Navigator Amon Shipping has secured a post-delivery term loan of up to $121.8 million to finance two newbuild ammonia-fuelled gas carriers, with the financing covering up to 70% of the vessels' total cost.

Navigator Amon Shipping is a joint venture between Navigator Gas and Amon Maritime, Navigator Gas confirmed in a press release issued on Monday.

The two 51,350 m³ vessels are currently under construction at Nantong CIMC Sinopacific Offshore & Engineering in China, with scheduled delivery dates of May and September 2028. Once delivered, the carriers will be capable of transporting both ammonia and LPG, and will operate on ammonia as marine fuel.

Ammonia is among the alternative marine fuels being explored by the shipping industry as it works toward the International Maritime Organization's greenhouse gas reduction strategy, which targets net-zero emissions from international shipping by or around 2050. Ammonia does not contain carbon and therefore produces no direct CO2 emissions when combusted, though its handling and combustion present technical challenges including toxicity and the potential for nitrous oxide emissions that engine designers are working to address.

A syndicate of three banks — ING Bank, Société Générale, and Oversea-Chinese Banking Corporation — will provide the financing upon vessel delivery. The loan will run for a term of six years post-delivery and carry interest at SOFR plus 1.35%.

ING and Société Générale are among European lenders that have been active in financing maritime decarbonisation projects, consistent with shipping finance portfolios that incorporate environmental performance criteria.

Pre-delivery payments and the remaining portion of the delivery instalments will be funded by Navigator Amon Shipping's shareholders.

The shipbuilding contracts for the two vessels were originally signed in July 2025.

Source: Ship & Bunker