S.-produced ethane.