New York-listed handysize liquefied gas carrier owner and operator Navigator Gas has announced the signing of $121.8m financing for two newbuild ammonia carriers in Navigator Amon Shipping, a joint venture between Navigator Gas and Amon Maritime.
The company said subsidiaries of Navigator Amon Shipping entered into a senior secured post-delivery term loan on July 31 with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited to finance the delivery of two 51,350 cubic metre capacity ships.
The two ammonia-fuelled liquefied ammonia carriers, currently under construction in China, will also be capable of carrying liquefied petroleum gas.
The lenders have agreed to make available to the borrowers up to $121.8m to finance, at delivery, up to 70% of the cost of the two newbuild vessels under the shipbuilding contracts entered into in July 2025 with Nantong CIMC Sinopacific Offshore & Engineering.
The delivery of the two vessels is scheduled in May and September 2028.
Gary Chapman, chief financial officer of Navigator Gas, said: “This financing is a further important step in converting our ammonia growth strategy into a fully financed, commercially contracted investment. Securing six-year post-delivery debt at an attractive margin, from a high-quality banking group, supports disciplined capital allocation and preserves balance sheet flexibility while we advance the construction of these next-generation vessels.
“Together with our partners at Amon Maritime, we are investing behind long-term customer demand for the safe and efficient transportation of ammonia, with vessels designed to participate in both today’s LPG and ammonia trades and the emerging market for ammonia as a marine fuel.”
Navigator Gas 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.
Its fleet consists of 54 semi- or fully-refrigerated liquefied gas carriers, 24 of which are ethylene and ethane capable.
