Navigator Holdings Ltd. Announces Additional Vessel Acquisitions Under 60/40 Joint Venture With Greater Bay Gas
Navigator Holdings Ltd. (NYSE: NVGS) has announced the acquisition of two additional vessels in its joint venture with Greater Bay Gas Co. Ltd. The vessels, named Navigator Castor and Navigator Equator, were delivered on March 23 and March 27, 2023, respectively. Both are 22,000 cbm liquefied ethylene gas carriers built in 2019. Following these deliveries, the joint venture plans to acquire a final vessel soon. All vessels will be managed under the Luna Pool collaboration, with technical management by PG Shipmanagement Pte. Ltd. of Singapore. This acquisition strengthens Navigator's position in the liquefied gas transportation sector.
- Acquisition of two additional vessels enhances fleet capacity.
- Partnership with Greater Bay Gas strengthens market position.
- All vessels are supported by established management agreements.
- None.
NEW YORK and LONDON, March 27, 2023 (GLOBE NEWSWIRE) -- 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, and technical management will be provided by the third-party technical manager, PG Shipmanagement Pte. Ltd. of Singapore.
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 that are 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, which is a maritime-focused fund, having 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
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@navigatorgas.com | |
| Address: | 333 Clay Street, Suite 2400, 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, including statements concerning the acquisition of vessels by the Joint Venture, the performance of the Joint Venture and the benefits of the transaction to Navigator and its shareholders. 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,” “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 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 recent acquisitions has Navigator Holdings Ltd. made?
What is the significance of the vessel acquisitions for NVGS?
When were the new vessels delivered to Navigator Holdings?
What type of vessels has Navigator acquired?
Who manages the vessels acquired by Navigator Holdings?
