New York-listed handysize liquefied gas carrier owner Navigator Holdings signed on Tuesday a non-binding letter of intent with Bernhard Schulte (Singapore) Holdings and Sloman Neptun Schiffahrts-Aktiengesellschaft for the sale by the company to the buyers of eight gas carriers as well as the company’s shareholding in the Unigas International B.V. joint venture (the Unigas Pool), which currently commercially manages the vessels, for an aggregate purchase price of approximately $183m.
The eight vessels intended to be sold as part of the proposed transaction are the Happy Pelican, 6,800m3, built-2012, Happy Penguin 6,800m3 built-2013, Happy Condo 9,000m3 built-2008, Happy Osprey 12,000m3 built-2013, Happy Kestrel 12,000m3 built-2013, Happy Peregrine 12,000m3 built-2014, Happy Albatross 12,000m3 built-2015, and Happy Avocet 12,000m3 built-2017.
On completion, Navigator Gas will fully exit the Unigas Pool, which will continue to operate with the remaining existing partners, Sloman Neptun and Bernhard Schulte.
The proceeds from the proposed transaction, according to the company, are expected to be used for general corporate purposes.
The shipowner said the vessels, with an average age of 13 years, represent non-core tonnage, and the deal will allow the company to focus on its long-term fleet strategy which is centered on growing and consolidating handysize and midsize ethylene-capable vessels.
Mads Peter Zacho, chief executive officer, said: “As our business continues to develop, it is important that our fleet composition and capital allocation remain tightly aligned with our long-term strategic direction. This step reflects a clear focus on simplifying our portfolio and concentrating on assets that best support our core activities, while maintaining the flexibility to continue refreshing the fleet and positioning Navigator Gas for sustainable long-term performance.”
The deal is subject to the execution of definitive vessel and share sale documentation, approval by the boards of directors of Navigator Gas, Bernhard Schulte and Sloman Neptun, any regulatory approvals and other customary closing conditions.
The parties anticipate the proposed transaction to close by the fourth quarter of 2026.
