Navigator Gas Completes Acquisition of First Liquefied Ethylene Gas Carrier

Navigator Holdings Ltd., a leader in the liquefied gas transportation sector, has successfully completed the acquisition of the first of three handysize liquefied ethylene gas carriers. This strategic move aligns with the company's plan to enhance its operations by supporting increased export capacity from its Morgan's Point Terminal Joint Venture. The vessel, now named Navigator Hyperion, is a German-built unit with a 17,000 cubic meter capacity and joins the ranks of Navigator's substantial fleet. The remaining two vessels, anticipated to be delivered by May 2025, will operate predominantly in the spot market. The financing of this acquisition relies on a facility agreement with Nordea Bank Abp and is partially supported by Navigator's cash reserves. This acquisition is not only expected to support future operational growth by integrating into Navigator's ethylene export terminal operations but also aims to be accretive to earnings in 2025 and beyond, according to CFO Gary Chapman.