November 11, 2021 – Navigator Holdings Ltd. (“Navigator”) (NYSE: NVGS), a leading provider of seaborne transportation and distribution of liquified gases, announced today that it has secured fixed-rate charters for three of its midsize ethane carriers, as follows:
For the Navigator Eclipse, a 4-year extension to its existing contract, to commence in direct continuation from March 2022.
For the Navigator Nova, a 3-year extension to its existing contract, to begin in direct continuation from September 2023.
A new, 4-year charter has been secured for the Navigator Prominence, expected to commence in January 2022, following completion of existing employment.
Oeyvind Lindeman, Navigator’s Chief Commercial Officer, commented:
“We are pleased to announce these important multi-year contract extensions for the Navigator Eclipse and Navigator Nova, as well as the new, 4-year charter for the Navigator Prominence. We are proud to partner with our customer in enabling them to take advantage of competitively priced U.S.-produced ethane. The vessels will form a safe, reliable and efficient ‘floating pipeline’ connecting America with our partner’s petrochemical complex overseas.”
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. On August 4, 2021, Navigator announced that it merged the fleet and business activities of Ultragas ApS with its own, adding an additional 18 vessels to the fleet. The transaction unites two leading gas shipping companies. Navigator’s combined fleet now consists of 55 semi- or fully-refrigerated liquefied gas carriers, 22 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.
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