Navigator Holdings Ltd. Announces Additional Details For Expansion Project Under Existing Ethylene Export Terminal Joint Venture
Navigator Holdings Ltd. (NYSE: NVGS) announced details on its Expansion Project, which is part of its joint venture with Enterprise Products Partners L.P. at Morgan’s Point, Texas. The project aims to increase ethylene export capacity by 550,000 to 2 million tons per year and triple ethylene refrigeration capacity from 125 to 375 tons per hour. Navigator plans to contribute approximately $120-130 million to the Joint Venture, funded through cash and potential debt financing. Completion of the project is subject to risks and uncertainties.
- Expansion Project set to increase ethylene export capacity by 550,000 to 2 million tons per year.
- Refrigeration capacity will triple from 125 tons per hour to 375 tons per hour.
- Completion of the Expansion Project is subject to risks and uncertainties.
- The total investment of $120-130 million may increase financial leverage.
NEW YORK and LONDON, March 09, 2023 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (“Navigator” or the “Company”) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, is pleased to announce additional details regarding its expected participation in a capital project (the “Expansion Project”), previously announced on November 15, 2022, under its existing ethylene export terminal joint venture with Enterprise Products Partners L.P. ("Enterprise”) at Morgan’s Point near Houston (the “Joint Venture”).
The Expansion Project is expected to increase ethylene export capacity by at least 550,000 tons per year, and up to 2 million tons per year. Further, the Expansion Project is expected to triple the current instantaneous ethylene refrigeration capacity at Morgan’s Point from 125 tons per hour to 375 tons per hour, providing increased flexibility for customers and the potential to add additional capacity based on demand. Potential total ethylene export capacity at Morgan’s Point is expected to be more than 3 million tons per year by the end of 2024. The expanded capacity will utilize the Joint Venture’s existing 30,000 ton refrigerated tank which will continue to facilitate loading vessels at the berth at 1,000 tons per hour.
Navigator expects to make an aggregate of approximately
The timing and expected completion date of the Expansion Project is subject to a number of risks and uncertainties commonly associated with this type of project.
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
Navigator’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.
| Navigator Gas | ||
| Attention: | Investor Relations investorrelations@navigatorgas.com and | |
| Randy Giveans randy.giveans@navigatorgas.com | ||
| Address: | 333 Clay St., Suite 2480, Houston, Texas, U.S.A. 77002 | |
| Tel: | +1 713 373 6197 and +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 and concerning the Joint Venture and Expansion Project. 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.
FAQ
What is the expected increase in ethylene export capacity for NVGS?
When will Navigator Holdings begin funding the Expansion Project?
What is the total estimated investment for Navigator's participation in the Expansion Project?
What are the risks associated with the Expansion Project for NVGS?
How will the Expansion Project impact the refrigeration capacity at Morgan's Point?
