On August 3, NYSE-listed gas carrier owner Navigator Gas announced that it had secured $121.8 million in financing for two 51,350 m³ medium-sized ammonia-fueled liquid ammonia carriers, a project undertaken in partnership with Norwegian shipowner Amon Maritime.
Currently, the two new vessels are under construction at Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd (CIMC SOE) and are expected to be delivered in May and September 2028. With a construction cost of $84 million per vessel and a total value of $168 million for the two vessels, this financing covers approximately 70% of the contract price for the two new vessels.
The financing was secured through Navigator Amon Shipping, a joint venture established by Navigator Gas and Amon Maritime, in which the two companies hold an 80% and 20% stake, respectively. In addition to this financing, the two aforementioned medium-sized ammonia-fueled liquid ammonia carriers have each received a $9 million grant from Enova, Norway’s national energy agency.
Navigator Gas stated that this financing will bridge the remaining funding gap for the company’s six-vessel newbuild program, for which financing for four vessels was already secured in June of this year.
Meanwhile, Navigator Amon Shipping has signed long-term charter agreements with Yara Clean Ammonia for the two aforementioned medium-sized ammonia-fueled liquid ammonia carriers, with a five-year charter period effective from the date of delivery.
According to its official website, Navigator Gas owns and operates the world’s largest fleet of handysize liquefied gas carriers, primarily transporting petrochemical gases such as ethylene, ethane, LPG, and ammonia. Its fleet consists of 55 semi-refrigerated and fully refrigerated liquefied gas carriers, 24 of which are capable of transporting ethylene and ethane.