NAVIGATOR HOLDINGS LTD ANNOUNCE IT HAS BEEN AWARDED FOUR HANDYSIZE TIMECHARTER CONTRACTS TO LOAD AMBIENT LPG FROM THE NEW LPG EXPORT TERMINAL IN PRINCE RUPERT, BRITISH COLUMBIA, CANADA.
NEWS RELEASE
April 23, 2021
NAVIGATOR HOLDINGS LTD ANNOUNCE IT HAS BEEN AWARDED FOUR HANDYSIZE TIMECHARTER CONTRACTS TO LOAD AMBIENT LPG FROM THE NEW LPG EXPORT TERMINAL IN PRINCE RUPERT, BRITISH COLUMBIA, CANADA.
Navigator Holdings Ltd. (“Navigator”) (NYSE: NVGS), today announced it has agreed four 12 month timecharter contracts with Mitsui & Co. Energy Trading Singapore Pte. Ltd. .(“Mitsui”) to be used for Pembina Pipeline Corporation’s (“Pembina”) new LPG export facility at Prince Rupert, British Columbia, Canada. The four semi-refrigerated handysize vessels are expected to commence their charters to Mitsui from the second half of May 2021. Navigator’s semi-refrigerated vessels are capable of loading ambient propane from the rail-supplied export terminal, negating the need for capital intensive on-shore chillers. The vessels will provide an essential part of the Canadian LPG value chain from production to final customer. Navigator will connect the last leg of this value chain by delivering safe, reliable and efficient seaborne transportation services connecting the export terminal to customers across the Pacific Ocean. The vessels, together with Pembina’s new export terminal in Prince Rupert, and Mitsui’s trading network in the global LPG market, will enable Canadian produced LPG to be exported outside the traditional North American markets.
Dr Harry Deans, Chief Executive Officer at Navigator said, “This exciting development demonstrates that Navigator is perfectly placed to facilitate Canadian hydrocarbons reach novel global markets. I am proud to see that our collaborative, transparent and honest approach over the last three years have resulted in, not only a successful outcome of the project, but a closer partnership between the participating companies.”
Oeyvind Lindeman, Chief Commercial Officer at Navigator commented “We are truly excited to finally sign this agreement after many years of assisting the various key stakeholders through sharing our know-how in maritime gas transportation. It is a remarkable project highlighting the advantages of semi-refrigerated vessels. Our capabilities played a key role in reducing capital requirements and project start-up costs as our vessels’ own refrigeration systems negates the need for on-shore chillers. What is even more interesting is that the entire logistics, from the processing plants in Alberta, the unit rails to the terminal in British Columbia, and the maritime section from the export terminal to international customers, can be price competitive compared to Very Large Gas Carriers’ main route between U.S. Gulf and Asia.”
Mitsui’s spokesperson said “We are proud to be part of an entirely new trade between North America and international customers. Together with our partners Pembina, Navigator and Fearnleys Shipbrokers, we have overcome logistical challenges and have found a means to create a ‘pipeline’ from production in Alberta all the way to our end users. This would not be possible without the expertise, competence and ingenuity of our partners.”
About Mitsui & Co. Energy Trading Singapore Pte. Ltd
Mitsui & Co. Energy Trading Singapore Pte. Ltd. (METS) is a 100% subsidiary of Mitsui & Co., Ltd. (Mitsui Tokyo) providing integrated business services to partners all over the world in order to enhance value across their entire supply chain. This is achieved by applying expert knowledge, experience and core skills in market development, finance, logistics, investment and information to solve specific business problems across a broad range of commodities and services. METS was established in Singapore as an energy trading arms of Mitsui Tokyo in 2010 and has been acting as the global headquarters of oil and gas trading of Mitsui Tokyo. Expanding trading activity in Europe, the Middle East and Africa (EMEA) region, METS established its branch in London in February, 2019.
About Navigator Holdings Ltd
Navigator Holdings Ltd. 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 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator’s fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.
For further information:
Investor Relations Department – investorrelations@navigatorgas.com
Dr Harry Deans, Chief Executive Officer, +44 (0)20 7045 4120
Oeyvind Lindeman, Chief Commercial Officer, +44 (0)20 7340 4575