Navigator Gas Secures $121.8 Million Financing for Two Ammonia Carriers

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Summary · why it matters

Navigator Holdings Ltd. has signed a $121.8 million senior secured post-delivery term loan to finance two newbuild ammonia carriers within its Navigator Amon Shipping AS joint venture. The facility, agreed with ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited, will cover up to 70% of the cost of the two 51,350 cubic metre capacity vessels upon delivery, with the remaining portion funded by the joint venture's shareholders. The vessels, capable of carrying both ammonia and liquefied petroleum gas, are under construction at Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. and are expected to be delivered in May 2028 and September 2028. The six-year loan carries interest at SOFR plus 1.35%, payable quarterly, and is secured by mortgages over the newbuilds, with guarantees from Navigator Holdings and Navigator Amon Shipping AS.

Impact on assets 2

Financials▲
Societe Generale S.A.
GLE
▲ PositiveCapitalrelevance

Societe Generale is one of the lenders providing the $121.8 million financing facility.

Energy▲

Off-coverage companies 3

Navigator Amon Shipping ASi
Private▲ PositiveCapitalrelevance

Navigator Amon Shipping AS is the joint venture receiving the financing for its newbuild vessels.

Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd.i
Private▲ PositiveSupplyrelevance

Nantong CIMC Sinopacific is constructing the two ammonia carriers, benefiting from the shipbuilding contract.

Oversea-Chinese Banking Corporationi
Private▲ PositiveCapitalrelevance

OCBC is one of the lenders in the $121.8 million financing facility.