Navigator Gas Announces Joint Venture with Amon Maritime For Construction of Two New Ammonia Gas Carriers
Navigator Holdings (NYSE:NVGS) has formed a joint venture with Amon Maritime, acquiring 80% stake in Navigator Amon Shipping AS. The venture will construct two 51,530 cubic meter ammonia-fueled carriers at an average cost of $84 million per vessel, with deliveries scheduled for June and October 2028.
Each vessel project received a NOK 90 million ($9 million) grant from Norwegian agency Enova. The vessels will operate under 5-year time charters with a blue-chip industry leader. The joint venture will finance the majority through commercial bank financing, with remaining capital contributed by Navigator and Amon Maritime.
Navigator Holdings (NYSE:NVGS) ha costituito una joint venture con Amon Maritime, acquisendo una partecipazione dell'80% in Navigator Amon Shipping AS. La joint venture costruirà due navi da trasporto di ammoniaca da 51.530 metri cubi con un costo medio di 84 milioni di dollari per nave, con consegne previste per giugno e ottobre 2028.
Ogni progetto navale ha ottenuto una sovvenzione di 90 milioni di corone norvegesi (9 milioni di dollari) dall'agenzia norvegese Enova. Le navi opereranno con contratti di noleggio a tempo di 5 anni con un leader di primo piano del settore. La joint venture finanzierà la maggior parte tramite finanziamenti bancari commerciali, mentre il capitale residuo sarà apportato da Navigator e Amon Maritime.
Navigator Holdings (NYSE:NVGS) ha formado una empresa conjunta con Amon Maritime, adquiriendo una participación del 80% en Navigator Amon Shipping AS. La empresa construirá dos buques portadores de amoníaco de 51,530 metros cúbicos a un costo promedio de 84 millones de dólares por buque, con entregas programadas para junio y octubre de 2028.
Cada proyecto de buque recibió una subvención de 90 millones de coronas noruegas (9 millones de dólares) de la agencia noruega Enova. Los buques operarán bajo fletamentos a plazo de 5 años con un líder destacado de la industria. La empresa conjunta financiará la mayor parte a través de financiamiento bancario comercial, con el capital restante aportado por Navigator y Amon Maritime.
Navigator Holdings (NYSE:NVGS)는 Amon Maritime과 합작 투자를 설립하여 Navigator Amon Shipping AS의 80% 지분을 인수했습니다. 이 합작 투자는 51,530 입방미터 용량의 암모니아 연료 운반선 2척을 선박당 평균 8,400만 달러의 비용으로 건조하며, 2028년 6월과 10월에 인도할 예정입니다.
각 선박 프로젝트는 노르웨이 기관 Enova로부터 9백만 달러(9백만 달러 상당 NOK 9천만 크로네)의 보조금을 받았습니다. 이 선박들은 업계의 블루칩 리더와 5년 기간 정기용선 계약을 맺고 운항할 예정입니다. 합작 투자 회사는 대부분의 자금을 상업 은행 금융을 통해 조달하며, 나머지 자본은 Navigator와 Amon Maritime이 출자합니다.
Navigator Holdings (NYSE:NVGS) a formé une coentreprise avec Amon Maritime, acquérant une participation de 80% dans Navigator Amon Shipping AS. La coentreprise construira deux navires transporteurs d'ammoniac de 51 530 mètres cubes à un coût moyen de 84 millions de dollars par navire, avec des livraisons prévues en juin et octobre 2028.
Chaque projet de navire a reçu une subvention de 90 millions de NOK (9 millions de dollars) de l'agence norvégienne Enova. Les navires seront exploités sous des affrètements à temps de 5 ans avec un leader de l'industrie de premier plan. La coentreprise financera la majorité par des prêts bancaires commerciaux, le capital restant étant apporté par Navigator et Amon Maritime.
Navigator Holdings (NYSE:NVGS) hat ein Joint Venture mit Amon Maritime gegründet und dabei einen 80%-Anteil an Navigator Amon Shipping AS erworben. Das Joint Venture wird zwei Ammoniak-betriebene Frachtschiffe mit 51.530 Kubikmetern zu durchschnittlichen Kosten von 84 Millionen US-Dollar pro Schiff bauen, mit Lieferungen im Juni und Oktober 2028.
