Navigator Gas, the New York-listed gas shipping company, has secured $121.8 million in financing for two ammonia-fuelled gas carrier newbuilds being developed in partnership with Norway's Amon Maritime.

The funding covers approximately 70% of the pair's combined $168 million contract price. The two vessels, each with a capacity of 51,530 cubic metres, are currently under construction at Nantong CIMC Sinopacific Offshore & Engineering in China. Deliveries are scheduled for June and October 2028.

Priced at roughly $84 million per vessel, the newbuilds will be capable of carrying both ammonia and liquefied petroleum gas (LPG), while using ammonia as their primary fuel. Ammonia contains no carbon, so its combustion produces no CO2, which has made it one of the candidate zero-carbon bunker fuels under serious evaluation as the maritime industry works toward the International Maritime Organization's greenhouse gas reduction targets. Each project has additionally been awarded a NOK 90 million ($9 million) grant from Enova, Norway's state-owned agency responsible for supporting clean energy and climate technology initiatives.

Navigator Gas holds an 80% stake in Navigator Amon Shipping, the joint venture entity, with Amon Maritime controlling the remaining 20%.

Yara Clean Ammonia, a subsidiary of Norwegian fertiliser giant Yara International, has secured both vessels on five-year time charters commencing from delivery. The charters will integrate the newbuilds into Yara's existing ammonia logistics network, which comprises approximately 15 carriers and access to 18 terminals worldwide. Yara is one of the world's largest ammonia producers and distributors, and the long-term charter commitment from a major cargo owner underscores the demand-side pull that is driving a broader wave of gas carrier newbuilding orders across the sector.

The financing arrangement completes the funding structure for Navigator's broader six-vessel newbuilding programme. In June, the company announced that financing had been finalised for four of the six vessels, leaving the two Navigator Amon ships as the final pair pending financial close.