Navigator Holdings Ltd. Announces Participation In Expansion Project Under Existing Ethylene Export Terminal Joint Venture

Rhea-AI Summary

Navigator Holdings Ltd. (NYSE: NVGS) announced plans to participate in an Expansion Project to enhance its ethylene export terminal at Morgan’s Point, Texas, as part of a joint venture with Enterprise Products Partners L.P. This project aims to boost ethylene refrigeration capacity, allowing for increased revenue generation through greater export volumes. The expansion construction is set to commence in early 2023 and conclude by 2024, when commercial services are expected to begin.

Positive

• Expansion Project expected to increase revenue through enhanced ethylene refrigeration capacity.
• Joint venture with Enterprise Products Partners L.P. strengthens Navigator's market position.

Negative

• None.

NEW YORK and LONDON, Nov. 15, 2022 (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, announced today that it intends to participate in a capital project, under its existing joint venture with Enterprise Products Partners L.P. (“Enterprise”), that consists of expanding its existing ethylene export terminal joint venture at Morgan’s Point (the “Expansion Project”). The developments making up the Expansion Project will be owned by Navigator Ethylene Terminal LLC, a joint venture that is 50/50 owned by Navigator and Enterprise (the “Export Terminal Joint Venture”).

It is expected that the Expansion Project will provide significant additional ethylene refrigeration capacity for the Export Terminal Joint Venture, which will create an opportunity for the Export Terminal Joint Venture to generate additional revenue through increased volumes. Navigator expects to make cash contributions to the Export Terminal Joint Venture for construction commencing in the first quarter of 2023 and ending in 2024, at which time the Expansion Project is expected to begin commercial service.

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. Navigator’s fleet consists of 53 semi- or fully-refrigerated liquefied gas carriers, 21 of which are ethylene and ethane capable. On September 30, 2022, Navigator announced a new joint venture with Greater Bay Gas Co. Ltd. (“Greater Bay”), owned 60% by Navigator and 40% by Greater Bay, with the intention to acquire five ethylene vessels over the next fifteen months. 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’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: 1201 Fannin St. Suite 262, 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 Expansion Project and the Export Terminal Joint Venture. 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 purpose of Navigator Holdings' Expansion Project at Morgan’s Point?

The Expansion Project aims to enhance ethylene refrigeration capacity, enabling increased revenue generation through higher export volumes.

When is the construction for the Expansion Project expected to start?

Construction for the Expansion Project is expected to commence in the first quarter of 2023.

What is the expected completion date for the Expansion Project?

The Expansion Project is expected to be completed and begin commercial service by 2024.

What company is Navigator Holdings partnering with for the Expansion Project?

Navigator Holdings is partnering with Enterprise Products Partners L.P. for the Expansion Project.

How does the Expansion Project impact Navigator Holdings' business?

The Expansion Project is anticipated to provide significant additional capacity and revenue through the Export Terminal Joint Venture.