- Two New Ammonia Carriers Ordered in Navigator–Amon Joint Venture.
- Navigator Takes 80% Stake in Green Shipping Partnership with Amon.
- $168 Million Deal Signed for Dual-Fuel Ammonia Vessels.
Navigator Holdings Ltd. (NYSE: NVGS), which boasts the largest fleet of handysize liquefied gas carriers in the world, has just announced an exciting new joint venture with Amon Maritime, set to kick off on July 14, 2025. The new company, named Navigator Amon Shipping AS, will be headquartered in Norway. According to the agreement, Navigator will own about 80% of the venture, while Amon Maritime will hold the remaining 20%, pending final investment terms and conditions, reports Navigator Gas.
Two Ammonia-Fuelled Carriers on the Way
The joint venture has plans to build two ammonia-fuelled liquefied ammonia carriers, each with a capacity of 51,530 cbm, and they’ll also be able to transport liquefied petroleum gas (LPG).
Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. has been chosen as the shipbuilder for this project. The vessels are expected to be delivered in June and October 2028, with an average price tag of $84 million each.
Support from the Norwegian Government and Financing Strategy
Each project has secured a NOK 90 million (around $9 million) investment grant from Enova, a Norwegian government agency.
To cover most of the vessel costs, the joint venture plans to rely on commercial bank financing, with the rest of the capital coming from Navigator and Amon Maritime. Navigator intends to fund its portion using available cash resources, and this investment is anticipated to positively impact the Company’s earnings.
Long-Term Charters with a Leading Industry Player
Once delivered and subject to standard conditions, both vessels will operate under the joint venture through five-year long-term time charters with a reputable industry leader.
CEO Commentary: Meeting the Demand for Sustainable Fuel
Mads Peter Zacho, CEO of Navigator, stated: “Expanding our fleet with two modern ammonia carriers capable of using clean ammonia as a fuel, operating in a long-term time charter, is a strategic enabler in meeting the growing demand for a sustainable fuel source in a net-zero economy. These modern vessels will be equipped with newly developed technologies that comply with present and future environmental regulations and will thereby deliver great value to both our customers and our shareholders.”
Amon Maritime Highlights Green Shipping Vision
André Risholm, CEO of Amon Maritime, commented: “Amon Maritime was founded with a vision to lead the green shift in shipping by pioneering the use of ammonia fuel. We are proud to realise this vision alongside our forward-looking and competent partners in Navigator Gas, serving ammonia-powered transportation services to market leaders. We are very satisfied to expand and strengthen our relationship with Navigator Gas further by constructing and operating these vessels.”
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Source: Navigator Gas
