US-listed handysize liquefied gas carrier owner and operator Navigator Holdings has revealed that it completed the acquisition of the first of three vessels. To remind, Navigator Gas made a deal to acquire three handysize ethylene carriers for a total purchase price of $83.9m.
The acquisition and delivery of the vessel, a German-built 17,000 cubic meter capacity liquefied ethylene gas carrier, renamed Navigator Hyperion, is the first of three handysize ethylene carriers that Navigator Gas committed to acquiring to complement the increased export capacity from its export terminal joint venture.
It is worth mentioning that the company 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.
The delivery of the remaining two vessels under the transaction is expected between February and May 2025. All three vessels are anticipated to operate in the spot market upon or shortly after delivery.
Gary Chapman, CFO of Navigator Gas said that: “We have put in place competitively priced debt to finance the majority of the cost of acquiring the three vessels.
“As the vessels are delivered now, and in the coming weeks, we expect these to support our ethylene export terminal expansion and be accretive to our earnings both in 2025 and beyond.”
Navigator Gas’ fleet -following completion of the transaction- will consist of 59 semi- or fully-refrigerated liquefied gas carriers, 28 of which will be ethylene and ethane capable.
