Navigator Gas Secures $121.8 Million Financing for Two Newbuild Ammonia Carriers in Navigator Amon Joint Venture

Navigator Holdings Ltd. (NYSE: NVGS), owner and operator of the world's largest fleet of handysize liquefied gas carriers, has announced that on July 31, 2026, subsidiaries of Navigator Amon Shipping AS — its joint venture with Amon Maritime (the "Borrowers") — entered into a senior secured post-delivery term loan facility (the "Facility Agreement") with ING Bank N.V., London Branch, Société Générale, and Oversea-Chinese Banking Corporation Limited (together, the "Lenders"). The facility will finance the delivery of two 51,350 cubic metre capacity ammonia-fuelled liquefied ammonia carriers, which will also be capable of transporting liquefied petroleum gas (the "Newbuild Vessels"). The vessels are currently under construction in China.

Under the Facility Agreement, the Lenders have agreed to make available up to $121,800,000 to the Borrowers, covering up to 70% of the cost of the two Newbuild Vessels at delivery. The shipbuilding contracts were entered into in July 2025 with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. The two vessels are expected to be delivered in May 2028 and September 2028, respectively.

All pre-delivery payments under the shipbuilding contracts, along with the remaining portion of the delivery instalments for the Newbuild Vessels, will be funded from the cash resources of the Borrowers. This funding will be provided by the shareholders of Navigator Amon Shipping AS.

The Facility Agreement carries a post-delivery tenor of six years and is secured by, among other things, mortgages over the Newbuild Vessels. Outstanding amounts will bear interest at SOFR plus 1.35%, payable quarterly. Obligations of the Borrowers under the Facility Agreement are guaranteed by Navigator Holdings Ltd. and Navigator Amon Shipping AS. The Facility Agreement also includes certain conditions, covenants, and events of default.

The dual-capability design of the Newbuild Vessels — able to carry both LPG and ammonia while being fuelled by ammonia itself — reflects a broader industry push toward reducing greenhouse gas emissions in maritime shipping. The International Maritime Organization has set targets to peak and reduce shipping emissions, and ammonia is among the candidate fuels being explored as a lower-carbon alternative for deep-sea trade. However, the commercial adoption of ammonia as a marine fuel remains at an early stage, with regulatory frameworks, bunkering infrastructure, and engine technologies still being developed.

Gary Chapman, Chief Financial Officer of Navigator Holdings, stated: "This financing is a further important step in converting our ammonia growth strategy into a fully financed, commercially contracted investment. Securing six-year post-delivery debt at an attractive margin, from a high-quality banking group, supports disciplined capital allocation and preserves balance sheet flexibility while we advance the construction of these next-generation vessels. Together with our partners at Amon Maritime, we are investing behind long-term customer demand for the safe and efficient transportation of ammonia, with vessels designed to participate in both today's LPG and ammonia trades and the emerging market for ammonia as a marine fuel. We believe this combination of contracted employment, competitive financing and future-facing vessel capability positions Navigator and Navigator Amon to create durable value for our customers and shareholders."

Source: Navigator Gas via Hellenic Shipping News