Amon Maritime has formed a joint venture with Navigator Holdings, the world’s largest owner and operator of portable liquefied gas carriers, and will order two new vessels through the joint venture.
The joint venture is named Navigator Amon Shipping AS, with Navigator Holdings and Amon Maritime holding 80% and 20% of the equity, respectively, subject to the terms and conditions of the investment.
Under the joint venture agreement, Navigator Amon Shipping AS plans to build two 51,530 cbm ammonia-fueled liquid ammonia carriers, which can also be used to transport liquefied petroleum gas.
The two new vessels will be built by Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE), with each vessel costing US$84 million and a total contract value of US$168 million. The new vessels are expected to be delivered in June and October 2028 respectively, and will be operated under long-term time charter contracts signed with industry leaders, with each contract term of five years from the date of delivery.
It is worth noting that each vessel project has received an investment grant of approximately US$9 million from the Norwegian government agency Enova.