Jedes Schiffsprojekt erhielt einen Zuschuss von 90 Millionen NOK (9 Millionen US-Dollar) von der norwegischen Agentur Enova. Die Schiffe werden unter 5-jährigen Zeitcharterverträgen mit einem führenden Branchenunternehmen betrieben. Das Joint Venture wird den Großteil über kommerzielle Bankfinanzierungen finanzieren, der verbleibende Kapitalanteil wird von Navigator und Amon Maritime eingebracht.
- None.
- Significant capital investment required with $84 million cost per vessel
- Long lead time with deliveries not until 2028
- Dependence on commercial bank financing for majority of purchase price
Insights
Navigator's strategic joint venture with Amon Maritime for two ammonia carriers strengthens market position with minimal financial risk and guaranteed revenue.
This joint venture represents a calculated strategic expansion for Navigator Gas in the specialized ammonia transport market. With Navigator holding 80% ownership versus Amon Maritime's 20%, the company maintains decision-making control while leveraging Amon's ammonia expertise. The
The financial structure is particularly advantageous - with "majority" bank financing and the five-year charter agreements with a blue-chip client providing guaranteed revenue streams immediately upon delivery. This arrangement effectively minimizes downside risk while Navigator's contribution comes from existing cash resources rather than new debt issuance.
The 2028 delivery timeline positions Navigator to capitalize on the expected growth in ammonia demand as industries transition toward lower-carbon solutions. The dual-purpose vessels (capable of carrying both ammonia and LPG) provide valuable operational flexibility, while the ammonia fuel capability demonstrates forward-thinking alignment with tightening emissions regulations. This investment allows Navigator to modernize its fleet with environmentally compliant vessels while expanding market share in specialized gas transport with minimal financial strain.
LONDON, July 17, 2025 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (described herein as “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 that on July 14, 2025, it has entered into a joint venture (the “Joint Venture”) with Amon Maritime (“Amon Maritime”).
Pursuant to the Joint Venture, Navigator will acquire approximately
The Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average price of
Once delivered to the Joint Venture, subject to customary conditions, each of the Vessels will be operated under the Joint Venture pursuant to long-term time charters with a blue-chip industry leader, each for a period of five years from delivery.
Mads Peter Zacho, Chief Executive Officer of Navigator, said:
“Expanding our fleet with two modern ammonia carriers capable of using clean ammonia as a fuel, operating in a long-term time charter, is a strategic enabler in meeting the growing demand for a sustainable fuel source in a net-zero economy. These modern vessels will be equipped with newly developed technologies that comply with present and future environmental regulations and will thereby deliver great value to both our customers and our shareholders.”
André Risholm, Chief Executive Officer of Amon Maritime, commented:
“Amon Maritime was founded with a vision to lead the green shift in shipping by pioneering the use of ammonia fuel. We are proud to realize this vision alongside our forward-looking and competent partners in Navigator Gas, serving ammonia-powered transportation services to market leaders. We are very satisfied to expand and strengthen our relationship with Navigator Gas further by constructing and operating these vessels.”
About Navigator Gas
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) 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 Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”.
About Amon Maritime
Amon Maritime is leading the green shift in shipping, by pioneering the use of ammonia as fuel across ship newbuildings, ship management, technology development and bunkering infrastructure. It is a maritime project development company, working with leading technology, commercial, and financial partners, to build, own and operate ammonia–powered ships – and thus realize its vision of creating the World’s first carbon free shipping company. The company is privately owned by its founders, leading employees and Mosvolds Rederi, the maritime investment arm of the Glastad Group.
For media enquiries or further information, please contact:
Alexander Walster
Media Contact
Email: communications@navigatorgas.com
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114
Navigator Gas Investor Relations
Email: investorrelations@navigatorgas.com, randy.giveans@navigatorgas.com
333 Clay Street, Suite 2400, Houston, Texas, U.S.A. 77002
Tel: +1 713 373 6197, +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 formation of the Joint Venture, the acquisition of new vessels by the Joint Venture, any related time charter, the performance of the Joint Venture and the benefits of the transaction to Navigator and its shareholders. In addition, Navigator Gas or Amon and their respective 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 Navigator or Amon 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. Navigator or Amon 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. Navigator makes no prediction or statement about the performance of its common stock.
Category: General
FAQ
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